Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-12-08

| mine bank NJ inc Erpui'l', where fbpy upre awaiting
ttIe. To the amount OF S1'O.Wn. and hyputhecsted them
i aso for IN. advances-amoun'inc in all 70 1910 OOO. Thus
| wcr" bonds issued for the amount us 500 600 pledge
for 100000 advanced, and the State has no meaus of
| Identifying the bonds except In" .ter,inr one. and in.
;erc.t as lar us preserved has been paid on the whole
amour, OF the bonds tor s6ioy0oO advanced until this day:
and a considerable amount o! the bonds has been forced
into tho market, and, fear, sacrificed.
Ac,r the commissioners of the Sinking Fund had ;
pared their present report, and after II was printed. n sum
u upwards OF $4,000 was certified TO them by the BOARD
II Public Works TO DC due for interest They stated ths,
;he Bank of the Republic had advanced that amour, a,
unpaid By The commissioners of the sinking Fund. Tho
commissioners OF the sinking Fund had provided for the
.ntcre-, on all the public debt which had been recognized
and Of which they were officially informed. On enquiry
they found that this amount Of interest in arrears proceed
I'd probably from the bonds which had never been issued
but hsd been hypo,hecated as described, and which had
never been included by the commissioners of the Sinking
Fund in their accounts of public debt. And the Board Of
Public Works had never reported this NJ public deb; un
al !s'cly, when they informed the commissioners that the
bonds hypo,hecated are in the hands of these parties. and
must DC recognized ss a part of the public debt, though
tncy have not heretofore recognized them as such, and
drci'rs they never authorized their hypothecation. The
difficulty IS that the commissioners now cannot distinguish
the coupons of these bonds from others.
Asd no direct authority or means Of intcrposition-i
"hstac business ofthc Board of Public Works-butw when
appealed 10 By the agent, entered into the accompanying
correspondence with The Board of Public Works and their
agent, which will explain itself.
lie Board had authority but not the means to save the
s@:e credit and interest and they will explain their &C.
uun. This debt and its utter neglect has been an incubus
= upon our crcdi; nil the time since the adjournment of the
ha2i'iS,ure. made several propositions of settlement
~ ioF The retirement at least Of thcsc bonds, which were
ne ocs' could devise. but they were not accepted. |
a ~ no" Of no other mode than for the legislature TO
H"'aorze The BOARD of Public Worksto pay Of the adyan.
seso' $4,000. on condition Of having all the bonds which
me been hypoth-cated returned to the State, and have
so'o'eV Of them sunk by the Sinking Fund, and the o,hers
over that amount Cancelled. This can be done row by
exchanging for these bonds the same amount of bonds
prof l" 1852 which ARE now held by the Literary Fund,
ana then sinking the latter under existing laws. II the
n"anss'oneis OF the Sinking Fund have not enough to
meet the whole amount, they can sink a ratsbie proper.
s.n' ana the whole might possibly be sunk at once by q
49, ohnk stock At all hazards. and ut some sacrifice
- -, 'I'. Incubus ought TO be lifted from our credit
H. or! nolier OF the debt should be paid, after accounting
bo, tHs,s" i 'ntercs' paid thereon, bu, R return of every
~ Ma u ! g"'aeca;ed should be demanded and enforced.
cbs.'. 'HS!nis would spun repudistinn: she has too much
fua'He;tr 'or sound credit. to allow ber,elf m he cbsIged
DIR .Dho which .he never issued except to be sold at
se:veS ~, 10 be hypo'heca,ed, and on which she has re.
| ""'hR ana mas yet been all the time paving in.