Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-02-15
PUBLISHED DAILY AND TRI-N EEKLY BY
EDGAR SNO" DEN.
ALEXANDRIA:

MONDAY MORNING. FEBRUARY Is, 1888,
The Report of the COMMITTEE on FINANCE,
presented to Legislature On the 9Th %instan',
by Mr.. Barbour, of Culpeper, says, in Its
conclusion, that "the whole outstanding debt
OF this state amodnts, in round numbers, to
twenty-seven millions of dollars. The state
owns bonds and stocks, to the amount of thiI-
ty millions. The taxable property of the
state, at it's assessed valuation, amounts to
nearly six hundred millions of dollars. Our
anuualrevenue under existing laws is s~uthcient
to defray the current expenses Of the govern
ment, to pay the annual interest on cur ex
listing debt, and a sinking fund sufficient TO
redeem the principal within thirty tour
wears, and after the close of the next fiscal
million of dollars.
The amount Of revenue derived from the
new tax law realizes the expectations enter
tanned at the time Of Its enactment. 1t went
into operation in the year ls565I, but oTe-
rated for that year upon the old assessment
of real estate. The tax upon the new assess
meut of real estate is realized for the first
time in the year 1878 Within the three
fiscal years 1861, lS57-5S and lo5S-59, as
estimated by your committee, the annual
revenues not only support the current expect
ses of the government, but completely eS-
tinguish a floating Debt OF 81 .5l6,9tI aud
supplies for the redemption OF the funded
public debt, as required by the constitution,
the SUN of 81. 0l9, 6S2. The whole amount
of floating and funded debt paid out OF the
current revenues between the lat OF October
1856 and the lst of October 1859, will be 81
536, $40. The annual revenues have not or
ly been equal to this heavy incumSrance'
but will leave, as your expect
AN actual surplus on the LIST Of October lSo9,
of more than $500, 900. The annual surplus
for succeeding years, if the charges upon
the annual revenues are not Increased, VIII
exceed one million Of dollars"
A 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 discuss ed. This minority report pro-
pose 8 a repeal Of the present tax on liceu'
ses to merchants; aud a provision by law
that corporations shall not tax state bonds,
Sc. The minority say:
"In addition to the debt proper due from
the commonwealth, and mentioned above, she
has guaranteed the payment, with semi an
nual interest thereon, of the bonds Of cities,
railroad and canal companies which amount
to the sum of So, sos, 500. The common.
wealth has heretofore paid the interest to the
holders of that portion Of these bonds guar
H.. -u,, r,yar and knnnwha
company, and the Chesapeake aud Ohio Ca
nal company, and must probably pay IL In
the future, and the principal too. lhey
amount to 50. $4,000.
"A large portion of the unpaid state sub,
scriptions to organized companies for, aud
appropriations to, works of internal improve
ment, the whole amounting to the sum OF
IS 737, ops 90, may be converted into actual
outstanding debt of the commonwealth, and
added to the $27 ,273 $50 As, the present
outstanding debt, when the demands OF the
compauies or works require it, and SIX per
cent. bonds can he sold ut par. or are 10y la"
allowed to be sold under par value, or when
state stock is directed to be issued To THESE
companies. o--
AS the deficiency of the revenue OF 1891
1858, to meet all demands on the treasury
during that year will be about O2,9o o.
the power to issue treasury notes must oe
enlarged from $500, 600 to the amount OF the
probable deficiency, or there must he super
added to the power to issue S4Oo.ooo OF trea-
sury notes, the power on the part OF the al
di,or of public accounts or treasurer, 10 Dor
row money temporarily under the control OF
the governor.
1.-The power to borrow upon treasury notes
or otherwise, will have to lie conferred upon
some of the officers of government, tor the
year 1858, 1859, to the extent, say OF ~
900.
ut would seem, from the state OF the ,rca !
sury, if the estimates for the years 1928
and 1859, approximate correctness 'ha'
the treasury will be iua good condition on
the LIST day of October, 1860; that the cur,
rent wants aud the deficiencies OF the past
will all be supplied and met. Although 1he
calendar years 1858 and 1859 may not be as
prosperous as those Of 1856 and 1891. ana
although the present tax bill may be ieit to
be 10 the future more oppressive than 1t mas
been in the past, yet your committee u0ess
not recommend q reduction Of tie rates OF
taxation"