Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-12-04


OF liquor taxation to another-thc taxes i'm
posed upon consumption by the new law
having been wholly suspended for a con-
siderable period by the Injunction of Il Fed
cral 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
100000.
The disbursements OF the revenues from
alton during the last fiscal year were as
follows:
For ordinary and permanent en-
penSCs of the commandments 967,393 AZ
For extraordinary or temporary cN-
penses required nv special acts of
Assembly, Ter purposes other than
the current support OF the govern
For public free schools ............. 326.2G6 is
For Interest OH debt. 1,062,1lO II
Balance applied TO temporary loans
of the year 1S76-'76.. 57,3G4 so
s2,5O5,3s7 II
"Thc fiscal year Of the State and that of the De-
p;.r;mcul nf Public Instruction begin at different
lates-hfnce an aEparent GtScrepaney between sums
Superintendent Of Public Instruction.
The ordinary expenses Of the govern
ment for the last fiscal year We're less than
for any year since the Constitution took
effect. and less by SSS, 5S3.0S than the ave-
rage annual expenses Of the last eight years
on the same account. 1t will be found that
the criminal expenses, which are wholly be-
yond the control OF the Executive depart
ment. have continued to increase in an en-
traordinury manner; and, due allowance
being made for that fact, it will be seen that
thr reduction Of the other ordinary en-
penseS Of the government has been consid-
crably greater than the foregoing statement
indicates.
THE PRESENT CONDITION OF THE DEBT OF vIR-
GINA.
OF all the vagaries and extravagancics of
the period VIC live in none exceed the mis-
arprehcnsionS which have obscurcd the
financial condition OF Virginia. It is to be
deplored that Interests so complicated, SEN
sitivc, and sacred rs those Of State faith and
credit should ever be bedragglcd in the
cphcmeral cNcitcmcuts OF personal and par
tisan politics. The principal SUN Of the
debt, The arrears OF interest thereon. and
the annual deficiency in the treasury, have
all been subjects Of the widest eNaggera-
ton; while the market value Of the public
bonds has been deprecated, and the popu-
lar mind has been discouraged by miscalcu-
lations as to the ability Of the State to carry
its debt, which are ill the last degree erro-
neaus. fancifn!, and cXtrava%ant.
! propose to recapitulate the financial
condition Of the State and to present its en-
tire Indebtedness with the utmost possible
eXactitudc. The particulars are drawn
from the only authentic sources, and they
arc verified by the only tests which can en-
cludc the possibility OF error.
The principal sum of the entire
debt proper Of the Common
wealth. OF the beginning OF
the present fiscal year, is....... S2o.350,Sl6 &c
The urrcarS OF interest which have
accrued since The funding bill
took effect. and which constitute
much misunderstanding
ueDt, amount to............. G,ISS,l4l SO
Consequently tho whole Of tic pub
lie debt. Including principal and
VII arrears Of interest. l.: ,53s.a5s %
The entire debt assumed by the
The @ dfGrcnce is the increase OF W.
the debt during The six years
which have elapsed since the
funding bill went into operation
VIZ So.UOU.Z10 on
These figures show that the average an
nlal increase of the debt during the last six
years. resulting solely from the accumua-
ton Of interest arrears, has been SOLO, 03G.10
and no more.
Fortunately, the State yet retains several
interests in internal properties other than
the water-line, which are salable and have
dctermuate market value. II it be the
pleasure of the General Assembly to- pro-
vide for the sale of these interests at their
present value, and ii the proceeds of such
sales be invested in the new funded bonds
OF the second class, they will suffice to re-
tire 100000 Of the existing debt, and
thus the entire outstanding Indebtedness
OF the State will be reduced to S3l $685..
959.Q9.
But, in calculating the deficiency in the
treasury for the future, let it be assumed
that this measure OF relief may not COM
mend itself to legislative approval.
1t is rs clear as mathematical demonstra-
ton that if the Legislature shall leave the
general features Of the present revenue
system untouched, merely correcting patent
defects in matters of detail, the current re-
sources OF the treasury will hereafter snf-
flee 10 pay full interest on the entire out
standing debt. Even if our taxable values
should not continue in the future to i'll
crease, as they are now increasing, by The
slow bat certain processes OF reproduction
and accrction; even if no rctrenchment OF
the general expenses be made, and il the
present revenue system be simply perfected
and then allowed to go on without inter-
ruption, full interest will be paid to the
creditors Of every class. The recent con-
stitutional amendment, which prescribes
biennial sessions of the Legislature, will
nccessitate an average saving, in legis-
lative expenses alone, of one hun
dred thousand dollars annually. This
single item OF rctrcncbment reduces
the average annual deficiency in respect to
the debt from S5l0,03G1 10 down to $4lO,-
O3G.1O. The balance of revenue needed to
cover this reduced deficiency Is already
guaranteed by the new revenue measure
devised by the last General Assembly.
The method now in force for taxing the
consumntion OF alcoholic and malt liquors
is an experiment which its authors have
not claimed to be free from defects. ana al
though more time is required for giving 1t
full and ctlcctual operation in many por-
tons OF the State, yet the returns already
made demonstrate beyond question that
upon the obvious defects OF the measure
being corrected the >ncreaSed revenue TO
be derived from it cannot fall below halt
million OF dollars annually. This is no con-
iectural estimate. 1t is the result Whlch IA
irreSstibiy proved by the actual working OF
the new system under many disadvantages:
In my inaugural message 10 the General
Assembly | expressed the opinion, when
subsequent experience has strengthened
and confirmed, that ny properly rcarrang-
ing and rctrenching the expenses OF the
government all the obligations OF the State
could be fully met and the existing rate OF
taxation at the same time reduced. ReserYlng
that subject for another part OF this paper, l
take occasion now 10 congratulate you upon
the unanswcrable fact that ii no adverse ac-
ton shall either increase the volume OF eN-
penseS or diminish the supply OF revenues,
the interest on every class OF debt Will be
paid, and the financial restoration OF Flr'
cinia is already assured and virtually con-
a1