The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-02-01
TIE FINANCE QUESTION.


Legislature probably to-day.
We have not the space this morning to en-
ter into discussion Of the comparative mer-
its Of the two reports, nor of the adaptability
Of either to the e4gency Of the OCCASION
Both are defective, but the majority report
less so than that of the minority.
We cannot refrain from expressing sur
prise at some of our Virginia papers and pub
lie men, in constantly reproducing the re-
ports of the financial columns of the North
ern papers, 10 reference to the credit Of Viz
GINA as affected by the disturbance of the
funding bill. Those reports are made from
the stand points Of financial circles there
They are more or less colored and regulated
by stock brokers, who are not acquainted with
the true condition of our people, and only look
at the matter as question of dollars and
cents 10 which they are Immediately interes-
ed. We are we'll aware that it would be bet
ter for Virginia, if she had it in her power,
to pay every dollar for which bonds are out,
at once. But this she cannot do. It should
be remembered that this State lost at least
$3.50 900, 600 of personal property during
the war, besides one.third Of her territory
1t should not be forgotten that interest on the
public debt accumulated during period of
Of FIVE years, when it was impossible for her
to pay interest, however pletkoric her Treas
ury might have been. It should be remem
bered that every thing that has been made
by the sweat and toll of the land owners, since
the war, has been consumed in paying oppres
sive taxes and re6tting and refurnshing their
farms. 1t should be taken into account that
there was a large individual indebtedness,
which had to be provided for either by bank
rupt notices, Or cash payment; and that the
ability of the debtor to pay has been serious
ly crippled by the insane and suicidal passion
for law suits to enforce collections.
People in the monied centres of The North
do not seem to appreciate these forclble facts.
They seem to expect the people O. Virginia
to do impossibiities. They are willing to do
all in their power to maintain their individ-
al and State credits. But if the demands are
unreasonable, it does not follow that we are
wanting in a sense Of honor, if we can't COM
ply with them. They appear to argue the
question upon the presumption that We are
in the same condition financially that they
are, and that the same rule should oe APP
| piled to us as to themselves. Their ideas are
altogether sentimental. They are wanting in
| practical appreciation of the re@l facts.
1t will be very serious business for the
people of Virginia to undertake to pay, for
twelve years, the 3 per cent. interest on two
thirds of the debt as provided for in the ma
jority report Of the joint committee. The
revenue of the State, as estimated by the Au-
| dtor, at the present rate Of taxation, viii |
amount to $l,876,257. The proportion of
the debt assumed by the State will be about
$32,000,000. Three per cent. upon this will
require $3.50, 00O The; estimated expenses
Of the State government for one year is about
81, 100 900, leaving deficit at the end Of the
year of s133, 743, even at three per cent.
A bill has passed the Legislature provid
ing for re-assessment Of the lands of the State.
The presumption is that, by this assessment
the taxa lie property of the, State will be re-
duced. So that there is no probability Of a
reduction of the present rate of taxation even
at per cent on the public debt.
| We should like to have seen the Japuary
interest paid out Of the money in the Treas
ury But all must admit that to have com
menced paying. and then to have suspended
would have been far more harmful to the
State credit than to tx rate Of interest and
proportionate payment corresponding with
the ability of the people to keep it up.
It is ungenerous for Virginians, at least
to re-echo the slurs on Virginia credit, hatch
ed. in the hot beds of stock brokers in the
eastern cities. Virginians do not want to re-
pudiate one cent the State honestly owes but
they want the payments SO regulated that the
people can meet them without stripping them
selves Of everything they have, and inviting
certain ruin.