American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1855-12-08


them during the present year.
During the months, December and Jan
uary, large portion of the commons
wealth's revenue is payable, and will
be received, amounting it is estimated
to 81, 1900 The interest due on
the public debt, and payable on tho LIST
OF January is ~, 200. While, there
fore, the amount in the two months
Will be largely more than sufficient for
the payment of the interest and for
the ordinary expenses of the govern
mont, yet, rs it is necessary to meet
the interest punctually, the treasurer
has been authorized to negotiate fur
Their temporary loan for whatever a.
mount may be requisite.
ltmay be asked what circumstances
have produced this extraordinary def
cheney in the rcvenue? The estimates
ofreeeipts and disbursements for the
last tive years were made by the lcgis-
iatiro OF 1858, aud Of course upon the
same circumstances then existing, and
upon contingencies which had not pre-
viously proved fallacious and therefore
fully relied on, but which under the
condition OF the country, and it's none
tary affairs since have entirely failed.
1t is known to the general assembly,
that the surplus revenue of the Fund
tor internal Improvement, derived from
the profits upon its productive stocks,
and all premiums upon the sale of State
securities, are required to be paid into
the treasury. As the Board of public
works were authorized to subscribe a
large amount to works of internal i'm
proycment, and to negotiate the sale
OF State bonds to meet these subscrip-
lions, and these bonds were then ut a
premium CT five or six per cent, a con-
siderable sum was estimated to be re-
celVed from this source. 1t was with
equal certainty supposed that the COM
pames which had hitherto punctually
paid the interest upon the loans made
to them by the State, would continue to
meet their engagements. But this
they have not been able to do, and this
recourse has failed. Some of these
companies, which at the time of the es-
innate were paying handsome dividends
and had been so paying for many years
have from the necessity of reIaying
their roads with heavy rails and from
the pressure of the times, been forced
to suspend the payment of dividends
altogether, or topay them in scrip, pay
able at future day, bearing interest,
thus increasing the deficiency.
BY the estimate for the last fiscal
year, based upon these contingencies
1t was calculated that there would be
received into the treasury, from the
surplus of the Internal Improvement
fund, S630,978 50 cents, while the a.
mount actually received was only $1G2-
59l, showing a deficit in this item, a.
lone Of $468, 1897 50. Under the con
stitution and law, the commissioners of
the sinking fund, were required to pay
off that portion of the public debt re-
deemable within the year, and to liqui-
date the interest upon the whole per-
mancnt debt. TO comply with this
requirement, the auditor was forced UNI
der the law to place the amount to the
credit Of the sinking fund, and thus
produced at once the deficiency in the
treasury. 1t is known also that the
tax on licenses, to some extent is
contingent one. The county courts
throughout tho State have the power
to grant or withhold licenses to the
keepers of ordinaries and persons en-
gagged in the sale of ardent spirits, and
the tax on such licenses depend upon
the grant. Under the hope Of reform
ing the morals of the people, the friends
of temperance have induced many Of
the Courts to refuse such licenses
From this and other causes there was a
deficit in the estimate on this item, Of
S54, 059 48. Add to this the failure
of the James river and Kanawha COM
pany to pay the interest on its debt to
the Commonwealth, of $16,11S ~,
and from these sources alone the est
mates exceed the receipts, 1888, 535 SO
The apparent deficit, however, does not
amount to this sum, because on other
subjects of taxation there was a CON
siderable increase upon the estimate.
The estimates of disbursement from
the treasury have come within a few
dollars of the actual expenditures
The deficiency, therefore, exists in the
receipts, and is attributable to the eau
Ses lust suggested.
1t is gratifying to know, however,
that while there is an acknowledged de-
ficiency in the treasury, there has been
paid within the period i'll which it oc-
CURED, by the Sinking fund, of the
debt outstanding and due prior to the
list of January, 1852, $277,1S3 SO;
and there has been invested for the re-
demDtion Of the debt created since that