The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-12-04

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tn. .,s,.,.... J. !, a - = - = -
.,,,1,., - ~ % tne second auditor exhibits the
'ouaa.ion . .. INC Fund for internal Improvement
pr,,i,s ,w su'acs encountered BY tho Board Of
80. oiAs curing the fiscal year have been en-
n ss.ss ~. w iAW properly prohibited the sale
0uerc. r. ns.s, D.'9" .ncT rar vaiae The consc-
F., a. oceu tnss tne Dosrd has not been able,
.a.s sno Yep pfoeiauon OF those bonds below par TO
..ssss'c sne oans necessary to carry on their
..sn.s. .an 20 meet their tabi!ities The general
;y. ;s 70 whose wHdon the constitution has
ntnas.eu Ihs power 70 make proysion to meet the
vuo"ssuons ~ imposed by law, viii no doubt relieve
'hc e. ooaru from It's embarrassment
Inc ~ actual amount Of the public debt at the end
W s''e 49, "scai year, extensive OF the temporary
i"ah nsae curing the year, was 924 705 ,479 81
sons,st,ng OF Sli.Sl2 479 % registered debt and
iaisS,u1 on coupon bonds, being an increase ia
s eo aeo. IN tne TWO preceding fiscal years OF $6-
oo2.iv1 ID. - }.ar e.
independent OF tho provisions made In the con-
sLHutoh requiring seven per cent. to be annually
.e Apar. 70 pay tne interest upon this debt and to
-, Sucsm tne Ps1ncpa. which VIII hquidate the en-
tHe aeot IN about thirty -four years. the common
"catn Possesses stock representing the entire
amount And while candor and truth require it to
be stated that these stocks will not produce any,
.ning hke the estimated value in the market yet
tue stocKs or tne improvements themselves would
produce very large amount reducing the actual
OF productive stocks the Fund for internal i'm.
proycment holds o. 1876, $50 a. welding an interest
of moro than per cent In loans To internal i'm
provement companies secured by MORTGAGES upon
the several works, the commonw ealth holds S4
SIS 273 80 The internal Improvement fund also
Possesses, in stocks Of unfinished work SI4 OOO
360 95 portion Of which. when finished viii be.
come an interest bearing fnnd. And it holds in
improvements COMPLETED but unproductiye 80 :
9e9 834 g. making an aggregate of S27. .26I o5l al
Surely with such an amount OF pronerty to repre-
sent her indebtedness the liabilities of the state
cannot be said to be beyond her resources more
mental law to Law a tax sufficient to nav off her
debt. independent of other resources in thirty
years.
In addition to the actual present debt tho com.
mouweaIth is bound for subscriptions and appro-
priatons made by authority of law for the sum of
S3 1874 ISL O3: for subscriptions authorized by law
but dependent for their validity upon the organiza
ton of companies to rendcr them effective and
upon subscriptions by others than the common.
wealth So }25 740 making total of Al, 060 5e4 m
Of this amount it NAV be safely stated that not
more than S5 600 900 will ever be called for
1t is proper to invite your attention to the fa
that of the debt thus stated, the commonwe ealth
has guaranteed the bonds of internal Improvement
companies and other corporations to the amount of
80 69e 500 and that the faith of the is pledged
for the punctual payment of the interest and final
redemption OF the principal of these bonds The
interest of portion of this amount has been, and
viii be punctually paid but that upon the bonds OF
the Chesapeake and Ohio canal company has been
in default since tho LIST of January 1854; and it is
certain that it viii be impossible for the James
river and Kanawha company to meet its next pay
ment of interest The state il bound for the pay
ment, if the companies FAIL and in good faith she
should provide the means to enable the companies
to make tho payment Nothing would contribute
more to raise state credit than to demonstrate an
alacrity to meet all her engagements without cayi
possibility of failure - S.
The general assembly should not hesitate to step
forward promptly and manifest an unmistakea BILE
determination to raise by taxation whatever
above suspicion. even to the most skeptical. The
state taxes are acknowledged to be exceedingly
moderate; and the proud spirit of Virginia will
never revolt at any increase which is required to
protect her honor and maintain her faith, and at
tho same time enable her to prosecute to compile
ton those works which are essential to her pros
perity and exaltation. She is able to stand side
by side with her sister states in equality and her
sons will be satisfied with nothing Iess
In my first communication to the legislature in
1851, took the liberty to present to their consider
alton the skeleton of system of internal improve
nent for the state, somewhat general in its char
acter, but which it was confidently believed would,
when carried out in detail, rebound alike to the ad
vantage of every portion of the commonw ealth,
render her the great thoroughfare for the CON-
merce of tho teeming west, occupying as she does
commercial position equal to any part of the
tncnt and secure for her the elevation designed
by manifest destiny. The system thus recommen-
ded, am happy to state, met the appreciation of
that legislature, and was to great extent adopted
appropriations having been made for the construc-
ton of all the improvements recommended, SO far
as it was deemed prudent to apply the public
means at that time. Among the first thus recon-
mended, and probably the most important, was
that of the Covington and Ohio railroad, enter
prise which, in point of magnifeenee, grandeur
and prospective pecuniary profit, is equal if not
superior to any that has ever been presented for
the consideration of the legislature. The liberal
appropriations made to this road at the succeeding
session, which met the hearty approval of the en-
tire state, was earnest of the fixed purpose of
the representatives of the people to construct with
out further delay, this important work. The
amount appropriated having been judiciously ex.
pended chiefly on heavy portions of the work, and
much of the residue being under contract, it might
be deemed an act of supercrogation in me to at
tempt an argument to prove the great benefit
which must inevitably result to the state from the
speedy completion of this enterprise and yet, re-
gret to say, there are rumors Of an organized OPP
position, calculated to prejudice the public mind,
ana prooaDiy endanger the consummation OF the
sche,he ne necessary ior SONS such "orA- pass
my tnro"sh TUG cen're oi Ihe st"te, ana sonhecung
.ne east ana wes1 'ogetler mas attraetea the aen
llon ., 'ne sases and saeesmeh a. oI FHgnna Ior
. .ie .nan Mu ., centuIy. Washns
toh' 1ene.son anu .naisnan ~ eApa'eleu ON .he au
sanlages 10 result from IL IN eohheeton WIN other
H.