The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-12-04
ontinn. d rom ri :, age.

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or since made. was SIS, 7lS, ll2.23, two
thirds Of which is $50, AIS, 74l 40, on
which amount you authorized the payment
of interest during your last session. thus
forever silencing the question of our liabili
ty for two-thipds of the original debt with
accumulated interest. In my last annual
message, expressed the opinion that after
the assets of the State available for that
purpose, consisting principally Of railroad
indebtedness and stocks, were applied to
the reduction Of the principal of the debt.
the amount upon which we should have to
pay interest under the Funding Act would
not exceed s2B, 900, 600, the annual interest
upon which would be 81 500, 000., These
assets consist principally of first mort
gage upon the Richmond and Danville
Ra lroad Of about $3.50, 662 a second
mortgage upon the Atlantic, Mississippi
a.d Ohio Railroad for $4,000 600; stocks
in the Richmond, Fredericksburg and Po-
tomac Railroad Company, amounting to
1915 200. and in the Chesapeake and Ohio
Railroad Company, go ola 1857 so, amount
ing in all to SO, 769, $3.50. Some of these
assets are worth more, and some not
quite as much as State bonds, but it is en-
tifely safe to say that within twelve months
they will bring their full sum total in State
bonds. Now deduct this sum from the
total debt, as given by the Auditor.
and it leaves balance of only $SS. 94S.
262.I3, two-thirds Of which is s25,985
sos l8, the annual interest upon which
would be but 81 ,557 $50 90. But the
General Assembly in February last repeal
cd the law authorizing the sale of those
assets, although that law prohibited their
sale for less tnan their market value, or
for less than their par value in State bonds.
Now, from none of these assets does the
State derive any income whatever, except
from the small amount Of the MORTGAGE of
the r Edmond and Danville Company, nor
do these interests give the State any con-
tTol in the management of these compa
MES; and Yet the amount they represent
in State bonds is certainly accommodating
interest against the State, and can see no
good reason why that amount of interest
should not be stopped. and the State re-
iieved from that amount Of burthen. 1t ap.
pears to me that it would be wise to pro-
vide for their conversion by the State into
State bonds as speedily as possible.
BY the 18th section OF the act in force
March Is, 1872, the valuation lands, as
asceriainvd in pursuance Of the act APP
proved July 8. 1870. and the acts in force
January "a and February LIST, 1872, was
declared to be permanent, and on that
paramount, and ON that basis the taxes OF
1872, were levied. Now the act il { rec JAM
uary a, 1872, was expressly repealed by
an act in force February 2lst, 1879,
and hence all taxes levied upon assess.
n :nts as revised aud changed on appeals
70 the county courts by authority Of this
latter act are unauthorized and void. II is
probable that nearly all the appeals to the
county courts were heard and determined
by virtue of the act in force February 2lst,
1872, and hence 1t will be necessary for the
Legislature to promptly validate the assess
ment OF taxes made upon the valuations
thus determined. In this connection, |
desire TO renew the recommendation con-
tanned IN nv last annual message upon the
subject of the
EQUALIZATION OF TAXES.
When YOU assembled one year ago nu-
rnerous nplaints were made as to the
great Inequality of taxation in different
sections OF the State, and in most intanceS
the complaints were just. The General
Assembly undertook to remedy the evil
complained OF in two ways--first, by
extending the time within which appeals
might be taken 10 the county courts by
those feeling themselves aggrisved by the
action OF the assessors, and, second, by
providing TOR an entire reassess,nent Of the
!ards III any county upon certain prescribed
proceedings being had. Probably one
third of the counties of the State have
f"fen action under one or the other of
these ITS, and the result has been very
e,n ide able re.nctinn in assessed yalua-
Ia" but the remedy has rather
in1re sed thaa diminished the
real evil. Complaints, and well founded.
too, still exist, and you will again be called
uplp, have no doubt, for further relief
fro unequal assessments, and you and
your successors may go on Gd Hbitum with
THESE measures of temporary and partial
relief without ever satisfying the people or
correcting the evils existing. The real evil
does not lie in the fact that assessments
are too high or too low, but rather in the
fact that they are unequal. Abstractly, it
matters not that property is assessed at
one-half or it's full value, provided always
the assessment is e9ual-that is, that
dollars worth of property in one section is
assessed at the same amount as eysry
other dollars worth in the State. Abso-
Lutte equality is unattainable, but it can be
appropriated. One Of the duties now i'm.
posed by law upon the Board of Supeiyi-
sors of each county is to ''examine the
books of the assessors and regulate and
equalize the valuation Of properly" If it
IS necessary to equalizs the valuations of
property among tne several townships of
eich county, is it not equally or more ne
csssary to equalize such valuations among
the several counties composing he State /? |
BY an act passed March oath, 1888, pro-
vlding for reassessnent of the lands in the |
Commonwealth, and which was in force
Tor eighteen years, a very good system for |
the equalization ofthe assessments through |
on' the entire State was provided. which
mi hit now he put in force, and undoubteol.
" fh the happiest results.
i'le oeseiai ACTS III lorce January oath. |
February LIST, and February 2lst, were not
approved by me, because did not deem
them the proper remedy for the evil com
plain ID OF. To the act in force February
LIST, 1879, providing for a reassessment.
there was an additional objection. enter.
tanned grave doubts as to its constitution.
atty. The sixth section of the tenth article
of the G n>titution is in these words s.The
General Assembly shall provide for re-
assessment of the real estate of this State in
the year 1863, or as soon thereafter as