Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1879-04-25

dollars ($2 500 ,00O) will be interest hereto
fore accrued.
Ques.-What debt outside of this is
there, such as the arrears to the school
fund. the appropriations made by the
legislature and yet unpaid?
Ans.-There is due to the schools from
revenue about five hundred and twenty
thousand dollars ($52O. OOO). and there was
due to the various public institutions on
LIST March about two hundred and forty
thousand dollars (s24O, 0OO), a considerable
portion of which has since been paid.
Ques.-What is the annual cost of run
ming the State government and the schools,
and what will be necessary, under the new
bill, to pay the interest on the public debts
Als.-,It may safely be stated that here.
after the ordinary expenses of the State
government will not exceed seven hun
dred thousand dollars ($7Oo,0Oo). Those
expenses, before the year 1878, had been
allowed, from the accumulation OF offices,
and extravaganza in the way OF salaries,
&C., and an expensive criminal code, to
run up to eleven hundred thousand dol
lars ISL 100, OOO) per annum. bat great re-
forms were carried through by the late
legislature, and hence the reduction. The
cost of maintaining the public schools,
from the revenue, will be $4S7 10000 flour
hundred and eighty seven thousand, five
hundred dollars). Under the new bill, the
rate CT interest on the public debt will be
three per cent. e per cent? per annum
for the first ten years, so that, after the
funding is completed, the aggregate OF i'll
terest for that period will be $3.50, 900 (nine
hundred and sixty thousand dollars) per
annum.
Oues.-What is the total annual income
nj the State from taxation, licenses, &c.
AnS.-It Is estimated at and admitted
nm all h. dds, L think, to be two millions
and a half ;;'s2 .5OO,ooo) net, about twelve
hundred thoz. end of which is derived
from taxes on re. u estate.
Oues.-What effe>@t, i'll the way OF re-
ducing the revenues vt the State, is IL
probable the assessment OF 1851 VIII haVe'
and how will this affect our aollity TO pay
interest under the McCullocL oii,'
Ans.-The opponents of the l. MI nave ln-
dulged in dreadful forebodings al w Tue
effect of the re-assessment to be m, <oe III
1880, some saying that the value OF '."'
estate will be cut down at least TWEEN. ~
five (25) per cent, thus reducing our rev
enues derived from the tax on real estate
to the extent of $3O0,0 [ do not believe
in the fist place, that there will be any
such reduction in assessed values OF real
estate, for we have evidently some time
ago gone to the bottom of prices, and
reaction and Improvement have already
commenced. This re-assessment is to be
made in 1880, and the legislature that Will
meet in 1881 will lay the tax under the new
assessment, and if any reduction is to take
place in the venue from real estate. it
will not come for three years yet. In the
meantime the revenues will undoubtedly
largely increase from other sources, from
the increasing prosperity Of the country,
without increasing the rate OF taxation.
To reason otherwise Is to take the position
that. however, much the country at large
NAV improve, Virginia cannot and Will
not improve. The renewed activity IN
certain kinds of real estate in our own
section and in certain great industries for
bids any such gloomy anticipatlons.
Ques.-What amount of past due cou-
pons are still outstanding, and how Will
they be met, and yet we be enabled to meet
our other obligations?
Ans-On LIST April (inst.) there were
outstanding past due coupons to the
amount of seven hundred thousand dollars
1890 .OOO,) and there was unsolicited one
million of dollars $1,O00,00O) of the reve-
nue. out of which these coupons Will De
paid when they come in. Experience IN
the past however, has taught US that there
will always be very considerable amount
of these coupons left outstanding, many
no doubt having been lost or destroyed
from year to year and others not called
for II am correct in my answers here.
tofore made you, we will have margin Of
$3.50. 900 three hundred and fifty thousand
,dol,ars) left from our revenues, after pay
ing the ordinary expenses OF the Stat'
Government, the expenses of the schools
and the interest on the new bonds.
Oues.-What do you think of the effec
If the effect of the opposition being mad
in some quarters to the bill as passed b.
the late Legislature?
Aus.-L do not think that the gentleme
engaged in this opposition, however abb
thew may be, will be able to effect their OF
iect. I know that many OF them are Ell
4irely conscientious and sincere 10 the]
action. The people were utterly WORE on
WIFI, the long-continued agitation OF tn
subject of the State debt. They knew ths
it was doing incalculable injury TO IL
State, ana they earnestly desired some Sc
Element which would be honorable al
ywould be final. They remember too thu
these same gentlemen advocated the "Ba
s,onr', bill. which really appropriated
"A mpsh larger sum to the pay ment OF tt
snterest os the public delt than will (
necessary unde1 the provisions OF IL
MeCuloch bill. All lcdecting men Il
will remember that. before the nasesee
this bill, the State was bound annual..'
pay the sum of about $l,sr0,OOO for intel
est. and that although she did not pay
in whole, yet it was accommodating agalnf
ner, and had to be settled hereafter eithe
by payment, or by compromise or by rep,
diation. The principal cause OF uneas
ness in the public mind heretofore as