The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-08-10
THE CIRCULATION or TIE DISPATCH
IS t LaRGER THAN THE COMBINED Cur
CULATIoS OF, ALI THE OTHER DAILY,
NEWSPAPERS OF TIE CITY. 7A,rca
wess Virginia and the Pnblfc Debt.
[Fr m The Wheeling Register.l

The recent appointment by Gov. jacob
of commissioners to apportion between
Virginia and West Virginia the public debt
of the Old i,omiuion brings freshly to the
public mind "a utject which our people
would gladly forget.i, Our share of the
public debt Of Virginia, whstever 1t may
he, rises like q dleadful apparition before
future that awaits our new Srate. Strug-
Cling to get " out Of the wilderness" labor
ing to realize and make available the vast
wealth that lies buried In our mountains,
we are confronted by this spectre of debt,
and sometimes drop our hands in discour-
agement and disnay. 1t seems (as express
ed in homely 'phrase) like "payin. for a
dead horse" be advantages Of the eX-
penditure are SO remote. and the influence
ii may have upon the ends we seek to attain
is so disastrous, that we would gl,dly shut
our eyes, and deny the existence Of the OBJ
ligation that c0nfronts us. ,ye5f h !
But West Virgins can better afford to
pay the whole debt than submit to diShon-
or; and Whatever the award of the COM
missioners may be, whatever may be adj
judged to he our portion of the debt. 1t
must be paid to the ut,ermost farthing,
with such cheeriulncss as, under the cir
culnstances, we may be able to assume,
There is one matter, however, connccted
with this subject which, in view Of our
proposed Constitutional Convention, it
may be well for the people to con-
| slider. We are not Of those who are
yet convinced that West Virginia's por-
ton of the public debt amounts to q
very considerable sum. Our Richmond
friends insist upon our payment OF about
| onc-third of the debt; Others are willing
to let Ills Off with one-fourth, and others
still think that one-tifth would be nearer
| the right figure. The whole debt amounts
| in round numbers to about forty millions
| (S40, ,000, ,O00l. Assuming the most favora-
BILE estimate mentioned above, our share
would be eight millions t$s.000, ,00O); and
our Constitution requires that Slnklng
fund shall be provided "sufticient to pay
the accruing interest and redeem the prin-
cipal within thirty-four years. The In"
terest alone, at the. rate of.six per cent,
would amount to S4sO, 600 and one thirty.
fourth part of the principal would ex-
ceed S235. 600; making together the sum
Of seven hundred and fifteen thousand dol
hrs ($Tl5, ,00O) to be raised by taxation for
this purpose in one year. The total esti-
mated revenue of the State for the present
| year, exclusive of the school aud hospital
| fund, is $3.50, go. TO provide, therefore,
for the payment of One-tifth of the public
debt of Virginia in the manner fixed by our
present CONSTITUTION, VIII require CaH
levy for State purposes more than three
times as large as no,o. Can we pay it !
Win it be possible, with the heavy local
taxation to which property in West Vir.
ginia is subjected, to bear this additional
burden?
1t is, of course, impossible to tell what
the award of the commissioners may be.
We have been inclined to think that West
Virginia does not owe even so much is one.
fifth OF the debt. But, wbatever it may be,
is it prudent for us to keep in force con-
stitu,ional provision that binds US to pay
the principal in given term Of years
We believe that Virginia herself fixes no
limit in which she is bound to pay the
principal of the debt. She agrees to pay
! interest as it accrues, but will reduce the
principal only as rapidly as she conveniently
can. Is it not quite possible that, by
coyenanting to pay off uulr portion OF the
debt in the term of thiFty-tour years, we
may assume Il burden that will crush us to
the! earth and forever destroy our ability
to pay? II seems to lis that there Is il
| this bescttiDg danger an additional and
powerful reason why Constitutional Con
vention should he held.