Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1865-12-12
$22,7Os,3l9 81
OTHER ASSETS.

The State has invested several millions of dol
lars in stock IN the James RIVER and Kanawhs
Canal Company, and holds large amount oil
stock in turnpike roads and bridges, but there
is no hope tn at any of these inVestme nts can be
relied On as sources OF revenue for many years
to come, if ever. She has, also, some to bacco
warehouses, and the armory grounds in this city,
with " hlch valuable water power is cOnnec tied
Ireccmmend that the armory grounds be sold OF
leased.
The State had invested in the several Bank.
of the Commonwealth:
In the name of the Commonwealth, So ,243,1O(
In the name OF the Board of ubiic
works, 1,O03 .S5C
In the name Of the Literary Fund, 363 O7(
Making an aggregate of $3,71O ,02(
Of these stocks the State h Ids, in the name O.
the Literary Fund, $4,000 in the Fairmon
Bank which is supposed to be good, and 1914 ,
900 in the Northwestern Bank, $50 900 of which
belongs to the Literary Fund. The last -namec
Bank has gone into liquidation, and it cannot be
known until its accounts are settled what viii
be realized by the State on this Investment =
The residue of the bank stocks held by tht
State was in the Bank of Virgins, the Farmers
Bank of Virginia, the Exchange Bank of Vir
ginia and the Bank of the Valley, all of which
il is believed, is lost TO the State.
PAYMENT OF THE STATE DEBT AND TAXATION.
The holders of Virginia State Bonds are pres
sing for the payment of the interest DUE Oh
the first day of January next, the interest due OF
these bonds viii amount to above six mllions
of dollars. Vario us plans have been suggested
for finding this interest, and the issue of tht
bonds for the same, bearing different rates O
interest; those who hold no bond s, for the mos
part, propose that the bonds issued to paw thi.
interest shall not themselves bear interest
whilst others, including the bond holders, in
sist on different amounts of interest, from one
to six per cert. The English bond holders pro
pose that the State shall fund the interest on th
1st day of January, 1867.
OYSTERS.
The privilege of taking oysters is legiti
mate subject of taxation, and the cole ction o
the ak will be easily executed if the Legisla
ture Shall take hold of the subject in earnest.
In the course of fifteen or twenty years ih
fund would be adequate to pay large part o
the public debt, and create a literary fund whici
would afford comm on school ducation for al
the children Of the State.
RAILROADS.
AS above stated. we have upwards of $22,
OOO. 600 inv ested in railroad stocks and bonds
Something more than SIS ,O0O,0 900 of this sun
is in railroads in running condition, and would
in the hands of private stockholders, Sool
y d
the owners but whe ther they will ever yielc
anything to the State and stockholders under
the exist ing system remains to be seen. i ex
press this doubt from the experience of this ano
other States that have embarked in a genera
system of internal improvements. It was foDno
that while the State was an owner or partner
little or no pro fit was realized. number o.
States sold out their interest in internal I'M
proyements to private companies, who became
the owners where the State owned the wnoie, OF
the Joint owners with original stockholders
These works, in the hand Of private individuals
Immediately became profitable.
/ am Of opinion that all these improvements IN
the hands of private individuals would, in short
time, yield dividends of from to 10 per cent,
and believe that the interest of the State IN them
can be leased say for period of thirty years. foi
more than six per cent. per annum on the invest
ment, by giving the lessees the privilege at any
time within the 80 years, Of purchasing the inter
est of the State, paying the amoun. OF the S.ate
investment in money, or in the bonds OF the state
Some of these roads are deemed more valuable
than others; each one, therefore, should be ieas-