Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-24


f,om the two specai funds absve mentioned IL WAS
designated in the public accounts as tho "General
Fund"
When tho canals were commenced IN 1917, a.
mother spec al fund created for the security oithc
public creditors Of whom money should be borrowed
for The construction OF the canals designated as the
Canal Fund, and consisting of the salt and auction
duties above mentioned. the tolls to be received from
the canals when constructed, and some other items
OF MINOR amount.
The establishment Of this latter fund consequently
diverted from the ordinary Use Of the Treasury, the
salt and anotion duties, amounting 10 S239,0O7, and
reduced The nett income othe State from ,001 90,
above stated, 10 abou, Slso, 900 annually.
A tax had previously been laid the whole prop
crty of the State. to delray the expenses of the
sar. which had recently terminated That tax was
continued al a reduced rate until the year 1926, and
vas applied. together with the annual income oil a
bout $500 above mentioned. 10 the payment OF
the ordinary expense Of the Government.
In s26 the rapid increase in the canal tolls began
10 exhibit itself above stated and the Stale tax
was then discontinued upon tie ground that the prin
cpal Of HE remaining blance ofS27l0,00l 81, would
sustain the Government until the debt for which the
sal, and auction duties and canal tolls were pledged
should be- eI,inguIshed and that those would
then be liberated and placed at the service OF the
State.
between tina, time and the year 1896, the whole Of
that balance accordingly expended, princpaly in
deifaylng the ordinary expenses OF the Government,
amounting to s2,7400Ol 81
And the State also borrowed the Bank
Safety Fund, amounting 10 dl6,532 13
Making in all, s3I56,533 %
OF lbis nno,,nt n oouion cxeee1np $500 600 WAS cx-
pended in erecting the State Hall and the State
Prisons
The aggregate amount Of The salt and auction du-
lies which were received between The years1sl7 and
1896, BY the Commissioners Of the Canal Fund and
paid over TO the public creditors and which if they
had not been so applcd would have been used during
that time for the ordinary purposcs of the govern
mcnt, exceeds $4,000. 900 so that although the a.
boye sum of S3l565i3 "a was thu. expended, the
salt and auction duties remain TO the amount of the
s. 600 600 yir,uay invested IN the canals and stand
az a sub,ti,u,e for he So, I5G. 533 %.
In the ye,, 1910 IN o,Je, IN . x,in,ui.h , claim
Of John jacob Asor to lands in Putnam county. sold
by The state the nile to which had proved defec
amount of S56I 600
Since the y,ay 1905 the State has also created
debts in cons,ruc,nc lateral cauals. which remain
outstanding.
sa, ,be ,9.,,o canal etoI ooa
Cn,ue, and seneca. 237 900
Chemung, $4,000
c,oolcL I.,l. 1oo ooo
Chcn,nco o o1o 00o
50 36i 3oa
A nj !, b,. ,,,,o,.,J ,,,o c,,s,r,c,.,
ol,hc Bl,ck River canal and the Gene
sec Valley canal and created debts on
,hose ,cc,,n,s ia, Ion 900
Making the total existing debt for lateral
canal. 81 s55 ooi
Between the wears 1917 and 1897. The Common
Sri nnJ snI In
81 9I6 647 6s and the Literature Fund from SEQ
COG 10 IN aoes Ooo ~
On tl,e first nj Ionu,rx 1927 tho ,,oduc,;,e nm
produced nett revenue in the wear 1886, (aner
dcductng all expenses of collection. and of main
tainance and rcpairso of 81 10Y 81 80: equivalent
to an annual income Al 3 pcr cent ON a ptinc nal
of 500 Ib7 no
The debts ofthe State now arc:
To the Bank Fund. Sll653e
The Astor debt SCI 900
+ or the lateral canals ANA ool
S4.532 756
Which Deducted f,on, Tho n,oJuc,vo
Of Sl7,G2l, CSC
follows, '''' VI '"' ''''' may 'e" NC '''''sa as
Nett revenue from the canals osa