The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-02-03
sTAUNToN, VIRGINIA, FEBRUARY 3, 1881.

the war, General Malone says Il quote from
his lnterview): Then the property Of all kind
assessed with taxes in Virginia was create
than now by $3l7,66O,000, and now amount
to only 1897 $4,000; and then her public deb
was $31, 1873 900, with an annual liability 70
interest Of 81 $4,000, while the McCulloch bill
would arbitrarily impose debt Of 1913 ~
upon the Virginia Of to-day, shorn Of her terri
tory, decimated in her population and beggares
in all her resources debt greater than tina
OF any other state Of the Union--to crush gu
and paralyze the State which suffered most
all by the war. The revenue of Virginia Il
the year $4,000, in levy Of 40 cents upor
the 300 Of assessed value, was $3936,S74 y
p18SO-S1, when every species of property !
taxed, her revenue cannot be counted upon iol
more than $2100,000 net, although the levy il
now tsince 1871 so cents; and whereas for
merly the State levy Of 40 cents was substan-
TALLY the whole extent Of our public burden
now the aggregate Of city, county, State and
federal exactions equals tax of 81 per cent
on the assessed value of property, or $33-3335 or
every one hundred dollars of our taxable val
ues. The expenses OF the State government
now, under the most frugal circumstances, can
mot Be put 1t less than $1,400,O00, including
the constitutional charge .of the free schools
and averaged about $1,60O,000 until the Read
justers came into power. Yet, our interest
account under the McCulloch bill would stand
for the year 1879 at 81 ,299, 1854; for 1880 al
1884, 1854; for 1881 at S. $685. 1874 for 1882 al
81 ,008 OLE, and for 1883 and each succeeding
year to 1890, at 1896 $50, or if averaged for the
ten years, at 81 ,057 $50 year. For the ensu-
ing twenty years at 4 per cent, the annual in
terest would be 81 1928, 147 and for the remain
ing ten years, under the bill at 5 per cent. it
would be 81 ,661 1888 year, and this the Fund
ers are wont to call 8 per cent settlements,
4 and s. The utter impossibiIty of meeting
merely the average annual interest demand of
the McCulloch bill, even during the period of
its lowest rate, need not be discussed when it
is apparent that after defraying the necessary
expenses of government, including support of
the schools, no larger annual surplus can be
relied on than $7O0O00."
deny these assertions emphatically, and
will demonstrate that they are not only erro-
neous, but grossly SO. He says that the prop
erty of all kinds assessed with taxes in Vir-
GINA now is only $267, 439, 600 l have before
me the report of the auditor for the fiscal year
ending September 30, 1879 (if any report for
1880 has been made have not seen it, but
there could be no material difference), and
these are the official figures taken from it:
Real estate taxed. s248 455 933 SO
Personal property taxed 7O,93T,625 81
Total. .s31s, s9s, $50 90
A mistake of SOL ,954,559, upon which, at
fifty cents on the hundred dollars worth of
property, the annual revenue would be nearly
$26O,OO0
The positive amount is made that ''the Nc
Culloch bill would arbitrarily impose debt of
$33,22S 81 upon the Virginia Of to-day, &C."
1t did not fix or attempt TO fix the amount of
the debt The constitution requires that the
legislature shall publish with the acts each SEES
sisn statement of the public debt, and full
receipts and expenditures, and this has been
done every year since our constitution went
into effect. The same legislature that passed
the McCulloch bill in compliance with his
requirement did publish detailed statement
of the debt and it's condition, and made the
aggregate of principal $s9, 1867 ,958.06
THE STATES REVENUE.
General Malone claims that the Readjusters
had majority in this legislature and if they
had and made no protest or counter state
ments to this document, it must be accepted as
correct. The McCulloch bill authorized the
funding of unpaid interest at fifty cents on the
dollar, and whatever interest was funded
would have to be added. But here is the most
material, and at the same time the most gross
ly incorrect Of all the averments, viz; "In
1880-81, when every species of property is
taxed, the revenues of Virginia cannot be
counted upon for more than 81, 100000, though
the levy is now, since 1871, fifty cents: and
whereas formerly the State levy of forty cents
was substantially the whole extent of our
public burden, now the aggregate of city,
county, state and federal exactions equals a tax
of 81 per cent. on the assessed value of prop
erty, or $3.33s on every one hundred dollars of
our taxable values"
First as to the revenue 1t is claimed that
the total revenue of the State can only be
81, 100000. l will demonstrate otherwise con-
clusively and, as in other cases, l will do it
by official acts and records
/ refer now to the statement of actual re-
ceipts into Il e treasury, emitting temporary
loans, found in Senate Doc IA, under date OF
January Gath, 1879, beginning with 1869-70,
and coming down to and embracing 1s77-7S.
I get 1882 from the Auditors reports ofthat