The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-01-17
The Debt Question.


Committee, the following bill, as basis for
he settlement Of the debt question:
Whereas the condition Of the people of
his Commonwealth is such as to render an
increase OF the rate of taxation upon pro-
perty impracticable, and the General AS
'embly OF Virginia sconceding that its pow
er to tax the property or person of the cti-
zen must at all times be confined within the
reasonable limits prescribed by what, in the
Judgment of the General Assembly. is the
ability of the citizen to pay without rninous
damage to his property and business. hereby
declares that the present rate OF taxation, to
wit fifty cents on every one hundred dol
lars of assessed value Of property, is the ut
most limit to which the General Assembly
should proceed in levying taxes and where
as the revenues of the Commonwealth. with
the present rate of taxation (Which is the
highest that should be imposed will not en-
able the Commonwealth to maintain its gov
crnmentai organization by paying the neces-
sary expenses incident thereto under the
most rigid system OF economy, and to dis
charge its constitutional obligation to the
system OF flee schools, ordained by the fun
damental law of this Commonwealth. aud
to pay the present rate OF interest on the
lie debt; and whereas the preservation of
the State government is absolutely necessa-
ry, not only for the protection OF the person
and property Of the citizen of the Common
wealth, but for the preservation Of the rights
and promotion of the interest of the creditor
Of the Commonwealth; therefore,
l. Be ii enacted Jy tie Geaera1 assembly,
That on all tracts and lots of land, and the
improvements thereon not exempt from
taxation, and on all personal property and
chooses in action, and on all toiltridges and
ferries there shall be a taX-1st. Oftwenty.
five cents on every one hundred dollars OF
the assessed value thereof which shall be
collected only in lawful money of the Unit
ed States for the exclusive purpose. Of de-
fraying the necessary expenses OF main tain
ing the government of this Commonwealth
as the said disbursements may be directed
by proper appropriation acts Of the General
Assembly 3D. OF ten cents on every one
hundred dollars of the assessed value there
of for public free school purposes, which
shall be collected only in lawful money OF
the United States, and shall be paid into
the treasury to the credit of the public free
school fund, and shall be used for no other
purpose whatsoever; Sd. OF fifteen cents
on every one hundred dollars of the assessed
value thereof for general purposes and to
pay the interest on the public debt
2. 1t shall be the duty of the Auditor of
Public Accounts to have prepared as soon as
practicable the necessary books for the com.
IN issioners of the revenue, with sufficient
and appropriate columns for designating
and setting apart the several taxes hereby
levied for the objects and purposes herein
recited.
3. 1t shall be the duty of the treasurers OF
other collecting officers OF the counties, citi-
es, and corporations of the Commonwealth,
as soon as the commissioners of the revenue
shall deliver their books OF assessment, tC
have made out fax bills in which shall be
specified the amount of tax levied for each
of the purposes above named land shall keeL
the same separate and distinct from eacl
other upon the books of their offices. The
said treasurers or other collecting officer;
shall, as soon as said books are delivered tC
them, and the said tax bill made out, pro
coed to collect the same as now required by
law and pay into the treasury the amount
so collected by them.
4. That the collectors of the public revenue
shall in every respect conform to the require
ments of section three of this act in collect
ing and RENTING said revenue, and upon a
failure thereof shall be proceeded against in
the same mode as is directed against the
treasurers or other collecting officers of the
county OF corporations by existing laws.
This act shall be in force from its passage
The Dispatch of the 10th has the follow
ing in reference to the bill
In the preparation OF this bill Mr.. Bar.
bour had the counsel of Senator Fulllerso n
Mr.. Grimsley Chairman of the Senate Fl
nance Committee), Speaker Allen, Mr.. Har
rison Of Sussex, and other members OF the
General Assembly, aud also OF Attorney.
General Field and James Neeson, Esq, Of
this city.
Mr.. Barbour, besides being the chairman
of the House Finance. Committee, is the
chairman of the business committee Of the
| Simon Pure Readjusters, and in this matter
! doubtless utters the sentiments of that par
ty.
/. The above is to be followed by Il bill pro
posing to pay three per cent. interest.
Such a bill now in course of preparation
/ by the subcommittee of the Simon-Purcs
business committee seeks to place all class
es Of creditors on an equal footing, and pro-
vides for issuing three per cent. register
ed bond with interest payable semi-annual.
ly at the treasury in exchange Cor the peel.
ers and consols in fact, for all classes of the
| and old debt is to be set apart for West Va.
To make these bonds more attractive and to
induce the exchange of outstanding bonds
for them, the bill will provide that all the
| license-tax, including the revenue derived
from the Moffett register, shall be collected
in money and set apart for this purpose.
md no other.
The principles Of the bill have been agreed
upon. The only difficulty is how 10 arrange
the bill so as to equalize the peelerS and
cOnsOi cOupOn-bonds as to the excess OF i'll
terest collected by the coupon holders over
the peeiers by reason OF the aN.receivable
feature.
Some of the readjustcrs are in favor of
permitting the consoi bon1holders to fund
at the present face-value and others are in
favor of going back and estimating the eN-
cess of interest over three per cent. collected
by them.and deducting that from the amount
of principa! they shall be allowed to fuEd.
The bill will, however, doubtless provide for
the fundn. the whole debt at it's present
face-value, and the gradual payment OF the
arrears of interest fat six per cent? on the
pceler debt out of the surplus that may
come into the treasury under the several
specific taxes. 1t is estimated that the fund
derived frem the license tax will be amply
Stllclent 10 meet tnc pdyucuL Vi iiittIcst Otl
the amount of the debt that will be funded
within year. and will only fall short $780,
DOG OF paying the interest ON the whole
should 1t be funded. This funding bill will
in all likelihood be placed in the hands OF the
printer to- morrow.
In the Ohio Senate Tuesday George II.
Pendcton was declared the choice fol
United States Senator by vote of % DEM
ocrats to 5 Republicans voting blank. In
the House Mr.. Pendleton received &C, John
son B. blank 10. In the Kentucky Legisla-
ture Tuesday Williams received 50 votes for
United States Senator, Lindsay so. Nc
Creary Is, Boyd IL. No choice. In the
Democratic caucus at night four ballots
were taken without result. The Republi-
can Senatorial caucus in the Iowa Legisla-
turc has nominated United States Senator
Allison. 4 ~
To-, ,-7-s-----@-7S - = =--+-----
Captain Eads Wednesday received war;
rant for five hundred thousand dollars on
account of his Improvement Of the South
Pass of the Mississippi river by means of
ietties, and thus securing twenty-five feet
Of water. He had previously received Il like