The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-19
Tax B;ll--ssate Debt

Tax State Debt
rhe singular proposition of Mr.. GRlffirs'
a. Wes,moretand. on Tuesday dor,ns .n -
consideration of the tax bill IN the ho". ~, ~
ra,er.,as occupied the attention OF ''s'
49, all d,y Yesterday. 1t was properly
49, BY Mr.. STUART and Mr. COG
~, and all who opposed it, as PROPOSE
ZION to repudiate the public aeot. IL was s
.. w. IN the proceedings of the House, as
.,,,h,shed 10 our paper of yesterday.
To nnrport was TO discontinue the pay
N r. interest upon all that part of the
In.n dom, If the State not In the form OF
cnunon bonds issued under the iuno'ns ACT
which Is 40 much denounced. Atter paying
..a ;,tnres, on the coupon bonds, the remain
49, ~ the revenue not needed for puoi'c
s..,orses IL to be employed In buying up the
,>onas Of the State cat their present value"
The offering Of this proposition pending
the tax bill! raised the issue between repu'
dia,ion on the one hand and meeting the
nublic obligations on the other. The sue
zoos OF Mr.. GRIrrITn's movement would at
once dismiss the pending tax bill and throw
the State back upon the old one.
The proposition of Dir. GRIFFITH, we take
il. can hardly be offered in good faith; it Is,
In reference to any purpose OF meeting the
public liabilities, an abortion. 1t Is plain
that unless some measure is adopted to STOP
the increase of the public debt it will, ere
long, by its enormous proportions end all
all hope Of paying it.
For this reason it presents, naked and sim
ple, the QUESTION OF REPUTATION! iShe Lie
qisldture Of Virginia ready for The question
For ourselves, we should prefer an act o
repudiation at once to such q measure q
that defsed by Mr.. GRIFFlTH's resolution
1t proposes to pay interest on only part 0
the public debt, and that in the form of cou
pons issued under the funding act, which
the gentlemen favoriDg Dir. GRlFFlTn's mca
sure denoun nee in upmeasured terms. Thu:
are the public creditors who hold what iS, te
them, the most obnoxious form Of bonds
preferred over and above the large body who
hold other kinds of bonds. These are lefl
without payment and without hope.
What IN abominable feature, too, is that
which directs The public officer to employ
the money left in the Treasury, after paying
The interest on the funding-act bonds, to the
purchase of State bonds at their present
market value. It is a proposition to rob the
public creditor-to Use the money due him
In buying State bonds. 1t is bad enough TO
repudia,e but to misappropriate the pub
lie money in this way would be most dis.
honorable 10 the State.
1t has been always considered dishonor-
able for a man to "sbaye bis own paper"
but for man to refuse to pay his matured
obligations while buying his own paper ut
a discount would permanently damn him in
any well.ordered community. We think it
hardly worth while further to criticise
the proposition. We suspect that Dir.
GRIFFITH only designed it for test of the
sense of the Legislature.
Yesterday this proposition was voted down
BY, we regret to say, very close vote. This
morning, it is understood, 1t is to be intro
duced in the form of bill, when it will be
further considered.
We regard it, we repeat, as the test whe-
Their the Legislature will 60 on to raise me-
ney to make some Roadway towards re.
deeming the public obligations, or give UP
all effort and fall back upon last years bill.
In the latter event the inference will be that
Virginia despairs, and intends to permit her
debt to swell to the point Of unavoidable
reputation.
ARE WE READY FOR THAT? 1t
Is question that every member of the
Legislature should consider with reference
to his public obligations as representative
OF the State. Let those whose course Of
reasoning justif"s reputation show their
hands now and pronounce their opinions,
and let those who think that the honor and
welfare of the State demand the raising of
taxes TO NEE, her obligations take their firm
stand. And let US see which side is strong
est nol1.
Relieve the State and her creditors from
doubt. This frankness is due from CIVIL
lied people. ......