Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-18
Mich nm exnlain itself.

which will explain itself.
The Board had authority but not the
means to save the State credit and inter-
est and they will explain their action. ~
This debt and its utter neglect has been
an incubus upon our credit all the time
since the adjournment of the Legislature.
I made several propositions of settlement
or for the retirement at least OF these
bonds which were the best could devise.
but they were not accepted. know now
of NO other mode than for the Legislature
to authorize the Board of the Public
Works to pay of the advances Of $3.50.
600. on condition of having all the bonds
which have been hypothecated returned
to the State, and have 100000 of them
sunk by the Sinking Fund. and the others
over that amount cancelled. This can be
done now by exchanging for these bonds
the same amount OF bonds prior to 1852
which are now held by the Literary
Fund. and then sinking the latter under
existing laws. If the commissioners of
the Sinking Fund have not enough 70
meet the whole amount, they can sink q
ratable proportions; and the whole might
| possible be sunk at once by a sale bank
stock. Al all hazards, and at some sac.
ri6ce even, this incubus ought to be lifted
from our credit. Every dollar of che
debt should be paid. after accounting for
excess of interest paid thereon, but re-
turn ofieyery bond hypolhecated should
be demanded and enforced. Whilst Vir-
GINA would spurn repudiation; she has
too much character for sound credit. to
allow herself to be charged for bond
which she never issued except to be sold
at par. to be bypothecated, and on
which she has received nothing. and has
yet been all the time paying interest,"
At the same time it is but just to the
agent in New York to say that there is
every reason to believe that be acted with
the most bona ide intent to save the COM
monwealth of Virginia, his native State.
to promote her public works and main.
tain her credit. And, though he exceed
ed authority. yet recommend that he be
paid the full amount Of the principal and
interest OF his advances, ayoidable sacri>
fees he has made since his advances, up>
on accounting for the excess oil interest
he has received, and returning all the
bonds upon which he has made advances,
and which he has hypothecated. And
our bonds have been impaired:
9th. By paying them at New York in.
stead of having the interest thereon paid
here. at our own Capital. ..
know nothing more provincializing to
to the State than to have its counter Of
specie out OF its own limits. Our own
people are thus made to disparage our
own credit, or 10 put the State to more
cost in paying interest on the public debt.
and whilst other States have agents in
New York paid to watch the market for
their bonds, ours been left there to shift
for themselves, and to carry specie from
us to the great centre, where specie flows
full enough without being aided by our
legislature.
In respect to the State bonds, recon-.
mend:
1st. That the last act respecting the
Sinking Fund be repealed, and that the
prior and first act be revived. in order to
enable the commissioners of the Sinking
fund to take upon bonds since 1859,
which may be thrown on the market.
Cd. To prohibit joint stock companies
from selling their securities below a Civ
en- rate Of discount. And to prohibit
them from borrowing money above the
legal rate of interest. .--.. .. r
Sd. To pay off the hypothecated debt in
New York, and to call in the bonds hy-
potheca,ed Immediately, or as early as
practicable, in whole or in ratable pro-
portions.
4th. TO exempt bonds from all taxes,
State or Corporation.
9Th. To provide that public debt here
after contracted and interest shall in flu
ture be paid here at our own treasury.
And 9Th. TO abstain from altering the
legal rate of interest, and from relaxing
the usury laws.
BY this course Of policy. and looking 10
a gradual and safe resumption of specie
payments, and return to solid basis OF
business in the whole country, am con-
6dent we can carry on all our State i'm
provements of every kind, by raising our
bonds to par.
My recommendations as to what can
be and ought to be done on the leading
miscellaneous sub jects of State interest,
will be found in another general mes.
sage.
With the highest respect, have the
honor 10 be.
Your obedient servant,
HENRY A. WISE.
RtCHHoND, 9Th, 1857.
A DREADFUL SPEcTAcIF-It will he