Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1881-01-19


Making ~ Sl.276,47l -
instead offs 10000
And if to this be added tho interest on the debt
At por cent even putting i. at Gen: Mshone's
| real outlay if the McCulloch bill had been car
| ficd into effect. In his statements both of rev.
! onue and expenditures-made with such an IS.
| sumption OF extreme care and accuracy Gen.
Malone is contradictod by tho Riddleberger bill
| itself. da says The most revenue TO be expected
is 81, 100 GOO; but tho Riddleber2or BILL which
| in lts preamble goo3 into details. puts this at
- lCj. coo. Gen Malone says that under the
| most frugal administration the expenses Of the
government and schools cannot be gotten below
II, 200 90. Bnt the Riddlcborgor bill puts
State government at $500 600
Schools. 43l 0O)
Sl33l,OC0
being $G8. SO below what Con. Mahone claims
10 be low water mark.
But both General Mshone and tho Riddle.
borger bill pus the State expenses too high and
tho revenue too low, ss l have shown. And
here 1t msy TO instructive to compare tho Rid.
dIebcrRor bill and the late address and Interview
OF Gen. Malone with Gen. Mshone bimsolf l
give sn extract from his published address do.
nvrrcd betoro Tho M7zArt Hall convention,
VIII n contains an estimate OF revenues and of
expenses and Of tha State debt, and wind, up
with q balance of Slj5 COZ in the treasury Ex-
trect from Gen. Malone:
l. That the net revenue from all
sources is So4Gr 4y3 -
; Expenses Of government (esti.
mated) af.er discounting es.i-
mated savings from biennial sos
sons and in tho cost OF eriminsl
proceedings, SsC0OO0 %
Proportion Of revenue
dus to the public
tchools. d:7,4i2 $751;, SAT ,442 So
=, Net revenue. S1,l4t!sl %
That tho principal of the debt
,proncr, il Guiding bonds held by
eho literary fund offs .d2', 2i5 q,
is, $50 I'D 9Ca 81
4. Tnst arrears Of interest on The
debt thus stated, including $3Cj.
ais 10 due on bonds hold bv tho
fund, amount TO s. POS S13 d
LEES matured coupons
outstanding which
cannot bo funded,
(csLmated) 100GC 90
Leaving balance 10 be
funded, S4.509,373 IS
Which, funded at 81 cents on the
dollar gives TO be added to the
foregoing principal 22Ii,lSG II
Making tho principal Of tho debt
n e., when interest Is TO DO paid S. So 900 o.
Ihat at 3 por c.. tho interest on
this principal amounts ia round
nsutes 10 $99J0C9 90
Now. it the Income CT tho State Gin bo relied
on Tor 81, l45.0 600. as above estimated, it APP
pears that this, at 3 per CONT. oAn BIZ paid,
| l.asnG surplus Of Sl55,000 10 the treasury.
Tho tXpes1rc OF these errors would surely
% sufficient, but there alo others Just as gross.
The statement is made that tho tax 90 propcrty
IL virginia. state, city. county aud federal
cXac ions '-amounls to S3.331 on cvery hun.
drcd dollars worth. Is this SC? The real ard
personal property together urdcr tho Lost c,m-
plrto assessment was, as | have stated, 1919.
593 544.O5. Now, 81 per cent. on this reaches
tho great amount of $l0.67S ia Does Gen.
Nlebo0o moan really to tell tho public that tho
people OF Virginia pay any such tum as that by
q tx on property? lilo puts tho tax fer tho
State ct 50, 100. 000 What arc tho other eight
millions seGry fol?
The report OF tie auditor, already quoted.
shows that the total county and city taxation
10 Virgins was only 81, 3G7,9S Oh, which
would lcaVo moro than seven millions of dollars
to como 10 under thu head of federal cxac.
tons Tho total Tax on property fer all
PURPOSES levied by tho Slate, counties. cities,
and towns onl7 aggregates 50 .979.Sl4 IS. or
less than l per cont. of tho assessed vaIue of
the prcpery of tho people. Tho "BouIbons"
or "tuIder5' are not responsible for federal
cXac!lons, If auy aro praoiccd.
There Is ono fact very material to DO known
and understood 10 all this discussion about tho
debt of Virginia and that is that the large
amount Of SIS. 800 SOC 81 of it hold by tho com
misSlonels of tbs sinking fluid was REQUIRED By
tho McCulloch bill to DO cancelled and extin,
guished, thus Kidding tho state forever of that
anoun'. The Riddlcberger bill, which is tho
ono the Rcadiustcr5 passed and propose TO stand
by. fixes the debt at $l9,6G5, l96, which it do.
elare5 10 bo tho true amount duo 1t tcaes
down ono class Of bonds from 100 to 53-tbat is,
1t oonpols man who has bond of class las
defined By the McCulloch tiiD of 500 10 take
o new bond for $50. 10 fixing this sum as tho
true debt, the legislature oontradioIs itself IS we'll
as General Malone; for 10 tho performance of o
constitutional duty 1t published to the world.
aljng with Its tcs. statement fixing tbs debt
proper at $40, S67, 95S 0G. and Gen. Malone,
10 bis published speech already referred to. put
ltst s92 9I9 .C9002, being 80 accurate IS actu.
ally 10 descend to cents and declared himself
@llIlog to pay that amount at three per cent.
interest aud to use legislative power to accom-
pNSh 1t. How is it that he could fix the
amount OF tho debt 10 February. 1879. at S32.-
v'9.O9O OF, and base his opinion on oalcula-
ton 80 close and sctutiuizog as to find an odd
TWO cents OF principal 10 suoh largo matter,
add yet declare now that the same debt, not
reduced since, as he claims, by any payment Of
scoruins interest, is ocly something over $l9,-
ooo;0UO! 1t tho claims aud assertions OF the
rehcJuster5 should appear las insist they do)
unSound and lnccrfeot as TO The matters of the
debt and revenues and expenditures of the
State, sr! they moro reliable in other RESPECTS?
:. They claim 10 be the sole and exclusive guar
dlans OF the common school system, and that
inc oourbons and fundtrs. if not its enemies,
are at least. 20: i s friends. and have let it Ian
gnlsh and DO neglected. Their peculiar aad
&c ss;V' al il vi v,ry rroant birth. They
'a' ''oiLinE 10 do with establishing the 81 STEM
VI pu nnE II ialo tpHalion, TITO Cons iluiio