The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-10-22

be funded until the act expires by limitation
on January LIST, 1867. Then on the first day
of January, 1857 the State debt will stand
thus
Public de't due April l, 1861, $34,969, 1881 38
Interest on same to July /, 1865, SOIL 1897 80
Interest on same from July LIST,
1865, to January 1st 1866, 1899 ,219 95
Interest from January LIST, 1866. to
January LIST, 1867. 2,7OS, 43s 80
Total amount of debt and interest
due on January LIST, 1866. $43, 15s, 1863 50
The property of the State available as a set
of against this debt consist principally in the
stocks and bonds of her various internal i'm
provement companies. In all the railroads
and canals lying in the State, Virginia owns
large, and, in most cases, controlling
influence. ~
The States interest in the capital stock of
the several railroads is as follows ~
The Alexandria, Lsudoun and Hampshire,
three-ffths; Fredericksburg and Gordonsville,
three-ffths; Manassas Gap, three-ffths Nor
folk and Petersburg, fve-sevenths; Orange
and Alexandria, three-ffths; Richmond and
York River, fve-seventhss; Richmond and
Petersburg, two-ffths, Richmond, Fredericks-
burg and Potomac, two-ffths; Richmond and
Danville, three fths; Southside, three-ffths;
Virginia and Tennessee, three-ffths; Virginia
Central, three-ffths; Virginia and Kentucky,
three-ffths.
In some of the less important roads her in
terest is greater. In the Blue Ridge and in
the Covington and Ohio she owns the whole
of the stock. She has already pended three
millions Of dollars on the construction of the
Covington and Ohio railroad.
The great problem is how to make these
assets serve to extinguish their value of the
State debt We had heard that North Caro-
lima has taken measures to exchange her rail-
road stocks, for State stocks; but with the
exact method by which this is to be accom-
plished we are not informed Insurmounta-
BILE difficulties seem to stand in the way of its
accomplishment, however much it may be
desired. : If the State should throw her rail-
road stocks and bonds on the market, and
attempt tosell them, they would depreciate
enormously in value-and they are already
low enough--while the calling in her own
bonds with the proceeds of the sale, would
increase their value, and Virginia would lose
greatly by both the selling and the bying.
The value of the State stock is now about
43 cents on the dollar. Since the surrender
of General Lee they have been at different
times as low as 35, and as high as 49, There
are but two railroads in the State whose stock
is as high as this, as will be seen by the fol-
lowing: 1 sssNi 2
Orange and Alexandria , .,r se Is
Richmond and Petersburg, a9 40
Richmond, Fredericksburg and Potomac, 60
Richmond and Danville, 81
Virginia and Tennessee, ~ a4A 20
Virginia Central In 9.-, 2pt 25
James River and Kanawha Canal 8
That it is desirable thing to use these
stocks--now no source of revenue--for the
purpose of cancelling part of the State debt
on which we pay heavy interest, seems to
be beyond question-but the method of doing
1t will be one of the most Troublesome ques-
tons before the next session of the negisla-
lure. ,;ssasi 1ogT ~ 51of tia} " D y
There is strip of timber land belonging to
the State lying principally along the Atlantic
coast below Cape Henry, thatwas surveyed
last spring and will be sold this falh 1t CON
tains little over forty thousand acres IT is
very poor land, bordering on the sea and the
desert, and is chiefly. valuable, for the fine
timber growing on part of it, and for its val
liable fisheries. 1t will probably bring some.
thing under two hundred thousand dollars
The State Of Virginia will require for the
expenses of the year, beginning January lst
1857, including the interest Of the State debt
SS409, 463 49, 81, Iso.eni r. t5au- asg'i
As things stand nov, the whole Of this deb
rests upon us, and none upon the. State O
West Virginia. lAtnthe last session of the
Legislature commissioners were appointed tc
confer with other commissioners to be ap
pointed by the State of West Virginia, Which
We're to constitute body empowered to ,ap
portion the debt justly between tie
States. West Virginia, however, failed'toap
point commissioners to confer with ours, AM
nothing, therefore, has been done. Some &C
ton will probably be taken at the next SEES
sion of the Legislature of West Virginia
Rich Times -i~tfss ~, 4'''