The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-10-09
Total for fiscal year. s. 1851 80
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Third. Ii the Barbour bill had become
law, what amount under its provisions-viz.,
10 cents on the 500, and all the other reve-
nues Of the State less 5000 reserved
would have been realized to the creditors Of
the State during the current twelve months
from the date of its passage?
Answer: Adopting the report OF the FL
nance Committee of January IS, 1878, as to
estimates from what sources revenue is de-
rived, and the costs of collection, insolvents,
delinquents, assessments, &c.,as determined
by subsequent legislation, and the new in
creased license tax under the Moffett liquor
law, the following table will show the results
of the Barbour. bill and furnish answer to
your third interrogatory
[Ths table is too long for our columns,
and too much in detail to be understood by
the general reader. The answer is in gen.
eral terms that the gross revenue for that
year would have been $2,933, 771.5S; and
that the amount set aside under the Barbour
bill to pay the public debt would have been
81, 443, 962.S7; the amount owing to public
schools $60S, 3S4.G4, and the amount for sup
port of government $SS1. 424.07. After de-
Quoting costs of assessing and collection and
all delinquents the net revenue would have
been $2,6l6, 594.S3l.
Mr.. Taylor adds
Gas the income and license xes are al
most invariably collected, the amount OF
insolvents and delinquents underth those heads
would be scarcely worth considering. Almost
the entire loss by insolvency and delinquen-
cy would fall upon the fund derived from
the property and capitation taxes, which,
under the Barbour bill, are specially de-
voted to the support of the government
and the public schools
From which it is clear that the bondhold.
ers were much better provided for than either
the public schools or the State government.
Fourth. What is the difference in amount
between the interest amount for which we
were bound before and after the McCulloch
bill becomes fully operative?
Answer: The annual interest on the whole
debt. exclusive of the debt held by the litera-
ry fund, al 3 per cent, is 1898, 14047, which
Is 1901, $3.50. &c less thar the whole interest on
the old bonded debt ACQUIRING from both class
es of bonds, coupon and peeler.
Fifth. Will increased taxation be neces-
sary in order to meet the interest under the
McCulloch bill and the other liabilities OF
the state?
Answer; If my answer to your third
question is correct, and can discover no
error in it, then the reply to your fifth is OBJ
vlous; for if under the barbour bill'' ST..
443, 962.S7 could be applied to the payment
OF interest out of the revenues of the State,
leaving 1881, 424.O7 for the support OF gov
eminent and sGOS, 3S4.64 for the support of
public free schools, surely 1898, 140.47 Tor
9S3, 1886 if you include the literary fund.-
could be paid under the McCulloch bill, as
well as, say.S7O0.000 to support of govern
ment and 100000, in round numbers. to
the schools, with good, substantial balance
in hand to be applied to the payment of ar
rearages to the asylums, public free schools,
&c.. &c.
Sixth. Do you regard the debt settlement
made by the last General Assembly as
iudicious solution Of the financial difficulties
by which the State was surrounded?
Answer: Unhesitatingly, do. I think,
with all Difference, that persons who were
willing to take the Barbour bilr' should be
more than pleased to accept the provisions
of the s'McCulloch bill,'' which, verify be-
lieve, will enable us to pay full 8 per cent.
interest on the entire debt Of the State, con-
sol and peeler; to pay the cost of supporting
the government. give to the schools annual
ly about 100000, and leave a surplus to be
applied to the liquidation of arrearages. as
have before indicated.
am, very truly. your friend,
VIM. F. TAYLOR.
Auditor Public Accounts.