Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1870-03-08

forms and varieties of Indebtedness to order
and uniformity, would recommend the tuGd-
inc of all the liabilities of the State, except the
sterling debt, including principal and Interest
matured and maturing to January Isl, 49, y
into one uniform class OF new bonus oeailhE
that date, ind to run from teo to thirty years
at the option OF the State, with interest rs5ao.e
semiannualy the city ct New ork AS eoe'
Don bonds are always several.per cent sner III
the market than registered, all the new eoooS
issued should be coupon bonds ana inc cou-
pons ct and after maturity Wouid make re-
ceivable for all debts and demands OF every
Kind and character due the State, and L would
80 declare not only 10 the law, but upon the
tace of the coupon so that it might he Known
and understood By all. You would thus, 10
me most acceptable mann. p'sshe, manifest
vonr ;utentioas aud good faith. by giving TO
The State creditor the highest marketable Secu-
rity in your power aud ty providing lor the
rrompt paymeut Of the lntcreSt thereon, Tor
with this torm OF coupon nr interest certificate,
every succeeding legislature would he com e!I
ed to provide the necessary means for paying
the interest oa the public debt or stop the
wheels of government. The coupons being re-
ceivabie alter maturity Tor a!l debts aud de-
msnds due ihe State, would be used by the
people as money, and pass from hand TO Aand
IN he ordinary business transactions at lie as
readily As bank note or greenoack. Thus you
will annually furnish the people with Il consider
able volume of redeemuJle currency, and 1T the
same time connr Il lasting benefit upon them
by restoring the credit of the State. No State
ever has. nor can any State eccr hope. u pos
.,rr while its cred, il Gishoncrel. The plan
here recon nlendad will contribute largely to
the reGempliGn oi: orr dishnnored credit and
r.}ncf the whole to perfect order aud system.
i, make the plan complete success, | would
prohbit the payment OF ally principal or inte'
r,st nnou the now outstanding bonds or in
I,bcdnrs o! the State, except the sterling
bonds Fos those persons who prefer Il regis
tered to a coupon bond. payable to bearer and
transferable merely 10y delivery. ample provi
son can be maze hy making the bond and cou
uon pavablc to the order Of the owner, and by
Ircnrtlinr the name. idatr, aud nunber OF the
sans, on the books OF the audltor.
Collection Of the Rereaue.
An1,hfr mode Of contributing TO tie reStora
non 1T the State credit az we'll as to more tuI-
Is rrptnc! the interests OF the ncople, may De
,,,nni ~ a different system Of collecting the
,cvccnr 1t has been the study OF governments
from Tie dav that taxes We're tlrst imposed 10
The prc.ca, time, TO provide aomc system which
Won ID SECURE the prompt, faithful and honest
collection of the public revenue. No perfect
,gs.cm has get been discovered, AMI probably
never will be while human nature, WITH all lis
;nherant weaknesses and tralltles, remains Ut
change! We can, however, approx'mate TO
nertectjon in this behalf, and throw around the
subject all the protection that experience has
demonstrated as practical aud useful. Here
,,,forc the revenue Of the State has been col
i.c;ed at certain stated periods. and remained
"a the hands OF the collector until paid into the
State treasury, as required Ey law, on the 18th
,f March and December in each year. 1t re-
maine1, until used, in the State treasury, or
VA. deposited in certain banks ln the city Of
Richmond, to the credit Of the treasurer.-
Two evils are the offspring OF this system: first
rho tamntnrGa to the collector to use the
II, ,ncy while in his hands for private purposes,
t1nn, ,chich loss may and often does result:
and second the periodical drainage OF the
money from every portion OF the Common
wealth into the State treasury, where often
fines il may remain for months unused, IN
less hy the Richmond banks These evils can
!,o mitigatcd, if not wholly remed'ed, by pro
vidinr a system Of State repositories OF the
nnhic funds, and making it lelony tor any
,,nc "a use any amount Ct public funds, or or
,hc revenue, for private purposes. Every
hank and banker 10 .hc State, at The discretion
# the auiitor, or treasurer, or board COM
rosoA Ct the treasurer and first and second au-
Z ',;tors, might be constituted, under proper rules
md reruiations, State depository, upon de-
positng with the treasurer say S5o,ooo or
40 600 of State bonds, as security tor the
n,hlic denosils; sn9 in these depoSitorles the
.,ncc,ors should be required to deposit all the
,nblic revenue collected at least twice each
month. 4 certificate for every deposit made
should be issued by the depository to tho CO..!
lcctor, certifying that the amount deposited
had been placed to tho credit OF the treasurer,
,elich certificate should be forwarded to- the
Treasurer, and the amount thereof charged by
Kim to such depository; these deposits
:, h.. subject to draft by the treasurer at
any ,inr. as the money may be needed tor
use, the treasurer always u>lng proper Viel-
lance that the deposits at no time exceed the
value Of the bonds deposited as security there
i,r The plan here suggested is very plain,
and can he readily put in practice and Will at
ford an additional security for the public reve-
mn and at the same time will keep the nc
mcv more equally distributed over the common
wealth, ana prevent the periodical strlngency
10 the money market which might otherwise
tc occasi0ned
,Iom stock compantes, banks, &c.
The granting OF special charters OF moor
,.pra,ion OF jQlntstock companies has become
an evil Of such magnitude, as To demand 6
,smedy at your hands. Nearly one halt of the
session Of the last legislature was consumed
soa treat expense to the state incurred, in thu
discussion, enactment and publication Of these
r aws and yet many Of these charters remain
unused to this day, and perhaps 10 mar,
,.,sss they never were intended to be used, eS
cent for Speculation, or for the exclusion G
others who might desire to occupy the same
. f,jl ct operations. We have genera laws
8 broad enough in their provisions Tor the or
Z psniZation of stock companies for mining and
manufacturing purposes, and Of almost. al
S Kinds Of business for which such organizations
e lIr usually formed There Is, therefore, nc
d necessity and no oxcuse in most instances to'
troubling the General Assembly with these
matters, unless The .artlcs desire sre
y t'aI ,t''N Ill., xonorol low, Will