The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-03


'6Si.ss ole gtata handa, o portion Of whiah
waa al that tir1e, aud oil Of which would be
III 4 faW years, available for the redemption
On The State debt !,
"a. THAT g lie sum total OF tbe real and
naraor,nI property Id FirginiaSi Jim 16 10 was
& S723 81 $50, upon which WelmightI pre-
ilieate our calculations Of the rate OF taxa-
tion necessary to be imposed to realize
sufficient amount to meet our annual liablli-
ties"
4th, That taxation at the rate OF g forty
cents on the one hundred dollars OF value, !.
"upon the basis above mentioned, - adaed
TO the g interest on Understanding securi-
ties held by the State" and the tax upon
oysters, licenses, and Incomes would yieid
an anntial revenue Of g ~, 3d., 255.6S, OF
more than the sum total OF our annual liaolil'
ties" Il .sz. -j..j;.
9Th. That go, $40, 900 is the sum neces.
sary to be annually raised to pay current
expenses OF The Government and meet tne
annual Interest upon the public debt =; ,tnat
"a to say, inaEmneh as q tax OF iorty Genus
on the one hundred doilars,W.' "upon tne
basis above estimated" &C., would yield
annually 1884, $500 therefore the saio
tax of 8 forty cents on The one hundred dol.
Iarsn would yield revenue enough to pay
the current expenses Of the Government
and discharge the whole Of the annual In
terest or SIX per cent. on the original debt
Of forty.six millions and then to leave an
annual surplus III the Treasury OF ADO. 6o.
9th. seThata correct assessment would,
demonstrate that the total Of real estate in
the State was Id 1877 probably neariy equal
10 that or 1850, and that the total valuation
Of personal property. including. stocks,
bonds, capital STOCK, &c. which had not
| therefore been directly taxed on their yalE.
ation. (would) be about threefold more than
in 1s6G-'G7." - a s. 80 8 q
! 7th. That "the new assessment Of pro.
perty % then about to be made, would "when
completed give the correct basis upon which
to ascertain the rate of taxation to be im'
posed TO meet the maturing interest there.
altarO; and that such new assessment would
furnish very correct data upon which 70
base .flegisiative) action upon the subject OF
future tayation'iA that Is 10 say, the new 49,
sessment would be authoritative, conclusive,
and final az a test Of the value OF taxable
property and Of the capacity Of the State to
Iaise revenues. - ~ ~ =,
9Th. That the State Of Virginia is bound
l for the whole Of the original debt OF forty
six millions of dollars, and bound TO pro-
vide for meeting the whole of 1T and every
part of IL. 500 .i'.i ~ H"ti-.>.. g 1880
9th. That it would be Inconsistent with
I the lust obligations of Virginia to provide
| for payment of interest on only tWo-thirds
Of the debt, and so leave the residue to De
met by West Virginia, but that the liability
1 of West Virginia could 4" only be regarded
| Ia the Tight OF claim or asset Of uncertain
! value not In anyWise affecting our liability
| for the whole debt" and that whatever
sum (might) be eventually realized from this
claim must befpaid into the treasury OF our
State and applied to the liquidation Of the
debt Of Virginia, the same as other FUNDS
appropriated for that purpose" nt''
10th. That provision should be Gimme
diately made for the funding Of the whole
debt, principal and interest,"" "in one uni.
| form class of new bonds" "with interest
payable semi.annually In New York" Z. =.
18th. That all the new bonds Issued should
be coupon bonds, and the coupons at and
after maturity SHOULD be) receivable for all
debts and demands Of every character Que
| the State, to be so provided "not only In
the law, but upon the face of the coupon, so
that it might be known and understood Of
all" and so that every succeeding Leg1sia-
ture would be compelled to provide the ne.
cessary means for paying the interest on the
public debt, or stop the wheels of Govern.
ment." -t ~. si..2'- ~
The foregoing recommendations, estt'
mates, and statistics, were at the time of theiE
publication, and they are now, accepted and
sanctioned abroad as afording reliable mes
sure of the ability of Virginia to meet her
engagements. ad 4" t...,..''.' .'+'' .''.'
Governor Kemper then proceeds to show
! that the estimate of the value Of the real
and personal property in Virginia In 1870
was entirely too high. He shows that the
aggregate values Of all Kinds, both taxed ano
untaxed, within the State in 1850 amounted
to the grand total of S74S, 800 ,482 ~ In
Guided within the last-named aggregate was
the value of the slave property of the State
| which, according to the same official records
amounted TO $245, $4,000. Included also
within the same aggregate were the land and
personal property now in West Virginia
| The slaves have been freed, and West Virgins
cut off. These two items of loss being de-
Quoted from the grand total Of 1860 leave
I balance of taxable values Of 1896, 1880, 1876
Tie war destroyed much other property. II
Is in proof that the per capita losses OF ouI
people In some counties exceeded the present
per capita wealth of the people of Massachu
sets. Certainly and undoubtedly the taXaelf
values of Virginia at the close Of the wal
were much, less than $500, 900, 600. The 90
vernon shows, next, that In 1870 the State
| had no such resources as were claimed fol
her, and that the total assessed valueof lands
and personally In Virginia now is 1886, 1885,
1929; and he also shows that this 'aggre
gate of assessed values in the present period
of depression and distress, and notWith'
standing our immense Losses from war, Is
but 800 ,093, 758.42 less than the correspond
\ ing aggregate Of assessments In l660-the
year in which our resources and prosperity
were greatest. 1t Is further shown that the
assessed personal property, at present ts ;hul
,523, 1896, 09 less than all the. assessed per
1 sonal property, other than slaves within the
| present lim!ts,of Virginiain the year 1860
AS 10 The ,sum. OF 2i2, 66L044.2S which
| Governor Walker estimated would be re.
ceiyed from !" assets and securities held By
the State, :, Governor. Ksmper gives the fol.
lowing: ,.,..,l1 ;}1I.H: isr3aa
re EgEgz !. Il EsSzTgEEg
osga,4 EsEsggs < ssEsSsssg
Sc gPgzzG9s z ggggSSssE +,
g e. ssSgggg i5sssssssezss