The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-08-20

Z. ~
tsrcly at the option OF the magistrates TO
give or withhold money for the carrying on
OF the schools. Appealing, as the move
did, TO strong Old Virginia rreiudice-the
restoration OF noble institution as IL exist.
ed under different order OF hings-it be.
came at one time extremely formidable
but the alarm was sounded in the press and
on the floor OF the Legislature, and it did
not succeed. The author, originator, and
tireless champion OF this measure was one
OF the most prominent leaders among the
extreme Resdiusters in the Legislature, and
another OF its supporters was the Rev. JOHN
E. MASSEY!
1t is to the Interest OF the public schools
that all farther agitation of the debt ques.
ton shall cease, aud to that end it is Of the
highest importance that men shall be re.
turned to the Legislature pledged to the &C.
ceptance Of the compromise made last win
ter with the creditors OF the State.
We propose to show: ]. That under that
| settlement the school money will be entire
Iy protected from further diversion into
other channels; or th,t, at the least, the Sc
curity OF that fund will be greatly strength
ened, and no serious trouble arise about The
maintenance OF the schools. 9. That, whe-
ther there be risk OF some continued di'
version or not. no evil Of this sort can pos
sibiy damage the school interest so much as
it will be damaged By continuation Of the
present asitation, and the assembling Of i
convention to repudiate the publicdebt and
overthrow the present Constitution under
which our school system is secured.
The School MONEY SAFE UNDER TEE A'cUL.
i.oCH BILL. ~,
| AS to the first point, we appeal to the
! figures set forth in the address OF the State
| Conservative Committee, which tgureS. IN
substance, were ascertalned By tie Joint FL
nance Committee OF the late Legislature after
the most careful examination, and which
were adopted by the Legislature as a reliable
guide in the settlement effected with the
creditors under the so-called McCulloch
bill.
| Other and different financial statement:
have been made by irresponsible persons,
who know that the people cannot make thi:
examination for themselves; but the soot
sense OF the people can decide between the
confidence to be repoSed in the authorlta
tive statement OF the Finance Committee
the Legislature, the Governor, the Auditor
and The State Conservative Committee, or
the Que hand, and that OF interested politi
clans, noways distinguished for arithmetlca
precision or financial achievements, on tht
other.
According to these figures, the net reye
nue. Of the state available for the public
burdens is S2.5f4, 5000. This is the in
come. The public debt, including unpaie
interest. is S32,771.112.24. We have, then
this table OF expenditures
Interest on public debt at 8 per cent.
|
| Expenses OF Government Grciud-
| Ing extraordinary eNpensesi..-. 7o3.9E2 o.
! Add for public schools. is7.7S2 Ss
Total expenditures. s2 ,244.S1s Sc
This sum the annua! revenue or
564.SSG.09 VIII fully GlS-
| charge, and leave = surplus oi...,. 32o,u31 II
| 81 5e4.s3O oe
The schools are therefore entirely pro-
yided for, ard the surplus OF 100000 wit
60 towards the payment OF the past-d1e
coupons (which amounted on the 1st Of An
yust TO S419.492. and which, Of course, will
not all be presented at once), towards the ar
rearages due the schools, aud towards tht
Sinking Fund. 'oS
l! these figures are correct, and we be
Iieve them TO be 50, without going int
minute details il is obvious that no seriou
difficulty Is to be apprehended in meetin:
the claims OF the schools. II difficulty ther
be, it can only be OF temporary nature il
the transition period incident to the CALM
in OF the old bonds and issuing the new
and this difficulty will steadily diminish a
the funding progresses. ....
But the Legislature was'eo jealous to pro
:ect the schools. even from tire beginning
that it took a farther precautiou in that di
rection-namely, by passing an act commit
ting three-fourths Of the school fund in cur
reDcy TO the direct custody Of the seTera
counties 10 which it is to be disbursed
and authorizing at the same time the Au
dtor to anticipate the revenues applicable
to the payment OF interest by temporar.
loans. and on the failure OF that eXpedieut
TO sell certificates OF Indebtedness at no
less than sevsntytive cents in dollar.
THE NEW REAssEssNsNT..
There is no fallacy in the above statement
save that it is urged that under the reasseSs
ment of lands to be made in 1880 there vii
be I considerable falling off in the va|ua
tiuu and a consequent diminution OF tn
land-tax. There will be no falling off il
the Valley, and already there are indication
OF an Improvement in the value Of lands il
Eastern Virginia. But under the presen
total assessment OF the real estate in tn
Commonwealth. amounting to S242.I02,
5O342, only S171,01S,O461S appertains {
the lands OF the State; the balance. 81 ,62+
45T.24 is the value Of the real estate IN th
cities and towns. Now, while the next as
sessment will show q depreciation in tt
value OF our lands, this will not be the fac
, as to the real estate in the cities and towns
!. which, on the contrary, will show an appre
| ciation. But, as we prefer. to avoid in thi
, paper all over-Statement of our resources
= let us discard this anticipated increase, an
suppose for the sake OF argument that th
2 assessment Of real estate ip our cities an
G towns will remain the same as at presen,
9 II, then, the sum Of ST 1924, ,45T.2t is deduc
{ ed from S2t2. 102, ,503.42, the total value {
real estate in the Commonwealth under th
last assessment, there will remain lin roun
numbers) SAL, ,00e, 900. II we allow faIlin
of on this in the next assessment OF 25 pe
cent, the revenue from the land-tax will
diminished about S214,000, Of which loss or
ifth. or 49, 500, must be borne by the schot
!, fund. So that the amount by which on
surplus Of $500, 900 above shown will b
diminished will be only S1I1,200, and "
will still have surplus, in round numbers
OF S14S,S00.
This is the extreme limit OF any dimint
ton in the revenue from this source. Bt
it will not amount to this. As we have RI
marked, there will be no falling OF Ia tn
assessments Ii the Great Valley and tn
Southwest. nor in some OF the PIedmon
EeountieS-the whole representing III. valu
sone third at least Of the lands OF the Com
| nonwealth. so that instead OF 4,00t