The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-05-23

LIST January, 1873, of el0, 1s9,000. But
from this apparent debt there must be de-
Quoted certain bonds bought up by the
state. These several amounts were in the
aggregate e796 900, thus leaving the abso-
lutte debt at e9, 4O3, 900; which, having as
signed to West Virginia one-third, there
remained &C, 26S, 900 as the real debt of
Virginia. The interest upon that sum at
the rate of 6 per cent. per annum would
amount to G376,000 a year. Now
the assessed taxable values at stake
in 1871 were as follows Real
estate, e55, 100000 personal estate,
Gl7, 077 900; total, e72,2S2 900. The
taxation upon that sum would, at the rate
Of z per cent, or I'D, in the 81, produce
G542, JIG, or an excess over the sum re-
ouired for the payment of interest OF el65,-
| 9S7, such surplus being ample for the car
rying on of the affairs of the government.
In addition to that the government held
stocks in various state railways, canals,
and other works to the amount of e6, 1922
900, of which amount e2,009,000 might
be regarded as good and available against
so much debt in few years.
OF course of that amount they must
allow West Virginia to participate to the
extent of one-third, thus leaving the sum
of 81 $3.50 900 as credit of the real debt,
and reducing that amount to G4,929, 900
which was an absolute charge upon all the
the lands Of the state amounting to IS Sd
per acre. The speaker then drew the
attention of the meeting to the acts of the
legislature since the war, and showed
that the state was gradually meeting its
obligations when, in the autumn
of 1865, the federal government had seized
the state and placed it under military rule
as district No. 1 Under these circumstan.
ces the state has been powerless to act. Their
again, when the state had been re-admit
ted into the Union, clause in the act dis
qualified any citizen who had borne arm;
: against the federal government from hold
| ing office again. By that means those cit
. liens in Virginia who were really anxious
to maintain the credit OF the state and full
fill her obligations were kept out of the
: legislature. Now, however, he was happy
> TO say such restriction had been removed
, and at the election soon to take place tn
, opportunity would be afforded to thos,
who had so long been shut. out from tn
conduct of state affairs of resuming tn
4 reins of government. BY an act lpasset
some weeks since it had provided that
II per cent. SnOulu pe pau hnlncu".S'F VI
q the funded debt, and on Sds ofthe unfunde
' debt, and that on the LIST of July eusuinI
! another per cent. would be paid. Th
!. assurance had also been given that tn
/, treasury possessed ample means to pay las
8 YEARS. suspended interest. (Cheers.) l
conclusion, the General dweltup the ma
tural resources of the state.
o Colonel Richard Maury fully CORRIDORS
d ted all that General Imboden had said rels
a tive to the capabilities of Virginia to met
her Indebtedness, and relative to her desil
:. to do so.
IL After few remarks from Colonel Elan
IS gan, Mr.. Hartingstall, and others, Commi
O sary- General Gardner rose and propose
q the following: "That the best thanks
:: = the meeting be given to General lmbode
IL for the explanations that he has given as
~ citizen of the condition of the finances
J. the commonwealth of Virginia, and for !
d maintenance of the principles by which
:, credit should be maintained and the bon
, holders trust that the Legislature will reli
IN iously fulfill the conditions of the obligatio
e. they had entered into with their creditors
: The resolution was put and carried unar
10 mously.