Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1871-09-28
From the Richmond Dispatch }
The State Debt ami Taxation.

lie following important letter from
the Treasurer of the State will be read with
ir terest by the public. 1t is indeed a
more encouraging statement than we had
expected. The assurance that the pub lie
obligations incurred under the fund ing
bill, together with the curren expenses of
the government, can be promptly met
without an increase of taxation. at once
dismisses the complaints of The quasi
repudia tionists. With a statement SO
positive and undoubted as this from the
Treasurer, we see DO ground whatever for
further cavil
We cannot doubt that such facts will
have very favorable effect upon the pub
lie credit Of the State, which has suffered
frcm circumstances that were beyond her
control. Those who knew Virg in ians,
however, never doubted that their State
would pay every dollar of her obligations,
The confidence dat intel,icens and aopre-
iativo pafs2is a.fns ,Ai< Enow ledge
have always felt i a p@e',. haacr OF
this State is more tnau sustained ay her
daily Frightening prospects. Her steady
development and the vast resources soon
to be made available to tue enrlclling OF
the people and the filing Of the public
treasury, must assure every sagac ious
man that the public debt of Virginia will,
in period of short duration, be entirely
wiped outof existenc
The following is the Treasurer's letter
above alluded to:
TREAsURER's OFFICE OF THE
COMMONWEALTH OF VIRGINIA.
-Eessrs Baker q Co., Winchester, Va.
Gentleman. reply to the inqu tries
propounded in your favor of August 18th
last, and referred to in yours of 9th inst,
| would say that while we have 10 certain
in 'ormaton in regard TO the amount OF
the public debt when funded, we may
reasonably cxrect that the amount funded
by January, 1862, on which we will then
have to pay interest, will not exceed $50 :
coo, 600. The interest on this-I mean
two-thrds of it, which is what the fund
ing bill provides for paying-will be ST.
200, 600. CT this, one half. say $780,
600, will be payable 1st January, 1872,
and the other half. 100000, will be
payable lst July, 1872.
We cannot ,ell what amount will be de-
rived from taxes this year. because the
returns are not yetin. But the Auditor
reportss that, after paying all the expense
OF the government for the current year,
there, there will be on hand zLTannarv LIST
1872, balance of 81, 500 900. derived
from the taxes of 1870 and 1871. And
this amount does not Include certain large
sums which it is expected will be derived
from tax on railroads and other corpora
ton properties, nor the interest to be paid
by the depostaries for The use of the
States money, nor other such items.
The amount in the Treasury this morning g
is S947 40, 40, on which the State is
receiving interest frcm d. positarics( Rich
mond banks) at the rate Of four per cent.
per annum-except 100000
1t is believed that lhe expences Of the
State Government I'LL be materially de-
creased for the next year-it is eerta in
that 1t can be dcne without detriment to
the public interest.
Our general conclusion is that the in .
terest On that portion Of the public debt
Oh which interest Will have to be paid un-
der the provisions Of tie funding bill,
next year, can be provided for without
any increase of the present taxation.
have the honor to be, very respect
fully, your obed!ent servant, GEO. RYE.
Treasurer Of Virginia.