The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-13


and memorials thicI, and fast.
The Agricultural Interests and tn,
Pending Railroad Bill.
Not i few persons, and among them
many who should know better, seem to
think that we can settle the old debt OF
Virginia on our own terms. This idea
has been widely disseminated, It is
currently believed that all that is neces-
snry is to debit the State of Virginia
with what We have paid her in the way
Of taxes, and credit ourselves with
what she expended in the way of an.
preparations in our territory, and that
the balance will represent all that We
owe her, and all that we will be Obliged
To pay. This is a very cheerful view OF
the financial situation, but very falla.
cious nevertheless, and we are sorry To
be called upon to undecive those who
entertain it. still, tits our duty under
present circumstances to do so.
There Is a third party that will have
voice in the settlement of the debt re,
ferred to, and they are the bondhoId.
ers, the creditors ftLe undivided obi.
cations OF the two States. Business
men understand that ono party canuo,
withdraw from a firm, and leave out
side creditors to whistle for their paw,
Such is not the law of credits in regard
10 either municipalities or individuals.
Both parties are jointly aud seyernIIy
bound for the debt of the firm up to the
date of dissolution of partuership. any
agreement between parties to the con-
trnry Notwithstanding. And this is
precisely our situation here in West
virginia to-day. The commissioners
OF the two States may meet, as thew
will, and agree what proportion each
commonwealth ought to pay of the old
debt, but such nm agreement will not
bind the bondholders any further
than they choose to be bound by IL
They will still have their recourse in
the L. 5. Supreme Court against one or
both States, as they may elect.
These facts we state ms being imnor-
tant now in connection with the Balti-
more and Ohio Railroad bill pending
before the Legislature. Some persons
in that body may think that IL Ia "a
matter of small moment to their CON
stituents what becomes OF that bill
taking into view only our present rate
of taxation and our present necessities
in the way OF revenues. Let not sucb
persons deceive themselves, Our sLxv
not by any means clear now, NAV be-
come darkly overcast in the near fu-
ture. Our taxes, oppressive now, NAV
yet become, like the tasks OF the IsrneI-
ties in Egypt, wholly intolerabIe. We
can make brick with straw, but not
without. We can pay taxes so long as
our resources are not FILTERED AWAY
but not otherwise. Once iuaugurate
the precedent of releases, of par
tl"lities, of determinations. and
our sky will cloud over with per-
hnPs an impenetrable darkness. And
when the sunlight OF hope is shut out
from the eyes OF an oppressed and tax
ridden people who will answer for the
we warn the agricultural people of
this State of the especial consequences
of this railroad bill to them, Veal
inded TO them yesterday. 1t is real
estate ut last that constitutes the basis
oI any system OF State taxation. It's
the most exposed and.the least remune-
rntive Of all property so far. as farms
are concerned. Personal property has
many escapes. Debts are offsets IN tho ,
latter, but not to the former. PersoroI I
property is more available as "A general
hing and easier disposed of. 1t is
and, so to speak, perishable l
n its nature, "but the earth abidetb
orever.' Taxes can and must ,
'ome from real estate nj !
III times, and almost cxs
exclusively mt certain times, as when
'ersonal properly takes the shape of Z
investment, as it is raoiftly
Icing all over the country. {
faSs this railroad bill and SEQ what !;
viii be the consequences in a short g
ime. In prospect of such an increase /
4 taxes as will be necessary To maat I
he interest on our share OF Virrinia,s =
eot, it will disappear from the hands '
holders like mist before the rising
un- But the land remains-"the earth
oideth forever" 1t can change hands C
some price, to be sure, but who. with l,
neh prospect before them, will want \
buy at anything above a ruinousIv =
NV rate, and what holder will want to
ell at such a rate9 Then will come C
he day when the consequences of this u
'taI railroad bill will be fully realized t,
the farmer, and what feelings will he u
ltertain for those who may be respon- z,
Ole for his situation? How will he n,
gard even the political party that m
'uld have defeated the bill and th
lied to do itH Be assured he
III trace the responsibility to where I.
'.onss. No appeals to his loyalty,
10 MS party consistency, will suffice.
: "iii reason that he.might as well be m
sstroyed In the house of his enemies III
Oh MS friends, since the consequences 70
re alike to him in either case Ne an
~ IN his extremity, be tempered mn N
''h that feeling of Madame RaIand ~