The democrat. [volume] (Weston, W. Va.) 1868-1874, 1871-02-27
,lIcc,, TLCu comes an application for

an, increase Of capital and al additional
subscription; and if obtained, new and
heavy losses on the part of The state are
Certainly insured. All this time con-
tractors arc putting in their bids in such /
way as to save themselves srem loss and
to ol,Iaiu-a living profit.
But suppose the work i, undertaken by
bogus concern: All that is requisite to !
pick the pockets eli the state, is for the
company to borr0s an amount in. the out.
sch sufic;en: to pay the rstjnstalllnent of
ltwo'fi fihsnfiudiriduhl Subscriptions, d.
REQ; this amount to be' invested in state
stocks, anl ;ltn cary on tie sane opera
ton Without dollar Of individual sub
scrlpton. each lime throwing .he entire
lossupon tho state, and when tbs states
funds are exhausted. abandoa the work
20 sipk iutn ruin an ] decay. and,commeuce
theoFara,icE upon another work rs j |
May not,liis tc done ualer the present
system! Has it not tendency TO de-
press state securities IN the market, aud to
infie, loss upon the state to an alarming
exfca,? Iii has, Or may have, ough. il
not: TO DC rcmedicd: sa - ~,rrs
o. -. .
B<sijes these Operations which may
| be effected in the teeth ofthc law against,
the sale Of slate bonds below p,r-ihslaw
itself has authorized the Boord of public
works il several instances TO pay sub.
hscriptions TO companies in six Yer cent
stocks, Without Limitation as to the amount
for which they may be sold OF course,
in sch cases, they are thrown directly into
the msrkct, and sold for what they will
bring, coming iltoseOmPeii,iou with other
stocks, end reducing the yalpe Of all. 6
t. In.ctber cases. the lawha, providedibat
Tie state stocks may be paid to the COM
Paniesv a. par, and prShibited the, conpa-
thles from paying themtou at less than par
But what avail are provisions oftiriskiid, !,
When tho persons to whom they are paid
are the contractors, WHO have already all,
ded on'the loss they expect to sustain By
iths sale, toihea contract price, and who.
fselins that they have been amply iudem.
,sifad il this way; do 10; Hesitate to FAC
rifle ,l,e. bonds the monsn, they are re.
eeiyci.l ysEs.H 'fsssrz rts B. Es..r..rr. I'd
Lst as examine what is the loss tho
Estate thus sustains. upon the mos. favor.
abe risw-of the means adopted to pro-
cure the money wanted. .szs.s...u
We sec, By the previous par. Ofthi. re.
fport, tha.t the increase ofthc state debt for
the year 1859, was 81, 500, 500. How
was this deb, created BY tile sale Of
state bonds, sold at par, at a time when it
was notorious to al the world 4qat ,l.
bones could be purchased any day in this
city and in New York at from 90 10 95
in the dollar Take she operation as we
have supposed, occasioning loss Of
percent, ;athenthe amount Of loss on the
debt of this year alone is i$lS6,6Sn.
Take'it foriths year1s54 ~beu the stock
was notcriously selling below 90 in the
market--someti as low as So See,
in the previou, part Of this report. the
debt Of that year stated ITO ttbe
| 1851 ,4f6 ST; and though the'loss va.
much mere th,ni ten per. cent caleu-
lassit at that amount, and tbs loss va, not
less than s457,141 So. z7o15 7s4ia
Ought not the state, under a,.ysl.n, like
this, to do all in its power to raise itssta,ea
bonds to par. not only for the sake ofsi:i'
credit, but to proven, ,uch s7s.criiec {,
Has not the tax on state bonds .tendeuey
to reduce the bonds below par? 0ther'
causes may and do operate -ba, is no,
this certainly one! 90 ~ lau,'suss 4
Now. lie. US see VIA. amount /, derived
from the tar, and whether. to obtain such
an amount, the risk Of mourning such
loss is to be encountered. As we said
before, We have 10 correct date to
ascertain the precise amount-bat We
can approximate result
The who state debt, a. have
elsewhere shown.is a,lOG, go 70
What portion Of this Is exempt
from taxation. Thebo2ks in
the 2ndauditor's Office ah5w
that foreign hondhollers, oGi
Of the United States, iave Of
the atsbonds, 2,306, j1g o!
The report afthe. secretary of
the treasury Of the United ,-'..
States shows that other states. "
for banking purposes alone, ~
hold upwards of 1000, 900 90;
The uni'ed StatNs govcrntten EEE1s1W 4
as M investment for Indian
tribes, holds 10 6Oh On
Our own Literary fund has $50, cf7 3s
Our Sinking fund, as VIZ have
shown, t,iss.s5loIa