The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-07-22

Public attention cannot be drawn too
cautiously to the provisions and prospects
of the bill to fund the public debt of Nir-
GINA; and as it is apparent that some Of
our cotemporaries desire to preserve nom
committal silence in their own columns,
preferring to misconstrue our structures
upon the bill, and our position as to pay
ment of the State debt. We propose to
review very briefly legislation on this SUBJ
ject since 1865, and official estimates of
the probable income from taxation, avail
able for general purposes. BY act of AS
sembly, March 2, 1866, the holders of
registered or coupon bonds of the State
of Virginia were authorized to invest the
interest due upon said bonds in registered
or coupon bonds of the State, bearing the
same rate of interest as the principal of the
bond bears" These bonds to bear. date
JANUARY list, 1866, but interest thereon not
not to become payable until July LIST, 1867.
The same Legislature, by act of Assembly,
March 2lst, 1867, enacted That the ac-
counting officers of the treasury pay on
the LIST of July, 1867, and January LIST,
1868, TWO per centum interest upon the
principal of the public debt of the State,
excluding Me,etiom the bonds gre, for IN
terest -on said debt mider The act of As
sensbly, passed. March I'd, 1866"
Thus, funding bill No. came to an I'M
timely end not cent of interest paid on
these new bonds, because the gentleman
who made the law, failed, as others may,
t. provide any means wherewith to pay the
obligation they imposed upon the people by
funding, at full interest, a floating debt.
The State Treasurer's report shows:
Total receipts from Oct !, CT, to Oct.
Interest paid on public debt. 1880
Expenses of convention .... l00Gsl ~ 'iil
Expenses Gov, asyiums, &c.. .l,oso,7ss9 lgi-.
Kate Of tax SO cts " sioo IT.
Total receipts from Oct. l, IS, to Oct. ,,N
l. e9.. 81 ,a2e, 2ll
Interest paid on pub. debit. 1905, s04 -4l 1851
Expenses of convention.,., $3.50 M
Expenses Gov asylums, &C.,. s09,267 .,..
Balance. l07, 900 81 ,926, oil
Rate oft tax 80 cts. 7P 800. s,fg 90 yieTef
Total receipts from Oct. ], 80, to Oct.
j. 70.........s.s.. Isl ,636 943
Interest paid on public debt. 343,4
General Assembly..s. ......... 23s, $50 agf
Expenses Gov. asylums....... 92l ,59S
Balance. l32,0l2 81 $3.50, 9i3
Rate OF tax 50cts. q 800 .la' s.el
The Auditor estimates asfollows :..rI9f
Total receipts from Octoberl, siltil.H
1870, to October /, 1871, ex- atf.tst.F
elusive of capitation tax
which is devoted to school
purposes. tsff 81 sY0.2l9
Expenses of Government, (es- sfj ~ IT, n
timated) 81, 49,, 900
One-flfth Of nett tax on land z
and property appropriated
to school purposes....... S309, S33
Balance to meet payment of ssaa
interest on State debt &C., $2SS, 4l6 81 $50, 249
The same authority states amount of
public debt of Virginia on the LIST of July,
1871: aa19 a6isa3.I }s 9ile
Bonds issued prior to April II, .,0
IA T3l ,93S, Ia
Bonds issued nnder act of
March q 1865 -. .......... 81 " ,063,9a
Total bonded debt............... 10000 095
Interest accrued to July /,
1871, on bonds issued prior ~
to April II, 1871 Told debt) $6,270,329 t3i.-}
Interest accrued to July l. g
1871, on bonds issued under
act of March 2, lS66,......... S2,079,320 sA
Total floating Gnterest) debt. IS 349, $40
Total debt to be funded at p sl7,3ol,744
Tbo +,oro dato;lad statement or Az !sec.
o,d Auditor ronresents tho deht ona ~
cr,od ;nterast 70 I,lv1 1871 e1e e1o,se5
b,t wa will assume tho forner eSt;n 10 a,
ba;nos moro favorahle for tbo friends Of tbo
funding bill, which gives $31 ,56s, $3.50 as
the amount of new bonds, upon which pay
ment Of interest is to be assumed Jan,,arv
Ist 1879 W8sa s'g
The interest at nor cent mon tbii.ss i (
Al 1914 Oso recurring for each sem;-apnual
payment. January Isl and ,.iulv LIST ao47
ORA this animal s;ntarest ha;no onlv a17c
1872 less than the total nav,nents Of Interest
upon the debt during the wears 1868 . and
10. which aggregate 81. O7O,25l. IT IS true
the Auditor estimates that the balance in
the treasury january LIST, 1872, will be
$1,54S, SSl, but to make up these figures
he calls upon 1901 and ~ in the style of
the hungry farmer urging on his breakfast
II have had nothing to eat since yesterday,
and tomorrow will be the third day. The
funding bill is enacted as measure of State
finance, and until the bonds are cancelled
the seml-annual interest must be met. We
therefore look to the future, when this
small balance is swept out OF the treasury