The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-01-18
THE STATE FINANCES,

TOK-SUBJECTS OF NEUTRALITY-SUSPICIOUS. |
TIoNs. ETC, ETC.
We haze received the annual report OF the
First Auditor. which has been submitted TO
the General Assembly. 1t is volumin Gus
document, and has been prepared with no
little time and pains.
In the introduction to the tabular state.
ments the Auditor, among other things, says:
1t is to be noted that tie values of proper
ty will go ON steadily to increase when and
as prosperity returns to the country, and that
the debt OF the State will at the same time
be gradually diminishing by the silent though
powerfully operating machinery OF the ''sink-
ing fund.- and thus we shall have double
leverage at work to lift us out OF our tinan-
cial embarrassment. the progress OF which
will be more or less rapid as on the one hand
property increases III value ant the sinking
fund is made to operate efficiently on the
other.
Il will be observed that in the foregoing
statement | have not included either interest
in arrears or the one-tliird deferred interest.
1t might be.wel to inquire whether, from
prudential considerations and with view to
aid in establishing the credit of the State
upon a tirmer basis, authority might not be
giver; to funt. q part of this indebtedness in
four per cent. bonds. Should this be done
i. would. OF corse, necessitate the raising of
an additional sum for interest This, how
ever, would be measurably made up by the
tax upon the enhanced value of the bonds,
Which would be given to them by prompt
payment of interest. This view is suscerti-
BILE of wider application. 1t is estimated that
about eight million of the bonds of the State
are held by our own citizens; they are large
ly ''peelers,' and are to-day rated in the
market ut about thirty-iive cents in the dol
lar. Now, if by the prompt payment OF in
terest the market value of these bonds should
be enhanced to sixty cents, as they could
easily be, there would of course be an in
crease Of twenty five cents on the dollar added
to She property OF the individual holder, or
of 100000 in the aggregate, to the taxa
BILE value OF the property OF the State. In
this connection must ask leave to call at
| tCueioh "Sal.-. DC 'htfS iSPC"lSAiS NtO'is. w
the subject OF
| CRIMINAL CHARGES.
| The amount paid during the last fiscal
year was $l54,963 OIL, only 1924 y less
than the year before. Were this cost to the
State placed upon the counties and corpora
ton, as it should be, in my opinion, It's treas
ury would be relieved of not less than an an
nual expenditure of $150.000, which could be
| applied directly to the reduction of the de-
| felt.
| This recommendation have made so FIRE.
quently, and with such poor success, as al
most to deter me from again recurring to the
subject, but I am so profoundly impressed
with the Importance of the measure as to in
duce me to make another effort in that d-
| rection. During the past year my personal
attention has been more particularly directed
| to the nature of these charges, an analysis of
| which will be found in Doc. TX, and has con-
WINGED me more than ever, that il they were
made charges against the counties and cor
porations IN aohich they acre incurred, the
amount would be reduced perhaps one-half.
| They sciU never be materially reduced as long
as the State pays them and o,tr criminal laacs
remain unchanged
| Having shown something OF what has been
done during the fiscal year just closed, beg
now to call attention to what has not been
done:
First. L have not paid the balance due for
money borrowed from the banks and the
| Miller fund. The amount originally bor-
rowed from the banks was 5000, 900, OF which
100000 was paid off prior to the LIST OF Oc-
tober, 1875.
There still remains due and unpaid
10 the banks. COO 90
To the Miller fund................ $4,000 90
Total, $l36, 900 90
/ NOTE-The renewals OF the notes for the
100000 swell the apparent aggregate OF re-
ceipts and disbursements as stated In the first
part of report.
Second. have not paid the APP
preparation for building pur-
poses to the Western Lunatic
| Asylum 40. 600 90
Third. Nor the sum appropriated
to the Eastern Lunatic Asylum
for the same purpose, except
g 200, leaving L balance due
...................... .......... 80, 900 90
Fourth. There is still due to the
University OF Virginia of the
100000 annuity made at the
last General Assembly .....". $500 90
Total, 1921, 500 90
This amount hope to pay off in full dur
ing the month of December.
THE ACT OF IMPOSING TAXES, ETO
is 4 good one, and needs, think, but little
amendment. [ respectfully recommend,
therefore, that only such sections be amend
ed or modified as experience has shown to
require change. This course will greatly ex-
pedite legislative action, and consequently
the preparation of books at this office for the
Commissioners OF the Revenue, and thus en-
able those officers to complete their worl,
within The time prescribed by law.
The 18th and both sections Of the act pre-
scribing the duties, powers, ETC.. of certain
county officers, ETC., iii my opinion require
change. The sections are as follows to wit:
Each Treasurer shall commence to receive
the State taxes and county levies yearly on
or before the first day of July. or as soon
thereafter as he may receive copies of the
Commissioners books, and for this purpose
shall advertise for at least ten days at the
courthouse and at the voting places in the
magisterial districts, and in such other man
ner as may be necessary to give publicity
thereto, upon what days he will be at some
convenient public places in each magisterial
district to receive taxes and levies; and shall
i at the time specified, 90 to said places so des-
ignated in each magisterial district, and re-
main there not less than three days, for the
purpose OF receiving as well the State taxes
as the county levies and shall receive the
same whenever rendered, up to the first day
of December, yearly. Any person failing to
pay any State taxes or county levies to the
Treasurer by the first of December shall in.
cur penalty thereon Of five per cent. which
shall be added to the amount of the taxes and
levies due from such taxpayer, which, when
collected by the Treasurer, shall he account
ed for in his settlement.
RAILROAD COMPANIES.
The suit brought against the Chesapeake
and Ohio Railroad Company to test its LA
bllity to taxation, and which was decided adj
yersely to the Commonwealth in the Circuit
Court of the city of Richmond, was, taken to
the Supreme Court of Appeals. The decis-
ion of the court below was reversed, but an
appeal was taken by the company to the Su-
preme Court of the United States, where the
case now is. 1t will most probably be decid-
ed at an early day.
The Richmond and Danville Railroad Com
pany have paid, on account Of interest due
The Commonwealth, the sum OF $4,000 In
coupons, which l have turned over to the
Commissioners of the Sinking Fund as direct