Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1859-12-06


tax, and that fact alone costs the STATE mo-.
than the treasury gains b. The tax. 1t is 4 II,
too upon our oYn citizen, for the adyanta.o r.
non.rcsidents she are benefited hy speculate.
in our stocks 10 the extent of any %factltac
cause which keeps them down in the marx,
below their intrinsic value. 1t drives a,
State bonds out of the State. because they ~,
held to greater advantage elsewhere thsu .
home. by the amount of the tax and by II.
greater amount to which II affects the creii, n
the bonds.
IDLY. | recommend that the c0mmisSioner
he required in all cases - invest the sinkj..
fund in orr bonds at par. That Is in the ,ry'
sense and spirit Of the constitutional proy.>a,
of the fund. 1t contemplated that the bo,J.
should never DC sold below par by the STAT.
should Ice redeemed in a limited period Of fin.
and that Was with the view Of having them -,
way honored ut par. Whenever the Stat.
seen, by lis officers, in the market ,hayiuo
own bonds for lis own investments. Il can. A..
but inIuriously affect their credit The ia, .
a perpctIa!ly operating >inkiu. rr,G ,',
rcdccming them .Dd AWAY iuyr.t.a, in H.
at par, would tend more than any o,trr .r.,
SIC cause could. to keep them At n,, r..
motto of State credit he: We wii, I'm, ..r
pay orr bonds at less than par. and "" VOL
not bay because we cauno; .cl Il, h..
this policy II not only the best Ie,,,s. mn
moral ana honest, bat it l. the mo,, rrorr,il
IN dollars and cents too. For
Sd. The cost Of krcpiE. bonds below uu. .
lnca!culahir. Those opposed t." public i@urroy,.
mcntN amd t" appropriations loT ra,.n. Al.
short sighted n resisting racln by thj> mole al.
keeping down our bonds in the market. Tho,
embarras> appropriations 10y depTc>a,.u.o .
credit and II appropriations are innir, Jl.-
application is embarrassed 0r prevented nv
inability. - they imagiEc. of selling bond, 3.
low ;,r. Bat III" h.nd> a, issued 70 IT,
companies at par. They ARE immediately So
at 4 discount, the appropriations aae diinini,hn.
50 much. am! the contracts on the works ra>e:
80 much and more hy The operation. Til, co,
and los, mul rr,h II last all falls upon he S,4,,
aut j., lar -irat,r than the d.scoun, on tM.
horr;-. Ana
ilh. | carEc>tly ASK the Legislature to pro.
yi,ir ly general law aralrt,t tie failure To "a,
tarcrc~t pnncina!ly Ola on guaranteed bonds
The bond, of the State Al Ole Ieuoi tic b.
sent year went NJ above ~ m New lolh. u!
- continued uui.l aLoGt $4,000 Only OF Oh.
inrr,,., 1u, on the guaranteed bond, nj, ,#
Jane, River and Kuawha Company fell j.
in July. and failed 10 he pari. The list Geno:.
Assembly had made provision ~ :" tia. 81.
only; and though there wlS plenty Il mn.e.
in the treasury, there MG> 10 authority u. Ia
in any furctiDuagy L, paw rhi. int,r,,, o..
bonds sank iEmrIat,I, 10 %. ana ,u,. /, a.
in the marnci. r',"mlu"ni ,!4, au,a5r,.
he given the Executive 10 pay tie interest
the. ~ il nav happen - tan due.
9Th. recommend thai in f,turr. ;, ial -
can br done consistently WIZ existing rrgl.-
mrnts. the in,,r,St due Up"l. oa.. stale r.u. -,
,rd all Il, his a., r,iI II ,,,r ,yr ,r,..rr,
RlcO!!oI.I, ana not v!Sc"h"ii
i;b That the mode. and IT,, a. i..g.U..
II A.,
stock COMPANIES. be vr-..riI. a. 49,,
ny la" - - l" 'h'''''" ~ /"
yation OF State credit.
Eth. That the rat" Ut II E.'r"t hra.
l., y,i Tn, banker. and ,L,,. ,,ll.,.
".:,.r, =,
changer an" capitalists 81 N'N ~" "''
- H., ,I.E ~, 80,
o"''"''> ~
nr". ''ar, T ,hn," i'' ,I,.t aor" '.'' .
the prollmcm! people and ~ States a't u
rn-,,v,r. refer IN nv laE m,>.grr. sn tN.
N~lihlt''.
The bomb, hvpo,Lrca;ri 4 the hand, ~ q
~ : :. e., Vol - H.. -.,,L.r.,
with him, are fully ~arcountti Tor hy lhg cou.
n!I>>!1i'!> anu ttc IcF"'t 81 ''' 'N'''''', W."
plll hereto Iprpntpt. r"I!'iilfl.riN 4 's.thir