The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1870-03-17
The Ialleg S)iroiniaa.
STANTON, VIRGINIA.
Thursday, - March II, 1870.


any comment Oh the subjects therein discuss
ed and will doubtless prevent such perusal on
the part of many OF our patrons, as the i'm
portancc Of its susgest.cns deserves For the
benefit and information OF such as have not the
time or inclination to wade through its accu-
muiated statements and arguments we pro-
pose to give brief synopsis Of its contents.
Being mainly devoted to consideration Of
the financial condition Of the State, it sets out
with an enumeration OF the liabilities she has
incurred amounting in the aggregate to near
$4,000, 900. To meet this large indebted
ness the State has assets and resources esti-
mated by the Governor in the aggregate at
nearly $4,000, 600, but unfortunately large
proportion of these assets, are not now, nor
are they likely in the future to become really
available. The estimate Of Governor Walk
err, which is certainly as favorable as the facts
justify, fixed the sum at 81 622,776 as solvent
and Immediately available for the redemption
of the State debt, and he estimates that
further sum of about 200, 900 will become
available in the course of few years. thus
leaving a balance of upwards of $21 100000
which is not now, and probably never will
become of much value to the State. The
bulk of this Indebtedness on the part Of the
State has its origin in State aid extended to
various internal improvement companies, and
the Governor cr;tciscs severely and properly
the policy which has heretofore controlled the
action OF the State in this particular He
discusses at some length the propriety of dis
solving the partnership existing in many in
ternal improvement companies between the
State andthe private stockholders, and .advo-
Gates as speedy severance Of this connection
as is compatible with the welfare of the vari-
Gus companies and the best interests of the
State. He believes that this-can hast he ef-
fected "by permitting each company to re.
deem the interest OF the State in such compa-
ny, by surrendering to the State, Ito be call
ed) the Bonds of the State to an amount
equal to such interest" If this authority be
granted he believes that in few years about
$4,000 900 of State bonds will thus be re-
deemed. and the State debt diminished by
that amount.
Our readers will doubtless remember that
this is precisely the policy adopted by the
Legislature in the acts authorizing the forma-
ton of the " Atlantic. Mississippi and Ohio
Railroad Company in April. 1867, as we'll
as the more recent formation of the "Chcsa-
peake and Ohio Railroad Company" With
regard TO the authority given the first named
company, so far as we are advised, no action
whatever has been taken under it, and the
sanguinc predictions Of its friends, that the
measure would speedily relieve the State sew
eral millions Of indebtedness has thus far
failed of ful6lment. Whether the experience
of the Chesapeake and Ohio Railroad Compa-
n.y. will furnish different result remains to
be seen, although that company may pay off
in State bonds. the amount of its indebted
ness to the State, without at the same time
purchasing the stock held by the State in the
provement, privilege which the Governor
properly advises should not be hereafter cx
tended to. any company.
For the purpose Of aiding in paying the
interest on the debt, and defraying the o1di-
nary expenses of government, Gov. Walker
proposes to tax the incomes, OF capital stock
of the Internal improvement Companies, or
by imposing capifatiop on tonnage tax, a
suggestion III our opinion Of doubtful exreai-
ency and calculated to further enbarrass and
cripple the operations Of the Companies,
many of which are now struggling for bare
existence
The expenditures Of the State Government
for the fiscal year, e.rceed the receipts by 500
600, the regular and ordinary expenses of the
State Government being 100000, egczusiue
of legislative Expenses, which from present
prospects will,add very largely to this amount.
The whole sum required to be raised by taxa
ton during the present fiscal year is $780,
000- an amount greater By more than Il mil
lion and a hdlfthan was paid into the Treasu-
ry the past year Our people may see in
this the first turn of the taxation screws, the
taxes increased oac-hira, and that too before
the largely increased burthens imposed by the
new Constitution become operative. When
these shall have been provided for, then,
indeed, will our people begin to open their
eyes to the beauties Of reconstruction under
the Underwood Constitution, and realize its
acceptance by the people Of Virginia.
By re assessment Of the real estate and
personal property of the Commonwealth, and
adopting an al ualorenl system Of taxation,
the Governor believes that we shall be able
at day not far distant to resume the regular
payment of interest upon our State indebted
ness" This time he fixes as 1st of July, 1871
With the laudabe object. Ct ye-organizing
the State debt. the Governor recommends the
funding of all the liabilities OF the State, both
principal and interest, except the sterling
debt, into one uniform class of new bonds,
running from 10 to 80 years, with interest
payable semi annually in the city of New
York, all the new bonds to he coupon bonds,
and the coupons after maturity receivable for
all debts due the Site, which facts shall be
stated on their face, thus giving them cur
rent value, which would cause them to pass
from hand TO hand readily greenheck
A change in the PRESENT system of collect
ing the revenue is advised, in which we hear
tily concur, by providing system of State
dsposi tories for public funds, and making it a
felony for any individual to make use of them
for private purposes; collectors required to
deposit the sums collected at least twice in
each month fixing certificate therefor from
the depositor, which certificate shall be at
once forwarded to the treasurer, who shall
charge the same to the depositor, and draw
upon it whenever needed for use.
The Governor is opposed to the charter of
Joint Stock Companies Or Banks with special
privileges, and thinks the number Of appica-
tons for such charters would be very much
restricted by requiring deposit of $500 with