Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-10-16
THE DEBT OF VIRGINIA.

THE DEBT OF VIRGINIA.
Virginia's debt, like that of Maryland, was
contracted for the construction OF works OF 10
ternal improvement. The James River and
Kanawha and other canals, and various rail.
roads and turnpikes represented its expendl-
ture, and the interest upon 1t was regularly
paid even during the war, and until the col
lapse of the Confederacy. The fault, accord
ing to writer in tho New York Tribune, who
seems to speak with official familiarity, is due
to the following causes First, the destruction
of large portion of the States basis OF credit
by emancipation and other results of the war;
Second, the division of the State and the crea-
tion of West Virginia out OF one-third OF the
territory of Virginia, and the inability OF the
two States to agree upon the proportion OF the
debt each should assume; Third, mismauage-
ment of the States assets: which, if properly
used, might have been made to reduce the
principal so as to have rendered it practicable
to pay the interest; Fourth, the passing OF the
Funding bill, /" the compouuding of long over
due interest, and the issuing OF bonds having
sef.coecta5le coupons attached; Filth, the de-
probation of the value of lands, by a succession
of bad crops. and the absence OF buyers, while
thousands of acres were being forced into the
market By judgments Of the courts on private
Indebtedness contracted anterior TO secession;
Sixth, the reduction Of the State assess
ments in part consequent upon the decrease
of the value Of lands and 10 part consequent
upon every county desiring to bear as lit
tie as possible of the public burden
The assessed valuation of the property OF Flr-
ginia declined from S657 1886 10 1860 TO
1865, ,439, ,9l7 in 1870, the partition OF West
Virginia cutting Oft the assessed value ID 1917
OF $40, 53S, ,273 but that State has up to the
present time refused to assume Its proportion
of the old State debt This led tc virtual re-
pudiation, SIS, ,239, ,370.7 having been assign
ed by the Virginia Legislature to West Vlr-
gina as her portion of the debt, the recognized
debt of Virginia amounting to S3O,47S, al. 40
As to the fifteen odd millions assigned to West
Virginia, the Virginia Legislature resolutely
refused to make any provisions tor It's payment,
declaring that in the division of the Common
wealth, West Virginia having one-thlrd the
territory and population, is bound to assume
ope-thrd Of the debt, so that unless West Vlr-
ginia recognizes the obligation that portion OF
the debt never will be paid. Of the remain
ing debt of $50, AIS, TAI 40, $50 27S, 73O.O7 was
funded under the act of March 80, 1871, popu-
larly known as the Funding bill, and is IN
coupon bonds, with coupons receivable for tax
es attached. 1t was soon found that these cou-
pons came into the Treasury to so great an
amount that the actual money revenue would
not suffice fer tbs support of the Government
To obviate this difficulty the Legislature dlrec,
ted that nothing but ''gold, silver or currency
should be received for taxes, which act the ou-
preme Court declared to be unconstitutional, so
that this portion of the debt constitutes pre-
ferred class, and the bonds bring ready sale
at from IS to 90 cents on the dollar. 1he re-
naming portion Of the debt, except a portion
IL hoop Ial ,,plo art
passed in 1861, was funded in bonds issued
under an amended funding act, by which the
coupons were not made receivable tor taxes
In this condition of affairs, with rate of
taxation which is now and has been for several
years so cents upon the $lOO, and although
the expenses of government are kept down to
$l,1O0.000 per annum, the deficit per annum
is about $65O,000.
At the last session of the Virginia Legisla-
ture a joint resolution was passed authorizing
the Governor and Treasurer ITO confer with
said creditors, looking to further adjustment
of the State debt upon basis fair and eqult-
able alike to the State and its creditors, and re-
port the result of said conference to the next
General Assembly, with such recommendations
as they deem advisable" This conference is
TO take place upon the 10th of November next,
and will be an important meeting Governor
kemper IS collecting Tor the Information OF the
conference statistics referring to the waste by
the war, city and county debts, depreciation In
the value of lands decrease 10 the productive,
ness of the soil in various sections, failure OF
the crops, &C. These statements will be sub
mitted to the creditors, and an appeal will be
Ii ade for readjustment of the debt ou some
plan which will enable the State to meet Its OBJ
legations. Bali. 1m
MILITARY TlTLEs-The Salem Register
says = Since the close of the war the. titles of
Colonel" Major, Captain, &c, have
been familiar terms to our people; but 1t must be
disgusting to old soldiers to hear man dubbed
Major" or "Colonep' who never fired gun,
and perhaps never saw regi iment or brigade
in line of battle. Yet we find many of the pa
pers of Virginia applying these terms to
persons connected with railroads, the press, or
engaged in some occupation which brings them
before the public, when the fact is that the
writer's of these paragraphs know very we'll that