The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-04-27
THE VIRGINIA DEBT.
Richmond Legislation Looking
HehndlnfiOn, " n Z

he' POPOlIluu vi luG ueDt, u0Q l tllnK
that the exhibit should put to blush the
delamers Of your State. = 49,
In doing this / speak from taes exhibi.
ted In legislation, and In the certain tones
Of the people, not from uncertain data or
blinded prejudice. l was close observer
OF the proceedings Of the Legislature Just
closed, and am convinced that the most
casual observer Of those proceedings can
entertain only slim hope for the bondhold.
ers Of the State. ~ ta. moan z.
From tho first day of the session the
majority Of both houses used every
means, mode and device, to avoid the
payment OF interest upon any portion
Of the debt, though they attempted 10
conceal their purpose, but having been
met, at every step, by brave and deter.
miRed minority, and by the Governor
with his veto messages and threats Of the
same, they were forced to offer a compro.
mise, by the terms OF which they agreed
TO pay for the present year, four per cant.
arn (instead Of SIT per ceRtum, as their
coupons required,) upon too thirds Of the
debt, in consideration whereof the mlnori.
ty were to assist them TO repeal the coupon
feature OF the Funding BILL" so far as
their receivability for taxes and public
demands at maturity were concerned.
This feature was regarded by them as the
backbone Of the Funding BILL" and with
this broken, they would DO on the high
road for the attainment Of their grand Oh.
ject The compact was accepted and
sealed by action. I-ai.-19 j. - t
They would not have voted any appro.
priation, but the money was already in
the treasury, collected for the purpose,
and they did not desire to uncloak their
real purpose. As successful revolu.
tons are always approached gradu.
ally they declared publicly and
privately, that they would not be
bound by this compromise longer ltan
The present year, thereby evidencing,
and many declaring, their determination
not 70 cote any appropriation in the. future.
In plain terms, having inserted the center.
ing wedge" they were bold to hope that
the "chopping" would be continued until
the whole difficulty would be removed,
though It would place Virginia credit in
ruin, clothed and draped In the mantle OF
black reputation. ..,.. ri.
And now to another piece Of legislation
In direct keeping with the above: A bill
was passed authorizing reassessment of
lands in the Commonwealth Though one
had only been completed the last year,
the reason assigned for which was, that
the lands were assessed too highly Though
ample redress against erroneous assess.
ments in the former bill, under which
the lands had been valued, had been pro.
vided for) The real object was to reduce
the value Of taxable subjects, knowing
that they were but keeping time" to the
continuing Generalization Of the people,
and knowing that the assessments would
be greatly reduced. No one estimates
this reduction at less than tcenty Der
centun and 1t will occasion great reduc.
ton in the revenue. The total land tar
for the year 1871, was 81 1886, 207,5S, and
Il we deduct from this amount twenty
per ceHtum, there remains 81 ,O95. 4S9 OF.
Of which one-fIth Is absolutely required
by the Constitution OF the State, 10 be
expended, exclusively, for public free
school purposes, so that we will have as
the total amount of revenue, to arise from
the real estate, for the present year,
available for general purposes, the paltrv
sum OF $876, 35043. = -is
Upon careful estimates, under the pres.
ent tax bill, we have found that there
will only be the grand total, after deduct.
ing the portion required to be appropria.
ted TO public school purposes, oftSl47I,.
O9436, from which deducting the appro.
priatons for theyear, to.wit, 81 ,271 ,9S8. rs,
We have only the sum Of $199, 1861, as
the amount with which the General
Assembly OF Virginia propose 10 pay
interest in 1873, upon debt, Of which
they have assumed $34,000,0O0OO. Does
this not look like holding out the cup Of
Tantalus to creditors? And does not
Virginia stand, in this matter in a much
worse light, than she claims that your
State does2 .ers--,,T IT,. \. -. 49,
Again. the present amount in the treas.
ury is the accumulation. of several years,
and not alone OF last years revenue. Ii
was accumulated, in part, when there
were no public schools, and oil depart.
menis or state werecurtailed and lopped,
and also when all the property, license
and capitattOn taxes went to general ex-
penses. Now the whole capit9tion taxes.
and one.filth Of all the license and prom.
erty taxes, go TO schools, while the ex-
penses OF the executive, judicial and legis.
lative departments have increased 10 an
extent alarming andmonstrous, exceeding
anything ever known before, and worse
still, they increase yearly. a..s ,...f
Again, the vastly accumulated ante bel.
lum debts, with the costs and expenses of
litigation, grind down and Cypress the
people, and the people clamor for relief,
in any tcGy, charging their woe under the
tutorageof designing men, to the public
burdens. The moral tone OF the people,
their high sense Of honor, and their high
aspirations are rapidly becoming things
OF the past, under these influences. =
The people claim that the debt Of the
State was contracted when they owned
$245, 514, 900 in slaves, which was taken
away from them without any compensa.
ton. They arc told that most Of the debt
Is held In tho North by those who fattened
and toasted while they drank the bitterest
cups Of misery. Under these infuencesit
Is not difficult to tell the public sentiment
Of the State, and hesitate not to say, in
the light and presence of these facts, that
tits heartily and entirely In favor of relief
tby regulating the debt in toto, or the
largest part OF it. Policy, they say, may
dictate another c0urSe, but necessity demands
this. sa-.-z--,a.r-,,,,,,.--..,,,.,--,'',..,,,t,'
1t was with great difficulty that The
Legislature could be induced 10 pass ana
tax bill, for the reason that those who ia,
vored the payment Of interest sought nelt
subjects Of taxation, while those who op
pose payment determined tooppose new
subjects and to reduce those existing. As
WAS usual during the aanainn n ftnr. a lam,