Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-12-12
SHFs> a NIO1N ii II l.I24AI III

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and difficulty, from which twill require
beth wisdom and courage to eNIicate ii
Taxation and fiilance, at all times DIFF
Gcult- and delicate subjects to deal with.
come before you 1T this time under en-
barrassments and complications more
numerous and troublesome than ever
/ 'fo deal with these subjects wisely aud
well they must DE grasped in their en-
| tire y, and broad and comprehensive
measures adopted and adhered TO- a
shifting, uncertain, tempoiiz;ng policy
always and under almost all cifcumstan~
ces baneiul and denolalizing, when ap-
Piled to subjects Of such oyersh2dowinc
! importance as these, intiict iIiu.ies fJlllY
commensurate with the importance Of
the subjects involved What we need
is a'wise, comprehensive, just and per
manent policy upon these subjects, and
without it confusion, distress and dis
honor viii be the inevitable result.
trust that you viii approach the con
sideration Of these important subjects
with calm, lispassionate, but determim-
edpuipose to, so far IS possible, equita
bly, and properly adjust our system Of
taxation, restore the furnished credit Of
the State, and place it once more upon q
sound and healthy basis.
] 3'he reports Of the Treasurer, the First
and Second Auditors, and the Com
missioners of the Sinking Fund, exhibit
in detail the operations Of their several
departments during the last fiscal year
and the condition Of the treasury and
the public dett at its close on the GJth
day OF September last.
! desire, i'll passing to cal the atten-
ten OF the General Assembly to enc
or two items contained in the very lu-
cd report Of the Second Auditor, for
the purpose Of disrelling some nisap-
prehenslon which seems to have pre-
vailed IS to the total amount of the
public debt. First, our public debt has
! not been increased one dol ar since
1861, except from the ac,retons OF III
terest which we have not been able to
pay. Second the tota old debt (author-
lied to be funded under the act Of
March 80, 1879 on the lst Of July.
1871, after de,lncting payments lsy
railroads then or since made, WAS Is
7l8,ll2 -, two-thifds Of which is s. !
| 1874 80, on which amount vou au-
thor;zed the payment Of interest du-
ring Your last session, thus forever 81
ienc!ng the question Of cur liability Gyl
two-thirtjs Ct the clicina debt with &c
cnmuatcd interest. in1ny &st aunu~
message / expressed the opinion that
attel the assets of the State available
ior that purpose, consisting principally
OF railo"d inde btedness and stocks
we're applied to the reduction Of the
de0t the amount upon which we would
have to pay interest under the Funding
Act Won d MT exceed $40, 1)),0G0, the
annual interest 1pon which would sc
5t,5G0,9)
These assets consist principally Of
first mortgage upon The Eichm id and
, Danyille railroad Ct about Si8},662;
second mortgage upon the Atlantic,
Mississippi and Chic railroad for 8.
100000; stocks in tie E;cImcnd
Fredericksburg and Potomac Eaihoad
/ Company, smounjing to S2T5.2 70. nd
, NV ~ 80, r,s Az. ONO Etaf"s'
~ e.: r. ~, -, '''''''''''i III
90. ". - w. ,, D,f ,'o4i' 'l '''SS'
,'@ ,;+ '''e " "l'' '5i''S' ana some hS
go ''''S,'''' II = {h
,'a',h s''t 49, ,Ii ~, ''i''' '.'''h ,"t4Ff
Fatl y; S 5'l VIZ 3 ''''G ,l'@l5 5ii' $l''
'.'.,' ~ '''',,S "''1'@- 20" "at'"c' ms
f f,' - ~ .''@ 80 ,'E2s Is gwen ~
I, Sro g, ,'5 ,d., - , ,-s = 4 ''.,3ee
Nh al sa-nE re. 20 ~ 20 ''''i't7 %
;,,+l.+ ,.,@ ~ ''s, |'''s."
- N 80 u '' '''tL "|'il" ~ o"I ."
Wv 7 H. l,''i 1'9 >5tl'e'l essen
80 - '''>'' 'fle law
,S'.,o, ~ ~ 9''Ig :, nose ''%SeIS'
a., ~ t t''., ~" p o'.1'l'tG 'nFr sac
} w. 81 ST. ,''l.' i''i '''l.'S, III tate
1[;n 4o t,> ~ ''''l'e ~ These a'SP'
evan e,-l,.+ , ~ ''' l - 'i''1
tl' i'.'l W ' ~, ~ ''''i''3'1 .,
snoa,.:1, - w '''> I'ltt''''''id ans
,st '.' - - ~" w 'H<sV inter
,,a 49,, ', (,'t ,s'',g az S'''''o' a III.
.'''t''' 'i'>'' ~ '''s'> 'o'"''i'iVS' an"
,o.'la +':' '''el '>i e. i.s ii ~t''e
, ,q'.'n . - e'' . +4 ,'>e'''laG'ih% inter
"aso', ' ',.l 49, i ~ Gu see no
,.o'' le',1Jh why 'i''' amount OF inter
3, ,. l'(1'+ 4. ,''. "e s'o''e' '! tt' 7'''
- t'e W. - on '1''t ';'l':,''l'' 81 o@r'ae
~ "l'i',.l' - me '''-'' 1t " 9'''' DE Wiz
tx ~ ~ l 80 l,'' ,e''' - 'ie '7''e
I'''" '''''0 "0i'tS as Efeo0i!F as posi-
,v the I4tb soo4;n, RI tlo .ot :,
force March 18th, 1872, the valuation
ct lands, ascertailed IL pursuance Of