The day book. [volume] (Norfolk, Va.) 1857-1867, 1858-01-30
things" we are disposed to look upon as

We do not say that all of our citizens
are alike possessed of this idea. We
know they are Motive know gentlemen
here, who would prefer to patronize Cur
own tradesmen and mechanics at sacri-
| flee, rather than send the money out of
the community If it were not so, the
| Lord knows what would become us.
But we do assert it boldly that there
is enough money sent away from this
COMMUNICATIVE neS er reaches it again
in any shape-to employ at least one
thousand more men regularly in all the
various branches of industry. 1--WE are
rather too moderate in the estimate.)
Now, let that much be kept here, and in
very short time we should see one or
two hundred more buildings in course of
erection a larger number of stores would
be necessary to accommodate the in
crease of merchants which would neces-
sarily follow the increase of inhabitants.
By these means men would become
wealthy, our city would prosper, and
taxes would be lighter. 1t is only by
these means the Northern cities have
built up their palaces and their merchant
princes. Money kept in circulation IN
community enriches it, but sent away, it
impoverishes. But, prejudice says we
know nothing about it. May be we
don't; but we believe her blind followers
do more harm to the prosperity of this
city than her emte,prising citizens can do
good, in double the time.
AEs- We copy the following article
from the Herald Of this morning, AS show
ing the adua,sce some Of our citizens are
making towards perfection in stock
operations, as taught by that great modern
school of financiering, the Wall street
stock operators. The subject is an i'm
portant one to our citizens, as the course
pursued by the "bears" is calculated to
affect the sale of stock which, otherwise
would bring as good, if not better prices
than Virginia State stock.
We have heard of several instances
lately of the plan pursued by the "croa-
kers" to depreciate the value of city stock
when they wished to buy, but do not deem
it necessary to mention them, as they are
generally fashioned after the operators of
the New York market
The city scrip is as safe an Investment
as stock of any kind can be. The prop
erty of the cityi is good for every cent of
| it.
The CITY SoRIP.-We have charged
that underhand means are made use
of to decry and depreciate the stock
of our city, and promised to refer to the
proof We now proceed to perform that
promise, by laying before our readers an
extract from 3 letter to j. III. Hendren,
Esq, Register of the City of Norfolk,
from gentleman in Petersburg who
holds very large amount of our city
stock:
"Some one from your place has written
that your city is only bound in honor for
the payment Of those bonds, and not
legally so. This surely cannot be true.
The City Councils certainly could not in
tend to issue bonds for which they had no
authority, and cannot held Thinking
that parties saying this, haze some interest
| to Se1Ue"
The gentleman is right in saying "this
(report) surely cannot be true" for there
is not the slightest semblance of truth in
it; and it could only have been set atloat
Tor vile specializing purposes. The stock
OF the city OF Norfolk cannot cease to be
redeemed while there are persons and
property within its corporate limits to
levy taxes upon; and we think from what
we have already said there is not much
prospect that such default will ever
happen.
We should have remarked in our preeed-
ing articles that an act of assembly re-
qulres an annual appropriation Of per
cent OF the city revenue to be set aside as
a sinking fund for the redemption # its
scrip as il falls due and as NC took oe-
easion IA our lat article 10 speak Of stock
held by the city ia the Raleigh a CASTOR
and Sea board & Roanoke railroads i
may be as well 10 say fallher, ,Aat a-
stead at 100000 Ia each, lhe amount e
| sos 900 IA tho former snd $4,000 .u
the latIer~-Io which may he added $40,
600 Ia the GlarksEille road. lluts ID
100000 OF resources beyond What NO
had ealeulted towards paying the floating
debt including that which il due 10 ths
Banks, II Is needless for vs. - say Aore
than We haEe alfsedy stated Ia defence VI
osu eliy stack, and what Nc have said
/ fully sustains ollT assertion thMf IA Il ps