Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-02-11
NTON SPECTATOR AND GENERAL ADVERTISER.


| thereby greatly increasing the amount of their
| taxes? 1t seem to me- that this fact furnishes
! conclusive evidence that the people do not feel
| that they are now burthened beyond their Ca
| paclty to pay.
But let us test by figures, the practical opera
| ton OF the increased taxation which propose.
| A man who owns SIS 900 worth OF taxable
property (which is much above the average,)
now pays tax of $25. If the rate were increas-
| ed to three-fourths Of one per cent, he would
| have to pay $3S so, or an increase of $l2 so.
Would this $l2 so overwheln him with ruin
| Six or seven bushels ofwheat, half ton O! hay,
| or 100 pounds of good tobacco would pay it i
Nay, more, a curtallment of one third of the
cost of his segars, or in the number of drinks
| wherewith he relreshes himself would provide
fund to meet 1t. 4 reduction Of one-thrd or
one-hall In the cost OF single dress for his wife
| or daughter would square the account!
While complaints OF poverty are heard from
all quarters, no observing men can fail to sec
that there are few who do not hnd means to
crafty their luxurious tastes. will state a
| single example: Richmond is said to be an im-
poverished city certainly no portion of the
State suffered more by the war, and noue bore
it more heroically-yet 10 that city, the news:
papers inform US, within the last fortnight a
distinguished foreign actress received $4,000
for four nights performance at the theatre
And If she had gone to any other city or town
in the State, the same thing lin less degree)
would have happened, and [ doubt not that
the most blatant repudiator would have been
among the first to buy the ticket [ mention
this fact, not by way of rebuke, but for the
purpose OF showing that our people are not so
much impoverished as they are represented to
be.
! will here add that one of the greatest COM
plants among the people is on account of the
scarcity Of currency. The annual collection Of
taxes wlthdraws larger amount from circula-
ton, aud locks it up In the treasury. Any
measure, therefore, that would enlarge the vol
ume Of currency would afford practical relief.
Congress, by the exercise Of its taxing power,
has eitectually prevented US from charteriDg
State banks OF issue; and We cannot supply our
wants by the issue OF State bank paper-neither
can We increase the supply Of National Bank
notes. But, IN my judgment, we can greatly
contribute to the relief of our people by render
ing the coupons On cur State bonds negotiable.
While they would not be money, they would
perform many OF the functions Of money
Their recelvablllty IN the payment of taxes
would give them currency and credit; they
would pass trom hand TO hand like money,
and The1 the time for payment OF taxes arriv-
ed, they would pass into the treasury, leaving
an equiValant amount Of National currency in
the hands OF the people, which would, other
| wise, have been used IL payment OF taxes. Eve
~ year million and halt Of these coupons
would go Into circulation. aud perform the func-
| tons OF money until they were paid into the
| treasury. The amount OF National currency
withdrawn from circulation. annually, for pay
| ment OF taxes would. therefore. DO about one
million, instead Of TWO and half millions.
| Every one will admit that the addition Of q
million OF dollars to our present volume oil
| currency would be great relief to our people.
| Why not million more of coupons which
would have most OF the qualities and properties
OF money-atford quite as efectual relief as
| the same amount OF Natlnal Bank notes? My
Own conviction is. that with the aid OF coupons,
| as medium OF exchange, the people of Virgin
10 could pay one per cent OF taxation more
readily than they can pay one-half Ct one per
cent. without them.
/ cannot close this letter without adding q
few words on another question, intimately CON
nected With the subject Of it. When Virginia
entered into the compromise with her creditors,
she undertook TO have settlement with w est
Virginia in regard to the one third, which she
estimated to be properly payable by that State.
She has made one abortive effort to Go SO. Is
1t not incumbent on her to prosecute her efforts
IL that direction, by moro efficient means?
L have thus given you my views at great
IA tuS AASlUIy VA tEG NSDG Vi fESlDla,
the purposes for which it was contracted, it's
| binding obligations, the ability of cur people
10 pay 1t, and the most certain and ready means
OF paying IT. l am aware that these opinions
will provoke much criticism. have sought to
state facts and fair deductions from them. But
/ am by 40 means welded to my Own opinions
Ii my etter. shall be the means CT stimulating
others to examine into these great questions
thoughlfully, and to suggest any more feasible
means OF maintaining the honor of the State
and relieving her from the difficulties by which
she is now surrounded, / shall think [ have
done the public some service.
| regret to see that the Legislature has invi-
ted q conference with the State creditors In
my opinion, it places the State Ia false posi-
ton and | can see 10 good likely to result
from it. Virginia, certainly, can ask no further
concessions from her creditors. But, if she
should do SO, would not the joint committee Of
the two Houses be met, at the threshold, with
the enquiry. 'as you have repudiated the COM
promise entered into by your predecessors, what
security can you offer that. the next Legislature
may not repudiate any bargain that-you make
Very respectfully,
Your obedlent servant.
ALEX. H. Il STUART.