Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-01-11
The State Debt.

troduced the following bill in the House of
Delegates
Whereas The condition of the people of this
Commonwealth is such as to render an increase
of the rate Of taxation upon property lmpractl-
cable, and the General Assembly OF Virginia.
couceding that its power to tax the property or
person OF the citizen must at all times De con-
fined within the reasonable limits prescribed by
what, ia the Judgment of the General Assem-.
bly. is the ability of the citizen to pay without
ruiuous damage to bis property and business,
hereby declares that the present rate OF taxa
ton-to wit. fifty cents on every one hundred
dollars of the assessed value of properly-ls the
utmost limit to which the General Assembly
| should proceed in levyiDg taxes; and whereas
the revenues of the Commonwealth With the
present rate of taxation (which is the highest
that should be imposed) will not enable the
Commonwealth 10 maintain its governmental
organization by paying the necessary expenses
incident thereto under the most rigid system OF
economy, and to discharge its constitutional! ob.
LEGATION to the system of the free schools or:
dained by fundamental law of this Common
wealth, and to pay the present rate of interest
on the amount claimed as the principal OF the
public debit and whereas tho preservation OF
the State government is absolutely necessary,
propcrty of the citizen Of the Commonwealth.
but for the preservation OF the rights and the
promotion of the interest of the creditor of the
Commonwealth : therefore
Be at enacted BY the General Assembly
|. That on all lots or tracts and lots OF land
and the improvements thereon not exempted
from taxation, and on all personal property and
chooses in action, and on all toll bridges and fer
ries, there shall be tax
l. OF twenty five cents Oh every 800 of the
assessed value thereof, which shall be collected
only 10 lawful money of the United States for
the exclusive purpose Of defraying the neces.
sary expenses OF maintaining the government
of this Commonwealth, as tho said disburse-
| ment may be directed by proper appropriation
acts Of the General Assembly.
2. OF ten cents on every 500 OF the assessed
value thereof 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.
3. Of fifteen cents on every 500 of the a.
sessed value thereof for general purposes and
| 10 pay the interest on the public uebt.
II. 1t shall be the duty of the Auditor Of
| Public Accounts to have prepared as soon aS
practicable the necessary books for the commits
sioners of the revenue, with sufficient and ap-
| propliate columns for designating ADD setting
apart the several taxes hereby levied Tor the
| objects and purposes therein reclted.
! Ill. 1t shall be the duty OF the treasurers,
or other collecting officers of the counties, cities
| and corporations Of the Commonwealth. as soon
| as the commissioners of the revenue shall de-
| liver their books of assessment, to have made
out tax bills, in which shall be specified the
amount of tax levied for each Of the purposes
above named, and shall keep the same separate
| and distinct from each other upon the books of
their Offices; the said treasurers or other collec.
ing officers shall, as soon as said books are de.
livared to them and the said tax bills made out,
proceed to collect the same as now required by
law, and pay into the treasury the amounts 50
collected by them.
". The collectors Of the public revenue
shall ia every respec. o1oiorm to the require.
mentss Of section 3 Of this act in collecting and
thereof shall be proceeded against 10 the same
mode as is directed against the trcasurers or
other collecting officers of the counties or cor
porations by existing laws.
The Richmond dispatch says: 10 the prepa-
ration Of this bill Mr.. Barbour had the counsel
of Senator Fukerson, MIR. Grimsley chairman
of the Senate Finance Commttec), Speaker
Aller, Mr.. Harrison Of Sussex, and of other
members Of the General Assembly, and also of
Attorney General Field and James Necson,
esq e, of this city.
Nlr. Barbour, besides being the chairman Of
The House Finance Committee, ls the chairman
of the business committee Of the Simon Pure
Readjusters, and in this matter doubtless utters
the sentiments of that party.
The above is to be followed by bill propos.
ing to pay three per cent. interest.
Such bill now 10 course of preparation by
the sub committee Of the Simon Pures' bust.
ness committee seeks to place all classes of
creditors on an equal footing. and provides for
issuing three per cent. registered bond with
interest payable semi annually at the treasury
in exchange for the pecler and consol bonds; 10
fact, for all classes Of the public debt. One.
third of all the uniuoded and old debt is to be
set apart for West Virginia. To make these
new bonds more attractive aud to induce the
exchange of outstanding bonds for them, the
bill will probably provide that all the license
tag, including the revenue derived from the
Moffett register, shall be collected in money
and set apart for this purpose, andno other.
The principles of the bill have been agreed
upon. The only difficulty is how to arrange
the bill so as to equalizs the pceers and consol
coupon bonds as to the excess of interest col.
lectcd by the coupon holders over the peelers
by reason of the tax receivable feature.
Some Of the readiu are in favor of per-
mittiug the consol bondholder5 to fund at the
present fac, value, and others are in favor of
going back and estimating the excess Of inter.
est over three per cent. collected by them, and
deducting that from the amount Of principal
they shall be- allowed to fund. The bill will,
however, doubtless provide for the funding OF
the whole debt at its present face value. and
the gradual payment of the arrears Of interest
lat six per cent? on tho peeler debt out of the
surplus that may come into tho treasury uoder
the several specific taxes. 1t is estimated that
the fund derived from the license tax will be
amply sufficient to meet the payment of inter.
est on the amount of the debt that will be
funded within year, and will only fall short
$1,000 Of paying the interest % the whole
should it be funded. This iuodiDg bill will in
all likelihood be placed in the hands Of the
printer to morrow.
Ihe Richmond correspondent of the New
York Herald saws: