The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-02-14
REPUTATION OR REPEAL.

The course which the General Assembly
is taking in reference to the Funding bill,
passed at the last session, forces the in
quiry, whether we are to have one of two
inevitable alternatives, and which-repudl-
alton or repeal? We regret the necessity
of saying anything more on this intermin-
able subject but we should be recreant to
our duty as journalist, ifnot criminally
Indifferent to the best interests of the State,
were we not to lift our voice in timely
warning, and once more remind our Repre-
sentatives and Senator's of the imperative
duties and obligations resting upon
them in reference to this measure,
1t has been shown time and again in
the columns of this journal. that, to meet
the requirements of the Funding bill Of
1871, and at the same time pay the legiti-
mate expenses of the State government
those absolutely necessary to keep up
our organization as a body politic-it will
require, at the least calculation, million
dollars annually more than we can possibly
derive i'll revenue, even at the present
heavy rate Of taxation under which our
people are groaning. This has not only
been repeatedly shown by us, but the re-
port Of our worthy Auditor, made to the
very body now sitting in the State capitol,
places this annual deficiency at a much
greater figure than we have been disposed
t. put it. And yet, with an infatuation
that seems to blind all investigation and
Judgment on this subject, we find men
even in the deliberative body named-furi-
ously clamoring for compliance with the
terms of the bill, no matter how inevitable
the ruin that shall follow to the State.
Let us reproduce the facts and figures of
the Auditor:
of the bill.
The public debt reported from the Sc
cond Auditors office may be set down
in round numbers at.... 200 900
From this deduct one-third deferred
tNest lrglnla) 16, 900, 600
Amount upon which the funding act
propose to pay six per centum per
hhnuln. So2, UUO,UUU
Interest at six per centum on same....$ 100000
Expenses of government, estimated. l,l00,0co
Total.-.... .......................".S 500, 600
This is the amount, as shown by the
Auditor of the State, which must be an
nually expended under the provisions of
the Funding bill iniquity. What are the
present sources of taxation from which
this enormous sum of expenditure is to be
met? The Auditor has exhausted the
whole category of these sources, in his very
able report to the General Assembly, and
shows that the entire annual receipts of the
Commonwealth from them, cannot exceed
81 1915, 1857 80 leaving an annual deficiency
in resources, amounting to over one million
one hundred and .fony-three thousand dol
lars
These are the stubborn facts of the Au-
ditor's exhibit, and no one, either in or cut
OF the General Assembly, has made the
first attempt to get over them. They still
stand on the pages of that report as grimly
defiant as when first reluctantly arrayed
there by the Auditor. They tell but one
story point to but ono result; make but
one horn of an ugly dilemma, and that is,
liquidation or Repeal.
Not to see this is stubbornly to shut our
eyes against seeing anything, not even a
streak of daylight, much less an object Wis
ible through legislative owl-glass. Neither
to repeal nor repudiate, but to swing
through such financial exhibit as that of
the Auditor, were as impossible feat as
to pump oil out of spent well, or make
dry wand sprout and bear leaves.
''But we have over million and half
of dollars in the treasury" exclaims one
of these fellows wearing legislative owl
glasses, sand can pay the January and
July interest without difficulty" Yes,
but where shall we bring up at the end of
the next fiscal year2 In what bottomess
quag shall we find ourselves then. Con-