The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-14

rha res,lt of these negotiations and of the dis
cussions which ensued thereon was tne Preseh
sattlemeut familjarJy known as the MCCULLOUGH
bill under which the creditors are now faplaiy
funding the entire prlnt1pa OF the depI anu ne
nfha % half in new bonds non-ta Gas the Be-
cock Fowler bill provded) having forty years 70
run after January isy %nef Tor fe9 years per
cent. for twenty years, and per cent. lor me f
manning ten years the depts and de-
which are receivable Tor al taAes' uep's' anu oo
mands due the State. z..a ~,
This settlement, which has been accepted pS
the public creditors with promptness , neyoau
the expectation OF It's most sangulne lflenos'
meets ali the conditions of the Conservative piat,
form The new bonds are all of one class, and
there will be distinction between the noiaers
OF them and that the payment Of the sv Oh ~
The state without increase OF taxation IS DEM
onstrable
RESOURCES.
Tho raar andinp September 80 1878, was the f1rst
wear Of fair test OF the Moffett liquor tax, and
the revenue OF that year, with deduetlon 70 ps
hereafter stated offers the mosu of the Corn
monwealtb. The income OF the state tnas yeai'
exclusive of loans. was Ss6si 't1S.zo, ssnate
Document a l878-9) From this deduct the TAX
on consol bends which is now abolished on t1 1
new bonds and which for that year amounted 70
ass aas Is- tReport OF the Second Auditor Deem
Der 5, 1878; senate Document No 3 p 9gea Ihis
leaves he net revenue of the Commonweaith'
available for the public burdens. $2564oolo9
THE EXPENDITURES.
LIST, The expenses. Ordinary anu eAtfaoruii'"iy
OF conducting the Government.
The ordinary ell eases for the current year land
the future will diminish, not augment the ny are
as shown before p683,533. ,
90 The Extraordinary expenses have fiuctuated
greatly. and may conclude that Ihey VIII , p of
reduced in the fufu e; but following our pan "
aonering to the fl ures, and hazardlng no cor On
lectures we piae them at their average Tor tne
years which have PASSED since the o;+ ~
The Gov 'rDment. This is stated by the Audllor
in his report of January a. 1879, at s743as. ISL
making the total expenditures oruin"fy anu -
1888 yf2 I'll.
I'd The annual amount due the scnools. ,;h
This sum, under the provisions OF law waic u,
fixed the quota OF the schools. is ascertalned TO
be $497 49, So. (Report OF House CoHlni'lee oiA
FINANCE Janu;rj IL, 1873, page
"a The interest on the public debt;
if every unred-elned obligation OF the common
wealth due to GENERAL creators anu rnnaI Of the
public debt will amount to s3l7s6SoS 81, .Uom-
munication OF the Second Auoitof JANUARY ~
If every dollar of the arrears u lnteres' ianu Vii
BILE under McCullo' bill is presented IL or WI If
be, riding to the s-;on "a Aoai'of - ~
3Oth september. 1875 as followS: :. .e.oooo ro
Amount OF past due interest....:.;P 4'o9o's'o 10
Off tax receivable coupons %nlcH
have been will be pail ana was o,z ..e IN
included ill the above.....-....-..- 949's9' w
s.e8s,5A SO
Add past due interest to the literary 90, a.. 90
T. fund. ''''''''' =
ra,,,u. total of .s 8,94s,sl7 10
one-half of which (the remaining half
a De,ng to- 1874 sos %
a ", ,Soi If the debt ...,. 3u,796,2U3 81
| Making a total principal OF new ,, 100,
bonds ....-.......... '-'.''- &E.@==
| upon this sum the interest at three 900 700 ne
per cent per annum is. ....'.'9 SOP 90
| Add EXPENSES of government ioo,soS "
| Add for public schools ........-..... 4So''o@ %
| Ana b.va ........$ 2,24i,8l8 60
| This sum the annual revenue OF g.,
| 64S5O % will fully discharge, AID o,o 10, n,
| leave a surplus o-o,Voi -
S 1851 $50 90
The annual surplus of $320,031 81 will be appro-
| priated to the payment OF the past due coupons.
| which the Second Auditor informs us amounts 70
1872 on the Both OF June, 1875 to the
| to tine pubIic schools, which was aScerlalneu "
| the General Assembly, by an act approved l4tn
| March 1878 at 1882, 49, rs 1--WE have no autnentlc
| Information as to whether there has been per
manent increase Ct this sum since) ana nnally 70
! the reinforcement of the sinking fund 1or the en-
| tinguishment OF the public debt.
| Apprehensions entertained that Inc past past.
| dine coupons clipped from the old ponds mlsnt
| intercept SO much of the revenue tnau me Auui-
/! tor would be forced to use the schooi Iunu ~
| meet the interest on the new bonds. THIS couid
! only happen during the TRANSITION perlou lroln
the old to the new bonds, and Will soon cease, as
| the stream OF coupons would be orleo up ny inc
| refunding. of the debt. .
| But our party was committed as Wen 70 tne
maintenance OF the schools as to tne set a. men.
of the debit and accordingly passed an act tSesslon
Acts 1899, page l57) committing aiHost .me ed
tire school fund in currency to the dlrect custouy
OF the several counties and corpofations in NJ,