The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-02-03

, and this result is reached: Annual outlay fol
the expenses of the government and support
of schools, 81 400 900; average interest for ten
years on the McCulloch bill, 81 ,O57, 500; total
annual charge to 1890 81 At 800.
!. Now, compare this with the statement
above, given from official sources of annual
receipts, and anybody can see that the revenue
atexisting rates, without any increase of taxa
{ ton, would have been ample for all purposes,
if the McCulloch bill had been allowed to 60
into full effect, and if the Readjusters had not,
by combining with their faithful ailies'--the
colored voters-succeeded In accomplishing
its defeat. But General Mahone's figures are
j by no means correct, when be says that ST.
100000 is the lowest point to which the state
and school expenses could be reduced. And
here again. to eonfute him,I have official state
ments taken from the report of the auditor of
public accounts. s5}tsf + y lss. f 4
Il This gives the actual expenses of the govern
ment for the year ending September 80, 1878,
as $s77,013 81. Under the operation Of q
'bprevious amendment to the constitution, since
that time, thenumber Of the members Of the
!
pay diminished. and its sessions made biennial,
all of which will make corresponding re-
ducton in expenses, and by act of ,1877-78, all
the salaries under the state government were
reduced. The session of 1979-90 was the first
under the new arrangement The report Of
the treasurer for the year ending September
30 1880, shows that the previous estimates of
the auditor of the expenses Of the state govern
ment were substantially verified.
The Auditors report for 1879 also shows
that the actual expenses of the government for
the year ending September 30, 1879, were
SITS, 6sS87, and the estimates for the year
ending September 30, 1880. at $690,5SS. A
committee of the legislature, composed Of a
majority of Readjusters, appointed especially
to report what actual revenue they might
safely depend upon, and what the school fund
was entitled to each year, reported on the 18th
of January, 1873, that the actual revenue was
certainly as much as 81, 449 ,21464, and that
the school fund should have $497. 1852. IS.
These are not guesses, but hard facts, and show
as follows:
Actual expenses of government
for 1S7S-79. NEUTRALITY-SUSPICIOUS.. $I7S,6SS.S7
Actual sum due to schools each
|
Making. .................$1, 1854 ~
/ instead of 81 100000
And if to this be added the interest on the
debt at per cent, even putting it at General
Mahone's figures, 1896, 76013, we have $2,273,-
331 So as the real outlay if the McCulloch bill
had been carried into effect. In his statements |
both Of revenue and expenditures-made with |
such an assumption of extreme care and accu- |
racy-General Malone is contradcted by the |
Riddleberger bill itself He says the most rev. I
enue to be expected is $2100,0O0 but the Rid I
dleberger BILL which in its preamble goes into
Details put this at $2,1650O0 General Malone
says that under the most frugal administration |
the expenses of the government and schools |
cannot be gotten below 81 100000. But the |
Riddleberger bill puts 4
State government at 100000 |
Schools Observation-Disclosures. 431 900 |
s1.331, 900
being $68,300 below what General Malone |
claims to be low-water mark.
But both General Malone and the Riddle |
berger bill put the State expenses too high and
the revenue too low, as have shown. And |
here it may be instructive to compare the Rid |
dleberger bill and the late address and inter
himself / give an extract from his published |
address delivered before the Mozart Hall con-
vention, which contains an estimate of reve-
nues and of expenses and of the State debt and |
winds up with a balance of $155,000 in the
treasury. Extract from Gen'l Malone:
1. That the net revenue from all
sources is. 3d. 423.75
Q. Expenses OF government
|(estimated) after discount
ing estimated savings from
biennial sessions and in
the cost Of criminal pro-
Proportion Of revenue due to
the public schools 487 442 So 81 .347 AZ. SO
Net revenue ,144, sS1 %
8. That the principal of the debt proper
including bonds held by the literary
fund of 81 1923 245 q, $50, 1922 903.3l
4. That arrears of interest
the debt thus stated
including 1855 44810 due
bonds held by the lite
rary fund.- amount to. SIS, DOS, 873 AZ
Less 'natured coupons out
standing which cannot be
funded (estimated) ....... 100000
Leaving balance to be
FUNDED ............ ~, 5O8,373.43
Which, funded at fifty cents on the dol
lar gives to be added to the foregoing
principal. ................... 1851
Making the principal of the debt on
which interest is to be paid 1872 ST., 09002
5. That at 3 per cent the interest
this principal amounts in round
ngures to..... ......... $3.50, 0OO.O0
Now if the income OF the State can be relied
on for 81, 145,000 as above estimated it APP
pears that this, at 3 per cent, can be paid,
leaving surplus of $155,0OO in the treasury
The exposure of these errors would surely
be sufficient, but there are others just as gross
The statement is made that the tax on prop
erty in Vrginia-"state, city, county and fed
eral exactons" -amounts to $685. on every
hundred dollars worth. Is this so? The real
and personal property together, under the last
complete assessment was, as / have stated
9,393,554.05. Now 81 per cent on this
| reaches the great amount of $10,678,774 Does
General Malone mean really to tell the public
that the people of Virginia pay any such sum,
as that by a tax on property? He puts the
tax for the State at 81, 100000. What are the
other eight millions NEARLY for.
Ah~ SPo'e VI e4iS etuseieoAy 0AVhAJ 4uOlCuJ
shows that the total county and city taxation
in Virginia was only $1.367 ,986,O1, which
would leave more than seven millions of dol
lars to come in under the head of federal
exactions" The total tax on property for all
purposes levied by the state, counties, cities
and towns only aggregates $2,979,S14.35, or
less than l per cent. of the assessed value of
the property of the people. The "Bourbons'
or "Funders" are not responsible for federal
exactions," if any are practiced.
There is one fact very material TO be known
and understood in all this discussion about the
debt of Virginia, and that is that the large
amount of $5,309, 3O6sO of it held by the COM
missioners of the sinking fund was required
by the McCulloch bill to be cancelled and ex-
tinguished, thus Kidding the State forever Of
that amount. The Riddleberger Bill, which is
the one the Readjusteas passed and propose to
stand by fixes the debt at $19, 665 1896, which
it declares to be the true amount due 1t
scales down one class of bonds from 100 to
53-that is, it compels a man who has bond
Of class fas defined nv the McCul1och hilN