The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-09-28
State Finances.

State Finances.
| We are glad to be able to lay before our
readers the following brief, pointed and i'm
portant letter from Geo Rye, Esq, Treasurer
of the State 1t is an oAicialassura nee from
the chief Finance officer ofthc Commonwealth,
that the current expenses Of the State, and
the obligations incurred by reason of the fund
ing bill, can be met without any increase of
the present rate Of taxation.
| If this is the condition of the financial af-
fairs of the State at this time, we are sure it
may be vastly improved by the legislation Of
the next General Assembly. In the first
place, the simplifying of the public debt, by
throwing it into the shape Of registered
and coupon bonds, will dispensewith nearly
the entire clerical force in the End Auditors
office. and decrease it in other basement de-
partments. Then, if the Legislature will go
vigorously to work, in Topping off every un-
necessary expense, curtail the per diem Of
members, hunt up every available source Of
taxation, now exempted, but which should be
subjected to its portion Of the burdens Of gov
ernment-such as the railroads. the oyster
beds, and corporations and other sources, ex-
elusive of the personal and real estate of far
mers, we are candidy Of the opinion, that
thetaxes for the next year can be decreased,
instead Of being increased. A vast deal
could be saved, also, by simplifying our Grim
ina laws and practice. They consume, in
their administration, without speedily attain
iog the ends of justice, twice as much as is
necessary.
The following is the ctterof Treasurer Rye,
Tor which we ask a careful perusal
TREASURER OFFICE OF THE
COMMONWEALTH OF VIRGINIA.
lMessrs Baher % Co., Manchester, "a:
| Gentlemen reply to the inquiries pro-
and referred to in yours Of 9th inst, would
say that while we have no certain informal
ton in regard to the amount of the public
debt whom funded, we may reasonably expect
that the amount funded by January. 1872,
on which We will then have to pay interest,
will not exceed $4,000, 900. The interest
on this-I mean two-thirds of it, which is
what the funding bill provides for paying
will be 81 100000, Ofthis, one-half, say
$500, 600, will be payable LIST January, 1872,
and the other half, $500 900, will be payable
1st July. 1872.
We cannot tell what amount will be de-
rived from taxes this year, because the re-
turns are not yet in. But the Auditor re-
ports that, after paying all the expenses OF
the Government for the current year, there
will be on hand (January 1st, 1929 bal
ence of 81 500 600, derived from the taxes of
1870 and 1871 And this amount does NOT
include certain large sums which it is expect-
ed will be derived from taxes on railroads and
other corporation properties, nor the inter
est to be paid by the repositories for the use
Of the States money, nor other such items.
The amount in the Treasury this morning is
S947 40 40, on which the State is receiving
interest from repositories (Richmond banks
at the rate of 4 per cent per anuum-except
| $1,000
It is believed that the expenses of the
State Government will be materially decreas-
ed for the next year-it is certain that it can
be done without detrimeut to the public in
tercst.
Our general conclusion is that the interest
on that portion of the public debt on which
interest will have to be paid under the pro-
visions of the funding bill, next year, can be
provided for without any increase of the
present taxation.
I have the honor to be, very respectfully,
| your obedient servant, GEO. RYE,
Treasurer of Virginia.