The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-07
GheGatellietrter:.
THE VIRGINIA DEBT.


sumed by the Late Funding Bill
And il not, will West Virginia be
Affected by her De1aultf
To the Editors Of the Intclligencer;
1t is intimated at Richmond among re-
sponsible citizens that the Inst Legislature
Of Virginia was corrupted by spectators
in the State bonds. 1t is believed and
reported that these spectators, who had
bought the Virginia bonds all tho way
from thirty to sixty cents on the dollar,
including the interest due for several
years, came down like so many wolves on
the fold, and successfully raided the
legislators Of the State in the very citadel
OF Yirginia's bygone virtue, In other
words, that members were induced to
vote for the Funding bill OF last spring
by personal considerations.
Whether this belief is well or i'll found.
Cd matters not in this connection. What.
ever may have been the motives that &C.
tuated either the Legislature of 1886 or
the later one Of 1871 in passing their re-
peCtive funding bills, it is certain
that the two measures are very
unpopular among Virginia taxpayers,
These latter assert, and very plausibly too,
that there was no necessity and therefore
no excuse for funding and thereby com
pounding tho interest on the debt ut o
lime when the State was already bearing
burdens too griGVOus TO BIO borne, Why
should an intelligent legislator, who was
disntGrested, want to compound the In.
lcrest when even simple interest was so
oppressive upon his constituents Was
Virginia not entitled to compromise
with her creditors by virtue OF the great
and crushing Calamities that had over.
taken her, Just as an individual becomes
entitled to the relief offered by bank
rupt act alter the misfOrtunCs Of trade
have overwhelmed himY Through the
misChanCes Ofwar she had lost to large
extent the resources on the strength OF
which she was able originally to sell her
bonds and contract her debt, and upon
the perpGtuity of which she had conf.
IDENTITY relied for the whGrewithal to meet
the interest and principal. Compromises
under such circumstances were not new
to the history Of States. Had not Eng.
land and Austria scaled their debts after
coming out OF long and exhausting wars ?
And il the former, with her immense re-
sources, an empire on whose limits the
sun never sets, could thus compromise
with her creditors, why should not Vlr-
ginia, so woRlly broken in all her
former strength, obtain tho same rcliely
Was II not her true policy to have issued
u statement of her exact financial and in
duslrial condition, showing upon one side
the details of her debt and tho condition
and rcaIzable value Of her assets, and
upon the other her fright(ul losses by the
war such rs her loss OF territory and
slaves, tho dCsOlAtion OF her agriculture
md tic decentralization OF her labor sys.
tenn, tho consequent inability OF her
people TO bear heavy taxation, and the ne
ccssty for keeping II down to II point that
would permit recuperatlon, and that
would not only prevent the population
from leaving tue State, but also encourage
immigration and capital to como In from
other States? Such statement, coupled
with II proposition for compromise, need
not to have been ConlOunded with any
threat of reputation whatever, any more
than the every day exhibits of individuals
when applying for relief under the pro-
visions Of the Congressional bank |
rupt acts. II would have simply |
set forth the very obvious fact that
Il great debt and u great impOy-
crlshment rested upon the State, and
brOoded upon It's energies like II parallz'
ing nightmare, md that relief from taxa
ton was necessary to stimulate the poo
pie 10 90 10 work, and prevent them from
abandoning the State In despair, aud to
induce outsiders TO Join and ussist them.
But Whatever Virginia might have
effected in the way Of compromise mt the |
time she passed her first funding bill In
1860, II Ii certain that she not only did
not avail herself of her circumstances but
that on the contrary she went on piling |
l'elion upon Ossa by passing q new fund. |
ing bill lust spring and thereby adding
sill further to tho proportions other debt.
1t Is said that an effort will lc made ut
the coming session Of the Legislature,
which was 10 meet to-day (the lGLh) 10
reopen the last funding bill, but II Is the
opinion OF Judge Meredith that this can.
not be done, and that "what Is writ will
remain" Accepting his view rs The cor
rect one, the only question Is ms TO the
ability Of Virginia 10 pay the annual In
tcrcst on the $Dl ,50S $50, Of debt which
she has assumed and whether, In the
event other default, West Virginia's lla.
bility Tor slier proportion Of thcIsame
up to the dissolution between the
two States will revive. This annual
interest amounts TO $l,S9lOGO. BY the
terms Of the funding bill, the coupons Of
the new bonds ore To receivable Tor taxes
after maturity. This feature neccssltates
II levy each year that will raise, not only
81 ,S0A 0GO, but also, In addition, II million
and n half of dollars for the current OK
pGnses Of the State government, Including
support to the asylums and schools.
The Trcasurers report for the fiscal
year ending October !, 1870, shows
that the total receipts WERE. y, 0BB,si3
As against the following expenditures,
viz.
interest on the State debt ..u....... S343dt8
Expenses Of the Legislature. go -. 23g,SS5
mcnt .Ap '.D.. VI . Wv Oai,S07
Leaving balance of.......... ... 1909
The Auditors estimate for receipts for
the year ending October last, lack.
elusive Of the capitatlon tax, which , az,
goes to the schoOls) ......! .,......; Slt3O,Ei9
Aud against this estimate ofrGclpte no
estimates an expenditure, exclusive
Of Interest on the debt, oi."......... l,bil St3
-
Which leaves only a balance OFF,. 2S9'4lO
To apply on the payment Of said Inter
cst; or, In other words, a deficiency Of. l,aSBj3
Owing to the fact that only small
portion Of the interest OH the public debt
was paid for the Inst two years there will
hn nn accumulation In the treasury lhis |