Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-02-11
STATE FINANCES 7
LETTER FROM HON 4. H. H. srUAR,

-
ton, Esq, Editor of the Lynchburg Trginian,
requesting MIR. Stuart to furnish him, for pub
Ecation in bis paper. his views in regard to the
financial questions and kindred subjects which
now occupy SO large share Of the attention Of
the people Of the State, Mr. Stuart, under
date Of January 3lst, wrote him a long and
able letter, which is published in full in the
Lynchburg Firginian Of the 4th instant, in
which he gives his matured views, expressed
in lucid style, with boldness aud frankness.
In introducing the letter, the Editor Of that
paper says:
'The letter of Mr.. Stuart, on current topics
of great public interest," is earnestly commend
ed to he thoughtful consideration of our read
ers. Even its great length should deter no one
who desires to be informed respecting the sub
iects of which it treats. from giving it careful
perusal. Ii embodies the views Of wise and
experienced statesman-the most sagacious and
practical, in our judgment, now living among
US. And, in this estimate, we are not singular,
for we have heard gentlemen of the highest
intelligence and not without experience in pub
lie affairs, express the same opinion.
Its unfortunate for the Commonwealth that,
In this great emergency, SO many OF our fellow
cltlZSuS WnO Ike b4T. CtudFCs are uUSt
Bile Of guiding the ship OF State through the
breakers that are surging on every side, are
now in retirement. But the public are entitled
to their opinions. and the influence Of their
counsels can be exerted through the press To
this end, we invoked Mr.. Stuart's deliberate
judgment on the measures that are now pend
ing in the Legislature, and invited full ez-
preston Of his opinions respecting the best
policy for the State that can be adopted At the
present time. His reply is at hand, and to the
exclusion of editorial and other matter, We
hasten to lay il before the public. Il is, in the
main, satisfactory to US; being in substance,
what we had right to expect from gentle
man Of his Virsinian feeling, ripe judgment,
and large experience in public affairs. That it
will provoke discussion, we cannot doubt. but
feel equally certain that 1t can withstand the
test OF criticism"
AS We would like for our readers 10 have the
benefit Of the letter in full, we greatly regret
that we have not the space to publish the whole
Of il. That portion which We are forced to
omit, gives history Of the debt of Virginia,
how and fer what purposes incurred, to whom
due, the obligation to pay 1t, and the ability to
do so.
The conclusions arrived at by the discussion,
in that portion Of the letter which our want OF
space compels us to omit, are, in the language
Of the writer, as follows:
1st. That Virginia is under strong moral and
legal obligation to pay her debt
Fad. That the debt Was wisely incurred, and
that Virginia has already received, III the en-
hancemeut Of the value Of her lands, and il
reduced cost OF transportation OF her agricultu-
raj products, and otherwise full equivalent for
the money she owes, and that that equivalent
is to be greatly augmented in the future.
3rd. That Virginia is now able TO pay the in
terest on her debt, the principal of which debt
is about seven and a-haIf per cent of the pres
ept assessed value CT her real and personal
property, and that within 3 very few years her
ability to pay will be greatly increased by Gu
hancement CT the value Of her lands, the ill.,
crease Of her personal property. and the devel-
opment OF new sources Of wealth which have
heretofore been dormant.
Having reached the conclusions above stated,
the writer then proceeds TO give his views as to
'ho,o The means are to be provided to pay the
interest on the debt and meet the current ex-
penses Of The Government" This latter por-
ton Of the letter we publish in full as follows
''Various expedients have been suggested
rent expenses, and throwing the cost Of the
judiciary on the counties, and Outstanding varl-
Gus enumerated SOURCES OF re7enue, the end
may be accomplished without al increase OF
the present rate Of taxation, on lands, persona
property, and incomes
Other gentlemen have suggested State
stamp tag, to take the place OF The stamp tax
recently removed by the Government Of the
United States.
wii consider these propositions in the order
IL which they are stated.
Assuming Coy. Walkers premises to be trle,
bis conclusion is doubtless correct But his
plan OF preserving the public credit depends ou
too May conditions and contingencies. It
would take q great deal OF legislation to make
al The reforms which be proposes. This would
require time. They could not be perfected Tor
2 year CT tgo 10 come, and meanwhile, the
State would stand dishonored Ia the commercial
circles OF the world, and justice would be denied
TO her creditors. Moreover, cannot perceive
how The tax. pagers wonId be relieved, by trans
ferFiDg the cost Of the judicial department from
the State TO the county treasures. The cost
Would remain the saUe-the bUrthen to the
tax payer would Dc the same. The only change
would be, that the money would be received
and paid 10 the judges by The county treasurer
instead OF the treasurer of the State.
In matter affecting SO vitality the credit of
the State, would avoid all contingencies of
failure. I would adopt measures that would be
certain aud eflcscious, aud that would at once
inspire confidence in the minds Of the creditors
Of th9 State, and give assurance TO the world
that Virginia held sacred her plighted faith.
In regard TO the proposition TO adopt q State
atamp act, similar TO the act Of Congress which
has recently been repealed, can only say, that
/ hope it viii not be lavorably entertai2e3 by
the Legislature. object to il:
1st. Because it is new form Of State taxa
stamp acts have been odions to cur
people from the days Of the revolution 20 the
present hour.
ID. Because it falls almost exclusively on the
debtor class, who arc least able to pay. Il is
the debtor who pays the stamp Oh the bond
which be gives 70 his creditor; and it is the
debtor who has to Pay for the stamp on the
deed or trust, or mortgage, CT bargain and sale.
ahlch he executes 70 relieve himself from the
pressure OF present indebtedness.
50. Because it tends to throw new impadi-
nents IN the way Of sales Of real property, and
to enbarrsss 81. business operations, thereby
the influx OF population and capital
and the imitation Of seq enterprises. TO adu r.
the growth Of cur State il wealth and =,
itg. :. prosper
Having thus frsakIr
both the sche''' j. stated my objeetious 10
,andn" ass proposed, | Ti!l. with equal
-, give the substitute which | would like
10 see adopted. 1 would meet the issue fairly
and squarely by an decrease oi the rate Of taxa
ton on the present subjects Of taxation. This
is a mode Of raising revenue 10 which our peo-
pie are accustomed, and which they will readily