COST AND OUTCOME
When in April and May, 1887, the State of Virginia, through
a joint committee of her Legislature, held a conference with the
commission of foreign bondholders, General Wickham, Republi¬
can—Mr. Massey, Lieutenant-Governor, and the rest of the com¬
mittee being in accord with him—stated the net revenues of the
State to be $2,521,875.84.
The expenses of the State for the same year were $2,056,451.37,
leaving an excess of receipts over expenses of $465,424.47. This
statement, taken from official figures furnished in detail by the
Auditor of Public Accounts, was subsequently repeated and en¬
dorsed by the Governor in his annual message to the Legislature.
It was made to satisfy the British commissioners that an increased
tax, "if it were laid, could not be collected without depriving the
people utterly of their means of livelihood "*—that so far from
increasing the taxes, our necessities demanded a reduction of
That was two years ago; and since that time the revenue has
fallen off somewhat and the expenses have increased ; the appro¬
priations to disabled soldiers, for instance, from $45,000 to $90,000.
About the same time it was shownf that notwithstanding a decided
increase in the value of town and city property, there had been in
fifteen years, counting from 1871, a decrease in the taxable values
of real and personal estate in the country (which pays more than
twice as much taxes as the cities), of $48,671,137.26, out of
$290,006,655.33, in round numbers 16 per cent.
* Senate Document, 1887, pages 43-4.
f Richmond Dispatch, July 1, 1888.