Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1875-06-10

HE DTATE DEBT.-Ine DtauntOn
Spectator is publishing series Of very
able and interesting articles on the
State debt, in the last of which it says {:
Let us enquire whether it is true that
Virginia is bankrupt The Auditors
report for the year ending September
30th, 1874, shows that the assessed
value of the lands Of Virginia in 1870
was 1901, 455,35S. The assessment
had been reduced in 1873 to $25l, 573-
GIL, making reduction, in round
numbers, of fifty millions of dollars in
the short space of three years. But,
while the real estate has thus declined
the value of personal property, i'm
perfect as the returns are, had increased
from S7S,G92, 176 to $85. 800, being
an increased of over seven millions OF
dollars. The increase in the last year
was about four millions of dollars.
Taking the official figures as our
basis, we have as the result:
Value of real estate -$25l ,573,611
Value of the real and personal property S51l2 800
Aggregate of real and personal prop. ,4lC
Assuming the who lie debt of the
State to be thirty millions of dollars, it
does not amount to NINE PER CENT Of
the value Of her property ! And yet she
is represented as insolvent
What would be thought of an in
dividual who, owing one hundred
thousand dollars worth of property and
owing nine thousand dollars, should try
to escape the payment of his debt on
the plea of insolvency? Yet this is the
proportion which the assets of Vir-
ginia bear to her debts.
The debt of Virginia September SOth:
1873, was $50 ass, TAI
| Amount bought in by Sinking fund and
Board of Education during the year
ending September, 1874 5I, 73t
s2s,s57,oA
Thus it appears that over half a
million of the bonded debt was paid of
during the last year.
The above statement showed the
true amount of the debt as it appeared
from the books of the Auditors Off ce.
But there is reason to believe that not
less than million of dollars of these
bonds have been lost IN shipwreck,
confagration and by the ravages OF
the war, and that they never will be
presented for payment.
In arriving at the true amount of the
| debt, it is also proper to deduct the
available assets which Virginia holds
to meet her liabilities. Making these
deductions, we doubt if the debt which
she-will ultimately be called on to re-
deem will much exceed twenty six
millions of dollars.
BY the compromise under the Fund
ing bill the primary liability has been
reduced from forty-fye millions to
thirty millions of dollars. A sinking
fund has been organized, which paid
half million of dollars during the last
fiscal year, and will probably pay of
three quarters of million during the
current year. This fund was consoli>
dated, and considerably augmented,
during the last session of the Legis-
lature, and measures were adopted to
secure future increase.
Provision was also made by which,
during the fiscal year ending SeptemS
Der 3Oth, 1874, $1,691, 1916 was paid
on accounts of interest on the public
debt; and $345,000 on account Of pub
lie free schools.
Upon the same subject the Rich,
mond Wing says:
''There is no danger of an increase
Of taxation. And there is no danger
Of reputation, if there is wisdom
enough on the part of both the 'fund.-
ers' and ':anti~funders" to refuse to
force the issue at the polls. If not,
there may be the beginning of an end
which none now design, and very few