Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-02

NEEDLES against the state, for which precedeuts
NAV not be found in the habiual legislation OF
the past.
NV own information is not such as to war
rant the expression Of any posltlce opinion as TO
the pature aud character of this association. or
as to its ability to carry the proposed Ian into
successful execution. The plan itself, is in my
judgment, just and expedient, and with pro-
per amendments it ought to be adopted, pro-
vided its propoupders shall first clearly and con-
clusively show that they are able to accomplish
it and ought to be entrusted with it.
1t is submitted that if this particular offer is
not accepted. the executive should be clothed
| with authority to contract with any other par
ties, of undoubted responsibility, for the retire
| ment of the debt on terms not less favorable TO
the commonwealth than those now proposed.
with the amendments suggested. Reason rX-
lists for the hope that such an adjustment Of the
debt can be effected.
| If creditors surrender the bonds they now
hold 90 the terms proposed, they would receive
good and valuable consideration Tor the surfea'
| der. They would receive bonds with far uetler
security and greater market value shan those
they BOW hold They would receive The full
interest, agreed on. with certainty and punctu.
atty; whereas they now receive but part OF the
|
rreguarity.
| % the ether hand, such an arrangement
would ultimately aud largely relieve the state
| Of burtheOs which are greater than eau be car
ried at this time; while II would SutJ CT the
| state TO 90 greater Immediate obligations than
| can be met by the due eXrrtlon Of Its taxable
| resources 10 conjunction with rigid economy
of administration 1t is 10 vain 70 argue that
| this arrangement ties up our hands. Oar hands
! are worse tied up already. Ii uutrS and re-
| lives US of the most disastrous cutangemcnts
| iu which our fuances were ever Involved. 1t
substitutes ucw Obligations, which We can per-
| form, Tor existing obligations which We cauDot
now perform.
Io an important sense, the State has now
| reached the crisis OF its fortunes. We cannot
longer postpone the inevitable task OF crap
| png decisiveiy with the financial problem 1t
| must be mastered by solution which will sci
| tie it at ouce aud forever. No disposition ct
| the public debtedneSs, short of the dreadful
| alternative OF reputation, can we'll be worse
| or more obnoxious to all concerned than the
| present. Enterprises ct great magnitude, ca
pabe Of developing dormunt but vast Resources
| Whinn the State, are now paraiy zcd hy such
continued 6DaDcial throes as ALARM capital.
| The tax receivable coupons, while wholly w.
satisfactory to creditors who really hold them
| as an Investment, are last Dccoluog mere pabu-
um for vicious speculation aud Stock-jobbug
among our OWL people. They ale being bought
UP and thrust upon the treasury, In large
| amounts, at the most iuopportune periods OF
each fiscal year. and thus they periodically
threaten to suspend the operations of the gov
ernment; aud their further effect is to create,
10 our midst, combinations interested IN re-
sisting any REIMBURSEMENT OF the debt. Ii We
further postpone huaDclal settlement, We en-
gender such internal difficulties aud agitaii US
as may be stroug enough TO tear.the vltai- Of
| the State Delay, 10 making al adjustment,
| of itself mutiplles obstacles IN the Way OF the
adjustment 4 prompt and decisive adjust
| ment brings order out of chaos. repo>e ou ri
strife, aud Of lis own vigor enabIcs the State 10
| fulfil the adjustment.
When at the beg ginning Of your present blen-
| nia term, you assumed the law lnaklDg power.
YOU fouud-lor the first time III the history ut
| the commouWealth-it ability TO malntaln Its
| existence impercd its 6uanceS in contu>lon:
its credit PROSTATE at home and abroad: it, IT,
| tegrity aspersed; its bouds di-honored 10 the
markets of the world. golden opportunity
invites you to bring the payment OF the public
| debt fairly within the ability OF the State: 10
| substitute the policy OF pcrmauence, stability
| aud repose, for that OF vacllIauoD. uncertaloy
and strife; to recover the Withdrawn conhi2uce
| of the monetary world; aud to assure such au
influx of capita aud immigration as Will restore
| more than pristine prosperity aud strength TO
| the commonwealth. Invoke the most deter
mined exercise OF all your collective ability 10
achieve these ends. A successful settlement
! OF the public Indebtedness will bestuw greater
positive good than any single legislative ser
| L. h,a
century, 1t will entitle you 10 the p!audt< OF
grateful people, aud will transmit your names
| with honor to posterlty.
TAXATION.
commend to your careful consideration the
plan of taxation reported by the treasurer aud
auditor OF public accounts 10 response TO re-
solution of the House of Delegates.
| The proposed plan dispense> with the pres
ent costly and cumbrous as well a. uncer ain
| mode OF assessing personal property. 1t Is
proposed to fix the taxation OF PERSONALITY IL
| such proportion to realty as experience 10 other
countries aud careful calculations prove 10 b.
lust. The plan will not increase existing bur
| thens, bu, 1t is expected to distribute them
more fairly amoug Individual tax payers, whlie
| il will save much of the expense OF the present
system.
as possible the present deficiency IN the treas
ury, By substituting, for the preSsut, pew aud
additional, taxes upon wines AMI liquors No
other subject bears taxation with such certain
", and with SO little inconvenience 10 the Seu-
eral uubllc as stmulants and narcotics. he
taxation proposed would be bu, slightly, II at
all, felt iu the ordinary consumption OF spirit
uous liquors, while it would certainly 90 far
Towards relieving the embarrassment Ut the
treasury.
Ia this connection, your attention Is called to
the necessity for giving, 10 whatever depart
ment may be proper, the authority TO enforce
the due assessment and collection OF taxes BY
local officers. Experience shows that II Is not
impossible for such officers TO disregard, or
even set 8, deiauce, the instructions o! the au-
ditor of public accounts. The collection Of the
revenue might be suspended 10 a district. aud
the public business subjected TO serious lucon-
yenience and coniuSioU, for want OF the peed-
fuI authority to enforce due compliance with
the law 10 such cases Proceedings 10 the
~