Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-09-26
(From the Richmond Dispatch.)
The State Debt and Taxation.

The following important letter from the
Treasurer of the State will be read with inter-
est by the public. 1t is indeed more encour-
aging statement than we had expected. The
assurance that the public obligations incurred
under the funding bill, together with the cur
rent expenses of the Government, can be
met without an increase of taxation, at once
tionists. With a statement so positive and I'M
doubted as this from the Treasurer, we see no
ground whatever for further cavil.
We cannot doubt that such facts will have a
very favorable effect upon the public credit of
the State, which has suffered from circumstan-
ces that were beyond her control. Those who
knew Virginians, however, never doubted that
their State would pay every dollar of her obli-
cations. The confidence that intelligent and
appreciative persons having this knowledge
State is more than sustained by her daily
frightening prospects Her steady develop
ment and the vast resources soon to be made
available to the enriching Of the people and
the filling of the public treasury, must assure
every sagacious man that the public debt o.
Virginia will, in period of short duration, b.
entirely wiped out of existence.
The following is the Treasurer letter above
alluded to:
TREASURES OFFICE OF THE
COMMONWEALTH OF VIRGINIA.
Messrs. Baker & Co., Winchester, Va.
Gentlemen-In. reply to the inquiries pro.
pounded in your favor of August 18th last, and
referred to in yours of the 9th instant. [ would
say that while we have certain information in
regard to the amount of the public debt when
funded, we may reasonably expect that the ann
funded by January, 1872, on which we will then
have to pay interest, will not exceed $50 600,
600 The interest on this-I mean two thirds o
it, which is what the funding bill provides fol-
paying-will be $780, 600. OF this one-half
say 100000, will be payable 1st January, 1872
and the other half, 100000, will be payable Is
July, 1872
We cannot tell what amount will be derived
from taxes this year, because the returns are no
yet in But the Auditor reports that after pay
ing all the expenses of the Government for the
current year, there will be on hand January lst
1922 balance Of 81, 500, 600, derived from the
taxes of 1870 and 1871 And this amount does
not include certain large sums which it is ex-
pected will be derived from taxes on railroads
and other corporation properties, nor the inter.
est to be paid by the depOsitaries for the use Of
the States money, nor other such items The
amount in the Treasury this morning is $947,-
470.40 on which the State is receiving interest
from depositaries (Richmond banks at the rate
OF four cent per annum-except 100000.
1t is believed that the expenses of the State
Government will materially decrease for the
next year-it is certain that it can be done with
out detriment to the public interest.
Our general conclusion is that the interest on
that portion of the public debt on which inter-
est will have to be paid under the provisions OF
the funding BILL next year, can be provided fol
without any increase of the present taxation
have the honor to be- very respectfully, your
Obedient servant,
GEO RYE,
Treasurer of Virginia