Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-10-11
ALEXANDRIA.
THURSDAY EVENING, OCTOBER H..


s-H----:-c----------- -
THE EEcuoNs.-The news By to-day's mail
does not vary materially the results Of the cleo
:ions in the different States which voted on
Tuesday, as published IN yesterday Gazette
The estimates Of Geary's majority in Pcnnsyl-
Yania vary from 1000 to IL, 000-and there are
different accounts as to the election of some Of
me members Of CoDgrcSs-the Radicals saying
they have gained two. In Ohio and Indiana
they have ''swept the platter" Great rejoic-
ing among the Radicals everywhere in the North
aod West. The Southern people take the ad-
rcrse result of this political contest patiently
anG quietly. They regret it, because they be-
!ieye it only tends to further wrong doing, and
further outrages upon their rights and interests,
and further injury to our whole country.
The Financial Condition Of the State o. Virginia.
n order to correct, as far as possible, false,
impressions, and to place before the people of
Virginia facts which they are entitled 10 know,
,7c have investigated the subject for the pur-
pose. giving them a reliable statement Of our
Ut&te finances:
IN April, 1861, the public debt Of
Virginia amounted in round
numbers, 1874. 9G9, 391 IS
interest on the same to July lst,
clD, vi 1871 -
Totsj debt Of the Commonwealth,
including interest, on July lst,
observation-disclosures. UiQ rs 81
IS 20 provision had been made Up to this
:iIc by law for the payment OF any portion Of
the interest on the State debt, and as the L. g;s
latur2 found upon assembling that ali the
State revenue that could be collected would
GGt be more than sufficient to detray The ordi-
pary expenses Of the government ter the cur
rent year. no interest could be paid upon it,
IA act was therefore passed authorizing the
iu1ding Of the interest due upon the State
debt up to January LIST, 1867. Under this act
3ot t1go millions has yet been funded. 1t is
ret probable that very much more will be
funded until the act expires by limitation On
January lSt, 1867. Then on the first day Of
!anu@rv, 1867, the State debt will Steud thus :
Public debt due Apri lst, 1861 Sd !rj9, 3Sl IS
.nt"r&,: same to July lst, 1S6j j,07l. 337 20
interest same from July 1St,
iS'j3 /" january lst 1906 .......... .O32.2lG IS
january lst, lS67......... .......... 2O76 I33 80
ToCal amount OF debt ana interest
due "n january Isl, 1856 SIS IS 800 -
The property Of the Sta & available as set
of agalns! this debt consists principally i'll the
stocks and bonds Of her various Internal itn-
YroEenlcn5 companies. In allthe railroads and
canals lying in the State, Virginia owes large
and. in most cases, q controlling Influence.
The States interest in the capital stock of
me several railroads, is as follows:
The Alexandria, LouGoun and Han Dsi1ire,
hrcc,fhs; Fredericksburg and CorlonS9lle,
Hr2c-fiths; Manassas Gap, threctiiths: Nor
folk and Petersburg, fvc-scvenths; Orange
and Alexandria, three -ifths: Richmond and
lori; River five. scvenths; Richmond and
Petersburg, two-titths Richmond, FrcGcrickS-
jurg and Potomac two-6tths; Richmond aad
Uan2io, three ftths; Southsde, three hfths
Virginia and Tennessee. thlee-Gtth> Virginia
Central three hithS; Virginia and Kentucky,
thrcc fitths
in some Of the less important roads her in,
tcrcSt is greater. In the Blue Ridge and in
he Jovington and Ohio she OWLS the whole of
the stock. She has already expended three
millions OF dollars on the construction OF the
uovington and Ohio railroad.
Ihc great problem is how to make these as
sets serve to extingush their value OF the State
debt. We have heard that North Carolina
has taken measures to exchange Ter railroad
stocks for State stocks, but with the exact
.ncthod By which this is to ne accomplished
VIC are hot informed. Insurmoutabie difficult
ties seem to stand in the way Of its accomplish
ment, however much It may be desired. II
the STATE should throw her railroad stocks
end bonds Oh the alarket, and attempt to sell
:ha1u they would depreciate enormously in
.aue-and they ere already low enough
while The calling in her own bonds with the
proceeds of the sale, would increase their value,
2DG Virginia would lose greatly by both the
selling and the buying.
The value of the State stock is now aboat
IS cents on the dollar. Since the surrepaer Of
Genera! Lee they have been at differcYa times
rs To-" as 50, and as high as 4G. There are
but t".o railroads in the State whose stock Is
as EiEh as this, as vii be SEGA b. Uhe iollowing
Orange and Alcyandria ACKNOWLEDGEMENTS
!:lchm"nd and PoteI= 3urs .....................4O
}ichm"nd Fredcri tx burg and Potomac, co
n!thinohd and villc.....................43
;iFS!n!0 AID Tennessee ........................2
,lr&!ni% Central.
lanes River and kunaWha Canal .....-.. 9
That It is desirable thing TO use these
af0ci.s-noW no source Of rcycnuc-l0r the
ourD0Sc Of canccing part Of the State debt
or which We pay heavy interest, seems to be
beyond question-but the method Of doing it
Will be one Of the most troublesome questions
before the next session of the Legislature.
There is strip of timber land belonging to
ne State lying principally along the Atlantic
coast below Cape Henry, that was surveyed
last spring and will be sold this fall. 1t CON
AIMS little over forty thousand acres. 1t Is
very poor land, bordering on the sea and the
:,or gro,7ing on part of it, and for its valuable
fisheries. it will probably bring something
urdcr two hundred thousand dollars.
:hc State Of Eirgni. will require for the
expenses Of tie year, beginning january lSt,
1867, Including the interest Of the State debt,
-, zoe, 1883 IS.
Is things stand now, the whole of this debt