± HE public income and expences?
The nominal amount of thefe varying conftantly and rapidly, with the conftant and rapid depreciation of our paper money, it becomes imprafticable to fay what they are. We find ourfelves cheated in every eflay by the depreciation intervening be- tween the declaration of the tax and its aftual receipt. It will therefore be more fatisfaftory to cdnfider what our income may be when we fhall find means of col- leding what our people may fpare. I fliould eftimate the whole taxable property of this ftate at an hundred millions of dol- lars, or thirty millions of pounds our money.
One per cent, on this, compared with any thing w^e ever yet paid, would be deemed a very heavy tax. Yet I think that thofe who manage well, and ufe reafonable economy, could pay one and an half per cent.
and maintain their houfehold comfortably in the mean time, without aliening any part of their principal, and that the people would fubmit to this willingly for the pur- pofe of fupporting their prefent conteft. We may fay then, that we could raife, and ought to raife, from one million to one million and an half of dollars annually, that is from three hundred to four hundred and fifty thoufand pounds, Virginia money.
Of our expences it is equally difficult to give an exadl flate^ and for the fame reafon. They are moftly ftated in paper money, which varying continually, the legiflature endeavours at every feffion, by new cor- rections, to adapt the nominal fums to the value it is wifhed they would bear. I will ftate them therefore in real coin, at the point at which they endeavour to keep them.