Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1859-12-19
Total 81 oEd ami new debt, 3l45e. is I6a

ienptior, ---4 : ~ 2,345, SEQ be
ss4g.sss.-ssEs ~ ssss-.-zl5-.-----2-
Leaving Of ola debt 10, 7os, 9s6 20
Lesving-of new deb, 4 1896, 1864 is
Total of old md Va
I ne W, unredeened -j.ll7 II 81. 4s@
and unlnyested, ------2E9 06 $50 43
THE annual in ferest 10 be pro- f5E
vided for as tile whole debt ssts3. * /
h now stands. adding nnre-s
deemed and invested tpgsth
.e1! NJ sl.7se $40 SO
For each halfyeaf, 4 S693, Ala 5S
The results are obtained BY the very
clear and satisfactory deiails ofthe report
Of the commissioners of NE sinking fund.
ISL earnestly unite with the report in re-
Commencing
!. u lst That al taxes, State and corpora
lion. onE State bonds, be repealed and for
hidden. Tax tends to keep the bonds be-
low par per cent far greaterthau the
anount Of the1Itax. and that fact alone
costs the State more than Inc treasury
gains by the tax. Ii is d tax loo upon
our ownfeitizens, for. the advantage of
non residents who are benefited By spec
#niating IN our stocks to the extent of any
fattitious cause. which keeps them dpwu
ID the mayket below their iatrinsic value.
.Itdriyes our State, bonds uut4oftl,e State,
.besause they are 5hefdisfa Create Il adYatl-
tage elsewhere than III home, by the
amount Of the tax anH by tie greater
amount 70 which tt Affects The credit Of
The. bonds. # "a:
2aly. I Recommend that the commits.
sioners beSregaired 10 all cases ioiinsest
The sinking fund iii Dir bolisfat par. -
That is III the true sense and spiritsof the
constitutional prov isipn 81 lie fund. 4
contenE latedthat the bonds should never
be srH below par BY the State, should be
redeemed ID a limi:eaperipd of time, and
and that was with The view Of having
them always honnree At par, Whenever,
the State is seen. by its own officers, in
the market shaving itsown bonds for ills
own investments, il cannot but injurious.
ii affect their credit. The fact IN "a per
petually operating sinking fund always.
Fedeening them antl4aIways investing II,
them lat par, would tend more than any
other intrinsic cause could. Is Keep them
at par, Letthe motto OF State credit BEL:
We5will not sell nor pay our bonds al less
shan5par, and weIwiIznot buy because We
cannot sell at less. And this policy Is
not sOaly the best, because most moral
and honest, but il is the. most profitable
iAs dollars and cents too F6r:' .5..a,.
\ 3 GThe cost of keeping bonds below
par is inealcufablsa Those opposed ste'
public Improvements and TO appropriar
lions for them. are .shortsighted in resist
ing them by this mode Of keeping down
oar bonds in the market. They embar4
rass appropriations BY depreciissting our
credit; and sR appropriations are made.
their, application is embarrassed Or pre-.
vented By the inability. as they imagine.
Of selling bonds below par. But TIL.
bonds are issued 10 the companies.jat par,1
They are Immediately sold lat asdiseount,
the appropriations are diminished Asu
much, and the contracts san: the WDtk j
raised SO much and more by the operas
lion. This cost and loss and risk al last.
III falls uponsthe State, and is FAR greater
than the discount on tile bonds. And
4th. ! earnestly ask The Legislature toI
provide by general law against The 'ailursH
70 pal finterest punctualfyon our .guaranGl
teed bonds. The bonds of tbeSState at5
one period the present pear went 81 81
sboveR99rin, New York, and SO continued
until about S67 900 only auf The interest
due offthe guaranteed bonds ofqAe James
River and Kanawha Company fell due iiIIt55
Jaly, and failed to. be paid. The lash
General. Assembly had made prots9ifsason Dbl
70 that day only and though there vas
plenty Of money in the treasury, there was
no authority Of law in any tunctionary toii
pay this'inierest, Our bonds sank imme-1
diately to SO, and since 10 93 in The MAJ
ket. Irecommend That autthofitybe riiys
en- 70 the Executfye I'd pay the interest onI
them rs it may happen d fall due. .@
i 5sh. recommend that in future, so farl
as il can be- done consistently with exist
ing engagements, the interest due UPON
OUT Statea bonds and all debts be paid all
our own treasury 10 Richmond, and uyt
elsewhere. .ss. LII VI :3fas-E8
!, 9Th. That the mode and rate of .bor-
rowing money and selling heir securi-
ties, BY jaint stock companies, be. pre-
scribed aud regulated BY law $50 as 10
conform batter to the conservation of0
State credit. ~
7th. That the rate of legal Interest be
not changed, and that The usury laws be
nof relaxed. The bankers and brokers
and money changers and capitalists in
New York, may ,elamor for[she abolition |
III usury laws, for-the obyious reason Cat
they have the centre of trade. 10 which
TIE flows none VI tends, and the none v |
there is the money lent; bul the proviins
ciai4 people land the States are the ber-1
r II Irefersto my last message On this |
subject. s5..F .s.-t .,
The bonds hypothecated inathe hands
81 j. II. Soutter in New York, and the
settlement with him. are fully accounted
for BY the commissioners and the report
q The Attorney GeReral hereto appended.
recommend careful review and I'M
iefstanding Of that subject, kitlira view
p ~ enquiry BY The Legislature, as 10 !
he best mode. Of preventing snch cases
III, future.
ioaling;debt MISSY
on account Of sinking fund. OF
TREASURY note 3 tltsfa udi az Iszt + Ssg4