Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-06-02

WEDNESDAY, JUNE 2.

tor is publishing series of very able and in-
tersstiug articles on the State debt IN the last
of which it says
Let US enquire whether it is true that Virgin
in is bankrupt The Auditors report for the
year ending September SOth, 1874, shows that
the assessed value of the lands of Virginia In
1870 was 1901, ass, 1858. This assessment had
been reduced in 1873 to S25l, 573,Gll, 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, imperfect as the returns
are, had increased from S7s082l76 to $50, H.
800, being an increase 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, wehaVe
IS the result:
Value of real estate......."........S2 l, 573 Oh
Value of real and personal property 81. ll2SO
Aggregate of real and personal prop S356, 49, 4lO
Assuming the whole 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 vet she is represented ss insolvent!
What would be thought of an individual who,
owning 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 proper
ton which the assets of Virginia bear to her
debts.
The debt of Virginia on September
Der 30th, 1873 was......... S3U, 4oo, al
Amount bought in by Sinking fund
and Board of Education during
the year ending September, 1874. 62l. 73O
sly, 957, Ull
Thus it appears that over half million of the
bonded debt was paid off during the last year.
Tbs above statement showed the true smount
of the debt as it appeared from the books Of the
Auditors Office But there is reason to believe
that not less than million Of dollars OF these
bonds have been lost in shipwreck, confagrs-
ton and by the ravages IF the war, and thatthey
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 Oh to re-
deem will much exceed twenty-six millions of
dollars.
By the compromise under the Funding bill
the primary liability has been reduced from
forty 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 off three quarters of
million during the current year. This fund
was consolidated, and considerably augmented,
during the last session of the Legislature, and
measures were adopted to secure future in
crease.
Provision was also made by which, during the
fiscal year ending September 30th, 1874. 81 ,69l,-
SO was paid on account of interest on the
pnblic debt; and $345 O00 on account Of public
free schools.
Upon the same subject the Richmond Wing
says:
There is nedanger of an increase of taxation.
And there is 40 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 be-
ginning of an end which none now design, and
very few DESIRE"