The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-06-16
v,rginias Financial Condition.

r. III. Maury & Co.'S. Richmond Financial
Circular of Saturday last makes the following
illusions to the financial and material condi-
ton of the State and its future prosperity
The last suggestion originated with Hon. "A.
II. II. Stuart, of this ploce, in communica-
ton given to the public some months since.
1t is becoming more apparent every day, that
the true policy Of the State is to at once estab-
lish its credit. This can be done by an easy
and speedy process. Simply acknowledge the
legal debt make provision for the prompt pay
ment of the interest, and all that could be de-
sired would follow. Credit once established
the whole of the $150OO,O of 6 per cent
coupon debt, the creation of the bill of 1871,
could be paid by the sale of per cent. bonds
for their edemption-thus saving 100000 in
annual interest, and placing the whole debt
within the control of present revenues. The
wonderful development OF the material re-
sources Of the Commonwealth by means of
the various railroads now being constructed
through the richest mineral sections, and the
introduction of capital into iron industries
would be the surest guarantee for the security
OF the creditors, and with the manifestation of
purpose to meet promptly and fully every
obligation, the way would be clearly opened
tor the final and satisfactory settlement of all
of this debt agitation and trouble The Cir
cular says
Contrary to our expectations, Virginia Sc
curities have been somewhat lower this week,
but there has been a general decline in all
stocks, which has doubtless tended to counter
act temporarily the good effect of the encour-
aging information given of the excellent con-
dition OF the finances of the State. The decline
may also be explained by the absence Just at
this moment OF any foreign orders 1t is well
known that our own people have for some
time ceased to purchase these bonds, and their
attention being thus diverted, they have as vet
scarcely had time enough to appreciate fully
the importance OF the intelligence communica-
ted by the Auditor in his recent report, or to
turn their attention again to the excellent op-
portunties for investments offered by these
bonds at their present prices. The English
and German purchasers, who now hold fully
one half of the consol and ten-forty debt have
not yet received the news, and its effect upon
them will not be evident until about the close
of next week. We shall look then for con
siderable advance The report of the Auditor
shows two facts. First, that the readiusters,
who went to work with the avowed purpose
OF reducing the assessments upon lard as much
as possible, have only been able to reduce them
. per cent, and that the revenues of the State
are sufficient to carry Oh the government and
the schools, and to pay the current interest of
the debt as it now stands, without further re-
ducton, either OF principal or the rate of inter-
est. SO that if the funding under the McCul-
loch bill had been allowed to proceed, the rev.
enue would have absorbed all of the coupons,
the interest account of the Commonwealth
would have been reduced by nearly half a
million annually all current, government and
school expenses would have been paid, and a
surplus left in the treasury. On every side we
see and hear of untailing signs of abundant and
increasing prosperity among our people We
see the farmsteads throughout the State IN
better condition and order; our towns and
cities are growing rapidly in size and wealth
new capital is being largely brought in every
day, and new taxable values are being created
in every county. We ourselves know of sew
eral millions that have been brought here
recently to be expended IN erecting iron fur
naces and other improvements, and far greater
sums are being spent upon our many new rail
roads that are being built, repaired, and extend
ed throughout the State in every direction.
For our part we want to see all Virginians,
white and black, unite now in a scheme to
raise new per cent. loan, pledging every
thing we have, revenues, lands and all, as Sc
cui1ty tor principal and interest, and with it
retire every dollar of our Indebtedness save the
ten forties. At the existing low rates for
money such loan could be placed if proper
guarantees were given, and our people were
unanimous In desiring 1t and carrying out the
plan. A saving could thus be effected of about
100000 per annum"