The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-12-28
THE FUNDING BILL.

befoEa the Governor for his signature:
Fl Resolved, That until proper steps hav
been taken to ascertain the entire amour
that will be required to pay the current ex
penses OF the State government and the inter
est upon the State debt, as provided by tn
funding act, and the increased rate of taxa
lion it may necessitate, should the who'll
debt be funded the Second Auditor be, ant
he is hereby, instructed to discontinue an,
further issue of the new bonds until suci
time as these facts can be ascertained ane
such legislation be perfected in the premises
shou d any be necessary, as the public gcoe
may require"
The vote in the House stood 104 for to Is
against, as follows:
YEAs.-Messrs. Allen, Anderson, Beaten,
Bernard, Bishop, Booker, Bouton, Bowen
Brooke, John G. Brown, Bryant, Buikholier,
Butler. appbclI. Jack Carer, Peter j. gar-
ter Christian, Clopton, Ccghill, Cox, Critz.
Cummings, Dalton, Delaney Deoeale, Doug
las, Duugey. Early, Elliott, Evals, Fitzger-
aid, Fletcher, Freeman, Fulserson, Gardner,
James S Gillian, William Gillian Graham
Graves. Gray, Gresham, Griffith, Hamilton
Hardesty, Head, Hill, Irvine, james, Rufus
s. Jones, Warner L. Jones, Jorgenson, Key
ser, kincheloe, Lassiter, Lewis. Paul Light
ner, LipscomDe, Matthews. Matthew, Nc
MuIlan Miller, Munsey Neale, Noble, Nor
ton, Nowlin, OFerrall, Paige, Patterson.
Payne Pearce, Powell, Queen, Radford,
Ramsdell Ratliff, Kiddleberger, Rogers Ro
Ter, Russell Sangster, Scruggs, Smith, Smoet,
Suldow, Stephens, St. John, Stoval, Strother,
southall. Swami, Suite Taliaferro, Thomas,
Tidball, Turpia, Van Auken, Wall. Wake.
Walker Wentworth, Wharton, Williams,
and Young-10l.
NAYs-Mr Speaker. Messrs Baewell, J
Tompson Brown, Co'trell. Daniel, Donald.
Dooley, Gilman. Kelley, Lawson, Alexander
B. Lightner, Lovenstein, Minor. Parks.
Poague. Suthcrlin, Watts, Watson-18.
In the Senate, on the a0th, the question
came up on the adoption Of the joint resolu-
ton Mr. Cochran took the floor and made
an able and exhaustive argument in opposi-
ton to its passage He contended that the
credit Of Virginia was not only a matter Of
affection and sentiment, but of the very gray
est material consequence and if this resoiu-
ton was passed untold m;series would fol-
low it for generations to come. The funding
bill he never regarded as perfect, but 1t was
certainly the very best thing that could have
been done then, and no more unobjectlonable
plan is now proposed. AS to carrying out the
provisions of that bill and paying interest, he
maintained that it could be done. Reviewing
the report ofthe auditor, he demonstrated that
that officer had made some mistakes, and had
not anticipated that more than 1900 900
would be in the treasury on the lst of JAM,
1872 According to his OWL estimates, we
would not only be able to pay the Interest for
II, but by proper revision of our revenue
system, and by making the railroads contrib
ute their proper share to the expense Of the
government, and by practicing economy, be
able to continue the payment of interest for
the future. He (Mr Cochran) said that OF
all these great corporations in the State only
the Norfolk and Seaboard, and Atlantic,
Mississippi and Ohio railroad companies had
paid any part of their taxes for the past Two
years The Atlantic, Mississippi and Ohio
company not only had paid up s22 900, but
was ready to pay all due By it. The results
of the coupon system, the speaker held, had
been grossly cxaggeruted-tse coupons were
not so much sought for as had been repre-
sented. Of the Sl2000,000 of bonds held
in Virginia, $1,000 90 had been funded in
the old-fashion certificates of debt and not in
coupan bands, and Of the foreign bondhold-
ers 80 or 80 per cent Of their bonds had been
funded in coupon bonds. From these facts
rons would be in circulation, and that there
was no probability Of the wheels of govern
ment being locked Mr.. Cochran concluded
his remarks by al eloquent appeal to the
Senate to interpose and save the credit, hon
or, and integrity Of the State, and promised
that the future would show their wisdom.
and posterity bless them.
In the evening session. report was receiv-
cd from the 1st Auditor, IN response to Sc
RIGS of resolutions offered by Mr., Anderson,
of Pittsylvania, affecting the finances OF the
State;
Balance in the Treasury, 10th day Of De-
cember 1S71-$1,789 ,903,04. Taxes OF
1871. on land, personal property, after de-
Quoting l for school purposes, and the. ex-
penses OF collection 81 ,34S, 257 so. Full tax
on licenses and receipts from other sources.
receivable within the fiscal year 1S7l-72
1923 ,O0O making $1,076 .227, 92. Bal
ance in the Treasury 1st Oct, 1871, 81 ,059,
s88a3 Hcauct SO much of che above taxes
of 1871 as was paid into the Treasury prior
to that date, s6l5, ISL 80, will give total
Of So 321 ,o9424.
The estimated expenses of the government
not including interest on public debt, based
on the outlays Of the previous year, are 81,
100, 900, threc-foruths of which is 1915 ,00o
Estimated expenses of the present session of
the Legislature So, 221-leaving sl,eQ4,
325, "a.
The estimated amount in the Treasury 1st
July 1872. after paying the January inter-
est, Se71, 56S,76. With this amount, there
will be to pay, on 1st July, 1872, interest
1892, 755, As, leaving deficit of 1851 49,, &C.
The Senate then proceeded to The cons'd-
GRAFTON of the house joint resolution as re-
ported above.
The peudiny question being on agreeing