Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-02-05
ALEXANDRIA, VA.
WEDNESDAY, FEBRUARY 5, 1873.

WEDNESDAY FEBRUARY s. 1873.
STATE FINANCES. Mr.. A. H. H. Stuart, Of
Staunton, has, iu the Lyuchburg Nirglnlan,
long and able letter on the subject Of the FL
nances of the State. He discusses deliberately
the whole matter, and comes to the conclu-
SION
lst. That Virginia is under strong moral and
legal obligation to pay her debt.
ID. That the debt was wisely incurred, and
that Virginia has already received in the en-
hsncement of the value Of her lands, and in re-
duced cost of transportation of her agricultural
products, and otherwise full equivalent for the
money she owes, and that that equivalent is to
be greatly augmented in the future.
Sd. That Virginia is now able to pay the In
terest on her debt, the principal of which debt
is about seven and half per ct. of the present
assessed value of her real and personal property
and that within very few years her ability to
pay will be greatly increased by enhancement
of the value of her lands, the increase of her
personal property, and the development OF new
sources of wealth which have heretofore been
dormant
Let us examine for a moment the official ig-
ures and see what they will prove.
The present assessed value of the
lands of Virginia S2Gl, Ill, luz
The present assessed value OF per-
sonal property I,oou,o2o
The present assessed value OF taxa
able incomes is.............. $3.50, $50
MakiDp appropate of S34Z OOL UUI
Assuming the State debt to be reduced, by
creditine available assets to S25 100000 a SIM
pie arithmetical calculation will show that the
debt of Virginia amounts to less than seven and
q half per cent Of the assessed value of her tax
able property
He then examines the various expedlents
that have been suggested for paying the inter-
est on the debt and meeting the current ex-
penses of the government, and states his objec-
tions to the schemes proposed. Hi: own plan
is, he thinks the best: -
II would meet the issue fairly and squarey
by an increase of the rate of taxation on the
present subjects of taxation. This is n mode OF
raising revenue to which our people are accus-
toned, and which they will readily understand.
The present rate Of taxation is one half of one
Der centum or SO cts on S1,0. If this rate were
increased to 70 or IS cts. on 500 it would pro-
duce sufficient to pay the interest on Virginia's
share of the public debt, and all the current ex-
penses of the State government. Such tax
would at once re-establish the credit OF the State
on firm basis, and inspire feeling OF conf
dence in the public mind A new assessment,
fairly made within a few years would show
such an increase in the value of real and per-
sonal property and incomes as would Justify the
Legislature in reducing the rate without d.
minishng the amount received into the Treas
ury. The revenue derived from other sources
might be advantageously applied to the sinking
fund.
"Somc will say that the burthen would be in
tolerable-that the people cannot stand it. II
the people are already so over-burthened with
taxes, how does it happen that so many counties
and cities are, at every session Of the Leglsla-
ture, applying for the privilege of subscribing
10 new works of internal improvement, thereby
greatly increasing the amount of their taxes!
It seems to me that this fact furnishes conclu-
sive evidence that the people do not feel that
they are now burthened beyond their capacity
to pay.
but let us test by figures the practical opera
ton of the increased taxation which | propose.
"a man who owns 5000 worth of taxable
property (Which is much above the average)
now pays tax Of SIS. If the rate were in
creased to three-fourths Of one per CT We would
have to pay $3.50, or an increase of $3.50.
Would this $3.50 overwhem him with ruin :?
Six or seven bushels Of wheat half ton of hay,
or 100 pounds OF good tobacco would pay it
Nay, more, curtaiment of one third of the
cost Of his segars, or in the number of drinks
wherewith he refreshes himself, would provide
q fund to meet it. A reduction of one third or
one half in the cost of single dress for his
wife or daughter would square the sccountW
It will be remembered that there were two
I