Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-02-17

: Registers fees 2,oO
i Unappropriated land 100.
i Redemption of land forfeited for taxes I,So,
Surplus on exported tobacco 1900
1 Cross amount Of taxes 51s. OOC
1 From winch deduct SSST3, 900 for sheriffs'
| commissions, insolvenciss and errors $4,000
! And there will remain ne,treyenpeo of 500, UOU
applicable TO the expenditures OF the fiscal year,
bcpinDing on The 1st of October 1916 aud ending.
on the 30sh Of September, 1911.
| The Committee Oh Finance have sndeavored. in
the application oethe preceding estinates to cor.
rect an error heretofore Committed IN consider.
ing those sums, as constituting the revenue of the
current fiscal year, which are 10, received into
the public trsssury, until az liie expiration of
that year, and cannot therefore be applied to
NICE. its necessary expenses 10 provide for
these, recurrence must be had to Tie rrvenue
paid into the treasury. since the 5G,h DAY OF Sep
tember last, and which arose nom the take i'm
posed at the preceding session ofthe General As
sembly, and to such further part thereof, as is yet
| in arrcar, but may be collected before the S0,h
of September next
| The Committee find. the total amount paid in
10 the public treasury, between the LIST day of
! October last, and the Beginning OF the present
month, to be $685., 232: that tins sum having.
been pledged for the redemption of the loan fam
the Farmers Hank of Virginia, authorized by the
act of the 29iil of December, 1914 has beer pad
ever 10 Chat Bank from time to lime as it has
been received. The whole amount of the revc-
nue. actually collected haviie; been in this way
absorbed, it has heen necessary 10 renew SD much
| of the loan from that bank, as would suffice to
meet the cu.rect expenses ofthe Commonwealth.
Your Committee, however, confidently trust, that
an ample provision msy be inside for reimbuis-
ment to the Farmers Rank of Virginia, of The
whole of this loan, by appiypg 70 this object the
first sum received from TIE government of the
United States, IN satisfacticu8or the military ex
penses of the Commonwcalih, durlng the late
way The accompanying documents 0narked A
and b J will slew tie grounds OF this reliance.
The deficiency of lie revenue already
collected, to meet the farther expences of
the government, will be supplied. out of
the arrears of taxes in fifteen counties and
the borough of Norfolk, and f,0n the ba-
lance which will remain CATER dischargine
the debt due on account, TO toe Farmers
Bank OF Nirginia.) of the sum of 100000,
the immediate payment whereof has been
promised by the Government Of the United
States and is now daily expected.
| Should it be the pleasure of the General
Assembly to lay the foundation ola com
prehensiye system of public education,
ample means for the accomplishment Of
this laudable purpose, may be found in the
residue of the debt due to the Common
wealth from the Government of the United
States and the provisions which the Csnl-
mittee have presumed to recommend for
gradually extinsuishing the debts of the
Commonwealth to the Ranks of Virginia.
If so much of the annual appropriation
of the ordinary revenue, as is applicable
to the discharge of the principal of those
debts be so applied at the commencement
of each fiscal year, it will be competent to
the exting'lishment OF both debts, in q peri
oil OF less than ten years, and some time
before either of them will become due.
Should this provision for the payment Of
the public debt receive the sanction of the
General Assembly, and the claim of the
Commonwealth upon the United States
receive the destination which has been
proposed, the President aud Directors of
the Literary Fund might be authorised tc
invest part of the sum which may thence
arise, in the new certificates of stock, issu-
sued to the banks, SO as to make those GER
tificates constitute a part of that fund.-
an arrangement, the more desirable, as
the certificates bear an interest of z per
cent per annum /; and alike advantageous
TO the Banks, so long as they are engaged
lin an effort to reduce the amount of their
notes in circulation.
The committee have also presumed to
jrecommend All increase of the customary
appropriation to the public mandatory of
farms. The waste Of arms during the late
war, and in consequence of their general
distribution, renders this augmentation Of
expence, an act of necessary precaution
against future danger, while Just econo-
my viii be found to warrant, if not, to re-
quirr, such an extension of the operations
of the ArInory, as shall occasion the int
rest upon the fixed capital vested in that
institution, and the salaries fits officers.
to bear a smaller proportion, than they
have hitherto done, TO the value of its an
nual product.
Notwithstanding the considerable adtli-
ton made, by this report, to the former
appropriations to this object, the large APP
preparation to the erection and preserya-
ton Of the public arsenals !; the ample pro
vision for the extinguishing of the public
debt, the creation of the fund for internal
Improvement, and the proposed extension
Of the literary fund to sum very little
short Of that, the Committee have the sa-
tisfaction 20 announce to the house that
every tax upon the war subjects, has been
excluded from the preceding estimate of
ways and means, and that the taxes upon
those subjects which are retained, have