Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1856-04-02

any system Of laws which grants TO eoumece that ree
dom without which c'mnasrco cannot subsst the unfair
specustor will have his opportunities and will abuse them
Ga persons who Inclined TO enter upon such path
| reiuonstrsnce would be thrown sway-we simply
point to the grave o John S~dleir and say, Take
'"s IL well be that to lev persons will be granted
the opportunity oil pepetrsng frauds upon gigantic
scale Thus from want OF occasion, rather than OF WILL
they avoid the full OF his despair and the full
horror OF s fate. Let them, however, be well assured
that without the dismal o John Sadleir and with
out the agony OF his closing fe the Demon Of Speculation
has secondary punshmrnts in for its victims sharp
enough to deter any but maden from yenturing their
good name and happiness in such
From the E-uu,iner.
THE COMMONWEALTH AND HER NEW FINAN-
| ClAL POLICY
| We hac not imagined it possible that any body could
suppose Tor that the financial laws lately Ell.
by the Virginia Legislature partisan in any
form or aspect that party lines had been drawn
passage OF single one ct them that either political
party OF the State would SUCH attempt shift off
due share Of responsibility Tor theu We thought IL was
matter of universal notoety that in all cases IN which
these measures were the subject OF discussion and dvs-
warmly advocated by Wings or Know Noihings as by
Democrats and, on the other, warmly opposed by
Democrats as by Wings OF Know Noihings. We sue
we hazard nothing when express the positive cohvc-
ton that the Journals OF the Legislature will sections
OF both political parties to have sustained and opposed
every one of these that the subject Of Iii.
vision at ALL We regard the effort OF the Whio, there
lore to give these measures party complexion $ hope
es>ly futile, and shall deferred by its ingenuity i'm
tins behalf from expressing as one Democrat least
our strong distrust OF the wisdom OF these ueasurr
whenever, now they become the subject OF public at
/ tenton and enquiry
In another column will be seen the advertisement which
the oveTnor OF the Common eath has caused To bc pub
hshed IA obedience To Of the financial laws in
question IL announces the anomalous that Virginia
wishes TO sell TO public bidders her bills credit trans
ierable by delivery to bearer without endorsement after
leaving the hands OF the first holder and PAYABLE or re-
tc'cybts. after ficcire months
Ii is we'll known that the proceeds OF these bills are the
sr,i,s hor
interest ia JuLe next amounting nearly $s 900 anu
discharge her negotiable under discount
IN the banks, amounting to 100000 Ii ia well
known that these Treasury bills tail to command sale
par, then the credit OF the Commonwealth will hang
uron the contingency OF the Governor being able r,H
the sN sting bank debts rapidly maturing and to oh
tain Rec discounts from the Institutions the cx.
tent OF some 100000 moreto the curtanient to that
extent OF course, OF their usual accommodations TO the
people All i'll admit that il this branch Of the new h.
nsncal policy OF Virginia succeeds all il will be
touch and go" business.
II this Treasury note stood alone its exped.
cncy would be less questionable but it part and par
Gel OF syscn OF new measures only but the chief
OF which We have room now 10 advert. We allude OF
the hch authorizes claims upon the Board
of Public Works due and that shall become due be.
foe tue first day OF October next be qudated with
the Commonwealth bonds par and which provides no
means Tor the satisfaction OF these cAus in cash. the
State is morally bound satisfy them The payments u
der this law IT holders of clas will to take bonds
deprecated least per below par the cash to
| ~hich they entitled, will be follows
Certified drafts outstanding against the Board of Public
! Works Oh the first Of March amount
/ ing SlosOo5l
Amount borrow ed and due in Nav
York u pledge bypotheca-
| tOn OF State bonds, $40 OoO
Calls upon the Board OF Public
Work under existing contracts
at the rate OF 100000 per
| mc-ih from let March to LIST Oc-
| tObef, 1886. $4,000
| New appropriation 10 the Vir-
| giuiA and Tennessee Railroad
Halt OF new appropriation to tho
| Coviuston and Ohio Railroad,
Tor 1886, $4,000
! To'al demands payable by lst 0c-
tUOer, 90 under the la~ in
question, in State registered
bonds S3OOOO5l
The here exhibited stands. therefore simply thu,
Upon market Tor Stste bonds here home nov aat al
20 cents in the dollar this last mentioned law will throw
IN the space months at least $50 OOD of ma
bonds OF the registered Orm which only MAJ
within the limits OF the State IL will put these bonds
moreover for the most pat, into the hands the con
tractors and sboers upon the public works tile State
who will he obliged TO sell and realize upon them at ANY
sacrifice. IL lhus will put ihem ia Il manner that
makes it the interest OF capitaal powerful Capitalize
depreciAte the price OF bonds ia order thai il ma,
make the larger shave OF of their necessous holders on
forced sales. Everybody what the tendency Of
this sudden avalanche upon already PROSTATE market
of two and quarter millions of home bonds mast be- IN
the present Strengthened pecunay condition OF all
in Virginia
Il this condition aud this dcouragns tendency of
the market tor Virginia bonds that these additional
$4,000 vi treasury notes offered. We expressed
utter want O confidence in these aud this hna.
cal policy ghe Yet under legislative incubatio-
We hay been a0le to discover nothing yet to put a
better complexion these GA the contrary
il i well known that Virginia bonds have fallen per
cent in New York since they enacted into lw- aud
at least that figure here. To up, therefore. the ne
legislative policy III question presents tue following stub
born Features;
The legislature adjourned without making any provision
not tainted with reputation for repaying the SG7uOOO
borrowed in New York city and which hu. long since ma
tured The effect Of such Of neglect carel,s,nes,
Of State faith there, must be very prcjudcial to Virginia
credit.
The State suudry Virginia banks upwards Of $500
GOO, and the legislation in question has made provision
Tor paying OF this debt anyspecfed certain time but
has left it, payment subject the contingency OF selling
these Treasury par while her bonds are commnn
ing only 20 cents in the dollar. This neglect, too snscks
strongly OF Reputation.
Thu legislation left the faith and credit Of the State
involved IN the punctual paynen! Of the semi
interest, dependent upon the same contingency OF selling
these Treasury bills ut par III market fiat at g5 lu 9th
er words it has made certain and positive provision
for meeting obligation involving the honor Of Virginia
and touching the very salvation OF her credit
We do state these plain facts to produce alarm
But in times Of grave emergency, the public ought
know the position OF Affairs however ugly aud d
cOuragiug they may appear We think IL probable that
the banks viii take these Treasury in liquidation
the debts they hold against the Commonwealth aud thus
make virtue Of the necessity which herlegslation has
capitalists will take the residue Of these IL is there
fore incumbent upon the bone aud snew Of the com.
munity the sterling planters and farmers aud busness
men OF the Commonwealth 90 put their shoulders
to the wheel Of State and each man according
" - ability send in Governor his order for $50
300 $500, &C. Of these Treasury notes There are
great many members Of the community who have large
or small which they wish put out interest Tor
short periods OF six twelve months IL IL upon this
class that the Commonwealth must rely for the sale oil
these Treasury bills We have stated the which
stock spcCuatons rather than invest them IN plain pei
cent paper par. IL Is 70 them that the State
looks for the sale OF these Treasury She looks
her yeOmen, mechanics aud planters who fund.
which they wish make productive for short periods and
employ IN speculation. IN this eSigency VIII ey
make such patriotic response 10 their Mother ID,
middle classes Of France made 70 their imperial Monarch
short while ago
From, The Winchester Republican,
FORTHCOMING WORKS OF WISE