Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1855-12-12


have entirely failed. 1t is known to the
general. assembly that. the surplus reHe5
nue. of the Fund fot.internal improve
imeht, derived from the profits upon its
prodoctsee stocks, and all premiums upon
the salesoI state Securities /, are requiredBto
be paid into the treasury AS the Board
of public works were authorized to SUBJ
scribe large amount TO works of inter-
nal improvement, and to negotiate the
sale of state bonds to meet these subscrip-
tons, and these bonds were then at a
premium Of five of six per cent. consid
cradle sum was estimated to be received
from this source. It was with equal certain
ty supposed that the companies, which had
heretofore punctually paid the interest
upon the loans made, to them by the
state, would continue to meet their en-
gagements. But. this they have not been
able to do, and this resource has failed. -
Some Of these companies, which at the
time of the estimate were paying hand
some dividends, and had been SO paying
for many years, have, from the necessity
OF relaying their roads with heavy rails
and from the pressure of the times, been
forced to suspend the payment of divi-
dends altogether, or TO pay them in scrip,
payable at a future day, bearing interest,
thus increasing the deficiency.
By the estimates forthe last fiscal year,
based upon these contingencies, it was
calculated that there would be received in
the treasury, from the surplus of the In
ternal Improvement fund, $3.50, 978 60
cents, while the amount actually received
was only Sl62, 591, showing deficit in
in this item alone OF $500 1897 SO cts.--
Under the constitution and law, the COM
missioners of the Sinking fund were re-
quired to pay off that portion of the pub
lie debt redecmable within the year, and
to l!quidate the interest upon the whole
permanent debt. To comply with this re-
quirement, the auditor was forced under
the law to place the amount to the credit
Of the Sinking fund, and thus produced at
once the deficiency in the treasury. 1t is
known also, that the tax on licenses, to
some extent, is a contingent one. The
county courts throughout the State have
the power to grant or withhold licenses
to the keepers Of ordnaries and persons
engaged in the sale of ardent spirits, and
the tax on such licenses depend upon the
grant. Under the hope OF reforming the
morals of the people, the friends of tenn
perance have induced many of the courts
to refuse such licenses. From this and
other causes there was a deficit in the
estime on this item, Of S54 O29 48. Add
to this the failure on the part OF the james
river and kanawha company to pay the
interests on its debt to the commonwealth,
of SIG, lib 70, and from these sources
alone the estimates exceed the receipts,
$538, 535 SO. The apparent deficit
however, does not amount 10 this sum-
because on other subjects of taxation there
was a considerable increase upon the es-
innate. The estimates of disbursement
from the treasury have come within few
dollars of the actual expenditure. The
deficiency, therefore, exists in the receipts,
and it is attributable TO the cause Just
suggested.
1t is gratifying to know, however, that
in thc.treasury, there has been paid within
the period in which it occurred, by She
Sinking fund, of the debt outstanding and
due prior to the LIST Of January 1852,
:, $277, 1873 50 and there has been invcs-
ted for the redemption of the debt created
since that period, 1871 900 80 cents,
making $469,O8 90 cents, thus reducing
considerably the state liabilities.
The statement of the second auditor ex-
hibits the condition Of the Fund for inter
nal improvement.
The difficulties encountered by the
f Board of public works during the fiscal
), year have been embarrassing. The law
properly prohibited the sale OF state bonds,
below their par value. the consequence
has been that the board has not been able,
J from the depreciation OF those bonds be-
low par, to negotiate the loans necessary
to carry on their works and to meet THEN
liabilities. The general assembly, tC
whose wisdom the constitution mas iutrus-
, ted the power to make provision to meet
the obligations imposed by law, will nc
doubt relieve the board from its embarass
ment.
The actual amouns of the public debt
at the end of the last fiscal year, exclusive
of the temporary loan made during the
). year, was 1874, 7U5,4 97 IS, consisting oil
$l1, 5i9, 479 G3 registered debt, and
SIS, 1913, 600 Of coupon bonds, being an
increase in the debt in the two preceding
fiscal years, of <57,G63, 7O4 IS.
Independent of the provision made in
the constitution requiring seven per cent.
TO be annually set apart to pay the interest
, upon this debt and TO redeem the princi-
pal, which will liquiuatc the entire debt in
about 81 years, the commonwealth posses
ses stock representing the entire amount.
And while candor and truth require it to
be stated that these stocks will not pros
duce anything like the estimated value in
} market, yet the stocks or the improvements
themselves would produce a very large
amount, reducing the actual debt by their
value