The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-06-16

tho delinquent lists for the year were found
largely in excess Of those uf former years.
These were natural results Of the political
condition Of the State. Az once twas seen
that che deficit would be large, and unless it
was made up by loan, the interesto Of LIST
July could not be paid.
II was found inpracticable to borrow o
sum large enough to make up the deficit
upon tcrms satisfactory and just to the
State, and the idea Of paying the July In
terest was abandoned. What Is to be done
with respect TO the States obligations de-
Ponds
LIST. Upon the political status Of the Com
monwealth;
Sd. The results Of the growing crops.
These two points have,a powerful bear-
ing upon the prospective condition Of Vir-
ginis. Yet no measure Of material prospe-
risy, such as favoring seasons and abundant
harrests, can adequately compensate for
| that loss Of confidence which. lis occasioned
by doubt whether the property Of the
people Of the State shall be controlled by
it's owners, or by others who own no pro-
perty, and are led to believe that the inte-
restsof property holders are hostiletotheir's.
No man Of prudence and foresight would
Voluntarily embark his fortune in any en-
terprise, however tempting, when the con-
troll Of it might possibly be wrested from
the intelligent and reliable people Of the
State and transferred to those who are in
competent. With the possibility Ito use no
stronger phrsse) Of such on event, to en-
dure for however brief period, it can be
readily understood how the States credit
may be affected in the estimation Of the
moneyed world, and with as much readi-
ness understood how the Commonwealth
must suffer in Eli her interests. Confidence
is the nurse Of them all. Destroy that, and
all that depend on it must sicken and de-
cline. --zzs-----=
Yet, with all this adversely and gloom, no
man who knows the people of Virginia can
fail to believe in their good faith. No. con-
sideration Of private interest or injury
would prevent them from doing all within
their power to redeem the plighted honor of
their State. If they are left within any
| reasonable time to work out the problem
they will beyond question pay all that Vir-
ginia owes. Let us see:
The entire debt of this State, in round
numbers, is about s43,OOO,OOO. This
sum includes the interest funded, and to
be funded under the act Of March 2, 1856,
with the accrued interest thereon, but for
the payment of which no provision has
been made, and which, altogether, amounts
to upwards of 81, 100000 /; and it also in
cludes that portion of the debt which legiti-
mately belongs to West Virginia, and for
the adjustment of which that State is in
every way bound. Again; the interest held
by the State in her different internal i'm
provement companies amounts to upwards
of s29,0O0,0Q0 including, however, slO,-
100000 held in the james River and Ka-
nawha canal, which is now Of little value.
Surprising, however, that the State would
realize in exchange for her interest afore-
said her own stocks and bonds at par to
the extent of $4,000, 000-not ct all i'm
practicable-the entire debt of the State
will be SO far reduced as to make it per-
fectly manageable.
Thus much as to the principal. Now for
the interest:
The value of all the property in this
State, both real and personal, may be put
down in round numbers at 1884, 900, 900.
The returns to the Auditors Office of the
State will show this to be rather under than
above the real amount. A tax OF forty
cents in the hundred dollars value (ordi-
narily not q high one} would produce
sl,336,Oo to which, if We add revenue de-
rived from licenses for the year-to wit.
$500, OOO-we would have in the aggregate
say about 81, 900, 900. This would be suf-
fcient to pay the four per cent. interest on
the $50, ZOO, O00-the amount on which the
four per cent. is now paid-and defray the
expenses Of the Government. If We sup
pose the State restored to the Union
upon anything like equality with the other
States, we may calculate on the rapid en-
hancement Of the public revenue to a de-
gree that will readily admit Of reduction
Of the burthens of the people. 4&s " /.
Under this view Of the future We are
convinced that the obligations of Virginia
will be entirely paid. Nothing can prevent
it but her subjection to negro rule, and that
cannot exist here, however the Radical
frauds and acknowledgements Of whites
may for a year or SO threaten this Common
wealth with that dire calamity.
Whether the State can meet the next
January interest or not is altogether pro-
blematical. There can be no assurance
given, no certainty when the State will pay
her debts, as long as her fate is in the hands
of strangers. nj
Conviction at Last.
To the astonishment Of everybody, the
nersone accused of consniracy to defraud