The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-09
The State Debt.

it would not be wise policy on the part OF the
State to accept the conditions therein con-
tanned, and. concluding by authorizing the
Governor to invite conference with them.
This was amended by Messrs. Phlegar and
Grmsley, soasto name the English and Amer.
lean bondholderS or their representatives who
had submitted the propositions embraced ip
the Governors message, and such other
of the Common wealth, or their
representatives as may desire to
participate in such conference. The resolu-
ton was passed.
In the House, on the same dav, Gen. Ech-
OILS offered an amendment to the report of
the Finance Committee, (Which proposed a
conference on the basis of the Barbour Billy
embracing pretty much the same condition
as are specified in the Senate resolution. but
before action, the House adjourned.
1t is important that the representatives Of
the Virginia bondholders should meet
committee of the Legislature, or representa-.
tives Of the State, so that full interchange
of views may be had, and the condition Of
the State laid before them. The official rep
resentation Of the taxable resources Of
Virginia is delusiye and false. 1t does not
present the true condition Of Virginia, nor
does it convey to the public correct under
standing Of the real and personal property
which is taken as basis OF taxation. The
methods Of assessment are erroneous and
complicated, and were adopted. it would
seem, not only to deceive our own people,
but all interested in the financial affairs of
the Commonwealth. The Auditor, in his
late report, gives the value Of real estate as
assessed with taxes at s246, 1891, 1886, and
the value OF personal property assessed with
taxes at S7G,17s, 43S-aggregating $685., $780,
G3l.56, and producing a revenue, at Soc. on
the 500 of assessed value, of $l,Gl4, los, 81.
This amount Of real and personal property
resources is arrived at by the most extraor-
binary: oppressive and unjust system of es-
timation. As illustrating our meaning we
will call attention to a single feature which
will give the reader an intelligent idea OF
the wrong and deception perpetrated. Tn
der the law it is the duty of the assessor to
take an account of the BONDS held in court,
growing out of chancery sales, and assess
them as in the hands of the commissioner.
representing the property In controversy
These bonds are assessed as personal prop
erty in the possession. of the commissioner :;
they are also assessed as the personal prop
erty of the beneficiary or benefciaries, for
IN giving in their personal property they
are required to list their solvent assets, in
whatever shape they may exist. Not only
this, but the real property sold and for which
the bonds were given, is assessed in the hands
of the purchaser, thus duplicating the tax up.
on the same values. 10 make the point more
plain, We will mention an instance to which
our attention was called few days ago.
Some time since, under a decree OF the
Circuit Court of an adjoining county
a valuable property was sold for s24O, 900.
This property is assessed as real estate in
the hands of the purchaser. The bonds rep
resenting the sale, bearing six per cent. in
terest, are assessed in the hands of the com.
missioner to sell, appointed by the Court,
who resides in Staunton. The benefciaries
in the sale, are likewise assessed for their
interest in the bonds, AS 4 part OF their per-
sonal property if they make their returns ac-
cording to law.
Here is an assessment upon 500, 1000,
claimed to be real and personal property,
when actually if the property were put up at
public sale, it would not bring one-seventh of
the amount; tax Of 50c.on the 500 of.$60O,-
600 of property that does not really exist.
Another illustration A sells bis farm to B
for $4,000, and receives 81, 900 in hand and
the balance in deferred bonds, bearing six
per cent. interest. 3 is assessed w.sh $10,-
1000 realty, and pays interest on Se, 900 OF
the debt, andlA with $1,000 of personally,
all representing the same properly. B sells
the property to c, before his bonds become
due, for $40 ,000-s4,0O0 in hand and $1,000
in deferred bonds, bearing interest. C is
assessed with the $4,000 OF realty, and
pays interest on $4,000 debt, and q with
$4,000 of personally, and thus tax Is as
sessed upon $4,000 Of personally, and $l0,-
600 of realty, all representing the original
10000 farm. This is the method OF assess
ment by which the Auditor is furnished with
the taxable resources Of Virginia, upon
which to base bis estimates for revenues and
ability to meet the demands upon the State.
Could there be any thing more Ubiquitous?
When this whole matter is boiled down
and the true real and personal property val
ues Of the Commonwealth are reached, it
will be found that SOC. on the 500 OF the
values of thit kind, under this system OF as
sessment, is more than 81 upon the 500 Of
property as it actually exists.
As bearing upon the method of raising
revenues and the exhaustive system OF tax
alton in Virginia, we find an article in the
New York Time, Of the 4th, headed 'sTax-
alton and Debt in Virginia" from which we
take the following extract: ''The internal
revenue service seems to have been devised
with the view of determining how many
burdens home industry and trade could sus-
tain and live. The report OF the Auditor Of
Virginia shows that the same idea prevailed
in the minds of the local law-givers when
they built up its system Of revenue. There
ia, a capitation tax and an income tax
The States own bonds are taxed. Banks
are taxed on deposits as well as capital. Loan
societies and insurance companies are taxed |
Sales of land are taxed. The weighing Of
live stock is taxable. Legal Instruments
wills, deeds, mortgages are all taxable.
The merchant pays percentage on his pur-
chases if Petersburg retailer buys from |
Richmond wholesale house, the percentage |
is paid twice. Everybody in business is
taxed in the form of a license. Commission |
merchants and agents for articles manufac-
tured out of the State; private bankers and
brokers lawyers and doctors dentists and
land, house and labor agents
boarding houses even stations and Jacks"
all must pay tribute. These are but spec
linens OF the objects of taxation which stu
pid ingenuity has selected. In addition, of
course, are licenses for liquor and tobacco
dealers, for auctioneers, and for all amuse-
Nofhipor &c fon ko,