The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1858-02-13
I II E DISPATCH
'H'--.-..-'-' -. -
IhOAr MORNING. gppprrapv i.
m -
Report or the Cemn,ttts. -.
munra

f.
the two years ending September go,h 1s.s io'
s"4o3Soi q, and the dlsburseme,,s g.. az i "e'o
period sI,3so,e75 o. leaving surnIn, os 100 100
~ with regard TO affairs In the ,r.a.r- 80.
,'ehs aarins the year ending october Lar isSr
she committee say: ' -so"' :,
IN this year commenced tho ay,.no.,.
80 upo tue animal revenue 60 meet the S,sa;a. 3
on.raIi - y eaas ef several years precediny ,ha
~. az; a. VI Sur uew tax law. ofthe exnendIs,-as
- .'1'. hscai Year, $440352 over and al,av" rs
auouat received from salss of So soo'e tne
s sle appiisu 70 meet such deficfeneies 0t ,I'
eeipts' siisG1l IL were derived fron a., ~, .ie re-
ra'.. .Sa Dsdacting this amount from ths crr'
80 ieoe ipts OF the year, and deducting tba -.
mentioned sum of Stie. $50 from tl,a s o epove
'turesol theyoar, We find that the orsiaa 4
ieht revenue OF this the fiscal years onarati
,as IA IA" % exceed the ordinary current expendi
'oe oy me sum oi S352s55 rs. Iftha ravanna, -.
iorlner years had met the exnan ai,, s suse ~ o'
years, tne balance in the treasury on TIA IL ~"
%, .1"er 1921 would have been 1868 3.sll 07 Naar,v
~, ~ =. ''s' tosether with the whole amount recsiy
gu ootlhx tho year from snles of treasury 49,.
was absorbed ia supplying the aecnmnIa;s ~ .
ciencies Ia tho revenue of former years Tb 80
tuai balance ia the treasury On the irst do. f n
toper last was S37.i24 ST. Iu addition TO This hsi.
ance III the treasury. there remained In tho had
oil the shsriifs and other collector, nnn.id
OF taxes amounting to S:;54 sol IL This pnnsid
ndiahce on tue LIST of October 1855 was onlr eITI
'fo W. Ibe committee Of finance of IS555s a.t;.
.s 10 20 "ii"e' Tue stringent collection laws en-.
aceu at lhat session, this unpaid balance would ba
reduced to about $4,000 If the collection of ,ha
revenue bad been made as promptly in the fsraI
year 1900 % as it was in 1851 55, the current re-
cecipes ei that year would exceed the ordinary
Cutieat GhaFSos OF the year, by the sum Of si,n :
OIL 81 This is the result Of the opnrat,op of H.
ne" TAX law before tho new assessment OF real a..
| tate took effect "a i 0S
Inc committee state the result Of the estimates
Ior the fiscal year, 1Sj7-'S, as follows: Receints
| Si,Il+5sS Y; disbursements, "a 256 s3T e3. ma
KING an excess of Disbursements over recaints of
sil2,2'+ IL; and deductipg the Balance of s37 1pl
81 III the treasury, October 1st 1857 leaves def
CIT OF s'3,l3O 90, existing October lst ls5s This
dehcit IS accounted for by the fact that of tba
charges upon the revenue for the fiscal wear e3t2
zoo - are necessary to supply deficiencies Of for
ner years 10 the Sinking fund, on account of the
redemption OF the public debt. and 1924 600 over
ana ABOVE the amount received frcm the sale NJ
'A'"'s notes, are necessary to redeem treasury
~ '""eu 70 supply deficiencies in the reyepua
Oh years preceding the new tax law. The wbols
amount OF current annual revenue derived fron
taxation, appropriated TO supply de6cisncies IF
io'nIer years Is S786,266 IS. But for these das
'ienctes III the revenue of former years. which
constitute an extraordinary charge on the reve
hues 81 the hscal year ls51-'5S the balance +, tb
''ea'uf5' october lst. 1858, wonl9 be 1901 I3b IS
fo' tne II seal year 1853 the committee ssti
mate the receipts at S3.S24 ,484 So and tho dis.
oufsements at 3.227 ,l4l Is: making an excss. oF
receipts over disbursements of 1897 .343 Al from,
which Is to be deducted s75 I3O 6o-tbs arno,n, 80
the deficit existing Oct. 1st, 1858. LEAVING o,oa.
excess of s5222l2 ST. These estimates do No, oor
respond with those of the Auditor: and the Cor,.
mittee so state. He estimates that ths amo,s. of
values taxed for lS57-'38 other than real o.t.t.
and slaves. will be reduced 90 per cent They tbiuk
the amount of values will increase rather tbs, Al;
min!sh, thus making wide difference with regard
to the amount Of surplus revenue Of the Internal
Improvement fund; the committee exceed the cs
Inmates Of the Auditor by the sum Of 1894 94s so
They also make an increase over the Auditors .es
innate of receipts from bank dividends
Of the new tax law, the committee sav.
