The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-06

Tn the worksoi internal Improvement,
constituting almost the Whole consideration
OF the public debt, Virginia had preserved
very large and valuable interests. Had
these great properties Of the State been
husbanded with ordinary prudence they
would have suflced ultimately, to extin-
guish very large part Of the existing debt.
But the policy prevailed Of divorcing1 the
government from the control OF the public
works. These al-important interests were
sold or encumbcred, or otherwise disposed
OF, and, for, the most part, with .rulno,ls
sacrifice and loss. Not only were the best
assets and securities OF the pubic credit
thus squandered and sunk, but another
disastrous result is that the main arteries OF
internal commerce have been surrendered
to control which is alien ii not unfrlendly
to the development OF our own marts OF
trade.
Another. if not equal injury. resulted
from new adjustment of the public debt
which deprived the State Of all control over
a large proportion of its annual revenues
for more than the period OF the present
generation. After the war, and prior to the
passage of the funding bill, the Legislature
had in successive acts recognized the obli-
CATION OF the debt and plighted the public
faith for its redemption. But nothing had
been done which countenaneed the policy
of bargaining off the future revenues OF the
State and subjecting the maintenance or
the government in any degree to the mercy
of bonded creditors. No call from the peo-
ple at home, no pressure from creditors
abroad, necessitsted or justified. or sug-
cested such settlement. Up to that time
nothing but sympathy and goodwill had
marked the relations OF the bondholders to
this Commonwealth: the enactment OF the
funding bill was Il surprise no less to them
than to our own people; and we now
know that settlement incomparably bet
ter for all parties concerned IN the DEBT
of Virginia could then have been easily and
honorably procured. Although the proper;
ton OF the revenues thus sequestered and
nut beyond the proper control OF the State
by the original contract OF the funding bill
was very much less than that contemplated
and proposed by its projectors; although
the oDerafion OF the bill was to some extent
arrested by subsequent legislation, and the
amount Of revenues which it diverted from
the treasury thus materially diminished ;
and although the subsequent rate OF taxa
ton has been greater by twenty per centum
than that which the authors OF the bill de-
cIured to be sufficient for carrying on the
government and for paying, at the same
time, full interest on the whole OF the ante
belum debt, then amounting to more than
forty-fve millions OF dollars notwithstand-
ing these measures OF partial relief from the
intolcrable hardships thus sought to be in
licted upon the government, nothing less
than extraordinary caution, economy, anu
vigilance have sulliccd to meet current en-
penses, to enforce the laws, and TO hold So
cicty together. ....,..
LII: ;i,, ~ tNni I,ln
transmitted to us by our predecessors, other
causes have superycned TO cmbarrass the
government 1Just four years ago none
taly collapse settled down upon the BUSH
ness of the general country, and its disas-
trous pressure was felt throughout the
civilized world. In our own midst it in
paired public and private confidence and
credit: it Shrank all taxable values; 1t
locked llp the local circulating medium,
which even heretofore had been inadequate
and scanty: it increased the hardships OF
taxation and hindered the collection OF
taxes: it inevitably postponed the financial
restoration OF the State, and for q time 1t
redoubled the difficulty OF carrying on the
government. -
In fairly estimating these accumulated
difficulties from within and without we
have right to rejoice that Virginia has
struggled successfully through them all. i
speak advisedly and deliberately i'll affirm
inc that the worst is over. For more than
u year the great monetary panic has been
stea Oily and visibly receding. The taxable
values and annual revenues give every
promise of continued and progressive i'm
provement; while in all practicable direc-
lions, and us far as the existing laws per-
NIT, the public expenditures have been cor
| !. f1,a loci fHIIJs
years not only have the public schools and
charities been maintained, law and order
upheld, and the authority OF the govern.
ment preserved in its vigor, but the sum OF
S5,275,953 has been paid on account OF
interest ON the various obligations OF the
State. The year, which is about to close,
has brought with it favorable seasons, boun-
tiful harVests, and Astounding health; while
the masses OF the people, by hard toll and by
improved habits of industry, frugality, and
thrift, have made steady and marked pro-
gress in working out the material restora-
ten of the State. The perfect peace and
tranquility everywhere and always pre-
vailing have been solely due to the law
abiding virtue OF the people; for in no lu-
stance has the employment OF military
force or any rigorous exercise or Executive
authority been needed for the preservation
Oh OruCI. w ME .aldIHilio SoHHiS|1 "
tween capital and labor have shaken the
foundations OF society elsewhere, and even
invaded some OF the States contiguous to
our own, no ripple OF lawlesS excitement
has disturbed any OF the currents Of busi-
ness or enterprise i'll Virginia. -.
For deliyerance in the past, for the op-
nortunities of the present, and for the pro-
misses Of the future, let our praises be lifted
| TO The GiYer OF every good.
RECEIPTS AND EXPENDITURES.
The average annual receipts from taxation
for the last eight fiscal years have been 3d.
401, 726.l9. The receipts from the same
source for the fiscal year 1857 were 81.
sos, 3S7.17. Though above the average, this
amount is less than the receipts for the next
preceding year by $173,952.4I. The reduc-
ton is due to the difficulties which were
encountered in changing from one system
of liquor taxation to anothcr-the taxes inn
posed upon consumption by the new law
having been wholly suspended for con-
siderable period by the Injunction OF a FED
eral court, while the same law very greatly
reduced the taxation of wholesale dealers.
The loss to the revenue from these sources
during the last fiscal year was not less than
5000, 900.
The disbursements OF the revenues from
taxation during the last fiscal year were rs
| follows:
| For ordinary and permanent eX- -
| Dcnses of the observation-disclosures 961.393 AZ
| For extraordinary or temporary ex.
| Denses. required BY special acts OF
| Assembly, for purposes other than
the current support OF the govern
For public free schools .............. 326,266 46
| For interest ON debt.............. 1,062,11O II
. Balan @ apDlied temporary loans