The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-06-09
terest on the STATE peht..

- :
From the following correspondence it will
he seen that the semi-annual instalment Of
the interest on the State debt, due in July,
will not be paid. This is much TO be re-
GREETED, but not very surprising. IL will be
hard upon those widows md orphans, espe-
cially in theSouth, who look to this interest
as a means Of support. &.
In addition to the violent revolution IL
the political constitution Of the State, which
has so much disturbed confidence and dis
organized Industry, the State Treasury has
been heavily drained to pay the expenses
of the late motley Convention of incompe-
tents. This; body sat months 70 DO whaf
ought 10 have been done in three daysEits
members receiving larger per diem than nan
was ever paid the best men Of the State.
They robbed the creditors Of the State in
work Of destructionato the public Interests
generally. gex l. u s,assa. .aaa q
1t would not do for the State to borrow
money to pay this interest. She cannot See
far enough ahead. There is no certainty as
towhether the Constitution now hanging
over us viii be adopted or not. If it is
adopted, we have no idea the State will be
able to meet her subsequent obligations in
addition to mourning that for loan meet
the July interest. Its adoption win BE dis
astrous to the. public resources. IF the
Constitution is rejected, of course the State
will be plunged into the cost Of another
Convention and called session Of the Lee
gislature. So we cannot see that the exc
cutive officers would be at all justified in
extending the credit Of the State. They
have no authority, We imagine, to do so !;
and if they had, its exercise would be alto
gether injudicious. 5000 ,'.,''' $,
"We want peace,"-as General GRANT
says. Until we have it, and that in some
fair and sensible way, creditors holding the
bonds of the State-Radicals and Conser-
yatiyes-need not look with certainty for
their dividends. T. 49,. ,
ssFIRsT NATIONAL BANK, 4
s'RIcHMoSD, VA, June 6, 1868.
:. HIM, F. Taylor, Esq, auditor State Of Virginia:
Dear Slr.-ln view or the frequent inquiries on
This Bank us to whether the interest on the State
debt maturing LIST OF July proximo will be paid,
have to request that You will inform me officially
whether The State Is In funds to meet the same.
PARTIES are already sending on coupons and orders
for the interest," and to save this expense 1t is due
10 the public, think, that an official announce
,nent should be made. l. (.
VERY respectfully.
"A. VANCE BROWN, President"
STATE OF VIRGINIA. AUDITORS 0FFIcE,l
.sRICHMoND, June g. 1858. =
~ Tance Rro,cn. Esq, President Fret National
Bank, Richmond: &c.,. ..t rs. i4r
dear sir,-In reply to your inquiry whether the
interest on the State debt maturing the 1st OF Ju!
next will he paid. have to say that see no pros
pcct whatever Of having q balance In the treasury
al that time-such as,would justify the attempt to
pay. There reasons for this opinion whichlt1 rs
not necessary In this communication TO state. i
will only add that feel the profoundest regret IN
making this statement.
II am, very respectfully,
civilian +. TAYLOR,
g. Auditor of Public Accounts ~