The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-08-09


S3,ts6,544 SO
Add past.due interest on the lite
rary fund... ZO5.IiS 70
Making a total of............... S3.949,s17 ST
One half Of which tihe remaining
half being surrendered by the
cred orr amounts to............ j l9749Os 93
Add principal of the dcbt.......... 3O.196.2O3 81
Making total principal of new bo'ds ss277I.ll2 -
Upon this sum the In nterest at three
pr cent. ner anuum ls........... 9S3.133 36
Add expenses Of govsrnlueni.... 763,on2 67
Add for public schools. 497,7S2 go
And We havc.. ................ 2,244,sIs IS
This sam the annual revenue OF
*2.584,S5n.09 will fully dis
charge, and leave surplus of.... 320.031 2l
a2.5G4,s5O %
The annual surplus OF $500, ,03l.2l will be
appropriated 10 the payment OF the past due
coupons, which the Second Auditor in
forms US amounted to $40, 1872 on the 30th
june 1879; to the arrearages to the public
schools, which was ascertained by the Gen
eral Assembly, by an act approved 14th
March, 1873, at $3.50, 1926 1--WE have no au-
thnntic information as to whether there has
been 4 permanent increase Of this sum
since); and finally to The reinforcement OF
The sinking fund for the eHtngui>hment OF
the public debt.
AppreGensions were entertained that the
past-due coupons clipped from the old
bonds might intercept so much OF tue reve-
nue. that the Auditor would be forced TO
use the school fund to meet the interest on
the new bonds. This could oaly hap
pen during the transition period from
| the old to the new bonds, and would soon
! cease, as the stream OF coupons would be
dried up bv the refunding OF the debt.
But our party was committed as well TO
| the maintenance OF the schools as 10 the set
t!emenI OF the debt, and accordingly passed
an act session Acts 1879, page 15I) CON-
mitting almost the entire school fund in
currency to the direct custody Of the sey-
eral counties and corporations into which
it is to be disbursed, and staying effectuaIly
every hand that might seek to divert it..
At The same time the Auditor was allowed,
for the purpose OF maintaining implicit
| faith with the creditor, 10 anticipate the
revenues applicable 10 the payment OF in
tcrest by temporary loans; and on the fail
ure (and only on the failure) OF that eX-
| Dedicnt, to sell certificates OF Indebtedness
at price in no case less than seVenty-five
cents on the dollar.
! It is plain that the revenue OF the State
will be sufficient for all purposes unless the
Dast-due coupons are all presented at once,
or within short period. The experience
OF the past does not justify the belief that
| tbev will be so presented, and the comrlu-
nication OF the Auditor dated August l,
| 1879. heretofore referred to, shows that he
| has been able during the current year to
repay the money borrowed from the banks,
| the interest on the new bonds dne July l,
1879, and TO distribute in addition large
sum to the public schools; and this has been
| done Notwithstanding the fact that larger
amount OF coupons have come in than ever
before during the same period. We can
safely say, therefore, that the trouble Is past,
| and that no certificates need ever be sold
| for the rate at which the refundinS is being
accomplished will soon stop the flow OF old
coupons into the Treasury. We.hare salts
factory information that up to this date
about $12.000,000 OF bonds are under the
control of the funding associations, in
Guiding upwards OF S5.0000 900 presented for
| funding before July l, 1879.
In this statement we have given every
doubt against the wealtt-every
chance against the settlement. Pursuing
| the same resolve, we proceed, IN line, to
| consider the consequences or an alleged
| diminution Of the revenue, resulting from
| a reiSSessment OF lands, which will be made
| in 1880, and the effect Of such reduction on
| this adjustment. No one anticipates. or has
predicted, 4 larger reduction OF the gross
returns from lands than one fourth. Con-
! cpde for argument that such will be the
case. We are informed by the Auditor that
the net revenue for the year 1878 derived
from real estate amounted TO Sl,OI5,370 90.
| One fourth OF which is S2GS, S,S42G5. or
this one fifth, or $50, 1883, will under the
law be lost to tue schools; so that the re-
naming four ffths-to wit, S2l5,074.l2-
will represent the amount to be deducted
from the above-statcd surplus OF $780,
OSl. 81, which will still leave surplus Of
S1O4,95709. But we do not believe that
such I reduction OF values is possible.
RESULT OF THE SETTLEMENT.
1t is, therefore, plain that il the worst ap-
prchensions of the most respondent are
realized; il the depression OF business
should continue; if no further reduction Of
the expenses OF the Government be practi-
cable: il the wisdom Of the Legislature
should fail to provide additional sources Of
public revenue; if no new capital, or thrift.
or industry should appear i'll Virginia; If
eyery bond and its certificate Of interest
issued by Virginia IA third OF which were
issued over twenty-five years ago) should
he presented, still the Conservative party
has redeemed its pledge, has solved the
great difficulty, has brought the debt within
the ability OF the State without new bur.
dens upon the people, and has preserved in
the settlement the good faith and credit Of
Virginia. ,..y..
We claim this wise and beneficial settle
ment to be distin ctively ,..
. A CONSERVATIVE MEASURE. .t..,.r
Here again we appeal to the record, .5:f.
The McCulIoch bill was Senate bill. and
passed that body on the 9Th March, 1879, by
a.recorded vote OF % ayes to noes, (Sen-
ate Journal, page 1852 In the list of the
% ayes no name appears but that OF a Con-
servative-no Republican, no Independent !;
while Of the 8 noes but were Conserya-
tives. The bill passed the House OF Dele
gates March q, 1879, by q recorded vote OF
rs ayes 10 80 noes. blouse Journal, page
54G.) OF these 76 ayes, y were ConserVa-
tives, while Of the 90 noes, but a were
Conservatives. Thus OF the l20 Conserya-
tiyes in the Legislature who voted upon the
bill 100 voted for it and only 70 voteo
against ii, showing that more than three
fourths ,iof the Conservative members Of
the Legislature sustained the bill, while OF
the AL Indeppndents and Republicans who