Monongalia mirror. [volume] (Morgantown, Va. [W. Va.]) 1849-1855, 1853-12-17

ent unproductiys debt, with that which
may be called for under existing laws
as stated to slg, ,l26,054 95, it is au q
mount byno means great in comparison
with theresources Of the State. The
value of the whole property of the peo'
pie is estimated by the auditor of pub
lie accounts at s50O,ooO,OOO. The rev,
enue to be raised for the support Of gov
ernmeut, including the payment of the
interest upon the entire debt, as requir.
ed by the constitution, will be abuu,
S2,00o000 If the whole Of this sum
were raised by an ad cqi0rcm tax upon
1all property which might be subjected
to taxation, the rate of lax necessary to
produce the amount would be less than
thiriy-fve cents on the hundred dollars;
and ifit be said that large amount of
the property Of the people has been ex-
empt by law from taxation, and If we
estimate that amount at one third of the
whole, yet, iflhe whole sum requisite
for the aunualiwauts Of the government
he raised in like manner upon $780,
100000 ofproperty, (the remaining two
thirds. the rate Of tax will only be so
cents on 500, small tax compared
with the magnificent results TO be attain.
cd by the debt inc urred. But as the
State derives about half Of her revenue
from other sources, it IS manifest that q
much less proportion in the hundred
dollars will be required--not more, it
is believed than 0.c.haLfthat amount.
| 1t will be seen, tha, in cnumerating
the liabilities ofthe State, have omit.
ted those to the Literary Fund. Ihavo
dune SO Intentionally, because, in my es-
! timation, this can only he considered as
debt from The State To herself. The to.
tai productive capital of the Literary
fund is sl,706,S02 70. This amount
was created with the means of,he State
aud is invested inthe stocks Of tho State
banks, in State certificates, in olher
stocks, and in loan To colleges. Tho
fund possesses Sl,l67,57S so Of Sta,e
certificates. The State, then, owes this
amount to her own fund. The object
in creating this fund was to provide q
capital whose principal was never to be
diminished, bur which should be inves.
ted so as to yieli an annual interest for
the purpuses of education. Tfthe State
then pays the interest annually and
never pays the principal. she accom-,
lPiiatIes the 'utJect- she hadin view III
creating the fund. 1t amounts TO the
same thing as making an annual direct
appropriation from the treasury equa!
to this interest, 1t is never contempla'
ted to pay the debt, and, therefore, II IS
useless to estimate it as such. 1t is and
will be considered aud estimated as u
part of the ordinary expenses Of the
government Ihe debt Will not be Ia
ken ftom one pocket and paid to ano'
ther, but the means will ever be faith
fully provided for liberalizIng and en-
tightening our people.
The operations of the sinking fund,
which have only commenced during the
pas, fiscal year, will in a few years ex.
hibit result worthy of its prnjectors,-
Fh' statements ol It's receipts and dla'
Gursomen.s accompany the report Of
the second auditor, herewith communi-
Gated.
The reports of the auditor of public
accounts md The treasurer will present
tho s,a,e Of the treasury. refer to
,hem far the details of the revenue, and
exnendi,ure of the government. The
Tereinfs dmipr The last fiscal wear, in.
cind;pr The balance in the treasury nj
,bc and of The preceJinr fiscal wear,
,ysro 81 e5g SIT 70, and the expeudi.
tnres Cnr The same period, adding apd
JoJmo,;rg small amount of warrants
issnod and unpaid at the termination of
The preceding and presen. fiscal year,
,yers 81 77sGIS 22' leaving an unex.
nsn5sd BALANCE in tho treasury on the
FIRST of October, 1858, of sls6,l5o 81;
nresenting The gratifying result that the
,nyss ya;sed were more than sufficient
for The ordinary expenses Of govern.
mert