Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1857-12-19

m ss.ss.ssE.
The u ara had authority but not the
means to gave tho State credit aud interest,
AMI ther Wal explain thor action, ima
.aer,t ar-i lis utter neglect has beer an in
c4hus nron osrscraiit oil the time since the
Adjournment NJ toe Legislature. | made
stvsrll propositions Of settlement for the re-
'iroment al least Of these bonds, which were
the tcst csuId devise, but they were not
accepted know noG of no other mode
than for tho Legislature to authorize the
Eoard Of Public Works to pay oft the adj
vancoa of S670 900, Oh condition Of having
al the bonds which have been |ypothcc1-
led returned to the State, and have $3.50
600 Of them sunk BY the Sinking Fund aud
the others over that amount Cancelled This
ran be done now by exchanging for these
ho1ds 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 havo.pot enough to meet the
whole amount, the7 can sink ratablc pro-
portion, and the whole might possibly be
funk at once BY a sale Of bank stock At
all hazards and at some sacrifice even this
incuhoa ought to be lifted from our credit.
Every dollar of The debt should be paid. IS
ter accounting for excess Of Lnterest par
thereon, but return of every bond hypo-
thecated should be demanded aud enforc-
Cd Wits; Virginia would spuru repu(ia
tesou she has too much character for sound
credit, to ALLOW herself 70 be charged for a
honl which she never issued except to lac
eald at par, naver to be hypothccated, and
on which she has received nothing. and has
vet been all the tine paying interest. vt
me ssmc time it is but just 10 the agent IN
New York to say that there ia every reason
10 believe that he acted with the most bona
Tide intent to save the commonwealth Of Eir-
glnia, his native State, to promote her pub
lie works and maintain her credit And,
though be exceeded his authority, yet. re-
commend that he be paid the full amount of
The principal and interest of his advances,
the amount Of bis commissions, and liberal
l. for all unavoidable sacrifices he has made
,iuce bis advances, upon accounting for the
excess of interest he has received. and re-
turning all the bonds upon which he has
made advances ard which he has hypo-
teeeaied And our bonds have been M
rafsd
ssh Fy paying them at New York IN.
tend OF having the interest thereon pad
here, at our own capitol
know nothing more pror'neiajizng to
the STATE than 10 have ITS counter OF specie
cat o. Its own limits Our own people are
thus made TO disparage cur own credit, or
to PIT the state to more cost IN paying IN
,efest on the public debt. Aud whilst other
sfstes haTe agents III New ork paii to
watch the market her their bonds oars have
fsen lett there to shitt Tor themselves, and
10 carry specie from us to the great centre,
where specie iiows full enough without be-
fhg Hlaed ny legislation.
III respect 10 toe. state ponds, then, re-
Commend
isi That the ,aat act respecting the
sinking Fund be repealed and that the
PRIOR ana hfst act be revived, IN order to
enaeie the commissioners ct the Sinking
una to take up bonds since lso2, which
may Dc thrown IN tue market.
al. 10 prohibit lolnt stock companies from
seiihs their securities below gwen rate Of
diseoant, and 10 prohibit them from Dor
rowing money above tue .esai rate OF ID.
ssfest'
81. 10 pay oil The hIIothcCatCd deb.