Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-02-11
Leaving net revenue applicable to
tho payment of interest only..". SS77, 51o 4b

Leaving net revenue applicable TO
tho payment Of interest only..." oTI,olo 40
This statement has been sent out broadcast
TO the people without Reference, to the fact that
with certain laws now on the statute book, the
effect Of which has not yet been fully felt, but
will be before the close of the fiscal year, aud
with certain rctrenchment measures now before
the Legislature, which will be passed If he
"fundcrs' can do ii, the revenue OF the
State will be largely increased, the government
tai expenses greatly reduced, and the net
amount applicable to the payment OF interest
corrcspondiDgly augmented. 1t should be re.
collected that to the amount Of gross revenue
as given by the Finance Committee should be
added the Auditors own estimate of $500, 900,
to be received the coming year from the Moi
felt register, which, if REPEALED Will be replaced
by an increase OF tax 90 licenses to sell llquor
sufficient to make up that amount. 1t should
also be known that We expect to retrench 10 the
governmental expenses of the State to the cX.
tent CT about $3.50 600, by revising the c;lmi.
nal laws, reducing the circuits, changing the
mode of conveying convIcts to the penlteDtlary,
cutting down the pay Of Legislators and officers
of the government whenever it is right TO do
so, and reducing the number of members of
the House from 1872 to 100. and of the Senate
correspoudiDgly. When this is done and the
biennial session law beglrs 10 operate the net
revenue applicable to the payment OF interest
will be largely increased, and it is apparent, as
far az calculation and estimates can prove any
thing, that per cent on our entire Indebted.
ness can be paid without increasing taxes. The
opposition to economy has not come from the
much abused "luuders." The records of the
House and Senate show that it was not by their
votes that the economical measures, 30 FAR To-
troduced, have been delayed and sent back to
the committee rooms. MIR. Mushbaoh sub
mitted statement of the present liabilities of
the State. and calculation OF the prob
able revenue applicable thereto, to sustain bis
ssss ss1.;cS 2s saia, ID :he statepept
he omitted the amount due the sinking fund
on the Virginia bonds held by it, because
it was question with him. and the same idea
was held by number Of members. whether the
present sinking fund should be longer kept up.
Would it not BE better to pass law to destroy
the bonds now in the fund and start lew fund
on different principles? Ought they not to
cease to bear interest payable by the State with
money taken from the tax payers, when they
have been once redeemed by the State? II this
was done, some 100000 OF interest. annually
increasing in amount would be saved. Could
not the money as it comes into the sinking iund
be invested in securities other than those OF this
State, which will draw their own interest, and
not from Virginia's tax psyers7 Is it right for
Virgins by legislation to depreclate her own
bonds, and then 60 on the market and buy them
up at discount Of 40 to so per cent, put them in
q sinking fund and compel her people to con,
tnue to pay interest on them at their face Valuel
The constitution of the State provides that the
sin king fund shall be applied to the payment
and extinguishment of the principal of the State
debt, and shall be continued until the extln.
guishment Of such State debt but this ought not
to be construed to mean that when VlrglnIs's