The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-19

sncrly tho state lew 81 forty cents was sub.
stausiniIy the whole extent OF our pubic
burden. nov the aggregate OF city. county,
State. aud Federal exactions equal tax OF
"A pcr cent. on The assessed value OF pro-
perry, or 1884, on every 500 OF our taxa
bic values. The expenses OF the state gov
eminent now, under the most frugal admir-
istrutiop. cannot be put at less than 81 ,400,-
600, including the constitutional charge OF
the free schools. aud averaged about
81 100000 until the Read listers came into
power. Yet our interest account. under the
McCulloch bill. would stand for the year
1879 al Sl,299 1854; for 1880 at SI,lyi,l6f;
for 1881 at Sl.093. 1874; for 1882 at Sl,00S,-
0f2; and for 1888, ana each year succeeding
10 1890, 81 5000 $50; or, II averaged Tor tue
Zen years, 81 81, 057,J6 year. For the en-
suing twenty years Cat 4 per cent. The an
nual interest would be Sl.32o. li1. and Tor
the remaining ten years. under the bill (at D
per cent, II would be 81 1861 1893 year
and this the Funders are wont 10 call 3
per cent. settlement 4, and D. The utter
impossibility OF meeting merely tbe.Neragc
annual interest demand OF tue McCuilocb
bill. even during the period OF lis lowest
rate, need not be discussed when II l. APP
parent that, after deiraS Inc the necessary
exptn ses Of Government, including support
of the schools. no larger annual surplus can
be safely relied on than 800, 900"
deny these assertions emphatically, and
will demonstrate that they are not only erro-
neous, but grossly 30. He says that tue
property OF all kinds assessed with taxes
In Virginia now is only S26i. $4,000.
have before me the report OF the Auditor
for the fiscal year ending September 30,
lS10-if any report for 1880 has been made
have not seen 1t. but there could be no
mui erial difierence-aDd thee are the OIL
cial figures taken from 1t:
Real estate taxed. 492'g33 ~
Personal property iaxed......... 70.937.G25 81
NEUTRALITY-SUSPICIOUS.. .s3l9.s93,559 90
A mistake OF S5l. 9jf,5j9; upon which,
al 30 cents on the 800 worth Of property,
The annual revenue would be nearly $780,
900
The positive averment is made that " the
McCullOch bill would arbitrarily impose a
debt of $50. 228 61l uDon the Virginia OF to-
day, &c." The McCulocb bill is found in
Session Acts OF Virginia 1879, p. 264. 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 session statement OF the public debt,
and fun receipts and expenditures, and this
has been done every year since our Consti-
tuition went into effect. The same LegiSla.
tuie that passed The McCulloch bill in CON-
pliance with this requirement did publish
a detailed statement of the debt and IFS con-
dltion. and make the aggregate Of principal
800, 361 ,9JS. o. See PAGE 400. &c.
General Malone claims that the Read
iusters bad majority in this Legislature,
and if they had, and made no protest
or counter-stltement 10 this document,
il must be accepted as correct. The
McCulloch bill authorized the funding
OF unpaid interest at 30 cents on
the dollar, and whatever interest was
funded would have 10 be added. But
here is the most material, and, at the same
time, the most grossly incorrect OF all the
elm lSS0-'SI, when every
species Of property is taxed, the revenue
of Virginia cannot be couuted upon for
more than q. 100. 900. though the levy is
how, since 1871, 30 cents. And where's
formerly the State levy OF 10 cents was sub
>tantialv the whole extent Of our public
burocn. nov the aggregate OF city, county.
State, and Federal eXlcliOns equal tax OF
% per cent. on the assessed value OF pro-
perty, or 81. 333j on every 800 Of our taxa
bic values"
First as to the revenue:
II is claimed that the total revenue Of the
State can only be S2.l00.000. will demon
strate otherwise conclu>ivcly. and, a. IN
other cases, will do it by official acts and
records. refer now 10 the statement OF
actual receipts into the Treasury -omitting
temporary loans found in Senate Document
IL. under date Of January q, 1S79-begin-
ming with 1869 20 and coming down 10 and
embracing 1S71-'7s. Get 1878 20 from the
AuditOr'S reDOrtS of that wear.