The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-11-19

fected by the general use OF coupons
again. e.
were maid in coupons, which from the ma
tire of them is not possible, and the State
did not collect a single cent IN money
until the maturcd coupons had thus Deen
taken in, the maintenance OF the puoiic
| institutions would not be Jeopardlzed
thereby. because the State has abundance
of assets in hand-bOnds, stocks, ana
money. chiefly from the accumulated
surplus of revenue Of the last few years,
10 realize therefrom between three ana
four millions Of dollars in cash nj any
| time, far more than enough only 10 pro-
vide for all public institutions fora year,
but for several years, and detray oil nee
essary expenses Of government ana sup
port the free schools besides. The peo-
pie of Virginia, speaking by their constl-
tuition. have declared the amount OF the
revenue which they think should be de-
voted to the schools. This year this
amount is $630,000. The average annual
expenses of the Government other than
this, for the ten years which preceded the
incoming of the present extrayagant
Democratic administration which by
lavish expenditure has sought to
prevent the accumulation or any
surplus. have been little more
than SS00000, say million ana
half dollars for all; so that the above
cash assets of the State, which the use OF
coupons could not in any manner Affect,
would suffice for our support for several
wears. even if every dollar OF income
were absolutely coupons until every
matured one had gone into the treasury.
Our present income is nearly three mil
lions, and increasing-say SIX millions III
two years-which is more than the pres
ent accumulation of coupons, and those
which will mature by that time.
Thus you have full and complete
negative reply to an. 81 question.
Second. Because, as matter of fact,
even if the ridiculous policy OF the In
demnitv Board were at once abandoned,
and every treasurer ready to obey the law
and accept coupons in payment OF taxes
from whoever offered them, our money
revenue would still be ample for all our
necessary expenses, both school and gov
ernmental.
Our revenue, as just said, is nearly
three millions, and is regularly increas-
inc: il is larger now then two years ago,
Notwithstanding the recent reduction in
the rate of taxation of One-fifth. The
second auditors report shows that when
coupons are regularly and freely received
for taxes without demur, including the
school tax, the average annual amount so
used was considerably under million,
although the amount annually maturing
was about a million and a quarter; so
that there were soon an accumulation OF
overdue coupons, which latterly eX-
ceeded two millions. Yet less than a
million were annually used; and during
the two last years of their reception,
when the accumulation Of past-due cou-
I pons was largest, but a million and
quarter was used for both years.
If then, when coupons were freely ac-
cepted whenever tendered-and for
school tax. as well-and when there was
no public sentiment whatever against
such use land they could be readily
bought in every city without festrictOn)
only a million were annually used
why should it be Supposed that any
greater amount would be used now II
they were again accepted, when they
are not dNdlldDlc IOI bhC oNuoVl
tax (one-fourth of each tax bilD
and when so many taxpayers are
opposed to using them at all, and when
the amount annually maturing is only
three-fourths of what it was then? In
der each circumstance it is not more like
" that hardly more than half the former
amount would now be used For observe
that the cash assets of the State, already
spoken Of are amply sufficient to provide
for all that have already matured, 50 that
there would only be the amount annually
maturing hereafter-less than million
to interfere with the revenue.
f Suppose every one were so used-whlch
is not possible-but a million of taxes
would thereby be absorbed, and two mil
lion of the annual revenue would have to
t be paid in money, ample for all necessa-
ries and more than we have ever spent
for these purposes during any year since
the war, save the last two eXtrayagant
ones. The preamble of the Riddleberger
bill. as first presented, recited that reye-
| nue. of two millions, one hundred thou
; sand would suffice for these and for the
six hundred thousand dollars of interest
on the readiusted debt besides showing
that million and a half was then deemed
sufficient for school and government, and
have already shown that about that same
amount was annually used by the Demo
Gratis during the preceding ten years of
their rule