The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-12-09
The holders of Virginia State Bonds

i
terest DUE On the first day of January
next. the interest due on those bonds
amount to about six millions of dollars.
Various plans have been suggested for
| funding this interest, and the issue OF
bonds for the same, bearing dInfrent Is
sue of bonds for the same, bea1ng oil.
| ferent rates of interest; those who hold
no bonds, for the most part, propose that
the bonds issued to pay this Interest
shall not themselves bear interest, whilst
others, including the bond-holders, in
sist on the different amounts of interest
from one to six per cent. The English
bond holders propose that the State shall
fund the interest due them, issue bonds
tor the same, and commence the payment
of interest on the whole debt on the first
day of January, 1867.
! The whole subject addresses itself to
your most careful consideration. The
| debt with its interest must be- paid; at
same time we must look to the ability
of the people to pay At present we
must rely mainly upon the tax OF licen-
| ees and upon land to raise means TO sup
Div the wants of the Treasury. the war
has consumed large amount 'of the live
| SUOck Ill lit Otdlt. " . Cesh OAHONO iiOS'S
from tax on incomes; large portion Of
our public debt is held by our own citi-
zens, and no tax can be raised from that
source, until the holders receive the in
terest due on it,. The banks, with their
dividends are gone, and some eight mil
lions of their circulation, havin at presg-
ent only nominal value, is, for the most
part, in the hands of our own people; q
| large portion of the income yielding
wealth of the State was invested In Con-
federate bonds, or other issues, oil of
which are valuless. Slavery being abol-
ished, no tax can be derived from that
source Suppose West Virginia shall pay
her full share, according to the taxation
of 1860, the residue is to be paid by Nir
| gipia. This leaves the assessment on
each tax payer the same in proportion TO
| the whole. The tax then was forty
cents upon one hundred dollars of as
sessed value. A large amount of I'M
provements on real estate was destroyed
during the war, this will reduce the val
ue of real estate, in the aggregate, from
| it's present assessment, so that it will re-
quire tax on real estate OF at least SIX.
| ty cents on the one hundred dollars val
ue, in addition 20 all the revenue that
can be raised from other sources.
There has been so much discussion in
regard to the right of State to tax the
| income derived from the dividends of Ma
tional Banks established under the act
of Congress. Doubtless the State has no
authority to tax the bonds of the United
| States, which are exempted from taxa
ton by act of Congress, whilst in the
bands of an individual who holds them
simply as an investment The charters
| of the National Banks are granted by the
Government of the United States, they
are located in several States, based upon
United States bonds. When these bonds
are used for banking purposes, new
value is given to them and an income is
derived from their use, in addition to the
Weld of interest. The profits thanking
then become legitimate subject of tax
| alton, whether invested in real estate, or
paid to the shareholders i'll money; and
| the tax on the income should be required
to be paid directly to the State. The
tax should be on the income, and not on
the dividend.
As to reconstruction, he closes as fol
lows:
have made every eXertion TO restore
to each man in the State all the rights OF
citizen. have done this under high
sense of duty to my country. The peo-
pie professed subordination to the laws,
and allegiance, in good faith, to the
Government, and / believed them to be
sincere in their professions. am salts
| 4 hot fot IA rnUnrnn1 ~
der Republican form of government
where three-fourths of the people, en-
bracing the largest tax payers, are dis
franchised and denied voice i'll making
or executing the laws of the State. If |
have been mistaken as to the honesty
and good faith of these professions, the
fault is with them and not with mo-
Protection and loyalty are reciprocal OBJ
legations. The man who acts in bad
faith to the government under which he
lives, is not entitled to its protection, or
to participate in the management of its
affairs; but as long as he is faithful the
Government is bound to exert all its
power to vindicate his rights, In this
spirit recommended to the last Legisla
ture, at its extra session in June last, to
remove the restriction imposed by the
Constitution upon veting and eligibility
to office; to part ofwhich recommends
ton the Legislature consented, and sub
mitted the residue to vote OF the peo'
pie to say whether you should be cloth
ed with conventional powers to remove
the restrictions, and / hope that in like
spirit you will remove the obstacles in
the way of taking their seats by those
who have been elected to the General
Assembly by the people with the reason,
able expectation that TIE restrictions
would be removed
Your action at the present session will
have much to do with the future of Vir'
ginia. II it shall be marked by broad,
liberal and enlightened patriotism, look,
ing to the building up of the great in
terests of our beloved Commonwealth
cultivating feelings of kindness and fra
ternity, you will achieve great work
If, however, your deliberations shall be
disturbed by factions and party animos'
tiles, and your policy narrow and illiber
al, you will throw gloom over the fu
ture of the State that will not disappear
for generation.
The National MteligeHcer states thai
| r ~ IIanua oi