New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-08
VIRGINIA FINANCES.
CONFERENCE CALLED OF THE CRED.
TTORS OF THE STATE.

A CONFERENCE CALLED OF THE CRED.
TT0Rs OF THE STATE.
AN ATTEMPT TO BE MADE TO ADJUST THE STATE
DEBT on IAIR BAsIs-RETURNs PROM STAFF
TAxArION-P POSSIBILITIES or REPUTATION.
IrRoM AN OCCASIONAL CORRESPONDENT OF THE rRIBUSE.I
RICHMOND, Va, Oct. 2.-GOv. kemper and
the Hon. X NJ r. Hunter, Treasurer OF the State, re-
Gently invited conference Of the creditors OF Virginia.
70 be held the Capitol at Richmond on Tuesday, the
10th day Of November. This action was taken In ac-
cordanco with . joint resolution passed by the Two
Houses OF the General Assembly approved JAY o.
1874, which authorized the Governor and Treasures
Ito confer with said creditors. looking 10 further ad
Of the State debt upon fair aud equta-
BILE alike the State and It's creditors and report the
result Of said conference to the next General Assembly,
with such recommendations they may deem advisa-
ble." The condition Of the debts Of nearly ell the
Southern States such to excite the fears Of those
who desire to see American credit preserved abroad
and justice done persons at home who have
made honest Investments Southern State bonds pay
ing therefor in many instances.
The debts Of all and Territories of the Union
do not much exceed 100000 considerable amount
of this sum was incurred by the loyal states to eqap
troops aid In the suppression Of the Conederacy Of
this $500 the eleven Southern States owe cneha
or about Sls0O00OOO And not adollar VI 1t 10 war debt
Much OF IT, indeed created by fraud aud swindlinG
s,nce the war, but for the support and msnten
ance OF Confederate troops. Ali that was long ago ~
pudiated.
CAUSES OF THE DEFAULT IN INTEREST.
VirQiuia,s debt, unlike most OF the other southern
States was contracted beore the for the eonsrue
ton Of the James River and Kanawha and other canals
and various railroads and turnpkes Interest was regu
larry paid until the collapse Of the Confederacy Tho
default has been owing TO various causes, OF when
may be mentioned First The destruction Of
large portion OF rhe States basis OF credit
by emancipation and other results Of the SeeoWd
the division of the State and the creation OF West VIZ
gnia out OF onethird Of the territory OF Virginia sud
the inability Of the two States TO agree upon the pre-
portion OF the debt each should assume laird, nile
management OF the States assets which n properly
used might have been made to reduce the principal %
to rendered It practicable TO pay the interest,":
Fourth, the passing OF tho Funding Bih' the cc@-
pounding Of long overdue interest and the issuing q
bonds having sef-coeetsble coupons attached: YtA.
the depreciation OF the value OF lsnd. BY succession
Of bad crops and the absence OF buyers, while theu-
sands OF being forced into market BY inde
ments OF the private Indebtedness conracted
anterior secession Sirh the reduction Of the STATE
assessments in consequent upon the decrease Of
the value OF lands. and In part consequent upon
every county desiring to bear as little as possible 81
the public burden
THE DEBT OF THE TWO yIRGfNTAs.
By the last statement made Il shows that the dehe
OF Virginia assumed 10 be due by her was tDt7s7N ~
The portion repudiaed by Virginia and assigned to Wess
virginia for ment just proportion SIZES
$40 a. Tue latter, II not paid by West Virginia, s'ii
never be paid ALL for n there any one thing upon
which vIrginans are perfectly agreed II 10 that the
forcible division OF Commonwealth during the vas
was a fragrant outrage, and that West Virginia. havna
one third Of the territory aud population. Is bound 10
pay onehrd OF the debt Entertaining this view fhsy
give themselves sort OF concern about that thrd Of
the debt The two-thirds Old Virginia confesses ara
owes what troubles her people aud racks the Of
her legislators aud public men. on this SoiIs7f ~
100 on was funded under act OF March 90 ISL rop
ulary known as the Funding bin" and Is In coupon
bonds with coupons receivable for taxes" attached
or in registered bonds convertible into sueh courss
bonds. When II was found tbat the-e cos
pons" would come into the Treasury TO the e.
clusou Of currency and leave hardly enough OF ne
latter to pay the officers OF the Government vac oes
eral Assembly directed that nothing but gold slvpes
currency should be received Tor taxes but tDt supreme
Court declared that that act was unconstitutional ass
clearly was and all the bonds funded into "consos %
TO that date thereby pu' upon sure founuaueos
id Y from, doing 80 by the repeal OF the Fnndiss
bill" so vlrgina's recognized debt " 10 we
the General Assembly to pay its Interest Inc coupss:
its bonds bear when matured are salabls any whs"
eeived for all "axes debts dues and other demands duo
the Commonwealth OF Virginia. The other ih.rd = ~
biL') and 10 bonds issued under act OF Assembly,
passed prior to the 18th OF April, 1901 ~
circulation II per cent Interest could be PAID 10 90
that 81 sl05iO 70 per aDnum would be required Obe
wear when there accumulation IN the treasury
per cent was paid, and coupons were circulated.
thereafter per cent was paid aud nonIuterest beafhg
certificates gwen for the unpaid per cent bnt 100
boders OF 'cOnsols" would not come To the IreassU
and get that paBce: they sold their coupons foI 90
aud 90 and taxpayers bought them aud PAID mem 20
fhe Ircasurer and the instead OF coming W
the Captol with the amount or their taxes IN srees
backs of mines before the Auditor OF fdO. Ae
counts say threeOurths IN coupons ana one i0irp m
greenbacks.
An APPEAL TO THE CREDITORS FOR MERCY
The rate OF state taxation IS now aud has been zoe
several wears 80 cents the 500 assessed value OF sa'
and personal estate That hard Northern peopletn"
IN 10 believe is all the people now bear ana az an
nual levy Will generally result something IKE thls
Tax on white males Ctl per head)..... Nb+tI -
Tax on colored males ~ per headl... e3pc9 ~
Tax on property. osa',tS
Tax real property .....-............. lN[H =,
Deductions are 10 made for taxes levied thst osa
never he collected for instance, good pafi OF Inc lai
tax on colored males. Al tue utmost about s!im ~
would he realized from such levy; add AOoui Wa ~
for pack taxes. &C., and we have about S2.3ooo@
The expenses OF Government are ........slleMO
Interest