Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-08-13


And We have............. s2,24l, slS So
This sum the annual revenue
of S25643,O 90 will fully
discharge, and leave a sur
TIss Of. '................, 3an,o3l 81
s2,5Gi.s5O 90
The annual surplus OF 1920, OBI 81
will be appropriated to the payment OF
the past-duc coupons, which the Second
Auditor informs Us amounted to $40.
1872 on the 80 June, 1879; to the ar
rearagcs TO the public schools, which
vas ascertained by the General Assem-
bly,, by an act approved l4th March,
1873, at 1892, 1872 % Eve have no au
thentic information as to whether there
has been a permanent increase Of this
sum since) and finally to the reinforce
ment Of the sinking fund for the exlin-
suishment OF the public debt.
approximations were entertained that
past-due coupons clipped from the old
bonds might intercept so much of the
revenue that the Auditor would be
forced to use the school found to meet
the interest on the new bonds. This
could only happen during the transition
period from the old to the new bonds.
aud would soon cease, as the stream OF
coupons would be dried up by the re-
funding Of the debt.
But cur party was committed as well
to the maintenance OF the schools as to
the settlement of the debt, and accord
ingly passed an act 6 ,ssion Acts 1873
9, page $50 committing almost the
entire school und in currency to the
direct custody OF the several counties
and corporations into which it is to be
discussed, aud staying checluallY every
nand that might seek to divert it. AT
the same time the Auditor was allowed,
FOR the purpose Of maintaining implicit
faith with the creditor, to anticipate The
revenues applicable to the payment Of
interest by temporary loans and on
the failure (and only On the iailure) OF
that expcdielt, to sell certificates Of
Indebtedness at a price in no case less
than seyenty-livc cents on the dollar.
1t Is plain that The revenue OF the
State will be sufficient for all purposes
unless the past-due coupons are all
presented at once, or within a short
period. The experience Of the past
does not justify the belief that they Will
be so presented, and the communlca-
lion OF the Auditor dated August l.
1879, heretofore referred to, shows mat
he has been able during the current
year tc repay the money borrowed from
the banks, the interest on the new
bonds due July /, 1879, and to dlslrl-
butte in addition n large sum to the
public schools; and this has been done
notwithstanding the fact that a larger
amount ofcOupons 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 ref,;nding is being accom-
plished will Don stop the flow Of old
coupons into the Treasury, We have
satisfactory information that IN to this
date about SIC, goo. 900 of bonds are un~
der the control Of the funding assocla-
tons, including upwards Of $4,000 900
presented for funding before July /,
1879.
In this statement we have given
every doubt against the Commonwealth
every chance against the settlement.
Pursuing the same resolve, we proceed.
III Gne, to consider the consequences OF
an alleged diminutlon OF the revenue,
resulting from reassessment OF lands,
which will be made in 1880, and the
effect of such reduction on this adjust
ment. No one anticipates, or has pre-
dicted. larger reduction OF the gross
returns from lands than one-fOurth.
Concedo for argument that such will
be the case. We are informed by the
Auditor that the net revenue Tor the
wear 1878 derived from real estate
amounted to sl,075,370.60. One
fourth of which is s26S. S42.65. OF this
one-Gf.h. or s3,76S.53, will under the
law be lost to the schools; so that the
remaining four-filhs-tO wit, s2l5, OH
10 will represent the amount to be
deducted from the abovc-stated sur
plus OF 900, 81, which will still leave
y surplus of lOl, Q57.09. But we do no
believe that such a reduction OF values
IS possible.
RESULT OF THE SETTLEMENT.
1t is, therefore, plain that If the worst
apprehensions OF the most Respondent
are realized If the depression of bust
ness should continue if no further re
ducton of the expenses OF the Govern
ment be practicable if the wisdom OF
the Legislature should fail to provide
additional sources Of public revenue if
no new capital, or Thrift, or industry
should appear in Virginia if every
hond and its certificate ofinterest issued
by Virginia "a third Of which were is
med over twenty-five years ago) should
he presented, still the Conservative
marty has redeemed It's pledge, has soly-
ed the great difficulty, mas brought the
debit within the ability Of the State with,
out new burdens upon the people, aud
has preserved in the settlement the good
faith and credit OF Virginia.
We claim this wise and beneficial set'
Element to be distinctly
A CONSERVATIVE MEASURE.
Here again we appeal to the record.
The MgCulloch bal was Senate bill,
and passed that body OH the 5th oil
March. 1879, by recorded vote of 2s
ayes to Q noes. Senate Journal, page
463,) In the list of the 20 ayes no name
enpears but of Conservatiye-no Re-