Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-02-09

! 1840 10 $50 80
1 1845 1913 500 500 40 1873 81 :
1923 1912 1876 $50
It viii be perceived at once, that she aver
age tax for thirty years upon the above sub
jects is as follows:
Upon Lands, s24S cts. on the 500,
Lots, 50 50 Oh 500 rent
Slaves, 46 cents
Horses, y cents
Upon lands and slaves The average ex-
cceds the present taxes, and is less upon
lots and horses. The increase OF taxa
ton is objected TO upon the ground, that
the revenue OF the present fiscal year, Or
that due the 18th December last, was
rot paid in as promptly as formerly. and
that larger indebtedness from the sherl!Is
exists than i'll former years. addressed
"a note to the Auditor, who promptly an
swers: 1.-The revenue of 1912 appears
to have been paid with rather more pune.
tualty than that Of 1871, but with far
less than In a,any years preceding lS4i.
That is to say, the amount deficient III
the settlements of the present winter is
not only smaller when compared with the
amount oi the gross revenue. but actual
~ less than the amount Of def ciencies III
1871. The difference (actuaD however,
IN the two years. is net very considera-
be-" 1t is perfectly obvious from the
situation of our finances, that the taxes
should be increased; but to what extent,
is the principal question involved III this
discussion. 1t las been contended by
some, that we should cndeayor to pay no.
thing more than the interest III the debt;
and SO far they are willing to increase the
taxes. But do uot gentlemen perceive
that the immediate liabilities OF the State
are now far beyond cur present means !!
What would they have US do with the
Bank debt, now three hunnred and fifty
thousand dollars: What with the one
hundred and f.ty-one thousands OF the
funded debt due this year, aud the three
hundred and slXty-iiVe thousand dollars
due next year: Fund them again? This
we shall be compelled to do to some ex-
tent. All these pressing liabilities are
far beyond our present resources; but
should that deter US from making the al
tempt to lquidate the whole at some
period not beyond forty years 1t must
be obvious, that we cannot do great deal
by the imposition Of taxes to relieve the
present wants Of the Treasury. But, say
gentlemen, appropriate your Bank stock.
No, Mr.. Speaker, it would be very unwse
at present, owing TO its depreciation, thus
to dispose of that fund. Keep that. Sir.
for some qa:ny dag, when the situation OF
the country might be worse, or at least
when it can be disposed of to greater ad-
vantage. | have thus briefly attempted
to show the amount Of our debt AID its
annual interest-what is our immediate
liability what tie taxes have been and
are at present-and what increase is
necessary if you confine the imposition OF
taxes to the present subjects. But. MIR.
Speaker. suppose we resort to other sub
biects, (and this seems really to BE the
bone OF contention,) aud graduate the
present taxes upon several articles enum-
Grated in tie list Of last years the farm
ng or agricultural Interest. who have
heretofore borne the principal turden OF
taxation, VIII Uc ltiiC' GU u
that extent. do not say. Sir, that am
prepared to sanction all the views OF the
Chairman Of the Committee ct Finance,
but will cooperate to carry them out 50
far as they are practicable. Not having
a detailed statement Of The subjects Of
taxation proposed to be added, | must
postpone to some future day any calcula
ton as to the amount likely to be realz
ed, and of course cannot estimate the
probable increase necessary upon the
present subjects. 1t remains for me now
briefly to consider the object, proprIety
AMI benefit OF a sinking fund. The OBJ
iect Of this sinking fund is not, as has
been iatimated, to increase our funded
debt neither is it to postpone the pay
ment thereof. 1t is true, as | have be-
fore stated, that the funded debt becon-
ing due in the next ten years must be ex-
tended, vet tie extension will as certain
~ take place it YOU create no sinking
fand. 1t is rue, that it a.ay be necessa-