The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-12-11


And the surplus Of revenue would be $s6O,s7s 81
STATEMENT v.
Surprising the whole debt funded, including
colleges and Literary Fund and onehalf 81 arrears
OF interest, the statement would be as followc, as
stated by Second Auditor
Debt, including arrears of
interest thereon funded
under the present act,
making. OF principal. :: .ssl 2s7, o83 "a
Arrears OF interest cue to
the Miller Manual La
Dor School OF Albemarle,
now payable under act
of Assembly,. .$l05,l10
Which funded at so per
cent, makes principal 52,555 on
Literary Fund, principal. 1,423,245 25
Arrears Of interest there
on, $347, 62291, which
funded at 30 per cent,
makes principal......... 173,8l1.45
Making entire principal of
the debt, including the
bonds held by colleges,
Miller Manual Labor
school, and Literary
Fund and arrears of in
tereSt at 80 per cent?. 32,861, 695 "a
On which the annual in
terest at per cent. iS... 986, 450 So
Net revenue applicable to the pay
Deduct the total annual interest last
above stated. ........................ 986,450 So
And the surplus of revenue would be $349,556 SO
The amount of old unfunded State bonds held
by the Dawson fund. donation by Martin Daw
ties. is $34, 1871; on which the annual interest
now paid under act of Assembly is 6 per cent,
and paid BY the Auditor Of Public Accounts,
$2,O5l, 26 ii funded under act of March 20, 1879,
one third 81, 39587 OF the above principal would
be deducted for West virginia's portion, leaving
as principal OF State debt $22,791.74 on which
annual interest at per cent. is $6S375.
Deducted from the inter-
est paid at per cent.
would leave a saving to
the State Of.............. 1857 81
Which added to the sur
plus last stated above... 349, 556 60
Would make the total surplus. ...... $35O,9s4 IL
These balances can be greatly added to by
the proper enforcement of the revenue laws
without any increase of the rate OF taxation
There are very large amounts of personal
property, as is well known, not reached, and
if reached not properly assessed. This ought
to be done rigidly,so that the burdens shall be
equally borne by every class of tax payers.
There are other subjects to which invited the
notice OF the General Assembly in previous
messages, and which, if utilized, would
yield considerable revenue. And I beg
leave more especially to call your attention
to the ''Moffett liquor law" and most re-
spectfully to urge the adoption Of measures
to secure its proper enforcement; and il
this is not possible, then its repeal, and the
adoption of some other system that can be
etfectually carried out. have been at some
pains to gather information about this law,
and the universal sentiment is that if pro
perly enforced it will yield more than double,
perhaps treble, the amount it yields now
indeed, that it will more than pay the whole
interest on the State debt under the present
settlement. Among those to whom l ap.
piled for information was Hon George L.
Christian, the able and dill gent Judge Of the
Hastings Court of the city OF Richmond
Who, by reason of his official position, i
better able to form an accurate opinion thar
any one in the State. In paper now be-
fore me, in which he discusses fully thu