Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1867-01-01
The State pebt-.-West Yirgiuia.


The Legislature of Yirginia has been some
What slow in taking up the subject of tic State
debt with the view of examining the sugges-
tons of the Government and of Mr.. TAYLOR
the Auditor of Public Accounts. Mr.. Tay-
l"rs brief and comprehensive report affords
the tasis of legislative action at once clear
and just. He shows by statistics how large
part of the resources of the State have
been Topped off blythe outrageous dismember-
ment of her territory, and what would be the
debt OF Virginia upon fair division of it
with the State taken ont of her domain
Having arrived at this conclusion he proceeds
to show how we are to pay the interest upon
it tillit paid. His plan is entirely practical.
and can hardly be improved.
First let us briefly present the account of
losses to Virginia by the secession of West
Virginia.
1.-The whole number of acres of land in
the State of Virginia before her dismember-
ment, was 5O,536 030; the fifty counties in
West Virginia, %, 100, S15-very nearly half
the territory of the State.
2..The whole white population of Virs
ginia was l ,S47,547; of that part now West
Virginia, 355 .Gl9-or more than one-third
the whole white population of Virginia
3.-The value of real estate of Virginia
was S3T7,947,1l2 II; value of same in that
part of the State now West Virginia, $685.
SO3 ,G4IGl.
Thus, according to these official estimates.
this State loses with West Virginia nearly
half its territory, more than one third of its
white population, and nearly onc-fourth of
the value of its real estate.
In the matter of slaves, the contrast was
wide. West Virginia had only Is, 3S1 slaves,
valued at 50, 100, 500. Virginia had 472 ,G47
slaves, valued at 236,323 500, the tax on
which, in 1860, yielded arevenue of 100000.
i his property has been annihilated Mr..
Taylor makes further exhibit of our losses.
In 1860 there were sixty six banks and
branches in the State, of which twenty were
banks was SIS, 500 $50. Their circulation
&l2,OOO,O 900. The amount of dividends and
bonus paid into the treasury by these banks
was, in 1860, S3GS, 053 43. Such of these
banks as were located 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 3 ,G6O. GOO
dollars.
In view of these calamitics, of course the
credit of the State has suffered severely; her
stocks having fallen from nearly par before
the war to now thirty-threc to thirty -four
cents in the dollar.
Mr.. Taylor yet adds to these losses direct
to the State, the Vast amount of personal prop
erty destroyed, which most seriously affects
the revenue of the State, while it produces
degree Of suffering ard dcso1ation among the
people before unknown on this continent.
ha bnl 70 L. I,o1o
State debt. now Deer .torty-th"cc millions of
d0fl0"s The facts adduced by him make
stronger the obligation that rests on West
Virginia to pay part of it. She has lost
but little comparatively, while Virginia is
almost destitute. Mr.. Taylor says West Vir-
GINA ought to pay third of tie debt. 1t
was contracted while that State was an inte-
grail part of the State of Virginia. and the
votes of her delegates in the General Assem-
bly, contributed not a little to its CREATION
| She Las no justCr exemption from her share
OF its obligations than has an individual re-
firing from an embarrassed corartncrship,
thereby to be exempted from the payment Of
its portion Of his liabilities. But Mr. TAYLOR
trusts she has 30 purpose to set up such
claim; and so do we. But we shall see
Now, as to Mr. Taylor's plan for managing
the debt, elevating the credit OF the State,
of the proper share that belongs to Virginia.
For he justly says that if West Virginia will
assume none Of tho debt, We should then
scale it, pay what we deem to be our part,
aud leave the creditor to get the remainder,
if he can. out of West Virginia.
Mr. Taylor proposes TO consolidate the
debt Of the State by calling in all its bonds,
and issuing in lieu thereof consolidated bonds.
which consolidation. he su.ecsts will cf1cctu-
ally cure an evil long felt in the department
from the issue of registered stock under
"'"etY./"" ":j|rc"f arts cf' ASSEMBLY. The
consols issued under this plan to lie issued on
the lst of january, 1868, and made payable
in thirty-four years thereafter.
Contemplating the cooperation Of the sink
ing fund, which he advises shalt resume its
functions, and be aided in every possible way,
he proposes to pay the interest by beginning
six per cent. is attained, according TO the fol
lowing scale:
For the first four years 8 pcr cent
For the next four years, ner cent
For the next four years, 5 per cent
For the next six years. G per cent.
For the next four years, per cent
Fer the next four years, per cent
For'the next four years, Q per cent
This scale averages six per cent, and its
merit is, that it is arranged so as to require
moderate tax now, while VIC arc recovering
from prostration. The gradual rise, it is be-
lieved, will readily be sustained by the stea-
dy appreciation of taxable property, which
we may reasonably anticipate.
Twenty-six years will have expired be orc
the period Of the nine per cent interest shall
have arrived; by which time the taxable
property of the State will have so appreciated
as to make its payment.casy.
We cannot doubt that Mr.. Taylor is entire
" correct in his authorizations which arc