The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-09-23
-r,o state Debt and Taxation

The following important ie''. ..,....
r,aos,,rer offbc state will be read Win il''el-
ext by the public. tits indeed more en "a,oa
sn;nr statement than we had eSpee'eu'
The assurance that the public oonea' .u
,,r,rred under the funding BILL toee'he'
with the current expenses oil .he 80 ~
ment. can be promptly met "nno"' ." -,
crease of taxation, at once o'Si'ssos WV
comnla;n,s of the quasi-repudlation'sIs.
xu;,h statement so positive ana un-
,onbted as this from the Treasurer. we see
No Ground whatever for further caYn.
We cannot douot that such facts will
have very favorable effect upon the pub
lie credit of the State, which has suffered
from circumstances that were beyond her
control. Those who knew Nir2in'ans,
however, never doubted that their State
would pay every dollar of her obligations
The confidence that intelligent ana appfe-
ciative persons having this knowledge nave
always felt in the public honor oil 'h,s o'".'
IS more than sustained by her daiiv prish'.
eninp prospects. Her steady deveioplnen'
md the vast resources soon to be maze
available to the enriching OF the people ana
The filling Of the public treasury, must as
sure every sagacious man that the pubic
debt of Virginia will, in period OF SNORT
duration, be entirely wiped out Of exist
ence.
The following is the Trcasurer's letter
above alluded to:
TREAsURER's OFFICE OF THF}
Co.woNwFALTH OF VIRGINIA.
Ncss,.s. Baker G Co., Winchester, a.:
Grutlcmcu.-;u reply To the inquiries
pronounced in your favor oil hugust lo.h
last, and referred to in yours OIL 9tA anst''
/ would say that while we have no CERTAIN
information III regard 10 the amount VI 'he
public debt when funded, VIC may reasons
Div expect tina. the amount funded Dy jan
,,.,rv isI3 on which we will then have to
NV interest. will not exceed S3o,Goo,ooo.
T6e interest on this mean two-thlrds Oh
r. which Is what the funding bill provides
for ngying-will be 81 ,20Q, 600. or thls, one
half. say 5000, 900, will he payable lSt Jan!i,
ary. 1872. and the other half, 0O,oOO, VIII
be payable lst July. 1872.
We cannot tell what amount Will DE ae-
rived from taxes this year, because the re-
turns are not yet in. But the AuditoF re,
poyts that, alter paving all the expenses o.
The Government for the current year, tneie
Will ne on mana lJinua1y ~, iS'-b q D'
ance Of 100, 600, derived from the taxes
of 1870 and 1871. and this amount does
not include certain large SUMS which II l.
expected will I've derived from taxes OH
RAILROADS and other corporation properties,
nor the interest to be paid by tho dcposlta-
rics for the use OF the states money. nor
o,hcr such items. The amount In The
treasury this morning is S9!7 ,4I0'4O, on
which the State is receiving interest," from
dcpositarics (Richmord banks at the rate
of four per cent. per annum-eXcept >loo'-
600.
1t is believed that the expenses OF the
State Government VIII be materially dc.
creased tor tee next yc&r-it is certain that
IL eau he done without detrinent To the
puzzle interest.
Cur general conclusion is that the ~
tcrest on that portion OF the public dcet
on " hch interest will have ~ be paid un-
der The provisions OF the funding bill, next
year, can he provided for without any ILL.,
erase OF the present taxation.
have the honoG 10 be, very respectfully.
YOUR obeuicut servant, GEO. RYE,
Treasurer "f Virginia.