The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-03-07
CONDITION OF THE STATE.

THE ONE HUNDRED AND SEvENTY-FIyE
THOUSAND DOLLARS ALL GONE--THE
BANKS REFUSE TO GRANT FURTHER AS
SISTANCE-THE AUDITOR CALLS THE
JOINT COMMITTEE OF FINANCE TOGETH-
FIR, AND INFORMS THEM THAT HE CAN'T
RUN THE GOVERNMENT ANY LONGER,
&C., &C.
[The Richmond State of the 5th furnishes
the following condensed statement of the
fearful condition of the State finances
The Coupons are absorbing the life of the
monwealth-stopping the machinery of
government, with virtual anarchy staring
in the face-yet the Funding Bill must
stand 1t is the cause Of all of our pres
ent complications, and with a full knowl-
edge of the utter Bankruptcy of the Treas
ury, Gov. Holiday faunts his veto into
the face of the Legislature, commanding the
People through their representatives, that
their shall be no legislative relief. To this
complexion it has come at last.l The State
says:
The Auditor of Public Accounts called
the Joint Committee on Finance of the two
Houses together this morning and laid be-
fore them the present financial condition of
the State.
The statement furnished the committee
shows that the following amounts in COIL
pons have been received:
lS77-In October, $s5,O71 November,
$44,S11 ; December, $467 $40.
1s7s-January, 1913, 720 February, s27,-
SIG; to March 4th, $15, 756-$734,5 23.
Amount OF coupons outstanding and ma
tura6 and liQb1a n in OF
1864, 44O. Cash in the Treasury to. day,
$103.95. Due to banks, to mature this
month, $175, 1000, and the banks have refused
to grant further loans.
Balance of taxes due for the last fiscal
year only little in excess of 100000.
The Auditor stated that the condition of
the Commonwealth is truly deplorable.-
There are no taxes coming in. The people
cannot pay and are not paying. Treasurers
who had heretofore responded with thou
sands, could not furnish him with any,
thing at all in the way of me ney. Cou
pons being now at thirty per cent. dis
count, everybody was paying in coupons.
The Auditor was asked how long he could
run the Government. He replied, not one
hour. He had no doubt the $103 had been
exhausted in the last hour none could be
borrowed and none was being collected
The asyluMs were behind, even on support
account, and were calling for help he could
not afford. He had no means of paying the
per diem of members.
He was asked if he had anything to sug-
gest as means OF avoiding a deadlock of
the Government, and he replied none what
ever, unless the General Assembly could
provide that the license tax should be paid
in money only. This he believed could be
done. OF the one million yet due, there
were nearly enough of coupons ready to abb
sorb it. On the LIST Of next July, 100000
more of them would mature.
The committee will meet this afternoon
at 4:30 O'Clock to consider this matter.
At the evening session of the joint COM
mittees, two bills were determined on one
for the collection Of taxes under the Moffett
bill in currency. and the other, the general
license taxes also in currency.
AS only eight members of the Legislature
will favor an increase Of taxation, :his is
the only remaining mode of keeping the
Government wheels in the motion. But no
amount of taxes could come in time to meet
the emergency.
If these resolutions are attempted to be
put in force, they will. if the Governor is
consistent, encounter his veto, as they ''bris-
tle'' with the very Flaw points" which it is
claimed the Court Of Appeals has decided.