Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1855-12-05

county courts throughout tne sta'c ha's '"
power fo grant or withhold licenses 10 the KEEP
ers of ordinaries ard persnn. engaged ~ III
sale nf ardent spirits. and the Tax an such iic'n
.e- depends upon the grnn; Under tn" hep" q
r. forming the morals # the people. the friends .
temperance have induced man, "f the courts =
refuse such licenses. From thi- and other cause
there Wa deficit in the estimate on ih- item -
s54.lj29 Is. Add ,o thi- the failure on IN par
nf the lame. River aud knnawha Company t.
usv th,. interest an lis DELFT Ia the Common
wealth. Signs - aud f,em these sonrce'
alone the estimates exceed the receipts se}s
rs 80. The apparent deficit, however. doe llo
amount in tbs sum. hrcan-" "h "ih"r sohl"rt~ :"
taxation there wn- a considerable increase upon
the estimate. The estimates ii disbursement
| fr,m the treasury base c''iu" Wilma lew dol
lars Of he actual expenditure, The deficiency,
| therefore exists IN the ree"iP-. AMI H. attribute
bile IL The caas.- ja-t saegn-ttd.
II j. gratifying I" knew. h"weser tint Will"
there j. an acknrwrdged deficiency in the treas
| ury. thrrs ha- hrea paid within the period N
| which il occurred. by the Sinking Fund, of the
| the debt nu standing Hn] dn,. prior the 1t #
January l552 s277, Is3 ;s}; aud. there hns been
invested for tn. redemption of thu debt cr'nied
since ,ha, pe,ad. SI9l so % making 1909
05i 23 thus reducing considerably ,he State Ii
abilities.
The statement Of the Second Auditor exhibits
the condition If the Internal Improvement Fund.
The difficulties encountered by the Board "f
Public Works during The fiscal year have
been embarrassing. The law properly prohibit
c,l tn. sale of State Bonds below their par value.
The consequence has been that the Board has not
been able. from the depreciation ri those bonds
below pnr To negotiate the loans necessary to
carry on their works aud 10 meet their liabilities.
The General Assembly, to whose wisdom the
constitution has entrusted The power Ia make
provision to meet the obligations imposed by
law will no doubt relieve the Board from It's EN-
bHrrassment.
The actual amc unit of the public debt at the
end If tho lat ii-cAl yenr exclusive OF III. tenn
| porarv loan made during the year, was S23 705,-
479 81 consisting 81 ,5l2.i69 63 registed debt.
and Sl3 10000 nf Coupon Bonds, being an in
| crease in the debt in the two preceding fiscal
years. Of SG6637Oi -.
Independent Of the provision made in the con
| sutton requiring seven per cent. Ia ho annually
act apart t. pay the interest upon This debt and
| IT, redeem thu principal which will qudnie the
| entire debt in about thirty 'onr years, the Com
| monwsalih possesses stock representing the en-
tire amount. Aud while cnndor aud truih require
il 10 be stated TINT these stocks will not produce
anything like the estimated value in the market.
yet the stocks or the improvements themselves
would produce very largo amount, reducing
the actual debt by their value.
OF productive stocks. the Fund for internal
proscmcui hold. SJ,:}95.5S2 10 yielding nm in
iereat Of moie than per cent In Looms To in
ierna improvement companies, seeur I'd by mort
ca ,r- upon the several work., the Commonwealth
holds SI.S75.213 81 Tho Internal Improve
n'ent Fund also p"Ssrssts,ih stocks "i diminished
works, SI'Ooo,'"J ID portion 81 whlcil, "iIen
hnlshed. VIII become an Interest hehilnS iand'-
Aud holds IN improvements Completed hui un-
productive, s29'9.e3l % making an aggregate
at s2|'2oi'noi 81 Surely with such an
amount "i P@eper'y |" represent her ihdehteh.
ness, the lablililes al the stare cannot be shld
I" he beyond her resources, more especially
when she is compelled by her fundamental law
To- y Tax sufficient I" ply on her dent, indie
pendent at other resources. III thirry four years,
In addition to the actual = eS Ut III, tn"
Commonwealth i bound tor su'seripii"nhnd mp
preparations ma te authority ri law. Tor the
sum al ~, |i,soI We tor subscription" author
lied by law, tut d"p"nd'ht t'r Their validity up
ON the organization at companies Ia rrndtt them
objective. "nd upon SUBSCRIPTIONS lay others thnn
III" Commonwealth. H2.f51lo, liking Il total
of Sf,.U6 j.5.ll O3. OF tn- amount, it may be
raf.ly stated TINT not more than b 0,doOD will
ever be cnllr, tor.
Its proper % invite vaur attention To tho fact,
thai Of the deht thu .tntrd the Commonwealth,
Ina. guaranteed tin, hnn,- Of Internal imlrnyc.
meni companies aud .othtr carporniiruS 10 the
amount If : } $500. nj .nlt the faith II the
State is pledged for The plurtual pa, mrnt OF
the ntenest aud final redemption # the p incipa
Of lhe-e b,mds rhr interest of u pnrlion N
this amount has h.en. and will be uunetnally
paid. bu, tina, upon the bonds of tie Che>upeak,
aud Ohio Canal COMPANY has been in default
since the let If .anilary. l-Jl: and it is ccrtai,
that il will BIZ imno.s, bl,. for the Jane. Riv.l
aud X auowhp c,,nunuv - meet il. uex, nn,meu
of interest Tie Stnte,. .,oand for the pnymrn,
if the connania. fail. md in good iai,h IN,
should proyiae the means /, enable the comma
mics to make the nayment. Nothing would con