The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-10-04
Total for fiscal year. .s2.I26.5ll 3

Third II the Barbour bill had become q
law, what amount under its provisions
viz, ID cents on the 500. and all the other
revenues OF the State less SO, 900 reserved
would have been realized TO the creditors
OF the State during the current twelve
months from the date OF its passage?
Answer: Adopting the report OF the Fl.
nance Committee Of January 3D. 1878, a to
estimates from what sources revenue is de-
| rived. and the costs OF collection. in>OlventS
| dclnquents. assessments, &C., Is determined
by subsequent legislation, and the new in.
creased license-taX under the Moftctt liquor
law, the following table will show the re-
suits OF the Barbour bill and furnish an.
swer to your third intcrrogatOry
This table is too long for our columns
and too much in detail to be understood by
the general reader. The answer is in gene
raj terms that the gross revenue FOR that
year would have been S2.933,II 11l.5S; and
that the amount set aside under the Bar,
bour bill to pay the public debt would have
been 81 ,443,9G2 81; the amount owing tC
public schools SG0S. 3S+ g.. and the amount
for support OF government sSSl,4240 o..
After deducting costs OF assessing and col
lection and all delinQuents the net revenue
would have been $2,G1G, 594.S3
Mr. Taylor adds
"As the income and license-taXes are
almost invariably collected, the amount OF
insoIvenis and delinqucnts under those
heads would be scarcely worth considering.
Almost the entire loss by insolvency and
delinquency would fall upon the fund De-
rived from the property and captation-
taxes, which, under the Barbour bill. arr
specially devoted to the support 81 the
government and the public schools
From which it Is clear that the bond
holders were much better provided for than
either the public schools or the State gov
eminent.
Fourth. What is the difference in amount
between the interest amount for which we
were bound before and after the NcGutl0c6
bill becomes fully operative:
| Answer The annual interest on the
whole debt, exclusive Of the debt held by
the literary fund, at 3 per cent, is $685.
I40.47, which is SS0I,355 % less than the
whole interest on the old bonded debt ac-
cruine from both classes Of bonds. coupon
and pcclcr.
| Fifth. Will increased taxation be ncccs-
sary in order to meet the interest under the
Nrt'ulloch bill and the other liabilities q
the State:
Answer: II my answer to your third
question is correct, and | can discover no
error in if, then the reply to your fifth Is
obvious; for il under the Barbour bill
81 443. 9G2.S1 could be applied TO the pay
ment OF interest out OF the revenues OF the
State, leaving 1881, 42401 Tor the support
OF government and S60S, 3S4.G4 for the sup
port OF public free schools, surely $685.
li0.47 FOR 1888, 1885, So ii you include the
literary fund.- could he paid under tie
McCulIoch bill, as we'll a, say, 100000 10
support OF government and S5O0,00o, N
round numbers. to the schools. with good,
substantial balance i'll hand 10 be applied 10
the payment OF arrenragcs to the asYllIns,
public free schools. &c. Ne.
Sixth. Do you regard the debt settlement
made by the last General Assembly rs
indrious solution OF the financial diiilcEt-
ties bv which the State WAS surrounded:
Answer: Unhcstatin@Iy. | do. think,
with all Difference, that persons VINO were
willing 20 take the " Barbour bill = should
be more thar pleased to accept the prorI-
siGus OF the "McCu.Ioch bii',' which, |
verify believe, will enable lis to pay full
3 per cent. interest on the entire debt OF
the state, con-ol and pceler 10 par the cost
OF supporting tie government, give to the
school, annually about 100000, and leave
Il surplus TO lie applied 10 the liquidation of
arreuragrs, Is have before indicated.
| am, very truly, your friend,
WV. +. TAYLOR.
Auditor Public Accounts.