Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-12-07

sxrsrfed 10 introduce sbS nsw matter Tor HsnsldaA
| tlcaA1 Il - - ~
| TkSHiokiur fund sbows:
Debt due on Ist JAM 1859 II ,97l 1888 30
Debt created since ..... 10, 480, 1871 80
| -
Total Of old and new debt 81 ,4o2, 1859 81
| Redeemed Of old....... ,26l ,s43 90
| Investment In bonds for
redemption Of uew..1 ,oe3 ,657 20 =
| Total redeemed and In
vested for rcdsmpiou 2,34h, 800 20
| Leaving Of old debt. 10, 769, 996 30 -
| Leaving Of new debt 10, 396, 1854 Is
! Total Of old and new,
! unrede m ed and
4unInvssted. -1------29, LOG, $50 20
| The aasual interest," 20 be provided for
asstbs whole debt NOW stands; ad
ding unredeemed and invested to- az
gether is .......... 1856, 800 80
For each half ysar...... 3ss3,4i4 SO
The resuts are obtained BY the very clear and
tsfaetory details of the report of the comm ssones
of the Sinking fund. ,,. g.
earnestly unite with that report in recommending
lst That all taxes, state and corporation, state
bonds be repealed and forbidden The tax tends to
keen The bonds below par q per cent far greater
than the amount Of the tax aud that fact alone costs
the state more than the treasury gains by the tax 1t
Ia tax too upon our own citizens for the advantage
OF non residents who are benefited by Specializing
In our stocks 10 the extent of any fictitious cause
which keep them down in the market below their
intrinsic value II drives our state bonds ont of the
state because they are held to greater advantage
elsewhere than al home, By the amount Of the tax
and bv the greater amount to which it affects the
credit of the bonds. =
guaIy recommend that the commits sioners be re-
our.d in nil cases to invest the sinking fund In our
bonJs AT mar Tina, il in the rne sense and shirt of
III. nj nrnyisior of tho find n contain
n,s,aJ ,ha, ,ho hopa. shonld neysr hs sold hsiow
par Inv ,,o stat. sboula be redeemed in a limited
nor;a1 az Tins and th., WAS with Tho view of ba wing
hom aiway, bnnor.d AZ mar Wh.never Tho S,a,s 70
Goo, h. ~ oescor. IL ~ ro,rLo, sh.r;nc II o,rn
donds II, i,s own hyestmen,s II camrot hu, min
rion.Iv asert Their creS;, Tbc fact If nerne,na,lv
onctsfiur sinking fund ALWAYS redeem;ny them and
ina, ,,v other intrinsic cause could IN tcen them
=, y, ,hs rno,,o 81 ST. orad;, bo H. n .;,i
~, ~, or ,.u o,. Ma. =" ,oss ,ho, 'r na W..
,h,s ,,sy |. no, onIv M. has, h,cans" NO., 800"
"s no. :. o"! ,'e "es' oe,nu,I "'oS' n iora'
~ ~ "'" ""' " '"' "'o'' P'o"'"o'0 i" "o'"''
aua ems n. 100. 70.
a i"' T Tos' VI Acep'he "ohus pe'ow par Is meat
49, 80 .,,rnnrs,,opi ~. ,,a, p"e p.,r,,ns 10
49, ~ o' M a.. . ~
bonus ~ "e mMAes my en,'arrSs appropria
'"ns oy "ePreciaiinR our ereat ana u appropria-
lions are made, the'r application IS embarrassed or
prevented ny inc inability, as ihey imagine, oil sell
ing oonNs peiow par, But tne pohds are issued 10
companies at par Ihey are Immediately sold at a
discount the appropriations are diminished SO much
more oy the operation. tbs cost and loss and risk
ut last all falls upon the State and is far greater
than the discount on the bonds. And
Ath' earnestly ask the Legislature to provide by
general Jaw aga'ns. the nnre to pay interest pune
'""''. on our Rhhrhhtecu oohus' ihe oohds OF mo
''a'o ~ one Peroao' the present year wentup aooVe
0ou only oil the interest que on The guaranteed bonds