Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-10-31
A Sinking Fund-True Economy.

The certificates issued by the State of Vir-,
ginia, for the one-third of the old debt which
has not been funded, but left for West Virginia
to settle, are now selling, in the market, for 25
cents in the dollar.
An addition of ten cents per 500, on the
present rate of taxation would raise $495, 900,
or, with the increased value in personal prop
erty, and new licenses for the current year
in round numbers, 100000.
This sum of $500 900, if raised and applied
to the purchase of those certificates, would ex-
tinguish TWO MILLIONS of the debt of the
old State. This process continued for five years,
would wipe out TEN MILLIONS of the in
debedness of the old State, as it existed be fore
the war, and would leave West Virginia re-
sponsible for one-third of the funded debt.
Would it not then be wise, in the people Of
the present State of Virginia, to submit, for a
few years, to this small increase of taxation to
effect SO great good in the end?
When we once get rid of the incubus of the
old debt, the tax on real estate could be re-
d1ced to ten cents on the 800.
Every dollar added to the proposed sinking
fund, by extinguishirg 81 OF interest bearing
debt, will save interest at the rate of "a per
cent per annum. This would certainly be a
wise investment, and it would be strange if the
people do not approve it. 1t is our true policy
to get out of debt as soon as we can, and on
the best terms we can. The United States is
buying up its bonds every week. with its sur
plus resources, and why should not Virginia
pursue the same policy?
What individual would not be glad of an op-
portunity to get rid of his debts at 25 cents in
the dollar. when he could do SO honorably,
and with the consent of his creditors
Such an opportunity is now offered to Vir-
ginia, and it will show a great want of fore
cast if she does not embrace it. What say oul
candidates? and what say the people?
The CONFEDERATION SUMMED UP 1t is
estimated, upon what may be regarded as GOOD
authority, that the fire in Chicago covered ovel
1000 acres in the heart of the city; over 20,
900 buildings were destroyed, and SO 900 per-
sons dispossessed of their homes; 10000 build
ings are left standing, $4,000 people have left
the city, and $50, 600 remain. Five grain ee
vators were burned with 100000 bushels o.
grain; eleven elevators remain unnjured, con-
tanning 5000, 900 bushels of grain One hall
the entire pork product was burned, with the
same proportion of -four. Eighty thousand
tons Of coal were consumed, and about the
same amount is on hand. Fifty million feet Of
lumber we're burned, and two hundred and for
ty million feet remain unframed nearly one
quarter enough to rebuild the waste places =
The stock Of leather was reduced to about one
quarter, the value of that burned being about
$95, 900 The greater portion of the stocks OF
groceries, dry goods, and boots and shoes were
burned. with more than one-half the ready
made clothing, but the quantities destroyed
were scarcely equal to three weeks supply, and
are being rapidly replaced About ten per cent
Of the currency was burned. A careful aver
age of these larger items with smaller ones
shows that the city has suffered a loss of not
less than twenty nor more than twenty-five per
cent on her total assets, real and personal.