Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1859-12-06

ssh Isssenmsed that IN future 20 far a. a can be
due upon bonds and ali debts be paid a, our
own Treasury la Richmond and not else shere.
9Th. That the mode and rate Of borrowing money and
crbed aud regulated by law as 20 conform better 20
the conservation Of state credit - -
7h. That the rate ofega neres, DO not changed and
that the usury laws be not relaxed The bapkers and
brokers end money changers and capitalists In New York
may clamor for the abolition OF usurv Law. fr IN. Oh
vio reason that they have the Of trade TO which
the How OF money tends snd the money there L the mon
lent but the provincial people and the States ar, the
borrowers. refer TO last message ON this suhict
The bonds hypothecaed In the hands Of J. r. soa,ter
In New York, and the settlement with him arc fully .e
counted fos by the commissioners and the report OF the
attorney general hereto appended I recommend care.
to enquiry by the legislature As 10 ho best mods of
preventing such in future
Outstanding floating debt In 1857, on ac-
count OF sinking fund, Of treasury notes
outstanding lst October, 1887, on ac-
count of interest due Literary Fund ON
account Of interest bonds Of James
River and Kanawha Company aud CAPT.
tation tax of 1885, I2ss Ass Al
Actually paid up to LIST October, 1885, 9soos4 IN
Leaving balance then outstanding OF ssI,soi 80
BY amount Of balance In treasury that
day. ee.sss SIS
Actual floating debt, s2eS,ois IS
Showing floating debt paid, and cash In
hand since LIST October, 1857, lOl7tbs 10
Permanent debt paid and invested by Sim
king Fund since 1889, 23t5 500 ao
Leaving the funded debt now, ", i06,659 4s
f'oa'ins deoS 26a,0lS IS
Total liabilities OF State, s2s.s7I,672 IS
Besides thus sinking the permanent and
paying the floating debt, there has been
added to the investment of the Literary
fund the sum OF <lol On
On the LIST of October 1857, IL was - I6Il-ss "
Anu U" tue u" OF october isSS, was l,ssS,490 IL
Making the above increase of sl9l 7sl so
And in addition to this, the public works
have yielded, the last two years an In.
r. crease OF surplus revenue Of $4,000 90
'"' isSS-Ss, F.. $4,000 iSsSSSS 90
2ss,ooo 90
isSs-Ss, 4sO,OSO 90
$4,000 90
showing an increase of the last over the
previous year Of $3.50 O0o mn
These are encouraging and show that our debt.
are diminishing, and and Of credit are
increasing.
Ifno of depression in trade occurs We NAV rca.
sonaby assure ourselves Of the fruits Of past e.pend
lures for the future and calculate that with care and
good management, they will yield steady annual in.
crease.
AGGREGATE ESTIMATED RECEIPTS AND CHARGES.
Balance in treasury Commonwealth proper)
on the LIST OF October, 1889, lO4Ols SO
hsma'euIeceips Tor hsca year lSSs-6O 3,77l 06S %
3,s75,Os2 81
Disbursements for fiscal year ls5s-6o $500 2s9 is
E'timated surplus Ist October 1850, al4sIs II
Estimated receipts for ls6o-6I 37s57 6a 90
Total receipts for lS6O-6l, 1000 sos "a
Estimated charges for ls60-6l, q loo asa 81
Surplus LIST October, 1861, ss9tlsa ~
The above includes estimate for James river and IA,
navha interest for both years. and $40 600 for supnor
OF Allegheny unac asylum for 1861 but does not
include estimates for construction OF the asylum nor in
creased expenditures for defence of our bortiens
But the average annual surplus tho two current
fiscal yosr. S4i7 O264. This enables the payment of
per cent interest on five millions of dollars and
leaves a margin besides of S97 026.4l per annum
announce to you, then in view Of this statement that
you may safely appropriate i've millions Of dollars to the
public works, and add that to the public debt
without mpairng public credit refer YOU to the ac
eompanying synopsis, prepared by tho first auditor
This brings Us to
WORKS.
We have seen how much venture to expend at
once improvements. We have but to review them
as they stand their relative importance Tic
great argument for them all is that they are ndispens
ble to build mp for US centre Of trade aud for tho val
the last general assembly.
repeat that the important line Of the state is the
James river and kanawha canal IL should not be left
where IL u longer. On the llth Feb'y ISS6 I "a.
ported that this great work left without funds with
out credit bound by mortgage and resting its whole
weight on the Of the state Since then nothing ha,
been done but appropriate the sums sufficient TO meet
the interest due ON It's debts up LIST July last and then
the appropriations failed and the failed to paw it,
interest guaranteed bonds This affected the state
credit more uriously than it did that of tho canal
ask FOR immediate appropriation of this interest and
Tor permanent provision for IL In future For the rca
sons given in my message Of 1885, repeat the recon
Hendnton then made that the capital stock of the COM
pany shall be Increased TO the amount of shares
of which the shall take 90 900 in payment of ber
debt and liabilities due by the canal aud the remaining
2OOoI shall be sold, IT practicable, private persons
thus committing the debt and liability OF the state into
stock of the company" This will complete tho canal to
COyngton and when the Coyington aud Ohio railroad
Is completed, the revenue t Is supposed will pay the in.
tcrcst on the whole investment.
Besides the connection Of this work withe KAnayha
1t has another connection which embraces one Of the
grandest Developments Of State. Tho continental
watershed east OF the Andes Is from north SOUTH
Inc only exception remarkably chiefly in the western
part OF Nrgnias territory The New river rises far
south in North Carolina aud passing line runs north
east TO Montgomery and thence west of north cuts
through the whole range Of the Allegheny mountains
and runs north to the mouth Of the Gauley; thence
northwest TO the kanawha IL is one of the most re.
nakabe water passages in the world, and full Of deyel.
Opment every respect Opposite its junction with the
kanawha, eastward, the heads OF tho Monongahe rise
and run norhward TO Pittsburg Thus Virginia alone
has waters for husdreds OF miles running from South
to north, contrary to the general flow Of There
il great power in this peculiarly of formation and time
will show that IL Is Of the elements OF our
future progress aud greatness in wealth. Il in.
ytes Virginia. by all means, to connect the James and
the New ryers FIRST and the James aud the Monong
u practicable afterwards believe that the connection
with New river is practicable aud surveys ought to be
ordered for H. Looking TO this, and secondarly to test
the present location Of the James river canal across the
Allegheny ridge ordered small Reconnaissance out Of
the contingent fund the past The President
and engineer OF the canal gave every facility aud
ssanee and was further aided by Col Smith Of the in
stu,c with corps Of its graduate. The report Of En-
sineer Lorraine will be submitted TO you trust the
general assembly will by liberal appropriation enable
the institute TO purchase complete OF topogra phca
instruments aud organize corps Of civil for
surveys generally and especially for asceraning the
mode OF connecting the james with New river aud Of
improving the navigation Of the latter. recommend TO
attention the full and able report OF Col Ellis on the
Affairs OF the James river and Kanawha company.