The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-03-12

the detailed statement of the debt, a
shown by his excellency, as it stood OF
January 1st, 1870:
| old funded debt .$3s 7T9 26s O
New funded debt, and 70 be fuudfd 1884. .973 81
Interest due and unpaid on new
| fuhded DEBT. bt.---....-.--..--..--. I,oli iiSoo
Interest due and unpaid On old
funded debt. 3,3e4,H o
| 45,66O,34s o.
To this sum should be added the
amount Of bonds of the James
River and Kinawha Company,
assumed by the state and author.
lied TO be converted int bonds,
but not yet funded ............. 2l2,43 o.
Total State debt, Jan. l, 1870. .ti5, ,572 775 O
The State is also annually liable fol
for $500 perpetually, being six per cent
interest on sos, 900 of old James Rivel
Company stock.
RESOURCES.
The assets and sureties owned by the
State on the first day of January 1870
are as follows:
Balance in the treasury, 1885,, ,99l 80
Alexandria, Loudon and Hampshire
Railroad Company BIDS, $50, 1924 Blue
Ridge Railroad, owned by State, (cost,
l,744 ,72323; Chesapeake aud Ohio
Railroad Company, S2,484, ,13474; Nor
folk and Petersburg Railroad, S1,34l,'
3H.92; Orange and Alexandria railroad
81, ,l50,207 SO; Richmond and Danville
railroad, S1,s47,5 ,5S5.52; Richmond and
Petersburg railroad common stock,
1885,, 500; Richmond, Fredericksburg
and Potomac Railroad Company, $685.
2vO; Richmond and York River Rail
road Company, $3.50, 999 SO; SOuthside
Railroad Company, 81 $500: Virginia
and Kentucky Railroad Company, SlO3,
1850; Virginia and Tennessee Rail-
road Company, S3,755, 900; Marietta and
Cincinnati Railroad Company, S202,
6l191; James River and Kanawha Com
paay, SlO,4O0,00O; other navigation
companies, Sl,192,6l6.3O; interest in
sundry plank roads, turnpikes and
bridge companies, $4,761, ,564 40; claims
against Chesapeake and Ohio Canal
Company, about 5000, 900; claims against
Sslden, WiJhers & Co., $780, 900.
OF these assets portion consists of
securities which the Governor thinks
more valuable than State bonds, to the
amount of. S2,6l2 766. He thinks that
in few years other assets to the amount
of $40, O,O45,26 will be available for the
redemption of the State debt. The Gov
ernor estimates that the remaining $751;
O41, ,326 of the assets of the State are lost
or will be forever unavoidable.
The Governor recommends that the
railroad companies of which the State is
stockholder or creditor shall be per-
mitted to redeem the interest of the
State in them by surrenderIng State
bonds for an equal amount. He thinks
by this means, aud by converting the
available assets of the State into bonds,
and by obtaining the aid of West VIr-
giUia as to that portion of the debt due
from her, the debt of the State can be
reduced oue-half.
The annual interest payable on the
debt (s46, 900, ,000) is 81, 100000 The TO
ceipts of the treasury for the fiscal year
ending September 3Oth, 1869, were
81, ,752, ,39S. The expenses of tue Govern.
ment, other than for interest, of the
same year, were in round numbers $780,,
600; the Governor TANKS they need not
be in future more than S550,000.
The amount of revenues, therefore,
necessary to be raised per anaum will
be S3,3lO,0 600. This viii require 81 ,557,-
COL more to be raised than was received
iu 1869.
Adverting to the fact that taxes are
hereafter to be levied on property on
the ad valorem principle, the Governor
estimates the whole actual value of
property in the Commonwealth, real and
personal, at 1928, 1859. If the rate of
taxation upon this property be 40 cents
on the hundred dollars worth, it will
produce S2,S92 ,462. Add S471,793 for
other taxes, licenses, &c, aud the Gov
ernor gets q revenue of 1873 ,255,
The Governor thinks the State can
commence the payment of interest on
her public debt on the 1St of July, 1871.
He states that there will be $1,000, 600
derived from the revenues over and
above what may be necessary to defray
the expenses of the government, appli-
cable to tho payment of interest from
the receipts of the year ending Septem-
Der 30, 1870.
The concluding portions of the mes
sage are devoted to suggestions of the
Governor in respect to the reorganiZa-
tion of the State debt, to the collection
of the revenue, to some Limitation of the
practice of charteling joint stock COM
panies. to a plan of relief to debtors,
and to an account of the land scrip ap-
propriated by Congress to schools.
QUOTA OF WEST VIRGINIA.
In reference to West Virginia's quota
of the Virginia State debt, the adjust
ment of which has for some time been
the subject of legislation, our Legisla.
ture before its adjournment passed the
following resolutions:
"ReSolred, SC, That the Governor ap-
point three resident citizens of the
State, one in each congressional district,
TO treat with the authorities of Virginia
on the subject of proper adjustment
of the public debt of that State due or
incurred prior to 1st day of January,
1861, and a fair division of the property
belonging to that State on that day,
and make report thereof to this Legs.
llature for its approval or disapproval at
its next session, with the facts and ac-
counts upon which their report is found.
ed; Prorided, that nothing herein con.
tanned shall be construed as waving or
impairing in any way the right of the
State to jurisdiction over the counties
of Berkeley and Jefferson.
"2. The commissioners 50 to be ap-
pointed shall proceed without delay in
the execution of their duties, and as
compensation for their services shall
receive six dollars per day for the time
actually employed therein, and the
same mileage as that allowed to men,
bers of the Legislature
-. 4. n..-I.c , C.,-a