The democrat. [volume] (Weston, W. Va.) 1868-1874, 1871-02-27

bond. since, btiow psr, i. aaS.8af %
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- ~ 70! 90
slss ;, isa.. sss 4 Va -...--:.--,
r5-g rs sl.s .5i lrs ssrise 10y 2s' ~ ny.
Now, the remedy We would propose Tor
th, statc'of things, is TO put an end to the
salo Of state bonds st The treasury as a
means Of obtaining money either for in
neutrality-suspicious., other purposes. II
The state Intends to carry on her improve.
meh.s, 10 which seby' ne neaus object,
within proper Limits lei tho smonnt
which will be deemed necessary for auy
zone year, be ascertsined, and then adver-
tiss for sr per cent loan, and lat CAPT
ttalists bid for it in open marle,. If
taken below par, the amount Of loss will
not be coujcctural, but be known. Let
the contracts then be made for cash. Al
fcash'priees. men will Sork for remqpsra.
/; ting profits only, aud Competition be-
tween bidders will bring down those
profits to their minimum.
If this system be adopted, then it be.
comes impor'au, to raise The credit oflhe
state. To chow how 10 raise it, We must
show first what eau ., its depte sion.
Then take off tue 'upetircambent load i,
and its own ela,,ici:y will cause it TO
spring upward. We have attempted TO
show that the tax on state bonds is one
cause for thi, depression. Another cause
is the failure CD the part Of the s,a;s 70
pay ,pupctually the iutcres. on the bonds
i: has guaranteed, Not only failure to
!! pay, puuctuslly, hut failure to make any
provision for their payment, though in
formed that the company whose bends are
guaranteed, were aud would be wholly
unable TO pay the interest. To show the
. obligation Of the state, it's only necessary
F,o set forth what, the. Legislature. itself
sanctioned, 1t reguired that each GER
,ifcate Of dcbtFshall distinctly SO, forth
the rate of,iaterssst11 TO be paid, wishsthe
iius aud place otiiu payment, and ihe
terms Of redemption OF the principal )"
ard TIM the treasurer Of the state I'M
dcrwrites the guarantees Of the STATE. and
pledges The faith Of the state for the
punelusl payment Of the iu,ercstand The
ultimate redemption Of the principal sun
Of money appearing ,dus, by the above
certificate. according g th, terns,thssein
expressed l.nE,s -sBsi,b Ia o. &c u
Z The5rea,urcr does no, pledge TIE lsith
Of the state thst she will see that another
company shall pay The interest. and if it
does not. that after the default is ascer-,
tsiued, the state will pay. when the legis-
lsture shall meet and make provision for
its payment, when steps have been taken
10 raise the MONEY. But the faith Of the
state is pledged, that on the day specified,
and a. the place named, the mcnry shall
be forthcoming. Then it is sacred OBJ
legation on the part Of the state TO make
the payment herself. When ,he.indwid
ual, therefore, who holds these bonds
present, them for payment at the place aud
time specified, and fnd; no provision made
for their payment either by the principal
or bis guarantor, be h,s Alright to com.
plain and thu eomp!aip. which is made
long and loud, has direct tendency to
injure the credit cf the state aud deprcss
all her bonds. It is useless to amplify
this theme. 1t is too apparent for argu.
mint Va tee5mmend. therefore, .ha,
tbeiin.ersst upon th'sa bonds be provided
for, and 'Ue paid as punctualy as other
interest uponothcr siatcscsuritie. The
companies whose bonds arc guaranteed
shoaId be requires, tndSr proper penal,
ties. OPay.the amOastlius by ilicn into
the treasury to rsimbu,Iethe state for her
With inierrst thereon from the
time al payment by ths'sia4 uulilpaiA By
the ,rpmianiesao Mill not such, a eourse
give confidence to tile money lcadsr, no
only h'tho a6ility Of virsiaia'tO Rsylbsfi
debts, but il her Determination der