Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-12-21
The State Debt-West Virginia.


the view of examining the suggestions OF the
Governor and Of Mr.. Taylor, the Auditor OF
Public Accounts. Mr.. Taylor's brief and com
prehensive report affords the basis OF leglsla
tive action at once clear and just. lie shows
by statistics how large part OF tue resources
Of the State have been Topped OFT by the out
rageous ACKNOWLEDGMENT of her territory, and
what would be the debt of Virginia upon fair
division of it with the State taken out OF her
domain, Having arrived at this conclusion ne
proceeds to show how we are to pay our debt
and how we are to pay the interest upon 1t un-
til tits paid. Hisplan is entirely practical and
can hardly be improved.
First, let us briefly present the account OF
losses to this State By the secession OF west
Virginia. H.
|. The whole number of acres of land 10 the
State of Virginia before her acknowledgment
was SC, $50, $50; the fifty counties in West mr.
eipia, %, 100, Sl5-very nearly half the terrific
~ of the State. W.
Q The whole white population of Virginia
was LOAF, SAT; of that part now West Virgin
ia 355. 649-or more than onc-thlrd the whole
white population Of Virginia.
8, The value Of real estate OF Virginia was
s377, 947, l12.17; value of same In that part OF
the State now West Virginia, $S3, 500, Gal. 81.
Thus, according to these official estimates,
this State loses with West Virginia nearly half
its territory, more than one-thlrd OF Its white
nopulation, and nearly one-tOurth OF the value
of its real estate.
In the matter of slaves, the contrast was
vide West Virginia had only Is, ISL slaves,
valued at $780, 500. Virginia had Az, 64'
slaves, valued at 1896, 1923, 500 the tax on which
in 1860 yielded revenue Of S270,00O., =,
This property has been annihllatcd., Mr..
TAYLOR makes further exhibit OF our losses.
In 1860 there were sixty SIX banks and branch,
es in the State, Of which twenty were located
in West Virginia. The capital OF these banks
was SIS $40, so. Their circulation Sl2,OOO,,,
600. The amount of dividends and bonus paid
into tue treasury by these banks was, III 1860
s36S, S53 A. Such Of these banks as were 10
Gated in this State were ruined BY the war, AND
will be able to pay only small part OF then
circulation and the State held stock IN them
| to the amount of $500, 02O:
Tn view Of these caamties, Of course the
| credit Of the State has suffered severely: hel
stocks having fallen from nearly par before the
war to now thirty-thrce to thirty-four cents 1t
| the dollar.
Mr.. Taylor yet adds to these losses direct tt
the State, the vast amount of personal prop
nrtv DESTROYED. which most seriously affects Il
revenue of the State, while it produces de-
gree Of suffering and desolation amongst the
nnonlc before unknown On this continent.
VIRGINIA cannot be held to pay the whole
State debt, now ornfoyty Nr'cemlHi0nS Of dot
lars. The facts adduced by him make stronger
the OBLIGATION that rests upon West Virginia
TO nav a part of it. She has lost but little
comnaratively, while Virginia is almost destl
| tute' Mr.. Taylor says West Virginia ought tt
way q third of the debt. 1t was contracted
while that State was an integral part OF tho
State of Virginia, and the votes Of her dele
gates in the General Assembly contributed not
q little to its creation She has no juster ex
emption from her share Of it's obligations thar
has an individual retiring from an embarrassed
co-partnerskip thereby to be exempted from
the payment of his portion of its liabilities. -
But Mr.. Taylor trusts she has no purpose to
set up such claim and so do We But We
| shall see.
Now, as to MIR. Taylor's plan for managing
| the debt, elevatng the credit OF the State, anc
ultimately paying interest and principal Of the
proper share that belongs to Virginia. For he
Justly says that if West Virginia will assume
none Of the debt we should then scale it, pay
what we deem to be our part and leave the
| creditor to get the remainder, if he can, out o.
| West Virginia.
Mr.. Taylor proposes to consolidate the debt
| of the State by calling in all its bonds and is
suing in lieu thereof consolidated bonds, which
consolidation, he suggests will effectually cure
an evil long felt in the department from the IS
sue of registered stock under n1nety-tour differ
eat acts Of assembly, The consols issued under
this plan to be- issued on the lst of January
1868, and made payable in tbirty-four years
| thereafter.
Contemplating the cooperation of the sink
ing fund, which he advises shall resume it
functions, and be aided in every possible way
he proposes to pay the interest by beginning a
| low figure and rising until the average OF ST.
per cent. is attained, according to the following
scale:
| For the first four wears per CT
For the next four years per Gu
For the next four ycars................. per Gu
| For the next six per ct
For the next four years. per CT
| For the next four years. per ct
For the next four years. ...."......... . per CT
This scale averages six per Ct, and It's merit
is that it is arranged 50 as to require moderate
tax now while we arc recover ng from prostra
ton. The gradual rise, it is believed, vii
readily be sustained by the steady appreciation
of taxable property, which we may reasonably
anticipate.
Twenty-six years will have expired before
the period of the nine per cent interest shall
have arrived by which time the taxable prop
erty of the State will have so appreciated as to
make its payment easy.
We connot doubt that Mr.. Taylor is entirely
correct in his anticipations, which are based on
tabular statements Of increase of taxable prop
erty urder the former social and political con-
dition of the State Ere the twenty-six years
roll round, it will be found that the rate of ap-
probation will be greatly accelerated 1t will
then be ascertained that with the increased
public revenue and the efficient operations of