Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-12-10

friends. If they do, the treasury wllI oe IeLeNeu
from the payment of the interest," OF we oeos, -
the extent of the dividends, and tie sum now le
We'd for that interest may be converted INTO Iuhu
! fo1 the redemption Of, the principal. And even
with regard to those stocks which may never S. De
proJuctve in the form of dividends, and when nave
mn value it is gratifying 10 know that the
works for which the liability was incurred, nave
been the cause Of appFeciating the value OF Tue
lands in the counties through which they pass, OF
increasing tile population; developing tne
eS; 0ugnentng the taxable property u .,s
the expense Of transportation; anu onstinS ssS
IoushfaIes TO our psople-addtng 10 lhelt eolIIoit
and convenience. Thus, in another form, ample
return will be made TO the treasury luStiiyIns anu
! proving the wisdom Of the investment IL tue Gu
! lire present. unprojuctiVe debt, with thal whch
NAV be CALLED fof under existing laws, amounts as
stated, to Sl9 ,054 95, it is an amount ny no
| me ms great in comparison with the resources VI
the state The value of the whole property o'
| the people IS estimated by the auditor oil puOilc
accounts al S6OO,O0 600. The revenue 10 be rais-
ed for the support of government, including The
payment of interest upon the entire debt, as re-
CURED by the constitution, will be about SS,UUe'-
Zoo. II the whole Of this sum we raised ny an
al ualorean fax upon all property which might be
subjected to taxation, the rate OF tax necessary TO
produce the amoC mt would be less than thirty-hye
| cents on the hundred dollars; and il it be said
| that large amount of the property oil the people
has been exempt by law from taxation, aud II we
| estimate that amount OF one third oil the whole,
yet, il the whole sum requisite for the annual
wants of the government be raised in like manner
upon $500 600 600 OF property the remaining two
thirds,l the rate of tax will only he fifty cents OH
| $780, n small tax compared with the magnificent
| results to be attained by the debt incurred. 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
mot more, it is believed, than one half that
amount.
1t will be sten, that in enumerating the liabili-
ties ofthe State, have omitted those 10 the lIera-
| ny fund. have done so intentionally, because
lin my estimation, this can only be consideIed as
debt from he State 10 herSelf.5 The total proIuc-
tive capital OF the Literary fund is 81, 600, SO2 1S
| This amount was created with the means OF the
Stnte, and is invested i'll the stocks OF State banks
in State certificates, in other stocks, and in loans
to colleges; The fund possesses sl'l6I'6IS 81 Of
| State certificates. The State, then, owes this
amount 10 her own fund. The object in creating
/ this fund was 10 provide capital Whose principal
was never 10 be diminished, but which should be
invested so rs 10 yield an annual interest for the
/ purposes of education. If the State, then, pays
the interest annual and never pays the principal,
she accompisheS the object she had IN view IN Gre
ating the fund. II amounts to the same tnlng as
making an annual direct appropriation from the
treasury equal 20 this interest. 1t is never con-
emplated pay the debt, and therefore 1t is use
less to estimate it as such. II is and will be con-
sidered and estimated as part of the ordinary eX
penses oil the government. The debt will not be
| taken from one pocket and paid 10 another, but
tile means Will ever DC IalLnluilT pIONuSu Iol llO-
| eralZing and enlightening our people.
The operations Of the Sinking fund, which have
only commenced during the past fiscal year, will
in few years exhibit results worthy OF ITS prUJec-
tors. The statements of its receipts and diSbuEse-
lmentS accompany the report of tbs second auditor,
herewith communicated. a.l
The reports of tile auditor Of public accounts and
the treasurer will present the state OF the treasury
TTefer 10 them for the details of the revenue and
expenditures oil the government. The receipts
all haI uFaH
IN the treasury at the end of the preceding fiscal
year, were 81 ,959S7T 80, and the expenditures iol
the same period, adding and deducting small
iaucunt of warrants issued aud unpaid at the Ter
mination Of the preceding and present fiscal years,
were Sl,773,6lS leaving an uneXpended balance
in tie treasury on the LIST of October, 1858, oil
St86,259 81; presenting the gratifying result that
the taxes raised were more than sufficient IOr The
ordinary expenses oGgovernment.
The addition to the debt Of the state, made al
1.-THE last session, will OF course require an increase
IN the amount OF interestto b provided lor' So
that cannot estimate that the same balance VIII
be i'll the treasury at the end OF the present hsca
Iyear, II is estimated that the receipts INTO The
treasury Irom all sources foI the present fiscal veal
will be about two millions of dollars and II is be
lieved that the expenditures fer the same period
will be about equal to the receipts, showing, as
stated before that the present rate OF taxation VIII
be sufficient for The cnrrent expenses oil the govern
nent, and 10 pay the interest on the entire DEBT Of
the state required by the constitution. 1t Is I'M
possible 10 estimate what appropriations may be
made during your present session. YouwIli1ucss
OF the necessity that requires them, and oil course
provide the means TO meet all our engagements AMI
liabilities.
In connection with monetary affairs of the state
Ii have TO announce the death OF the late estimate
Robert Butler. He dieu in this city on tie 2ls
Of July last, having most faithfully discharged his
DUTY to the commonwealth.
InsupplyiDg the vacancy until it can be filled
by the general assembly, rendered The ONCE tc
Henry A. Wise of Accomack, who declined the
appointment. Jonathan B. Stoyall ci HALIFAX wa:
subsequently appointedj and 1t affords me grea
pleasure 10 say that he has qualified. and is no"
IN the performance Of duties OF his office.
The report of the second auditor upon the Lite
rary fund will give you full Information on ina
subject. The design of the Legislature IN the Gre
atiCn of this fund was to dItuse the blessings Of
education. The elevation of the capacities oil all
to the powers and duties Of government, became
essential in republic whose foundation rests up
on virtue and intelligence. II involved alike
the interest OF humanity and the preservation ol
the constitution, laws aud liberty OF the people.
The primary school system was established with
a view 10 promote this object. 1t was Intended
especially fur those WHO have limited means and
short time spare from their daily toll The pol
icy was noble Que, and deserves TO be extended
and improved. Iii 10 be regretted, that more
uniform system is not observed throughout the
commonwealth. The advantages oil such sys-
tenn are too obvious TO need recitation; aud alter
all experience oil several years, Inc Tree SCnooL SyS-
lem. as adopted by seveTalof the counties III The
Estate, strong " recommends itself our favor.
by an act passed. at the last SESSION., which ap.
pronriates the entire net revenue derived from the
capitaton tax to the purpose of primary and free
schools, the amount applicable to that object has
been increased more than two thirds. III s law,
however, requires modification OF its Details be-
cause of The inability Of the first auditor to transfer
i The quota upon the first day Of January of each
wear, inasrnucti as the whole amount will not have
1 been paid into III treasury at that time. The
sum sf5, GOO which had heretofore been set apart
from the literary fund f.r the education Of poor
children, had proved insufficient either to secure
the services OF competent teaclles, or 10 educate
all the children who were the proper subjects oil
It's bounty. Under the provision of the act refer
red TO- there was derived from the capltation Tax oil
1859 The sum Of about 81 400, which, together with
the animal Augmentation oil SI5, 900, made 1885,