The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-12-20
The State Debt-West Virginia.

The Legislature has been somewhat
slow in taking up the subject of the State
debt with the view of examining the sug-
restions of the Governor and Of Mr.. TAY-
LoR, the Auditor of Public Accounts. Mr..
TAYLoR's brief and comprehensive report
affords the basis of legislative action at
once clear aud just. He shows by statis-
tics how large part of the resources OF
the State have been Topped off by the out
rageous ACKNOWLEDGMENT of her territory,
and what would be the debt of Virginia
upon a fair division of it with the State
taken out of her domain. Having arrived
at this conclusion, he proceeds to show
how We are to pay our debt, and how
we are TO pay the interest upon 1t
until it is paid. His plan is entirely prac-
teal, and can hardly be improved.
First, let us briefly present the account
of losses to this State by the secession of
West Virginia.
/. The whole number of acres Of land in
the State of Virginia before her dismem-
berment was so, 536, $50; the fifty counties
in West Virginia, 1880, sl5-very nearly
half the territory of the State.
2. The whole white population of Vir-
gnia was l,047,547; Of that part now
West Virginia, 355, 649--or more than one
third the whole population of Virginia.
8. The value of real estate of Virginia
was s377,947,ll2l7 value of same in
that part of the State now West Virginia,
ss3,s03, G4l.6l.
Thus, according TO these official esti-
mates, this State loses with West Vir-
ginia nearly half its territory, more than
oue-third of its white population, and
nearly oue-fourth of the value OF its real
estate.
In the matter Of slaves, the contrast was
wide. West Virginia had only 1881
slaves, valued at SO, 100000. Virginia had
472,s47 slaves, valued at 1886, 1928, 500, the
tax ON which in 1860 yielded revenue Of
s270,000.
This property has been annihilated. Mr..
TAYLOR makes q further exhibit OF our
losses. In 1860 there were sixty-six banks
and branches in the State, of which twen-
ty were located in West Virginia. The
capital of these banks was Sl5,520,550
Their circulation sl2 900, 900. The amount
of dividends and bonus paid into the trea-
sury by these banks was, in 1860, $685.
S5343. Such of these banks as were To-
Gated in this State were ruined by the
war, and will be able TO pay only small
part of their circulation and the State
held stock in them to the amount Of
s3,6o0,02o.
In view Of these calamities, Of course the
credit of the State has suffered severely;
her stocks having fallen from nearly par
before the war to now thirty-three 10
thirty -four cents in the dollar.
Mr.. TAYLOR yet adds to these losses d.
rect TO the State, the vast amount OF per-
sonal property destroyed, which most seri-
orsly affects the revenue OF the State,
while it produces degree of suffering and
desolation amongst the people before IN
known on this continent.
Virginia cannot be held to pay the whoie
State debt, now ooer Jorty-three millions OF
dollars. The facts adduced by him make
stronger the obligation that rests upon west
Virginia to pay part of it. She has lost
but little comparatively, while Virginia Is
almost destitute. Mr.. TAYLOR says west
Virginia ought to pay third OF the deot.
IL was contracted while that State was an
integral part OF the State Of Virginia, ana
the votes Of Der delegates in the Generai
Assembly contributed not little 10 us
creation. She has no juster exemption
from her share Of its obligations than has
an individual retiring from an embarrassed
eo-partnership, thereby to be exempted
from the payment Of his portion Of It's liza
biiis.es. But Mr.. TAYLOR trusts she has