Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-08-19

with heroic hand but under the cir
cumstanees it was as salutary as severe,
and proved the sincerity of the party
pledges of reform. The far more inn
portant difficulty Of reducing the annual
interest on the debt remained. The first
bill passed--the Barbour bill-made no
pretence of reduction of this item. 1t
was simply u bill to apportion the reye-
nue., and confessedly would not have di-
minished the annual deficit one dollar.
1t was vetoed by the Governor on the
| ground that 1t was unconstitutional, and
failed of passage over that veto. There
upon what was known rs the "Bocock-
Fowler bill'' was passed--approved
March II, 1873. (Sess. Acts, lS77-'7S,
p. 23O.) This was tender to the public
creditor Of n ncw non-taXable bond,
bearing interest at 3 per cent. for eigh-
teen years, and per cent. for thirty
two years, in exchange for the outstand-
ing bonds of the State carrying G per
cent. Shortly after its passage the Leg
islature adjourned,
On its reassembling in December, 1873,
| it was ascertained that no creditor had
accepted the terms, and such was the
| apparently irreconcllable diversity of
| opinion which had been disclosed in the
discussions in the body thata compro-
mise seemed now hopeless. But our
party had assumed the burden of that
settlement, and under the strong appeal
of the Governor in his message Of De-
cember 1, 1873, accompanied by PROPOSE
tons from persons representing credi-
tors, made through him to the Legisla
ture, the Assembly resolutely resumed
its task.
BY a Joint resolution approved Janua-
ry Is, 1870 (Scssion Acts 1880, page
20), the creditors and their agents were
invited to resume negotiations with the
Assembly on the basis of the Conscrva-
tive platform of August, lS77-"that
such n speedy, just, and final settlement
of the public debt should be consumma-
ted as will bring the payment of the in
tcrcst assumed thereon within the abili-
ty of the Commonwealth"
The result Of these negotiations and of
the discussions which cnsucd thereon
was the present settlement, familiarly
known as the McCulloch bill, under
which the creditors are now rapidly
funding the entire principal Of the debt
and one half of their pastdue interest
Giving up the other halo in new bonds,
non-taXablc (as the Boeock, Fowler bill
provided), having forty years to run aI-
ter January !, 1870, when they are dated'
bearing interest ut per cent. for ten
years, per cent, for twenty years, and
) per cent. for the remaining ten years
the intercst-coupons for which are re-
celvablc for all taxes, debts, and de-
mands due the State.
This settlement, which has been ac-
ccpted by The public creditors with n
promptncss beyond the expectation of
It's most sangulnc friends, meets all the
conditions Of the Conservative platform.
The new bonds arc all Of one class, and
there will be no distinction between The
holders Of them; aud that the payment
of the interest on the refunded debt will
be within the ability of the State with
out an increase of taxation Is demonstra-
bic.
RESOURCES.
The year ending Semtcmber 30, 1873,
was the first year of u fur test of the
Monett liquor tax, and the revenue of
that year, with deduction to be here
after stated, offers the most reliable
standard by which to measure the fu-
| ture income of the Commonwealth. The
income of the State that year. exclusive
of loans, was 81 ,03l ,072,25. (Communi-
cntlon of Auditor of Public Accounts,
Senate Document II, ls7O-'0) From
this deduct the tax on consol bonds,
which Is now abolish shed on the new bonds,
and which for that year amounted to
500, ,S22, 10. Rcport Of Second Auditor
December 3, 1885, Senate December No.
3, y. H. This leaves the net revenue
of the Commonwealth, available for the
public burdens, 1864, $1,000
THE EXPENDITURES.
These arc
lst. The expenses, ordinary and ex-
lraordnary, Of conducting the govern
mcnt.
The ordinary expenses Tor the current
year tund the future will diminish, not
augment, thcm) are, as shown before,
$685., 1913.
The extraordinary expenses have fuc-
tuated greatly, aud we may conclude
that they will be reduced IN the future (,
but following our plan of adhcrlng 60
the figures, aud hazardlng no coniec-
turos, we place them Mt their average for
the years which have passed since the
restoration Of the government. This Is
stated by the Auditor IN bis report of
January ~, 1870, nj t7l 800 O5--making
the total expenditures, ordinary and
extraordinary, tI63,oO2 Ga
"a. The annual amount due the
schools.
This sum, under the provisions Of law
which fixes the quota Of the schools, Il
asccrtaincd to be sl07,7S2s5. REPORT Of
House Committee on Finance January
| 40 tueg ...,.,