Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1853-12-14

=
perty of the people has been exempt by
law from taxation. and if we estimate that
amount at third of the whole, yet, if
the whole sum requisite for the annual
wants of the government be raised in hks
manner upon $500, 600, 600 of property,
the remaining two-thirds, the rate of
tax will only be fifty cents on 500. a
small tax compared with the magnificent
results to be attained By the debt incur
red. But as the state derives about half
of her revenue from other sources, it is
manifest that much less proportion in
the hundred dollars will be required-not
more, it is believed, than one-half that
amount.
1t will be seen, that in enumerating the
liabilities of the state, I have omitted those
to the Literary fund have done so in
tentionally, because, in my estimation,
this can only be considered as a debt
ductive capital of the Literary fuud is ST.
COG, ,802 rs. This amount was created
with the means of the the state, AMI is
invested in the stocks, and in loans to col
feges. The fund possesses S1,l67. 573
so of state certficstes. The state, then,
owes this amount to her own fund. The
object in creating this fund was to pro-
vide capital whose principal was never
to be diminished, but which should
be invested so as to yield an annual inter
est for the purposes of education. If the
state. then pays the interest annually and
never pays the principal. and accomplish
es the object she bad in view i'll creating
the fund. 1t amounts to the same thing
as making ar annual direct appropriation
from the treasury equal to this interest
It is never contemplated to pay the deb,
and, therefore, it IS unless to estimate it
as such. 1t Is and will be considered and
estimated as a part of the ordinary
expenses of the government. The
debt will not be taken from one pock-
| ct and paid 10 another, but the means
will ever be faithfully provided for liberaIi-
zing and enlightening oar people.
| The operations Of the Sinking fund,
which lave onIy commenced during the
past fiscal year will in few years exni-
DIT results worthy Of its projectors. The
statements OF its receipts and disburse-
ments accompany the report of the Sc
cond auditor, herewith communicated
The reports Of the auditor of public ac-
counts and the treasurer will present the
state Of the treasury. [ refer to them for
the details of the revenue and expenditures
Of the government: The receipts during
the last fiscal year, including the balance
in the treasury at the end of the precee-
ding fiscal year, were S 1858, ,317 10, and
the expenditures for TIE same period, ad
ding and deducting a small amount of war
rants issued and unpaid at the termina-
ton Of the preceding and present fiscal
years, were Sl,773,6l8 22. leaving an
uueXpended balance in the treasury Oh
the ,st of October 1853, of $685. 81;
presenting the gratifying result that the
taxes raised were more than sufficient for
;. the ordinary expenses of government.
yhc addition TO the debt of the State,
made ct the last session, will of course,
require an increase il the amount of in
terest to be provided for. SO that we can
not estimate that the same balance will be
in the treasury at the end of the present
fiscal year. Il is estimated that the re-
ceipts into the treasury from all sources
for the present fiscal year will be abous
two millions Of dollars, and it is believed
that the expenditures for the same period
will about equal the receipts, showing. rs
stated before, that the present rate OF
taxation will be sufficient for the current
expenses of government, and TO pay the
interest of the entire debt Of the State.
as required by the constitution. 1t is i'm
possible to estimate what appropriations
may be made at your present session.
Yo1 will judge Of the necessity that re-
quires them, ard, Of course, provide the
means to meet al engagements and liabi-
lities.
In connection with the monetary af-
fairs of the State, have 20 announce the
death of the late cstimable treasurer, Ro
bert Butler. He died in this city CT the
21st day of July last, having most faith
I fully discharged his duty to the com mon
! wealth.
! In supplying the vacancy until it can
be filed by the general assembly, l ten
dered the Office TO Henry a. Wise OF Ac-
comack, who declined the appointment.
Jonathan B. Storall of Halifax was sub
sequeutly appointed, and it affords me
pleasure to say that he has qualified. and
is now in the performance OF the duties
of the office.
The report of the second auditor upon
the Literary fund will give you full infor-
nation upon that subject. The design OF
I the legislature in the creation of this fund
was to diffuse the blessings of education.
The elevation of the capacities of all 10
/ the powers and duties of government, be-
came essential in republic whose Eoun-
dation rests upon virtue and intelligence.
1t involved alike the interests of humani-
ty and the preservation of the constitu-
ton, laws and liberty OF the people. The
primary school system was established
with view to promote this object. 1t
was intended especially for those who
have limited means and a short time to
snare from their daily Toll The nnlicv