Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-04-12
$2,388,7I8
5000 223
Deficit on Sent. Both 1855,
S3:9,195

Deficit ON Sept. Both 1855, 1899, 495
To this sum should probably be added, as |
said before, II further amount of $4,000 for adj
ditonal charges of interest.
Such Mr. Speaker is the result. When our
successors next meet i'll regular session, instead
of surplus of S:120000, as fancled there
months since, they will probaly find deficit in
the Treasury of $40, 900 to 100000. Were
we now TO provide for this, the taxes would be at
once raised four cents on the hundred dollars, |
next proceed to inquire the amount of our debt
at the end of the two next years.
The Auditor reports that the actual outstand-
ing debt on the the Both of September last was
$ls,0ll,775. The State is now also liable for
subscriptions to the following amounts:
To companies organized before
Sept. Both. 1853 S7,75O,739
To companies since organized 100000
To companies yet unorganlzed, 2,569,ooO
Total offormer appropriations, $l0,66O,Sl9
Appropriations of this session,near-
ly all to organized companies u
bout 100000
Total Sl1,560,Sl9
Large portions of these subscriptions have
been drawn since last September, and have al
ready shown that nine millions of dollars will
probably be added to our actual debt on account
of them, before October LIST, 1855 Add the
$500, 900 of the guaranteed bonds of the Chesa-
peake and Ohio Canal Company, and you will
have on that day an actual debt of S27, SAL us
to pay interest upon And the true figure of our
debt before October. 1856, if no farther appropr-
ations are made, and without including the prob
able deficit in the Treasury, may be set down at
32,362, 691 For in that time, all nearly all
the remaining subscriptions, for which are Ii
able, amounting to 81, 560SI9, will be called for
and think we may fairly count the guaranteed
bonds of the James River and Kanawha Compa-
ny, $50 ,260 ,00O,) as our own.
The other guaranteed bonds amounting to 81
1864 would raise our aggregate liabilities to
S33, 500, 465. But it is very probable that 1916,
81 of the guarantees, being mostly City
-. ~ = = n = H. H.,..o, tho Ivnalnlng
100000 for Railroad Companies are more doubt
full
But, sir, let us assume that the next Legisla-
ture has to provide for the interest and sinking
fund only ON the 1854 us, which | have
shown will be the actual debt on September Both,
1859 The charge will amount to about 81 1927,
0oo per annum. The auditor estimates the or
binary annual expenses of government including
the interest due on the debt to the Literary fund
which | have omitted in my estimate of the pub
lie debt, at an average of SG80000. This makes
a total expenditure of S2,607 900 yearly. But
Ifas have supposed, the remaining subscrip-
tons of S2,5o0,Sl9 are called for in the fellow
ing year, the annual charge of our debt would be
increased by SlI9,OOO, and the total expense
raised to S2,7S6,O00. How is this to be met ?
The auditor estimates for $685., 600 receipts of
interest ON loans made to Internal Improvement
Companies, of which sum, be it remarked, SI52,-
900 is to be paid by the James River and Ka-
nawha Company. will not inquire how long
! this interest will continue to be paid, but will
hope that the estimate may prove correct. Add
S52 900, the auditors estimate of dividends on
stock in these companies, and $l5l 900 for Bank
dividends, and you have total of S53S, 900 for
the gross income of the fund. Deduct the charges
estimated at $1,000, and the net income ap-
pears to be SiSi,O 900. Probable net surplus of
the Internal Improvement fund,
exclusive of premiums, S4SiOOO
Dividends on Bank stock, held by
the State, 100000
Tax ON law process, auditors esti-
mate,) 81 900
miscellaneous Items. " $4,000
Capltatlon tax, $4,000
License tax, " $4,000
Total, Sl,l96,000
By deductng this sum from the total
expenditures, 2,6O7 200
! We find the amount necessary to raise
by the property tax, Sl,4ll 900
Being Si52,0OO more than the Auditor esti-
mates the present tax will produce But. 70
bring that amount of net revenue into the Trea-
4