Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-11-03

upon tno public debt will mako 1t nract!2abic |
(" pay thts; a:ros!5GcS 10 { 7cfy sAoTt time cut
Of The surplus that i, will leave Id tbs Treasury.
Pricr TO tho passsgo CT tho MoCul!CCh bill tho
debt OF Ereiaia Tas 10 consOls $40, pa 5!5. so
with e per cent. tx receivable coupons attached,
SI,3OI, 935,5S, CT rce!cy bonds heGtiaF
u rcr cent. Interest and 81 SlS,G15 tl
sterling bonds bearing 5 per cent. and
s.. GAG, SlTS7 Of ioleres; in arrears CO the peel.
| er and sterng to1ds fer six CT SVEN yeaIs.-
The a1Gusy aceIujrg interest CD the coDsoi
| bonds bearing tax rtca9atlo coupons Was ST.
2l% 1891 which amount WIS coe1tiug / self
| by lnteic ping that tlnOuat OF r.7cIuc, and
| cot leaving enough money 10 the ir.aSury 10
support tic government AID the schools, be
sides when the pccler bonds we're getting 40
! Interest at all The Cons. rgaliEe p!a' tnm oil
| August. 1877, demanded that the debt should
| b rGlG juSted 50 rs to irng The payment Il
interest," on tho debt withiI tho rcscu c 8 of the
| State derived from the present ra.c taxation
! and 90 equal ju=tlc3 10 all classes OF CUR c!cd
;cr:. TniS the McCuIte, b:lI dos. Ihc &c
! eusi interest on the whole de5:. ccnsal aui
ace!cr VS. 81 739, 1857 OF Which 1926 .02l7
| iatG::s: OF pce!crs was annually io!i u32aii,
b,caGs@ the revenue was net sufficient to do i.
Tho McCuil,ch bill for the nfXt ten years calls
Tor 23ig 1888, l33. sc CT lit rest Annually, and
that pays tho interest Gu I'LL tbs bonds, pccC:s
"9 we'll rs c!E5C!5, G. saving 10 ;utevcst liability
each ytsr Ct GeeG'g $SO0U00. When the :!
per cert aut per cent periods clmo tic ~
ttrcs: will be Increased. but the annual average
saving will be $500 coo Ter years, or $50 400,
coo CT interest saved during iho ic7;y years the
bill has 10 run. Oar rcTGGuc, according 10 the
Auditor CT 2ub'i0 Acc yua;s, is s. 500 coo, and
Tho cGyr2cs &C the treasury are fer govern
mental tX9cyse5 $500 ass; for interest 90 INC
debt as Fixed by tho McCul!tcl bill, $685.
l53 So, an9 aanp9I EE10u1! to &C paid t. tic
schools $l91, TG2 S. Ada these dGuis 20.
g2thGr ald taiy Iakc s.. III ,4S4 u, ahch
deducted t:on the r.ytnus leaves = surplus Ct
SIS 5l5.l9 ctcA year to DO used to pay uD Al
rca!Ggcs aGd meet extraordinary lterls, Tnid
is from the Auditor last rcpCr not mere cam
palSu document, hut bis report made hut
month CT so ago. Tic rea! iu:tIs themselves
iryiteG Hugh McCu!I0ch By nauo 10 couo 20
Richmond p1t confer ab0u! the State deb.
Forty four CT them in the House vu:el for the
resolution asking lin to come, aot every re-
uui1Ster IN the Senate also. AID 10 - he is dc.
nouatcd aa az lbtIrneddlcr and iutcrlopCr-
Ecucra! Malone says that we clnnut pay even
the three PER cent Interest uutSr the Mcuul.
icch bill, yo! 10 Eis Nlt2lrt Hail address he sid
II vii! Is. my best cadeavors to secure vote
ct the people sa1clcrlGg settlement ct three
per cent Ter IS years on Tic basis o. So OF.
| 600 O2 Of GrincipsI.' There he fixed the debt
! ct JUST LbCu; what the MoCul!rcl bill fixes it.
