The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-09-22

Unable and fagrant Of lies" the following
paragraph: .-..--- ..--.----:-.-.-
sThat the McCuIloch hill, can be carried
into effect without robbing the schooiss and
without increase OF taxes. when already AT,
additional steal in cash. from the schooi
money, to the amount OF $4,000, has been
accomplished under that bill. and Wnen
there Is already rumor that our taxes are
to be forcibly Increased by an ISSUE OF TAX
certificates, to be sold at seyenty-hYe cents
in the doIlar.'' TX -, .r.r ,e.l =
Application being made to Auditor VIII
LIAM F. TAYLOR for the facts, he promptly
furnished them in the subioined clear ana
conclusive letter, which, it Will be SEEM
gives complete refntation OF the SANDER !:
CoMxoNwEALTH OF VIRGINIA,
- ..s OFFICE OF THE -
AUDITOR OF PUBLIC ACCOUNTS. -.u
RICHMOND, September 70, lS19'J =
General T. III. Logan, Chairman:
Dear sir,-Your note OF this day has
been received. containing 'charce OF tne
Whiq."' respecting which you ask me TO
give on the points," -, - '.. :
In rcply beg to say THAT the charge is
without foundation. I know nothing OF
any s75. 900. IL the statement made by me
in nv August paper contains the amount
alluded toto wit, 70,000-the explanation
is ready one.
The eleventh section OF the McCulloch
bill says:
all. The Treasurer shall, upon the first
days OF July, 1879, and january, 1851, ana
upon the same days in each year, pay or
cause TO be paid to the holders thereon the
half-yearly interest then due upon each OF
49,, no.,lf Isg11afi
under this act"
Here, then, is an imperative injunction
laid upon the Treasurer to pay the July,
1879, interest upon certain bonds, &c. This,
however, the Treasurer could not do until
the money was turned over for that pur-
pose: and as the coupon interest was made
payable in New York as we'll as Richmond,
transferred to the former city $4,000 to
nav the interest there, and turned over to
The Second Auditor $4,000 to pay the in
terest in Richmond, these two sums aggre-
eating So, 900, as stated in my August re-
port: estimated that $4,000 more might
be required for that purpose during the hs-
cal year; but as the call has not been made
for it, only small portion has been paid.
As TO this payment being Gan additional
steal in cash from the schocl-money," the
charge. take it, is only a fancy sketch OF
the writer, who very evidently knows no
thing of The f.c!s Of the case, or. il he does,
chooses to pcryert them. The payment was
made by the Treasurer because the act di-
rected him to do so. Treasure" Hunter eX-
planned this transaction in recent commu-
nication published, think, in the wing.
AS regards the issue OF taX-recelyable Ger
titicateS under the twelfth section OF the Nc
Culoch bill, do not know how better 10
define my position in regard to them than
| to subioin an extract from letter written
By me to the Rev. DR.. Curry some time
since, and which l hope the Doctor VIII
pardon me for using in this way:
! 1.-The Allen amendment was Intended
solely, as [ understand the matter, TO en-
sure to the bondholder the punctual pay
mept OF his sem-annuai interest, and thus
70 place before him the matter OF funding
under the act OF March 18th last in more
favorable light than it could possibly be
without The concurrence OF so substantial q
guarantee. The amendment, you observe,
presents three distinct modes OF operating,
and as the duty of executing it IS placed
primarily and chiefly upon me viii state
TO YOU briefly what my line OF conduct will
be underit:
"1st. The act provides that il there be
not money enough in the Treasury to meet
the accrulng interest, &C., the Auditor is
directed. with the advice Of the Governor,
to raise by temporary loans whatever sum
may be necessary for that purpose.
"2d. Ii such loans cannot be effected
without security, then the Auditor is au-
thorzed and directed to issue non-intel est
bearing certificates OF Indebtedness or the
State and bypothecate the same ut the price
indicated by the statute.
I'D. These certificates may be sold upon
the terms stated in the "",. ~" - -
snuuIu tie eXigenclc5 OF the STATE OH 'Ac Isl
Of January and July OF each year require
larger sum OF money than the amount III tle
Treasury at the time, should certainly NJ
dcoyor first TO meet the deficiency by loan,
and as the amount could never be very
large. I have no doubt such loan could
be effected, as heretofore, upon simple
State obligations, without the interyen-
ton of the certificates mentioned IN the
act, and to which / have referred. But
if, contrary TO my expectations, loan
could not be so effected, but could be Sc
cured by hypothecatug the certificates, to
that extent would 60, for the certificates
would at the proper time be redeemed and
no harm could in anyWise be done to the
credit Of the State from their use in this
way. To put them upon the market, how
ever, to sell, according to the terms OF the
act, could never consent to do, and never
will unless and until such necessity should
arise as would render failure 10 comply
more damaging than 10 sell. think, there
fore, that no one need have any apprehen-
sions growing out OF the Allen amend
mcnt."
am very truly yours,
WILLIAM T. TAYLOR.
auditor puhlic Accounts