The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-03-02
A Gloomy Statement.

The Richmond Enquirer Of the 26th, under
the caption OF Topics at the Capital" gives
the following paragraph for the digestion Of
the people CT Virginia. The statement here
made is in correspondence with the views We
have frequently expressed through these col
umns-t!at, under the present tax BILL there
was no possibility Of meeting the interest on
the public debt and the current expenses of
government, and that it would require q levy
Of 100 certs on the one hundred dollars, in
stead OF fifty cents, as now, to meet the de-
mapls on the State Treasury. We submit the
statement from the Enquirer, without further
comment: Auditor Taylor will, this morn
ing make report to the House of Delegates
in response to Mr.. Masscy's resolution of in
of figures, and will disclose the startling facts
that under the present tax bill the amount of
revenue collected will fall so far short of the
demand OH the State Treasury, that on the lst
of December there will be e deficit OF over one
half million of dollars. And this estimate does
not include the payment OF any interest Oh the
State debt except that paid by the reception
of coupons for taxes. Mr.. Taylor thinks the
stamp tax now before the Senate will realize
about $50, 900, and believes that tax must be
placed directly upon the consumption of whis-
key. In this connection we may remark that
distinguished lawyer Of the Legislature says,
that Gov. Letcllcr's proposed whlskey tax is
unconstitutional. Well, we have heard many
propositions for taxing the consumption Of
whiskey directly, but we have yet to hear OF a
scheme that is not open to crowd Of obiec-
tions.''
Since the above was put in type, the report
OF the Auditor has been received. The tinan-
cial condition Of the State is summed up as fol-
lows. as we find it in the DispatcA:
From the foregoing estimate it win be seen
that the estimated receipts of revenue in cur
rency from the oath of February to the lst OF
December. 1876, will be sS97,735 70, while the
disbm sements for the same period will be 81
74a, 4s9 05, showing deficit of $751; 53 80.
This large deficit results in 4 great measure
from the item of s409, 900 arrearages due the
school fund. These arrearagcs. difficult of as
certainmcnt until the work of the year has
been fully completed, have recently been esti-
mated for under a resolution CT the House OF
Delegates calling for the information, and it is
supposed will reac.., the amount reported.
1t will be, Of course, a matter Of anxious in
qniry how this deficit can be provided for.
We're the question propounded directly to me, /
should unhesitatinSly answer that there are
only two modes known to me by which it can
be effected: First, BY an increase of the rate
of tax upon the value of land and property i'll
the State; or second, By stamp tax and tax
upon the consumption of whiskey.
In the statement it appears that the amount
due the Richmond banks for temporary loans,
is 5000, 900; due Miller Fund, $36, 900. Esti-
mate for expcn ;cs of Government to December
|, 1876. S736. 4S9 05. Revenue of 1875 yet due
to public free school purposes. $3eS.0Oo. Ar
rearages OF revenue of 1870, 1871, 1872, 1873
anil 1874, yet due to public free school pur-
poses. 100000. Total, 81 ,749, 4s9. Estimated
raceipts-in coupons, 1897. 735 y: in currency,
sS07,73 70. Total, 81, 795,47l As.
The long and the short of the story is that,
il the arrearages due the school fund have to
be paid this year. the deficit will he nearly
5000. 900. If the demands Of the school fund
do not require that the arrearages be paid this
year. then the deficit will be about $500, O00
This, of course, includes the payment of no
interest OIL tile public debt other than is paid
by tile reception at the Treasury OF tax re-
ceivabe coupons.
The VALLEY V1RGINIAN has difficult task
In inarslalling tile bread and butter brigade"
OF Augusta county.to send delegates to the
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