The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-09

peddlers, and all other shows end ."l:,,t
tons for which an entrance fee 10 raor 1n.m'
commission merchants, persons sslt;"n sea,
sample, brokers and pawnbrokars s og
other business which. cannot he reso Ia9 al
the I'D ralorens systef1.v The S.,ns.y
Of real and personal property unon a aS;o1
taxes were levied and eollec,od - "hicn
fiscal year was made in 1867, md a,noD ias,
to-real, 1892, 1875, 754.5l: pcrso,,I s1rs
Zio,3I3; total, s4O5,936, 1927 81. But tb;.
dld not include stocks, bonds. CAM
tai invested in manufacturing apa
mining, and other business, nor the s,ooL.
OF goods OF merchants, or the capi.a, nv
vested in their business nor was VOC,
estate assessed at its market or real va,ra
In 1860. as appears by the eighth censn. =.
the United States, the real mot aaaessaT u
val nation of real estate in this State va.
1888, 483,S70, and Of personal exclusive -
Slaves, 1890, 8S5,776. While il, some loco,;'
ties real estate may not be az high AZ n
1860, in others it is higher, and appreba,J
that correct assessment will ;}emons,ra,a
that the total of real estate in the State Ia nov
probably nearly to that Of 1860, aud that ths
total valuation Of personal property fpclr.
ding stocks, bonds, capital stock, &c. wb;.t
have not been heretofore directly taxed A.
their raluation,) will he about three.fo,i
more than in 1867. Ifthis estimate beno..
rect, the sum total of the real and persons1
property at the present time is 1923. l5,5eo
upon whicli VIC may predicate our calcula.
lions of the rate of taxation recessary n
be imposed to realize sufficient amour. n
meet our annual liabilities. The rate n
! taxation on real estate established bv ,hs
| General Assembly in 1867, and which
| has been continued ever since. WAS ,or,-
cents on the one hundred dollars Of value
The same rate of taxation (which, under
the Constitution, must be equal and mi.
form both upon personal and real propertyl
upon the basis above mentioned. would pro.
duce the SUM Of 50 ,S92, 462 .35. Add to tb;.
the interest upon the interest-paying secu.
rites held by the State, say 81 1913 .ls, and
the tax upon oysters, licenses and incomes,
cay 100000, and the amount will La
$3,36t, 255.53, or more than the sum total
of our annual liabilities. And this is
exclusive Of any tax upon railway sHd
other improvement and transportation com.
panies. Some mode Of taxation should
be devised BY which nonresident as well
as resident holders Of our bonds and stocks
should contribute their quota towards de.
fraying our annual expenses. From the
foregoing statements, estimates. and de.
auctions, it will be seen that, with suita.
BILE and correct assessment Of the real and
personal property III the Commonwealth
that is, an assessment at Its real value, ani
with q system of taxation thorough and
comprehensive, but not heavy or e1ces.
sive, we shall be able, at day no, far
distant, to resume the regular payment Of
the interest upon our State Indebtedness.
And the next question to be considered is
the time when we can resume the regular
payment Of interest upon this debt with
reasonably certain prospect Of its contnu.
ance. In my judgment it is fur better
to postpone the commencement Of the
payment Of any interest TO time when
we are satisfied that we shall not only
be able to commence, but continue to layi,
regularly ana promptly as il mature. there.
after, than 10 pay part regularly, or the
whole irrc.ular!y. What we all desire is
the speedy restoration Of the State credit.
and this can only be accomplished b. the
prompt payment Of the interest upon our
debt when due. Partial payment will 10:
effect this, aud, when we shall have oncc
resumed payment, any Irregularities OF W.
ccrtainties will most seriously damage il
not destroy, our credit. Il appears 10 NE
that We ought TO resume the payment Of IL
tercst on the lst Of July, ISL, on that day
paving the accrued interest FOR the pre-.
vious six months.
,,,,,,t in .In Trcn s,,r,. nv, thn first
dar Of October, lSG9--yiz al0I ,Q9o.lj, to.
sethcr with the receipts Of the present
fiscal year, (esJimated at the same amount
az last year) viz: 1852 ,G9S.G7, will give
us the sum OF 81 $50, 4SS So, with which TO
meet the current expenses Of tie Govern.
mcnt, legislative md otherwise, and sur
plus Of nearly 81 900, 900 70 be applied to
the payment of the scmi-annual interest
maturing July lst, 1871. The new assess.
mcnt Of property, which you will provide
J for of your present session, whcu compile
ted will give you the correct basis upon
, which YOU will be able to ascet tain the rate
: of taxation necessary to be imposed to meet
: the maturing interest thereafter. As tn"
| people prosper and increase in numbers ana
! wealth the rate Of taxation VIII con-
} s,an,lv decrease and in few years, with
: the reduction which | hope TO gee made IN
: the volume OF tie public debt, taxation ID
our State will not be n serious burthen 20
the PEOPLE. 1t appears to me wise to pro-
vide By law that every dollar realized from
5 the principal of the loans 10, and the st"cAc
} Of internal improvement companies o"Ae1
, by the state, with whatever amounts may
he realized from the claims against TIE
State Of West Virginia, the Chesapeake GA"
t Ohio Canal COMPANY, and Scldcn, "ltA@E:
s. Co., should be sCrupu!ously set asl4e aI.'
used as a sinking fund for the redem g.t!I
: Of the principal or the public deo'' C-E
! financial condition will thus constantly H.
, prove. ana taxation constantly decrease
nriiraASlzArIoS OF THE STATE DEBT.
! I respectfully recommend the entire ro'
3 organization Of the State debt. Inc 'u''
5 standing bonds representing that debt we're
issued by authority of nearly one huna ea
different statutes, and the bonds theusel'e'
are of several different varieties. there
!, are old registered and old coupon bona
a and there are old five Per cent. and sS PR
: cent. and sterling bonds, and there are ~"
| varieties Of new bonds, and these again arc
0 of different dates, u part being dated Jsh9'
G ary /, 1866, and pant January J., leo,'
each bearing interest from the date Thereof
: A portion of the interest on the o!a oon ",
t which might hare been funded uhasr VIZ
;. act of March 2, 1866, remains uHluAde Il
e 4 portion of the interest upon the ~;
. bonds ma uring between tue. date % u
: the funding of past-due interest ah1
I January lst, 1869, and al the Interest n
= tured since tina. date, together will al us
0. interest on the new bonds to the Ilef'1 4,
: time, is unpaid. In order to simply a..
: reduce all these various aud sonc"ha' ~, W.
) fused forms and varieties Of indeo'elaes'
: to order and uniformity, | WOULD RECON-,
! | penl tbe fundine- of all the liabllItNe -