The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-02-25

Estimated deficit Oct. |, Isis 81 ,3j2 10
1t will be seen from the foregoing
statement that we commence the pres
ent fiscal YER with balance against
us, which must be supplied by taxation,
amounting to the large sum Of S92,-
$50. l6 and that We, will probably end
the year with an estimated deficit
of $54,352.l0 which is a reduction
Of $3S,200.06. This establishes the
further fact, that the rate Of taxation is
only sufficient to meet the ordinary ex'
penses OF government, economically
administered; and the deficit which is
found to exist, at the commencement Of
the present fiscal year. has been pro-
duced, in part, by the expenses of regis,
tration and other causes, which it is the
policy of the present Legislature to re
form, and, as far as practicable, to
economic and also to reduce the eX-
penditures of the State Government. The
present rate of taxation will only satisfy
the charges upon the treasury, without
materially diminishing the temporary
deficit, and it is true wisdom that this
fact should be known. 1t is not neces-
sary for US, now, to discuss the ques-
tons which have led to this condition
of things. The retiring administration
has produced it. .
The school fund, which is maintained
by taxation and the income from invest
ments, should, always, at the end Of
each fiscal year, be set apart for its own
purposes, and should never be estimated
with the funds OF the general treasury,
which are subject to legislative appro-
priations. Each fund should be applied
to its own legitimate purposes, and
should never be used to supply def
cheney in any other department, which
has heretofore been the case.
The accounts have, hitherto, baen
kept together which we are of opinion
should not be done, and we therefore
recommend a change in that respect.
The school fund will shortly be called
upon to relinquish one Of its sources OF
revenue, and it would be the part Of
wisdom, to so manage the remainder,
that no detrimental or violent shock
shall be given TO the great cause Of edu-
cation, which is the true policy OF the
State to foster and maintain, and which
we believe it will be the pleasure of the
party about to come into power in this
State to ever sustain, protect and en-
courage. The subject alluded to is the
stock owned by the State in banks and
corporations, which were set apart by
the seventh section Of article eight Of
the Constitution, to be sold and applied
in payment Of the public debt.
The proportion Of the public debt of
the Commonwealth Of Virginia, which
this State assumed is now being
pressed upon our consideration. 1t
must be ascertained and met in that
spirit of fairness, which is the distin
gushing characteristic OF our people.
Until the bank and corporation stocks
shall be needed for the purposes Of the
public debt, it is needless to repeat the
history of legislation, by stating more
than to say, that the income therefrom
has been, and will be, appropriated to
replenish the school fund. The sum
which will then be withdrawn, under
the operation Of the provision Of the
Constitution before referred to, will be
more than one half Of the irreducible
school fund.
In regard to the debt ofthe Common
wealth Of Virginia, your committee
have to say, that they have labored
under great difficulties in procuring &C
curate information. There is very lit
tie, if anything, to be had upon the snb-
iect, in any Of the departments OF our
State Government. and they have there,
fore had to rely upon such information
as they could procure from other well
informed sources; they, therefore, file
a statement herewith, of the amount
and character of said debt, derived from
such sources, but would say, that ii is,
OF course, not entirely correct, though
in their opinion it closely approxlmates
to correctness.
STATEMENT OF PUBLIC DEBT OF VIRGINIA.
Unredeemed debt, January l., .,
90
Debt and Interest bearing.---... S,7ls,S2s Is
HELD BY COMMONWEALTH PROPER.
Bank stocks s2,2fs, 100 90
Bonds of James River and Kama
VIVA Com Dany <OS,ofu