A Comparative view of the Condition of the Exchange Bank of Virginia, taken from the Quarterly Statements of 31st December 1845 and 1846. A Comparative view of the Condition of the Exchange Bank of Virginia and its Branches, taken from the Quarterly Statements of 31st December 1845 and 1846. We the undersigned, directors of the Exchange Bank of Virginia, having examined the preceding statements, certify that they are a faithful exhibit of the condition of the bank as it existed on the 31st of December 1846; and that the resolution of the stockholders at their meeting of the 5th May 1841, in relation to the accuracy of the accounts of individuals with the bank, has been complied with as follows:-The Branches of Richmond, Petersburg and Clarkesville report a perfect agreement between their general and private legers; and the Parent Bank reports a variation of 50 cents. RICH'D DICKSON, NORFOLK CITY, To wit: This day personally appeared before me, an alderman of the said city, Wright Southgate, cashier of the Exchange Bank of Virginia, who made oath that the accompanying statements are, to his best knowledge and belief, a just and accurate exhibit of the condition of the institution as it existed on the 31st December 1846. Given under my hand this 27th day of January 1847. CHA'S H. SHEILD, J. P. REPORT OF THE COMMITTEE OF FINANCE, UPON THE DEBT, REVENUE AND EXPENDITURES OF THE GOVERNMENT. The 35th rule of the house of delegates directs: "That the committee of finance shall annually examine into the state of the debts due from the commonwealth, of the revenue and expenditures of the preceding year, and prepare an estimate of the expenses of the succeeding year, and make such report thereon as they may deem proper;" which report they now respectfully submit. The tabular statement (marked No. 1,) will shew the public debt, the manner in which it is held, the funds and resources of the commonwealth, with other information intimately connected with those subjects. A part of the above debt is held by state agents under the control of the legislature, as follows: FUNDS AND RESOURCES OF THE COMMONWEALTH. The state and its different agents hold the following stocks and funds, to wit: 13,766 shares of Virginia Bank stock, at $70, 28,446 of other bank stock, at $ 100, 963,620 00 2,844,600 00 250,500 00 Certificates of debt of the City of Richmond, 8,000 00 Ditto of the Petersburg railroad company, Bond of the James river and Kanawha company guaranteed by the state, Certificates of debt of the Richmond, Fredericksburg and Potomac railroad company, 55,040 00 16,000 00 500 00 9,500 00 The public debt has been contracted upon different conditions, and the periods of redemption dependent upon the terms of the bonds, which are not uniform. The sum of $157,475 30 of the public debt was contracted upon the condition of payment in the respective years in which it falls due. The earliest period in which any portion of it is payable is 1857, and from that to 1863 portions fall due each successive year. A further amount of $671,500 of the public debt may be redeemed in the respective years in which it falls due, but the creditor cannot demand payment for a period of fifteen years after the right to redeem accrues to the legislature. The first sum embraced in this class falls due in 1844, and the earliest period that the creditor can demand payment is 1859. A further sum of $245,000 is irredeemable prior to the year 1850, but may be redeemed at the period of redemption. The residue of the outstanding public debt, say $ 4,859,145 39, may be redeemed in the years specified in the state bonds, and in any subsequent year at the pleasure of the legislature, but the public creditor can never demand the payment of the principal at any time, whatever. There is no legal or moral obligation upon the state to do more than punctually to pay the interest. No portion of the principal of the public debt can be called for previous to the year 1850, and only about one million of dollars can be demanded at any period whatever. Such are the terms and conditions upon which the loans were contracted. The redemption of the sum of $1000 was provided for by the act passed 27th February 1846, and ceased to carry interest after the 30th June last. The aggregate of funds and resources of the commonwealth in nominal amount greatly exceed the public debt. It is difficult if not impossible to form a correct estimate of the true value of these funds. Many of the joint stock companies in the stock of which the state is part owner are heavily indebted, and the market price of their stock is no true test of their value. [ No. 2.] ESTIMATE OF THE PROBABLE RECEIPTS OF THE COMMONWEALTH, interest on all money loaned out by individuals or partnerships, and on bonds, &c. acquired by purchase, 11,757 25 yearly income over $ 400, attorneys, 4,454 46 7,740 46 To amount merchants' licenses, brokers, &c., auctioneers and venders of patent 103,314 94 4,812 00 18,974 57 3,498 01 18,000 00 482 00 2,876 80 5,002 00 30 00 596,403 73 46,045 18 $550,358 55 3,056 04 438,153 41 1,260 00 439,413 41 |