Staunton vindicator and general advertiser. (Staunton, Augusta County, Va.) 1858-1860, 1858-02-20
Committee on Finance.


The Report Of the Committee Oh Finance
presented to. Legislature on the 9th instant
BY Mr.. Barbour, Of Culpeper, says, in it
conclusion, that s.the whole outstandin:
Debt OF tsfis state amounts. in round mum
hers, to twcnty-seven millions Of dollars
The state owns bonds and stocks to thirt,
millions. The taxable property of the state
at its assessed vaisatlon, amounts to ncarl,
six hundred millions of dollars. Our an
nual revenue under existing laws is sufi
Gent to defray the current expenses of tn,
government, to pay the annual interest O,
our existing debt, and sinking fund suai
elent to redeem the principal within thirty
four years, assd after the close of the mex
fiscal year, will leave an annual surplus 0
one million Of dollars
The amount of revcnnc derived from
the new tax law realizes the expectation
entertained at the time Of ats enactment.
went into operation in sie year 1861
but operated for that year upon the old as
sessment Of real estate. The tax upon tn,
new assessment of real estate is realized fo
the first time in the year 1857 -5S. With:s
the three fiscal years 1861, 1857 5S
and 1859, as estimated by your commit
tee, the annual revenues not only suppors
the current expenses of the government
but eoiapletely extinguish floating debt G
$f,5l6,o47 and supplies for the redemption
Of the funded public debt, as required III
the constitution, the sum of $1,O19,6S2
The whole amount of foasing and funded
debt paid out Of the current revenues be-
tween the LIST Of October 1856 and the Isl
October 1859, will be s., 536, $40. I'll,
annual revenues have not only been equa
to this heavy incunbrance, but will leave
as your committee expect, an actual surplus
on the lst Of October 1859, Of more thar
$500, 900. The annual surplus for sue.
cecdlng years, if the charges upon the an.
nual revenues are not increased, will exceed
enc million Of dollars"
4 report was made by the Minority Of
the Committee on Finance, in which the
whole subject Of the resources and liabilities
of the state is discussed This minority re-
port proposes a repeal Of the present tax on
licenses to merchants; and q provision by
law that corporations shall not tax state
bonds, &c. The minority say:
I'm addition to the debt proper due from
the commonwealth, and mentioned above,
she has guaranteed the payment, with semi
annual interest thereon, Of the bonds Of
cities, railroad and canal companies which
amount to the sum If So, sos, 500. The
commonwealth HAS heretofore paid the in
tercst to the holders Of that portion Of these
bonds guaranteed fer the james river and
kanawha company, AID the Chesapeake
and Ohio canal company, and must prob
ably pay it III the future, and the principal
too. They amount to $2.76o, 600
"a large portion Of the unpaid state sub
scriptions to organized companies for, and
appropriations to, works Of internal improve
ment, the whole amounting to the sum Of
S3.737 ,o2G 93, may be converted into ac-
tual outstanding Of the commonwealth, and
added to the Ss27 ,273,SS0 IS, the present
outstanding debt, when the demands Of the
or works require it, and six per
cent. bonds can be sold at par, or are by
law allowed to BE- sold under par value, or
when state stock is directed to be issued to
these companies.
AS the deficiency Of the revenue Of 1857,
1858. to me- all demands on the treasury
during that year will be about $780,, 500
G6, the power to Issue treasury notes mast
be enlarged from SiO0, 600 to the amount
Of the probable deficiency, or there must be
superad4ed to the power to issue S400, 900
Of treasury notes, the power on the part OF
the auditor Of public accounts Or treasurer,
to borrow money temporarily under the
control Of the governor.
1.-The power to borrow upon treasury
notes or OF erwisc, will have to be conferred
upon some Of the officers Of government for
the year 1858, 1855. to the extent, say Of
S27U 900.
1t would seem, from the state of the
treasury if the estimates for the years 1851
50 and 1880, approximate correctness,
that the treasury will be in good condition
on tic LIST day Of October, 1869 that the
current wants and the deficiencies of the
past viii all be supplied and met Although
the calendar years 1853 and 1863 may not
be as prosperous as those Of 1886 and 1857
and although the present tax bill may be
felt to be iii the failure more oppressive than
it has been in the past, yet your committee
does not recommend a reduction Of the rates
Of taaat.as.