Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-03-28
FYANDPTA q AZFTTE AND VIRGINIA ADVERTISER

the actual aggregate resources of the State 10
1850 equal to S74S, 655, 4S2 IL It appears
from the same official sources that the aggre-
gate value Of real aud personal property within
the territory embraced in the present limits of
Virginia, was in 1860. S632, 2U4 l9l G5. The
aggregate of assessed values of taXauic property
of every kind IN Virginia in 1873, was, and it
now is, 1886, 6S6, 1913 % ami no more. 'Glea
and alarming as this decline 10 taxable values
has been, the production Of the State and the
acreage of cultivated land are diminished 10 at
least equal proportion. An lliust alton OF our
losses in production is to be found IN the tobac-
CO crop, which, grown almost exclusively with
in the present limits Of Virginia, amounted in
1860, according the census of that year. to
1913. 96S, 3l2 pounds, and which by the census
of 1870 had 10 that year fallen to 37,OS6 364
pounds. Such losses IN every kind OF agrcu-
tural production are further shown, aud in some
measure accounted for, in the fact that of the
population, constituting most valuable pro.
ducing class before the war, more than half lnll-
lion now produce little if anything but bare Iiv
ing forthemaelves 10 addition to all these evils,
a vast private Indebtedness, incurred prior TO
the general destruction Of pubic and private
property by war, an Indebtedness which great
" exceeds the whole public debt of the State,
no iucousidcrabc part of which is due outside
the commonwealth, and all of which has been
and is being pressed for payment, distresscs our
people and strains their uttermoSt resources
and energies.
The present revenues CT tie State arc large
when compared with her resources. The State
revenue for the last fiscal year, excluding costs
OF collection, amounted to 81, 42l ,945.4l while
for the same year the additional SUN of 81,
2l7,53S49, besides costs Of collection, was
drawn from the people in the shape OF county,
, township, road and local school taxes, making
| the net aggregate Of 81, 639, 1888 90 paid yearly
in public taxes while the aggregate OF taxable
values stands at 1896 CSC 1873 90 This amount
of taxation is exclusive of the very consdcra-
| Bile taxes paid to corporations, while SUN far
| larger than the amount OF all other taxes com
bined is annually drawn from the State by
federal taxation. If full interest should now
be paid upon the debt assumed by the funding
act, the amount of State and local taxes lex
Guiding cost of collection, also federal aud cor
poratiou taxes would necessarily be Increased
to the net sum of IS, 9G4 4257 for the revenues
of the last fiscal year were less than enough TO
support the government and pay such tuil ln-
terest by the sum of 81, 324 Gil 81.
Our real situation is not understood abroad
and has been greatly mlSreprcscDed. Public
creditors, without knowledge OF our peculiar
embarrassments, have not rendered Us the ap-
probation which better information would have
commanded If a fair investigation cause sur
prise, it will not be 90 account OF what the State
has failed to do, but what she has, in the face
of unprecedented difficulties, accomplished,
Besides enduring tremendous losses 10 men,
labor and capital; besides being borne down
with an enormous private Indebtedness; besides
sustaining enormous federal taxation and meet
ing the new and great charge Of caring Tor and
educating the suddenl y emaucipatrd co!ored
people and administering justice among them;
besides bearing the uutimcly and harasSlng
burtheus OF badly complicated government
forced upon US 10y an obnoxious state c0ustltu-
ton; without help from any quarter, aud with
out having added dollar 10 the principal OF
her debt by temporary loan or otherwise, Flr-
gnia has paid out since the close OF the war
more than five millions OF dollars upon the rriu-
cipal and interest Of her ante bellum debt. 1t
must be remembered that it is wasted and
| mutilated state, shorn of oue-third of her ter.
| ritory and more than half OF her taxrblc values,
struggling against the force Of unparalleled dis
| tress aud depression, that has rendered this
| firm proof of her determination to maintain her
| pghted faith. 1t may be safely affirmed that
no other state aud no considerable municipality
| carries an amount OF debt so excessively diSpro.
| portoued TO its resources or has under the
grea test disadvantages accomplished SO much
| as Virginia. Notwithstanding any errors Of the
| past, resulting from haste, transient excitement,
or public distress, full Investigation is bound
| to satisfy the world of Virginia. willingness
and purpose to perform all her obligations to
the utmost extent OF her ability.
The foregoing disclosures, rs we'll OF the sltua-
ton as OF our own errors Of the past, is made
| because necessary to be considered in dcvising
measures for cxtricating the State from en-
barrassments in which these errors have lnvUlv-
cd it. The problem you are called upon TO
solve is, how to restore the credit of the State
without imposing upon our own people bur
thens impossible to be borne. Any separate
action of ours must Of necessity have regard to
the terms of the funding act. However unwise
or precipitate its enactment, it were idle now
to question its validity. 1t was the act of COM
petcnt authority under it the bonds Of the
State have been executed and delivered, and
we cannot 60 behind them. To the extent 70
which its provisions have been acccpted; 1t Is
undoubtedly binding contract between dcbt1r
and creditor, aud it is incapable OF being modl-
| fed without the concurrence OF both contract
| ing parties. Nevertheless, our utmost re-
sources are insufficient tor the prompt aud COM
| pete iulfilment of its terms, and to that cx-
| teut its obligations are impossible OF pertor-
maunc at this time The proposition is too OBJ
viously true to be argued that direct taxes on
land cannot now be increased. Such increase
would be virtual couliscation Of private proper
ty. If the State were subjected to such pres
sure as would enforce immediate compliance
with all her undertakings, it would result in
bankruptcy, and would prove alike disastrous
to debtor aud creditor. While it is still NY
opinion that, if the recommendations Of my in
augural message be carried into effect by the
Legislature much will be accomplished TO-
wards raising the credit Of the STATE and meet
ing immediate demands upon the treasury; yet
it is obvious that the desired measures for re-
trenching expenses and increasing revenue can
not be made fully cfectual except BY thorough
ly changing the Constitution, and years will be
required for making ncedtul changes of organic
law and giving them effect by appropriate leg
islaton.