The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-07-09
the states Finances.

The state ltldliSCSs
r, Il decidedly " cool" in the ReSdiusters
~ claim the credit for their party OF paying
tbe dues 20 the school fund which had ac'
cumu,ated before the McCULLocH dill had
reduced the amount Of coupons falling due
annually. The Wing says:
"Auditor Massey entered the AUDITOR
office and assumed the management OF tue
finances Of the State on the &c OF JannaI',
1850. Since that time he has paid stl tne
arreara0es which were due 10 the lunauc
asylnms and all sums due them UP 10 Tue
nresent time. met ali the current expenses
az tho government, paid of the SiO,O20 que
70 the literary fund. paid Sl2O,0oO OF tDe
arrearayes due The public free-scbool luhu
films bringing the quarterly payments Oh
Sl5.O0O up 10 the present ume), anu pa'u
the January interest due to schools anu COT
leges." 90
Does not all this prove that II the McCUL-
,ocH bin had been allowed to go into ope-
ration the State would never again nave
had anv financial troublesi That Oil pro-
yided for reducing the amount OF coupons
which could fsl due In year from about
al .2OO. 900 to about s96O,00O, and at the same
time for paying the interest upon AL 'le
bonds OF the State, both peelers and cOnsos'
About eight millions Of dollars OF the TWO
kinds were funded. OF these one-th'rd OF
80 .666. 66G3 were peelers. and so,333'331t
were consols. The coupons which Tell due
annually upon the latter sum amounted TO
500. 900. whilst not a cent OF interest was
paId to the holders Of the peeler bonds
But now that these eight millions are fund
ed under the MCCULLoCH bill the coupons
falling due annually upon both peelers ana
consols amount - only S2iOOOO; or, IN
Other words. the State saves 5000 annu-
ally in the interest upon these eight mill
lions OF her debt, at the same time that she
pays interest upon nearly three millions OF
her debt upon which she bad paid 20 inter-
est for years before the passage OF the NC
CULLoCH bill.
Is il not evident. then, from the Wing s
own statement, that II the MCCULLocH bIl
had been allowed TO 90 into full operation,
the State would thereby have saved S24O,-
900 OF interest which she bad previously
been paving, and at the same time would
have paid all the interest upon all OF her
debrY The statement is that Mr.. MASSEY
paid oil these arrearages out OF the lands
coming into his hands a Auditor. The Re
adiusters did nothing last winter TO in
crease the revenues OF the State. but rather
provided for reducing them. OF course,
Mr.. MASSEY has paid these arrearages out
of money in the Treasury not other
wise appropriated. Just as Mr.. TAYLOR
would have done il he had been continued
in Office, and bad lived.
Who, then, is entitled to the credit II the
condition of the finances OF the Common
wealth has improvedy Think Of it, We
voters. II the MCCULLOCH bill had been
carried out Virginia would by the lst OF
January next have been free from all her
financial troubles, and there would never
again have been any necessity for the accu-
mutation of arrearages due the school fund,
the sinking fund, or any other fund. Mr..
MAssEY's boasts show that with over 81, 100,-
600 Of coupons still falling due annually. the
State is able 10 do well. If the Ri adjusters
had allowed that amount to be reduced be-
low million, as il would have been il the
MCCULLoCH contract had been respected,
what might not the Old Dominion have ex-
pected In the way OF peace, prosperity, and
happiness? Instead Of these she has dis
eontented negro population, and a feeling
among the whites which bodies no good TO
her future fortunes.