The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-12-21
NO. 81

Of the whole debt the amount funded CT,
the lst instant was 26, 5l0,691 IS, on two
thirds of wlich-viz: Sl7,740.401 23-in-
terest will be due and payable January 1st,
1872 1t is safe to estimate that by the
lst of January, 1872, $30,000,00O of the
old debt will be funded, and that conse-
quently 100000 600 will be the sum on
which interest will have to be paid at that
date. amounting to 100000 But the
debt is in reality not so large as the Audi
tor reports it, provided the proper deduc-.
tons are made. There has been received
from the Richmond and Danville Railroad
Company 81 ,034 9l422, and from the
Richmond and Petersburg Railroad Com
pany s575, 800 in State bonds for the sale
Of the State stocks in those companies in
all $l,Gl0,334 p which must be applied
TO the reduction of the State debt, ana
should be deducted from the total liahili-
ty Of SAT ,o9o, S6G.43, which would reduce
that amount to $45,4S0, 542.2l And this
sum Will be further reduced certainly to
the amount Of $755,S62, and probably
more, within sixty days, by the sale, un-
der an advertisement Of the Board of Pub
llc Works in pursuance of law, of bonds
and stocks owned by the State, of the Rich
mond and Danyiile, Richmond. Frederidks-
and Potomac, and Washington and Ohio
Railroad Companies, which will reduce the
sotal liability to S44,724 GS02l and it is
altogether probable that the second mort4
gage bonds of 100000 of the Atlantic,
Mississippi and Ohio Railroad Company
held by the State and to be sold at the
same time will further reduce the total
debt to $40, 1874, 6S0.2l. BY the sale OF,
the States interest in the Orange, Nlexan-
dria and Manassas Railroad Company,
(that Company having already accepted
the law approved March %, 1871 } amounts
ing with intere,t AID dividends claimed by
the Board Of Public Works to be $l.573r
248.74, the total debt will be reduced to
S39, l5l ;42l. At, two thirds of which sum is
$40 l00, 1881. But this sum is subject
to further reduction by amounts rea.lAed
and to be collected on the claim against
selden, Withers Il Co., and the sale Of otls
err property and stocks held by the State.
y very considerable amount of the debt
will probably never be presented for pay
ment, for, considering the age and multi
pliclty OF the forms of indebtedness issued
by the State, and outstanding July lst,
1871. some Of it must have been lost or
destroyed. One sure source Of profit to
banks of issue is the loss and destruction
OF their notes and why should not the
same be true Of the paper issues of our
State am well satisfied that the debt
on which we shall have to pay interest I'M
der the fanding act will not exceed $780,
C00,CO0, the annual interest on which
would be ST $780, GEO. But to be entirely
safe, suppose that the full amounts given
above should not be realized from tie
bends and stocks Of the Atlantic, Mssis-
slrpl and Ohio, and Orange, Alexandria and
Manassas Railroad Companies, sufficient
certainly can be realized from these and
other sources TO reduce our proportion of
the debt to $27 0G0 600, on which the an.
nual interest would be $l,620,0o0. This
sum, together with sufficient amount to
pay the current expenses Of the State Gov
efnment, must be annually realized from
taxation. But what will this latter sum
amount to. The answer rests mainly with
you. The Auditor, on the basis Of last
years expenses, estimated it at $l,l94,-
5O9.l6 but this estimate includes about
the sum of 1927 600 for legislative expen-
SEES, and am satisfied that this amount can
be still further reduced.
In my message Of sth March, 1870, I
estimated that the ordinary current expen-
ses Of the State Government, erchtsi5e Of
legislative expenses, ought not. to exceed
S3ao,ooo per annrm, and [ think they can
be reduced even below that sum. The
amount of the legislative expenses rests en-
trely with you l hope, and itappears to
me, that you will be able to complete Your
labors IN sixty days, and if you do this the
per diem Of members will amount to less
than $4,000. / am also we'll satisfied that
you can very considerably lessen the cx-
penses OF your session In other respects
with advantage to the State and without
any considerable inconvenience to your
selves. The expenses Of the last session
OF four months, Of your immediate predcl
cessors, were as follows. = sir;