The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-31
A Veteran Statesman ON the condition
of Virginia and her Public Debt.
70 The Edjfors of The Dispatch


To the Editors of the Dispatch:
sirs.-The proposition in the Governors
| message to pledge the State to pay annually
a given sum as interest on the public debt
merits the gravest deliberation. Can my
human sagacity foretel when the pres 1T
depression shall terminate in Virginia !! Tne
great collapse OF 1919 lasted without abate-
ment ten years. The writer of this article
was directly interested during this period in
the public and private sale on tlme-Vlz :
one, two, and three years, without interest
of some of the finest estates IN virginia.
| Upper James River estates in 1922, with every
condition and outfit entice bidders, brought
/ one-half of their previous and subsequens
| selling rates; fac highland then and in
/ 1926, '27, and '28, one-fourtb. A young negro
/ man of the fioest physique,s offered at pub.
4 lie sale in New Orleans, January, 1923, was
withdrawn, 1925 being the highest bid.
| These rates extended to every species OF
property. State taxes were then ten cents
on 800 of assessed value; capitation tax
on slaves over sixteen years old and horses,
| with small merchants license-tax, not ex.
ceedng $40, formed the sum total of State
| taxation. There was no United States reve'
nue. tax. The first protective tariff was
passed in 1924; duplicated in 1928. This
| depression was the result of bank expansion,
CONSEQUENT extravaganza and over.trading.
No loss of property. The entire labor CAPT.
tai of the State remained intact. The pre-.
sent distress connects itself with the dis
membermenta and desolation Of the State; the
copfiscation, by a sweeping bill Of indict-
ment against whole people, without ci'a-
ton and without hearing, Of S245,000,O0O
| in,
toned two hundred years ago by colonial
authority, guaranteed by The federal COM
pact that formed the Union in 1888, and
recognized by State constitutions (the eman.
cipution of the slave was just aud proper
his confiscation as property in the hands of
the unfortunate holder at the time an out
rage which could only have been perpetrated
| by the sectional hate of an irresponsible pop
ular despotism) the seizure of the coin of
the banks, the consequent destruction OF
their circulation and all moneyed stocks ;
the destruction of the accumulation Of the
| industries of two hundred years, c0nstitu-
ting the entire agricultural capital of the
State. Virginia is essentially agricultural.
Agriculture cannot prosper without capital.
Her agricultural capital is bankrupt. This
capital can only be restored by years of toll
and economy. Circumstances exist which
may retard her recovery for century.
The Governor states the present State and
| local taxes, including cost of collection, at
S5,074, 263, and the assessed property at
1886 $3.50, 433. This is one per cent. and a
halt on each 500 of value. The question
arises. Is this assessment below or above the
true value of the property? The writer has
made this a subject OF inquiry, and as far as
he can obtain information the public sales
on time have been fifty per cent. below the
assessment, and property has been offered
privately at these rates. feel confident that
| / am within bounds when | place the pre-
| sent value of land at twenty per cent. be.
low existing assessment. II am correct in
this, the present taxation would be one per
cent. on every one hundred dollars of
value: add to this the internal.reveuue
tax paid by the State to the General Gov
eminent 81, 31S,015) and the States proper
ton of the custom duties (S5.976, 401)-mak-
ing q grand total Of taxation of 1885, GS1
on property not exceeding S2S6,0U0,OOO.
If the product of lands is to be guide to
its value, aud the receipts of the James River
canal, fed by large and fertile portion OF
| the State, should indicate the true ratio of
| their product ia the whole State, the de-
cline between 1S59-'60 and 1924 was in
-four SO, wheat 81, and tobacco SO per
cent. fht9
| We are not permitted to ignore the fact
| that the Union as now constructed Is conf
posed of majority States by compact. and mi
| norty States by conquest and suhjugation-
| The politicalreYolution of the I'D OF Novem.
Der past Is admitted to be the result Of finan-
cial distress, and from no sense of return.
| inc Justice to the enslayed States. 1t can
bring but partial relief The Democratic
party are pledged to the results of the war;
| war resulting from a sedulously edu.
Gated and cultivated hatred By the major
| TO the minor section for more than halt of
century: acknowledgements hatred that
must haze its food in btood."-See Caleb
Gu hing's speech in Faneuil Hall, 1853.
/" He aoould h6erdte the. sldoe not because ne
loped him, but because he hated his
master."-Chase to Chadwick. These
feelings, if softened, are not ex-
tinguished. Senator Sumner not long
before bis death proposed to remove certain
| insignia from standards of the army tending
| to perpetuate "reminiscences ofciYil strife. bis
constituents, the Massachusetts Legislature,
censured him severely for it and eyinced feel
ipgs of undiminished hate. We daily wit
ness similar evidence from public men and
the press. This hatred and reluctance to
extend constitutional liberty to the van
uuished is still nourished. Mail after mail
from throughout the limits Of the over.
thrown Confederacy bring the sad tidings Of
ceaseless dissension and widespread ruin.
Legislatures born Of base fraud or open yio-i
lence contest political supremacy. Every
where the same story Of corrupt administra-
ton and finances involved to enrich the
mean adyensurers who have sWarmed upon
the PROSTATE States for booty, as foul birds
seek their prey when the carnage is over.
Races marked 10 indelibly BY the Creator