The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-12-15
FRIDAY EVENING, DEC. 10, 1871.
THE STATE FINANCES.

There is one suggestion in the annual re-
port of Auditor Taylor, which is worthy Of
more than passing notice, and which may,
we think, if properly improved, be made
the means Of solving the troublesome ques-
ton as to how the present Legislature can
legally avoid the monstrous outrage; inhict-
ed by its predecessor in passing the funding
bill, upon thepeople of this Commonwealth.
II will also, we think, afford ready
means of relieving the people from con-
siderable portion Of their present enormous
hurthen Of taxation.
The Auditor says, "it places in the hands
Of the tax payer currency 10 be used at is
.par-ralue achich he may hare procured at
discount" He refers to the coupons which
the Funding Bill makes receivable for taxes.
We agree in the notion that il is right and
just to enable our distressed people to buy
those coupons at the lowest possible de-
probation, that some consideration, some
Justice and some mercy is due to the peo-
pie, and that the bondholders and the
money-shayers arc not the only persons
entitled to consideration at the hands Of
this General Assembly.
How can we depreciatc these coupons to
the greatest degree, is the question that
engages first the people, and next the
peoples servants and representatives in
the General Assembly. The most natural
and rcadest way to accomplish that desira-
BILE end, and at the same time to afford
substantial relief is this: Let bill be
passed and become a law of this Com
monwealth before the Christmas holidays
reducing the rate of taxation to forty cents
on the hundred dollars, reduction in other
words, Of twenty per cent, which would
provide enough to pay the current expenses
q the State and raise sinking fund of half
a million a year.
Then, and most important Of all, let the
same bill provide that every taxpayer who
pays his taxes into the treasury in current
money, not coupons, on or before certain
day to be mentioned in the act, shall have
q deduction from the gross amount of his
taxes, of twenty-five per cent. thereof
This will cheaper these preferred cou-
pons to some purpose, and will make tho
Auditors suggestion, which was doubtless
made with the Governors knowledge and
approval, Of real practical value. 1t would,
in fact, make the real rate of taxation thir-
ty cents OH the hundred dollars, which is
high enough certainly, and is, in fact, just
about what the people can now endure.
In the next place it would not trench upon
the legal proposition which the friends Of
the bill are now making so much Of, and
which, as they claim, forbids the repeal of
the funding bill or that clause oft.
Again, 1t Is not new or untried expedi-
ent, for every gas company and water
works, without exception, does adopt pre-
eisely this method, and gives just this
bonus TO its consumers who thus pay in
advance within specified time.
And finally it would result in preventing
a uniform loss heretofore suffered by the
Treasury Of about fifteen per cent. upon
the gross taxes, on account of expenses paid
for collections, defalcations of sheriffs and
other items OF the same character. The
operation Of such law would secure inn
mediate, prompt, cash payments of enough
to pay current State expenses. 1t would
relieve the people from distress. 1t would
avoid doubtful, legal controversies. 1t
would preserve, unimpaired, the public
faith and create n einkiup FIND which
would finally discharge, and in reasonable
time, all our just debts.