The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-09-25
A Plain Statement.

concise form, and gives the results as they
will appear Under the operation of the Nc
Culloch bill. One fac, pertinent and essen
tial to proper understanding OF. the ques-
ton now being discussed before the people,
is to learn precisely what Auditor Taylor
conveys in his succinct statement-ihe mey-
its OF existing legislation. Those who OPP
pose the bill, invariably, in their estimation
Of the expenses to be met, and the resources
to be derived under it, charge it with de-
ficiencies which occurred under the bill Of
1871. They do not give the arrangements
and provisions ofthe McCulloch settlement
the credit of the results that will bereached
under it, but burden it with the defects OF
the bill for which it is substitute. They
do not look at and determine the benefits OF
this bill by a statement ofthe liabilities and
abilities under it, but cucumber it with the
liabilities assumed and fastened upon us by
the old bill. The fair way to examine and
pronounce upon the subject is to ascertain
as Mr.. Taylor has done, the expenses OF
government accruing under the bill and the
resources it provides for meeting them,
when it is in complete operation. 1t is not
right to charge it with the deficits under
previous legislation, and argue from that
premise that it will not provide revenues
enough to meet them. What the people
want is law that of itself will not work a
deficit, with the present revenues. This
they will have in this bill. Any deficit that
may now exist, mustbe provided for-must
be gotten out of the way. While we be-
lieye the surplus revenues that will remain
in the Treasury after meeting the expenses
of government, interest on the public debt
and supporting thepublic schools under this
bill, will be ample for any contingencies
that may arise by reason of the deficits I'M
der the Funding bill of 1871, yet, should
| this not be the Casa condition of things
we by no means anticipate-it would not be
proper to condemn the McCulloch bill be-
cause of this. Such contingencies would
have to be met by such legislation as the
Legislature might deem best, if existing
enactments do not provide sufficient RENE
dies. The McCulloch bill, we are satisfied,
will place the Commonwealth on safe
grounds-will meet all the current and ac-
crrling obligations Of the State with the
revenues derived from the present rate of
taxation, and protect the Treasury against
any further deficiencies. That is all that
ought to be asked of it, and it is all that
the people can, in reason, demand. The
Auditors statement, published below, gives
this assurance. 1t presents the revenues
and expenses as they will occur under this
bill, and not under the. law for which it
is substitute, and also the probable sur
plus, which can be applied to meet the de-
ficiencies that have already accrued
If the bill, with the present revenues. will
not only meet the demands upon the State
that will be created under it, but furnish a
surplus fund to be appropriated to cutting
down, and finally distinguishing, the de-
fciencies that have gathered under the law
Of 1871, reasonable and honorable men can
find no good excuse for opposing it.
The following is the statement of the Au-
ditor, which we have deemed it proper to
preface with the above remarks:
RICHMOND, VA, Sept Is, 1879.
DR.. L. B. anderson
My Dear Sir,-I send, with this, the state
ment you request. Hastily, and very truly
yours, VIM. F. TAYLOR, Auditor.
1. What was the amount of the bonded
debt of Virginia at the time of the adoption
of the Funding bill? Answer: 45,71s,-
1928.
2. What amount was apportioned to Vir-
ginia? Answer: $50, AIS, 741.49. Reduced
at this time by operation of the Sinking
Fund to s29, 294, 65S.O6.
3. What amount was apportioned to West
Virginia? Answer: SIS, 239, 1904. Total,
Sis, 1929.
A. How much was funded in coupon
bonds? Answer: In coupon bonds, tax
receivable, $40, 1924, $3.50.
5. How much was funded in peeler
bonds? Answer: So, 422, $1,000. Remainin g
unfunded, treated as funded, amounting to
So, 647, 462.57. Total, $29, 294, 657. 08.
6. How much of the aggregate was inter-
est? Answer: SIS, 637, 243. 93.
Z. What was the amount OF interest due
on peeler and other bonds when the McCul-
loch bill was adopted? Answer: $685.,
3S2.46.
s. What will be the amount of interest,re-
mitted under that bill: Answer 81 ,976,
691.23.
8. What will be the amount of the whole
debt readjusted under the McCulloch bill
Answer: s31, 81, 349.47.
10. What was the amount of interest paid
in coupons annually? Answer: For the year
1878 the amount, was st Oh. 1878.
IL. What will be the annual interest on
the whole debt at three per cent. Answer:
s93s, 14O.29.
-. How much less will this be than the
annual amount paid in coupons under the
funding bill? Answer: $277, 537. SO.
10. How much less than the wholeinterest
on the bonded debt, as accruing from both
classes of bonds? Answer: 1901, 1926.
IA. What is the amount ordinarily ex-
pended for the State government, includ-
ing all expenses save to public schools and
interest on the bonded debt? Answer: The
total ordinary disbursements, expenses of
government estimated for the fiscal year
1878 '79, is &77S 66S. but for the fiscal year
1879 80, under the retrenchment laws, is
estimated to be $3.50, 5SS.
10. What is the ordinary amount appor-
toned to the public schools? Answer :$497,-
1885.
16. When all ordinary expenses are paid, |
the apportionment to public schools ascer-
tanned, and the per cent interest on the
public debt provided for, what, if any
surplus will remain in the Treasury should
the income taxes for the year from
from the LIST of October 1879, to Sep
TENDER 80, 1880, what it was last year,
1S77-'7S? Answer The ordinary income,
balance constituting receipts from all
sources, exclusive of temporary loans, for
the year 1S77-'7s, was 81, 1881, $685. the es-
timated ordinary expenses Of government
for 1S79-'SO, $69O,5SS the apportionmentl
to the public schools, estimated, s497, 1872 |
So; the per cent. interest on the public |
debt provided for, 1898, 140.47; deducted
from the income, 50, I26, 1.32, leaves sur
plus of $5l5, 1908.
The Fair.
Never before has the prospect been 50
for our county Fair. The general
that is causing all kinds of bust