The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-07-24
THE FUNDING BILL.

Recurring to this important subject: 1t
is true the surplus carried from fiscal
year ended October LIST, 1871, arising from
non-payment of interest during the year
ended that date, will enable the Auditor to
tide over the January payment; and the de-
ficiency set forth in our previous article may
be reduced by revenue derived from miscel-
laneous sources, amounting in 1s60-7O, to
$6l, 726, net oyster tax, $36,345, and the
difference between and per cent interest
on about 100000 of sterling bonds, say
100000, which gives $l0S,071; but I'M
foreseen appropriations by the Legislature
may greatly reduce this surplus. 1t is right
therefore, to look to the income Of each
fiscal year, as the sole means of meeting
disbursements ofthe year; and we ask care
full attention to the fact that our school sys-
tenn, which the safety of the Common
wealth, no less than Constitutional obliga-
ton, imperatively demands shall be Or
ganized upon firm and liberal plan, is an
item of expenditure, which has not hitherto
appeared in the account of "expenscs Of
Government and only small portion of
which is now chargeable on the State Trea-
sury. The greater portion must be raised
by local taxation. In addition, public roads
require general and costly repair and local
improvements or aid to public works, must
b. made, OF given at the direct cost of the
people interested.
1t will be noticed that the two-thirds as
sumed by the terms of the Funding Bill
as the absolute liability of Virginia, is
$3l ,567 $50, only SO, 400 ,46S less than the
public debt of the entire State on the l7th
of April, 1861 while by the issue of GER
tificates for the amount of the unfunded
one-third, contingent Liability is assumed
for s15, 1888, 9l4, subject to be reduced on
settlement of accounts with West Yir-
ginia, by that State paying into the Trea-
sury of Virginia money OH bonds to the
amount agreed upon as her quota Of the
debt. 9899a ,ris
In 1860 we find the following valuations
of population and property in the counties
now comprised within the boundaries O.
Virginia: 4qas,
White population.............. .691, sos r4Hf
Colored .527,4G6 1,119,30
Number of acres of land; 27,345;2l5,
valued 1294 l43, AZ
Value of slaves as td1ed......-.. ,6S2, 20
Personal property......,.......,,,... l0l 736, Y
Total basis Of taxation.-....y... s474,562, 80
In the counties now comprised within tn
boundary of West Virginia.
White population. .............. 355,649
Colored popula 2O,S6l H376,5l
Number of acres of land %, l9Osl5,
Value Of Slaves as observation-disclosures. 3,275,7(
Personal property 23457, "a
Total basis of taxation.............. $40, $780, IS
In 1870 the population and valuation {
property in the counties, now comprise
within the boundary of Virginia was as 70
lows:
Population white and colored....-. l,224,4'
Valuation of real estate........... $277, $50. S!
Valuation Of personal property. 7S,oS2,0
The public debt was mainly incurred
aid of works OF internal improvements
State becoming stakeholder, in or loanin
money or credit to different companies, ii
stock certificate or other obligation beir
an asset of the State, from which it WI
intended a large proportion Of the del
should be liquidated
Governor Walker reports these asset
as follows, under date of March s, 1870:
Alexandria, Loudoun and Hampshire
sos