Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-12-21
1S,Gl4 OIL
476 80

Leaving nett balance in the Treas
ury on the LIST of October, IS43, of Sls,I357
For more detailed information, see &C
companying documents numbered and g
1t will be perceived from the foregoing state
ment that The wants of the treasury made il
necessary To borrow from the banks the
sum OF SS35O,OO0, to he repaid out of the re.
venue accrulng the 10Th of the present month.
The document No. 5, contains my estimates
OF the probable income and expenditure for
the current financial year, which will termin-
ATE The 3Oth September, 1914. IL these es-
Inmates are realized, and have strong conf
dence in them, if no unusual or extraordinary
appr OPERATIONS are authorized by Jhe present
Legislature, the period will not be long be-
lore the state will DC entirely relieved from its
temporary embarrassment. 1t may be proba-
bly, necessary TO authorize loans to an a.
mount not exceeding 100000, in order TO
meet promptly all demands upon the treasury.
and II the James River and Kanawha COMPANY
should be in condition to refund what has
been advanced to it, much less than that a.
mount will be sufficient.
Cheering as is the prospect Of gradual but
certain Improvement in the finances, that re-
suit would have been more Immediately real
Ized, II the new subjects of taxation selected at
the last session of the Legislature had yielded
the amount which was anticioated The tax
on moneyed income for example, such as SAL
aries, wages, &c, instead ofproducing $4,000.
the estimated sum, did not yield half tina, a.
mount. The plate tax, notwithstanding the
amendment which changed the taxable value
from 500 to $50, has increased very incon-
siderably. The tax on physicians and sur
geons, and attorneys at law, which it was sup
posed would amount 10 $4,000 al least, will
yield less than one half of that sum- The
tax on deeds, probats and administrations.
which should have been very productive, a
mounts TO less than $4,000, result which
ascrlbe, however, to the fact, that the mode
prescribed for IFS collection was not sufficient
iy effective. The TAX on the interest of mon
ey bonds has been more available, yielding
about 5 $4,000, and would undoubtedly have
reached the estimated sum of $4,000, if the
assessment had not been restricted to the actu-
al amount OF interest received within the year,
allowing not only the deduction Of interest
PAID, but also what was due and unpaid TO
the creditor
it was expected by the committee of f.
nance In It's supplemental report to the last
Legislature, that tile change in the mode Of
taxing licenses TO merchants and auctioneers
Woulu pfouuCe an auultiOndl revenue oil S52D.-
OOU, out the result is that the amount has on
iy increased from 100000 to $4,000 The
whole product of the taxes on licenses gener-
ally has been diminished about three thou
sand dollars compared with the year 1912, an
effect which is partly ascribable 10 the imposi-
ton OF rate upon some subjects too high for
revenue and amounting almost to prohibition.
The tax on hawkers and pedlars, for example,
has lessened more than one half the income
from that source, and the revenue derived from
exhibitors of shows, which was heretofore
considerable, has dwindled to almos; nothing
recommend particularly reduction Of the
tax upon the last mentioned subject. AS the
law now is, every performance or exhibition
Tor reward except lectures on literary or sci
entIhc subjects. is burthencd with the onerous
taxation OF sixty dollars, which, if not a.
mounting to prohibition in majority Of cases,
leads directly TO plausible and ingenious eva
sions OF the law. The most innocent and
beneficial recreations, such as musical con-
cerls, sacred or otherwise, are either totally
excluded, or the performers are driven 10 the
exPedlent OF relying upon voluntary contribu-
tion' moderate tax would not only legal
lze harmless and useful exhibitions, and open
profitable source Of revenue but might be