Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1881-12-16

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the receipts and disbursements otherwise
to continue the same as last year, after all
the expenses for the support OF govern
ment. for the support of the Public Free
the interest on the tax-paylng
coupon debt, consol and 10 40, and on the
bonds held by colleges, and the amounts
orde, ed Iy law to be paid quarterly on ar
rearages due the Public Free Schools.
THIS bala ce is $276, 1854 43.
This sum is apple Die to the lnte' est on
the public debt--old unfunded and peeler
with amounts, according to the Second
Au itor's statement, made at my request,
and now before me- to the following:
Sterling, 81 1902 s51 IS at i've per cent, m
terpst: and Dollar. So 424 292 ,5l. (lesS the
sum OF 81, 1856 ,6S7 so, neld by colleges on
which Interest las been and is paid annu-
al]y. IS before recittd. at six PR cent. IN
tertst: to a loan of $40 800 due to the MIL
Ter Manual School with interest from NO
vember 1879; to the account OF arrearageS
due the Public Ere SCHOOLS, according To
the Auditor 81 294 z45. 81; to amount cue
the Literary Funh, as per report OF second
Auditor (Septembe 1881 $ 16. 3221 ~; ana
to arrtarages of Interest due on .upi'c
debt, as per same report, $500 33l.'5.
The Superintendent of the Penitehtiary
reports: II estimate the net Terenae OF tne
Penitent,arV during the current fiscal year
at SIS .060:" which he suggests may lie In
creased. Should certain of his recommen-
cations be adopted. l must commend the
diligence and efficiency Of the Superlnten.
dent, aided by an equally efficient aad
sympathizing Board Of Direct ors, who,
both aided by the revival OF business. which
has enabled them, under the various stat
utes. to make contracts for the employ.
ment of the convicts within and outside Ut
the Penitentiary, have converted 1t from
an expensive i,to a paying institution.
This will make the afores lid balance
more than $500, 900. which. added TO tne
current revenues, will nearly, If not quite,
pay che interest on the entire prlhclpal OF
the debt OF tire State-consnl, peeler. and
upfunded-at the ia, es of interest it now
bears. in the hands of the holders. what
ever NAV be it's form-full interest tn the
colleges all the expenses of the govern
m mt. and the amount annually due the
Public Free Soho lis.
There will still be outstanding the above
items of the Miller Sc ool l. all. the ar
realages due to the Public Free Schools,
to the Literary Fund, and to the interest
upon the debt.
AS to the Literary Fund and the Public
Free Schools, the one is the States prop
| GEUV. LQc OLllEI tu0 OuHtO OEOhys oOStA
to be cared for and protected. We are
bound to support the Public Free School
system as part of the organic law. The
debt is equally so. and of equal, II not
prior. obligation. I make no buast OF en-
| iuent service the records will show that
| The school system has received at my hands
| every aid in my power, under the Consul
| tuition and laws, to establish and perfect
| it, and make it of greatest value to The
| State. In the settlement with the credl
| tors or their representatives u1der the IT,
| 40 or McCulloch Bill. by their generosity
the schools were preserved in their entire
| ty The statute, commonly called the
| ..Henkel Bill,'' which thus provides fol
| the schools, still stands in full operation
whilst the residue of the settlement
| through which, by consent. the creditors
| were to receive their diminished interest
has been defeated.
By this statute the schools are now pro-
vided for, and receive all they are entitled
| to under the Constitution and laws
amounting annually to upwards OF half
| million of dollars out of the State. and
| that amount or more out OF the county anC
| corporal on ire Surles. These arrearages
are of doubtful and unsettled amount. The
present Auditor has given me the sun
above sta ed. His predecessor fixed the
amount at many hundred thousand dollars
| less; and according to what he thought
the correct mode of ascertaining the
amount due, at nothing at all; indeed, re
Ga, ding them as overpaid. The Suprrin
| tendent of Public Schools differs from the
| former Auditor, and has made no estimate
| since the latter has been in Office. In any
event, now that they are receiving in full
| their annual quotas. and the pressing de
mands upon the State require it, the set
| Element of these arreara4es can very vel
| be D, stponed till their resources justify It.
| which, from the present outlook. with thu
rapid advent of capital to our midst, VIZ
believe will be very soon.
| AS to the accumulated interest on thu
public debt there are various modes II
which it could be provided for without any
increase in the rate of taxation, which
| do not think it necessary to urge. No
that would not so urge to meet he State;
obligations. | certainly would Taxes
are not agreeable, but they are the cost O.
| good government, and every thing tina
term i'm plies
But this increase is not necessary. Thu
| State has several millions of dollars of as
sets which can be sold and applied. Al
the bonds which bear five and six per cent
| interest are now redeemable at the option
| of the government; this fact alone 81
changes the situation since the 1st day o
| july last. as to enable lis to view it will
more confidence: Hitherto, consent OF tn
| holder was implied. Now, with resOlut'
determination and announcement to NEE
| it's obligations, the Commonwealth cal
issue its bonds at much lower rate of in
terest and have them readily taken. W.
| know that many of the creditors will glad
ly do so; which, if done. will. as I hav'
shown, speedily lift US out IF trouble, ant
preserve our credit untarnished.
Thus. there is no Justification or excus
for Virginia to repudiate or eliminate
by force all or any portion of her debt, il
the fucile effort, py such means, to ''re
establish her credit" under modes pr"sen
ted IN the bill Of the last session. By
statement of the Second Auditor. furnish
ed at my request. and now before me. Vir
ainia paid as interest upon her debt from
the Ist Ju,y. 1857. to 1st October, 1851, th'
large sum of Sl4 272, 657 40, and she is nov
paving more than 81 100000, with sur
plus of at least $500, 900, as shown by thu
Auditors report-in spite of the asser
tions of the ignorant OF malicious that sh,
has been and is paying nothing. The bill
to which / have just referred reduces, b.
''eliminatiop,' the interest the State viii
have to paw. if it pays any, to the sum o
about $500, 0G0-f0r, that portion of the
debt and the arrearages of interest t.
which the foregoing balance would be ap
| plicabe would by that bill be ''elimlna
! ted; What will be done with the 500,
600 thus eliminated annually from tn,
just creditors The Commonwealth il
left by tie s'eliminators" to answer fol
that as best she can at the bar of Public
Opinion.
1t is with profound interest I call YOU
attention to these matters. They involve
the destinles OF Virginia. Those desti
MES are in great measure contided tOyOu
More precious have never been entius &c
| 10 any LEGISLATIVE body A nrOuder hlstO