The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-02-22
The FINANCE MIDDLE.

Inc popular nina or the State is very much
befogged on the Finance Question, and from
the indications conveyed to US by every mail,
the Legislature is but little clearer on the
subject. Indeed, We may say, the members
of that body reflect the sentiments of their
constituents, for you can scarcely hear the ex-
preston of a oneness Of opinion from any
haf-dozen Of our people, nor does any one of
the Legislators agree with any other. All a.
gree that to attempt to increase the rate of
taxation will be oppressive to the people, yet
the funding bill Cannot be enforced anless
taxation as iincre1 sed. 1t is frequently re-
marked that 80 cents on the 800 worth of
land is comparatively small tax. This
would hold good, were all the land productive.
But when it is taken into consideration that
about two-thirds Of the land of the State is
non-productive, and that the tax is substanti-
ally one dollar and fifty cents on the produc-
ing one-third, It presents the question in a
| different aspect.
Some say that to meet the provisions of the
funding bill will certainly be oppressive, but
it will have to be done, as a contract has been
entered into between the State and those who
accepted the terms of that bill-and to yo-
late it would be in conflict with the Federal
Constitution. A contract is not legal, unless
there is consideration. The consideration
claimed in the funding bill, if there is any, is
the surrender of the one-third of the debt as
against Virginia, as is asserted by some is the
case We do not think that bill will bear
such construction. IF that third is not paid
by West Virgin then the certificates issued
for it will have to be met by Virginia. This
being the case, the Courts would not hold
that it is in the power Of the Legislature to
modify the funding bill in any ofits features.
The recent speech of Mr.. Kirkpatrick in
the State Senate made the inyoabilitv of this
contract the principal topic contending that
the State had the power to legislate away her
taxing power. This is untenable, for State
cannot destroy itself, and if the Legislature
has the power to legslatc away one part of
its entity, it follows that the same right exists
to legiskte away che whole. The argument
was adduced by the Senator to show that the
coupon feature of the funding bill was a part
of contract, and could not be repealed.
We have not the space this week to follow
up this subject, and endeavor to show that
the repeal of the provisions of the bill in
question making coupons receivable for taxes
is entirely within the province of the Legisla-
ture, and, indeed, that the provision is itself
! unconstitutional, inasmuch as it virtually in
valdates the public school provision Of the
Constitution, that requires that one-ffth Of
the taxes shall be set apart for that purpose
This finance question is an ugly one, con-
founded as it is. It matters not how YOU an
preach it, the tag levied has to come off the |
people in some way or another. Whatever
sources not now drawn on, that may be sug-
gested, will not vary the substantial fact that |
the money comes out Of the people, without
increasing the circulating medium Railroads
and foreign bondholders are the Only excep-
lions to this. And if the Railroads are tax
ed, without the passage Of a law fixing the
tariff of charges for passengers and frcights,
then the rates will be increased to meet the
tax, which, after all, will come off the people.
The whole matter is reduced down to the
practical question-how much are the people
able to pay? And the only solution to the |
tangle is to arrange the payment TO suit the |
ability OF those who have to pay It is !
mere iussan to talk about the strain upon the
people of Virginia that Noncompliance with
the funding bill will infict, if the people are
not n condition to pay If they pay what
they can, no more should be required It
will not do to press them to the wall. A re-
action will certainly take place, which might
be of more serious and violent character
than is now anticipated.
The Richmond correspondent of the Bal
timore American writes that the Virginia