Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-12-12
ENORMOUS Debt OF VIRGINIA.

hAoAAAeS' ouhb Snooeo VI leSOle AnaSCt
ye rise not upon US from the deep cayerns
Of the earth. as ye come down upon US
from a higher plane than that on which
we dwell! ~f...,rg,- n..
We confess that we were astounded be-
yond measure, as after our long and labor
ious examinations we commenced footing
up the columns Of items of outstanding
indebtedness against Virginia city. We
had to pause halfway in our work of ad-
dition, and look over each horizontal line
Of figures. with scrutiny of what they pur-
ported to represent. before we could pre-
vail upon ourselves TO make the full sum-
ming of the mount. And what an az
gregate! It cannot be that the citizens of
Virginia have any conception Of the extent
the municipal credit has been run. Even
those who hold large portions of the scrip
section of ~debt-evidence against the city,
laughed US to scorn when We told them
that the total Of debt would mount up to
the record exhibited below. By simply
suggesting this probability-that it might
reach these figures, we were assured with
great emphasis, and with evident sincerity,
that we were talking wildly 4; and we were
compassionately informed that we were
talking of something we knew nothing
about. So by the subjoined revelation we
instruct those who ought 10 have known
exactly what the state of the ease was,
what the condition Of financial affairs were
in Virginia, and we. therefore, may pre-
sumo with certainty on enlightening,
vastly, the people in general. The diff
culties that beset and INSTRUCTED our way
in getting at all the items were numerous,
and q recital Of some of them would be
entertaining; but we forbear on that in
cidental matter, for the present, and offer
for your notice and consideration the fol-
lowing table:
OUTSTANDING INDEBTEDNESS oF VIRGINIA CITY.
Scrip, bearing five and SIX per cent per
month interest. 46I 81
Scrip. bearing three and three and n
half per cent per month Interest,". 1882 o.
Interest. $3.50 90
Scrip, bearing from two per cent per
month TO ten per cent per annum;
General Fund contingent. Firemen's
Fund and interest Eund.. S,29i %
Bonds to the amount Of .............. 1900 90
Interest already accumulated on the
entire OF $500 Go
Closely approaching a quarter Of a mil
lion of dollars of Indebtedness
And it will be borne in mind that this
debt has been created of old; that $780,
$50 IS Of warrants have been redeemed
this year, and during a season when the
current expenses were all paid up, in cash.
So the debt at the beginning Of the Sum-
mer did over-reach q quarter OF a million.
In view Of these statistics, what is scrip
in,rinsically worth We believe it is SELL
ing for 4S cents. There is to be an open
ing of scrip bids. one week from to-day,
and then we shall get the rate Of worth in
the light of the published condition Of the
Indebtedness. Most of the scrip was OBJ
tanned for 20 and "a cents on the dollar;
and the city ought not to have the face
thereof ertorte6 from her-for extortion a
par payment would be, if it could be COM
manded. This SCRIP will average an out
standing or accumulating interest Of a
years growth.
The bonds draw ~ per cent. per annum.
1t is a very liberal interest. They were
purchased at IS cents per dollar. Why
should any of the city interest exceed this
amount: Will not u Legislature pass
a bill that will reduce the entire sum to
thi, figure of earning:
A few days ago the Grand Jury Of the
county paid a domicilliary visit to the city
and came ont Of the house recommending
that the corporation "scll their proper
ty, if possible, "-consisting Of two engine
houses and pay the 6 per cent. per
monthers the flesh they were whetting
their parchment razors for. This was not
the parallel Of advice: "Sell all
that you have and give to the poor in
fact il was more like: Throw your lone
and las, two mites into the creditors cof-
then, perhaps, enslave your
selves for life under the bond of the
The city's property realized
from at bes, price, would not be a flea
bite to the legally vested appetite Of the
scrippers. We are not about to deal in
d~ictatorial advice to our Legislators but
we submit to the people, the Taxpayers
especially, those who have not been and
are not specializing in the distress of the
city of Virginia. whether they, the people,
are not entitled to a partially (at leas)
helping law Should the people be
down with taxes, the profit mar
gins of their small incomes sheared off by
the scissors Of the scrippers,-who would
make 70 and so cents on each face dollar
Of debt evidence: Is it not a fair Sugges-
ton, that all the Indebtedness be aggre-
gated as one, by a Legislative enactment,
and the entire amoun allowed a fair in
,erest only-say II per cent, as the bonds
of the city now brings Must the pro-
perry Of the city and the Building Fund
be forced into the reach Of the claimants
under the usurious interest bearing scrip,
bought as against the city for 20 and "a
cents : Is the argument good,-that those
who have now the most interest to claim
be preferred creditors. and paid of
in the order Of registrations Should not
the whole burden of claim be summed
and expressed in one section Of law /; and
the creditors made equal before the law
that provides for the ultimate just pay
ment of all ? con. W.
DIR. TYSe's Church lately destroyed BY fire