Malone complains that tho MoDolci bill
buds thC people for itrty years, but he bro
posed to bind thtm for 45. lie complains this.
thu AcGuilCcl bill ca;ital'2.s interest, yet in
hl3 estimate OF tho aucuat ol tic debt given
&c Tia Mozart Hall address, and which he
agtacs 10 pay, is included q niiiious CT CAPT,
taI:Z2d Interest. Tho StatA owed ucasly !Qur
millions OF back Interest. She couli NOT pay IL
nos, erd the NlcCuiIoch bill releases enc hall
vi |, VIZ: 81 .9I6, G9l.H3, aud SAYS We will give
the State 40 years 10 which 10 pay the other
hel!. Malone complains that tho bonds arc
cycGrt from taxation. The idea Ct suoh cx.
cmDti2n first csrlo from lho cacilstcls. and
they twioa vOtsd fer it ia the las: legislature.
In their Is. c}cs Fowler bill all but / of them
jvotcG 10 exempt Goth pliocira. end interest
FROM taxa!l)n by the State Or by any county or
CORPORATION therein. wh ca shall be 50 expressed
on the face Of tic toGd, and ia the bill they
offered Oh March 20, 1879 as substitute for
the McCullt ca hill every ono OF the rcadiustcrs
voted that the bonds should be ",x3mp: b1th
lr.Dclpal and a;efcsS from tlxation by tho
State CT By arT county CT corporation thir.io,
| whlcI! sha ! DO expressed CO the iac3 o. the
bond. i'E!3 bill CT the raaGjus c:s also pro
ros.d TO tioG the State for fty years acd to
pay th'co pr cent interest for Is years and i
per ccut TO: 81 years. 10 other words they
dsInu TIC AlsCuiloch bill Ter Dong what they
themselves proposed TO d.. We txamgtsd
| tho boEdS from taXNi0G 10 order 10 iaiura he
creditors TO give Up his i per ccut upon aud
tsko = rcr cent, aod thus h!luE tue Interest
Withln the present rate Ct tiya01. We c)u!d
tax only the bonds hold ia the STAT, and iha.
Is hut small amount. We c,nnot tax those
held and cHn2d outside Of the State any moro
than W. cIn tax q horse held and owucd in
another State. The Supreme Court d. dcd
that 10 Mnrray w. Charleston, all tho State
l5scs by * hi ting the bonds is $40 600 per
year, and she saves by Inc McCuitci bin o
yearly Av3rage OF $3.50 0GO. a net gain OF SG2O,
UJ0. |! as RiddlobsrGcr claims it i8 unc3n
| sii'uilora! 10 cSrmpi lhc bonds from tax
al1n, thtn We nave an easy remedy with
ont rarra|IuS the Mcy1IICci bill, aud
That II, / tho Constitution rGqpir,s them,
TO DC tx, d the c3uria Will eGfOlcc ho couslitu
lien and the exemption will be worthless -
| MahGGc complains that TIM McliuliOch bill
changes a grccnback ino a god DEBT, thus
making QUO currency iCr The people and another
ior The baaGho!er, The aoswerto that is thst
| Inc hl1tu.ideh hi does no such thing, Viz
sloa Ccot VAS Contracted CT 8 soli basis
The a'lI says thai the na9 bolds and ooupe1s
may be made payable il stc:ii1s at L1Hdop
| at Tie iX:d rate ii exchange OF ono pound
sterling .or five doli>rs" Tha; is to sly thet
10! CEc!g igo dollars OF debt tho Eogl;s;.
borihoIacT may tako oIe pennj stering.-j
q pound sterling is worth S4.s4 and therefore
i)r every i've dollars in sterling the State makes
sixteen caAt1. II The whole dett wcco funded,
nay&5!e Ir London, under this clause of tho bill
Virginia would c!esr over million Of dollars IN
prtncpaE and if ali the interest werc raada pay
able il gold or sterling, V!rginis's clesr proat
would DO oyer OC0J pec snrum OF interest uc.
count. Il Is ;Gcl ina. he gold feature is 80
dis%d7@rts@eous 10 the oa3hc!der that yary
few o! The toldia being msdo payable in gold. |
Under the AcCui!o2h bill there has been funded |
slresdy IS. $50, 4i9 20 IF bonds, OF which only
s312 UO hsvo oeon fuadol in ste7lias The |
NcCulioch bill will save ,ha public schools b. |
you2d all question 1t has been already shonu
ny tae Auditor s report that tho revenue is SUE
tcient to pay the amount due schools. govern |
menta! expenses and Interest ca ths deb. under |
his bill, and leave surplus Of nesclg 500 900 |
81 the rounding of tho IS. 0l9 449 10 Of bonds