The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-12-10

| rant the expression of any positive opinion as
| to the nature and character of this association
or rs to its ability to carry the proposed plan
| into successful execution. The pan Itself, is
| in my Judgment. just and eXpedlent, and with
proper amendments it ought to be adopted,
provided it,, propounders shall first clearly and
conclusively show that they are able to accom-
! complish it and ought to be entrusted with it,.
1t is submitted that if this particular offer is
not accepted, the executive should be clothed
I with authority to contr ct with any other par
ties Of undoubted responsibility, for the retire
ment of the debt OH terms not less favorable to
| the commonwealth than those now proposed,
| with the amendments suggested. Reason ex-
lists for the tope that such an adjustment Of
| the debt can be effected.
| If creditors surrender the bonds they now
| hold on the terms proposed, they would receive
| good and valuable consideration for the surren-
der. They would receive bonds with far bet
| ter security and greater market value, than
| those they now hold. They would receive the
| full interest, agreed on, with certainty and
punctuality whereas they now receive but part
of the agreed interest-with constant unccr-
tainty and irregularity.
| On the other hand, such an arrangement
| would ultimately and largely relieve the state
of burthens which are greater than can be car
red at this time; while it would subject the
| State to no greater immediate obligations than
resources in conjunction with a rigid economy
| of administration. 1t is in vain to argue that
this arrangement ties up our hands. Our hands
are worse tied up already. 1t unites and re-
lieves us of the most disastrous entanglemcnts
in which our finances were ever involved. It
substitutes new obligations, which we cannot
| now perform
In an important sense, the State has now
reached the crisis of its fortunesi We cannot
longer postpone the inevitable task Of Crap
ping decisively with the financial problem. 1t
must be mastered by a solution which will set
tie it at once and forever. No disposition Of
the public Indebtedness, short Of the dreadful
alternative of reputation, can well be worse
or more obnoxious to all concerned than the
present. Enterprises OF great magnitude, ca
pable of developing dormant but vast resources
witt in the State, are now paralyzed by such
continued financial tllroes us alarm capital
| The tax receivable coupons. while wholly un-
satisfactory t. creditors who really hold them
| as an investment. are fast becoming mere pab-
ulum for vicious speculation and stock-jobbng
among our own people. They arc being bought
up and thrust upon the treasury, III large
| amounts, at the most inopportune periods Of
each fiscal year, and thus they periodically
threaten to suspend the operations Of the gov
| ernment and their further effect is to create.
in our midst, combinations interested III resist
ing any REIMBURSEMENT OF the debt Ii we fur
| tI.er postpone a financial settlement, we en-
gender such internal difficulties and agtations
as may be strong enough to tear the Vitas OF
the State. Delay, in making an adjustment,
of itself multiples obstacles iii the Way OF the
adjustment. A prompt and decisive adjust
Inent brings order out OF ctlaos. repose out OF
strife, and OF its own vigor enables the otate
to fulfil the adjustment.
When at the beginning of yofr present ben-
| NAL term YOU assumed the law-nlakiny power,
ri tSp,tt in1n n
the commonwealth Its ability to maintain its
existence imperillcd; its finances in confusion;
its credit PROSTATE at home and abroad; its lr-
| tegrity aspersed its bo:,ds dishonored in the
markets OF the world. 4 golden opportunity
Invites you to bring the payments OF the public
debt fairly within the ability OF the State to
| substitute the policy of permlHenca, stability
and repose for that Of vacillation. uncertainty
and strife; to II cover the Withdrawn confidence
OF the monetary world and to assure snch an
influx OF capital and Immigration us Will restore
more than pristine prosperity and strength to
the commonwealth l invoke the most deter
mined eX ,rcse OF Ill your collective ability to
achieve these ends. A successful settlement
of the public indebtedness will bestcW greater
positive good than any single legislative ser
vice rendered thes6tate within the present cell
tury 1t will entitle you to the plaudts OF Il
grateful people, and will transmit your names
With hon~r to PROSPERITY.
TAXATION.
I commend to your careful consideration the
plan of taxation reported by the treasurer anu
auditor of public accounts, in response to 4 re-
solution Of the House OF Delegates.
| The proposeu plan diSpenseS With the pres
ent costly and cumbronS-aS well as uncertain
mode of assessing personal property. AZ Is
proposed to fix the taxation OF personally 10
such proportion to realty as experience LII oth-
f,l n1nIlll
be lust. The plan will not increase existing
urtIlens, but it is expected to distribute them
more fairly among indvid. Ill tax payers, While
it will save much Of the expense OF the present
| system.
The report further proposes to supply as TAI
as possible the present deficiency IN the treas,
ury by substituting, for the present, ne" 't. ~
! additional, taxes upon wines and liquors. NC
other subject bears taxation with such eeflail-
tv. and with so little inconvenience to the gen
cral public, as stimllants and narcotlcs. Inc
taxation proposed would BE- but slightly, II al
all. felt in the ordinary consumption OF spirit
nous liquors, while it would certainly go TAI
towards relieving the embarrassment Oh tiie
treasury. ;aoo,,od
In this connection, your attention Is cAneo
to the nece isity for giving, TO whatever oep1rI
ment may be proper, Il e authority TO eh1oIce
t. due asses nent and collection OF taxes ny TO-
cal officers. Experience shows that 1t Is not
impossible for such officers to dlsresafa, OF
even set at defiance, the listructiois On VIC ;tu
, dltor of public accounts. The ceilectlon OF tlle
revenue might be suspended III Il district, aho
the public business subjected to serious lncon-
: yeniunce and confusion, for want OF the need
ful authority to enforce due compliance WIFE
the law in such cases. Proceedings III tiie
courts. with view to the removal OF such ON
, GERS. afford no adequate remedy III cases y! "
this nature, which require prompt ACTION ~ ~
order to prevent injury to the state. Luz
! mower should be lodged in the proper de
nartment to suspend OF remove the recllsahl o.
ficer for causes to be reviewed by the Leglsla
ture.
CRIMINAL EXPENSES.
Il The question is worthy of consideration
: whether the payment of criminal expenses ON
f of the GENERAL treasurery does not operate uii
eoually and unjustly, by causing the more OF
5 DERBY communities to bear an undue snare o
, thos.. burthens 1t is believed, il such charge
Mere imposed upon the counties and corpora
tions r. spcctiyely, they would be reduced Dy
more direct and watchful economy, wlll,e AZ
creased interest and vigilance would De alfeSl
ed to the suppression of crime. 1t Is a,so plo u.
able tn at fines and other punishnents, less COSY
lv than that of imprisonment, Would NC l,aoi'
Generally visited upon the minor ole'is Is" :,
Certainly, in the embarrassed condtloil W ~"
General treasury, it should be stripped OF etI.
Charge. which, without injustice, may oe e''i0
transferred OF discontinued.