The amount OF revenue derived from tba ra,z
YAK Ia" fealIZes the expectations entertained at
the time Uf it's enactment Ii went into onars,;o,
10 tue year lS0o-3, but operated for that yasr nm
on the Old assessment Of real estate The t.x
upon the new assessment OF real estate is realized
Tor the first time in the year lS57-5S within ,b.
tEree fiscal years lS56-57, 1857 IS and ls5S5o a
estimated By your committee, the annual rsvenues
not only support the current expenses of the ro-
sethibsht' , put completely extingu.h a floating
debt Of sl5lS,947 and supplies Tor the redem ntiI
ol the funded public debt, required by the CON
| stitution the sum of Sl,0lg'6S2 The whole
amount OF floating and funded debt paid out of the
current revenues between the st of OctI,ar IsEs
aud lst Of Get. 1859, will be s253862g The sn'
nuSl revenues have not only been eou.l In This
heAVy lhcumhrance, but will leave, as ycur com.
ulttee expect, an actual surplus on the lat OF
October, 1889, of more than $500 Geo Tba animal
surplus for succeeding years. If the charges nm
on the annual revenues not increased will
exceed one million Of dollars.
The committee recommend the repeal of the act
passed March. 1856, which requires the whole rs
demption fund to be applied to the REDEMPTION Of
the debts contracted prior to January 1852. They
| oppose repeal on the tax on State bonds or an
alteration in the form Of the bonds hereafter is
sued, with view by these changes to facilitate
permanent loans. About the Sinking fund the
committee say:
The outstanding funded debt on the first day of
January 1858 S27 .213.So0 As including sg-O-
0o0 Of bonds hypothecated in the city OF New York
Tho commissioners of the Sinking fund on the
first day OF January 1885, had in the treasury the
sum of $6S2699 90, applicable to the redemption
of an equivalent amount of the public debt. When
this balance is applied to that purchase the ont.
standing public debt will be reduced to the sum of
S26,59l.lS0 so. This sum wonld have been so ap-
piled nc once bat the commissioners of the Sink.
ing iund are awaiting the action of the general
assembly, rs suggested in their reportin reference
to the class of funded debts to which this redemp
| tion money shall be applied. Since the Sinking
fund was created under the provisions of the new
constitution in 1858. there las been redeemed or
purchased of the debt existing prior TO the first
day Of January 1882. the sum uf $3.50 $50 and of
the debt contracted since January l. 1852 the sum
OF S335,i29 Is. The whole amount of public debt
redeemed and purchased by the Sinking fund is
sl,O9i,9I9 Is. To this may be added the above
mentioned sum in the hands of the commissioners
of the Sinking fund, applicable to redemption
OF S682,699 90, making the whole amount redeem
ed, or which the commissioners of the Sinking
fund are now prepared to redeem, S1.77767g Us -
of the outstanding public debt, s., $4,000 bear
per cent interest," and the balance bears per
cent. interest,
The commonwealth has acquired and now holFs
bonds anu stocks amounting TO $50, 1913 469 53. OF
this amount the second auditor has ciassed as pro
ductive $3.50 s55 20 cents, placing in this class
only those upon which interest Was actually re-
ceived during the last year. To this amount ray
be added about S3,0000oo, which will be prodnc.
tive in this or the ensuing fiscal year. The bal
of the $50, 9.4O9 53 consists of stocks in
internal improvement companies.
Of the stocks classified by the second auditor as
unproductive, 3d. Gel consist ofstocks held by
the commonwealth in railroad companies. Very
few OF our railroads have been completed, and no
dividends be derived from those which are
not completed. Of the value OF these stocks, how
ever, may form estimate from the fact that
individuals and corporation have invested two
dollars tor every three dollars invested by the
State, with the exception of about three millions,
which have been expended upon State works.
The committee notice the fact that in fourteen
counties within the influence of the Virginia and
Tennessee railroad the assessed value of real esats
has Increased from $40 449 $50 iu 1885, to ,2e4
4l6 In 1885, affording an addition TO the taxable
value Of real estate wihis six years. of SIC, ,s45934
The increased valuation of real estate In these
fourteen counties is SO per cent. and constitutes
than onesixth of the increase in the assessed
value of all the real estate in this commonwealth.
They conclude their report as follows;
The whole outstanding debt of this State
amounts, in round numbers, TO twenty-seven mil
lions OF dollars The State owns bonds and stocks,
as before stated to the amount of thirty millions
The taxable property of the State. at its assessed
valuation, amounts 20 nearly six hundred millions
OF dollars. Our annual revenue under existing
laws is sufficient 10 defray the current expenses OF