The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-01-25
For the Dispa,ch.l
IL virginia Bankrupt:

No. 4.
IsYtr-inia Bankrupt
have endcayorcd TO show in the preced-
;- papnrs that the power ol virginia IS
,,.T,,Iy aucncntirr day by day, and that the
f,rr, which is propeIling her is the force Of
,,,,,rql avs. above and beyond the mere
c,u'riyauccS Of mems wits.
Tnr.r laws have operated and will operate
:, III time among all people. They may be
,,,-iE,1 in their direction, but given the
.ar,. state et things, in any age, in any coun-
.-y and the sam" results will follow.
70 state It in 4 general way, it would be
.,l, frrcmen work more productivity than
..,,.: that free labor produces competition !;
.rtr1,t competition reduces profits and d.
,'t,. ,,9niArty more cqua ly through society.
when ,ocirty changes from the protective,
.r,,., ar fcudal, system TO the free or COM
...t,.i,. ,yslcm the change produces great
t..r,,s aud pain. Those arrangements
,yt..,y have been liked for generations must
h. a,ukrn up and new ones made TO SUIT the
r., nr,lyr. But notwithstanding this sut-
t.r!ny society at large is being benefited,
,rI the comforts and projections Of law are
balm. more widely dtlu>cd.
TD,. condition Of France under Louis NN.
!, An a,l illustration OF this. Art, litera-
...,. and social cultivation were developed
:, a HEIGHT never since surpassed. The
l.,r., q, the court aud OF the nobility were
d. Yr0ir;.c luxury and S"lf-indulsence. The
ms uf The people, rural and urban, were
l,.gi down hy regulations OF the greatest Sc
yrIjtv. The srignpuliil rights OF lord over
>eyf we're greater than any master over any
>ly" in later times in ChriStendom. Gut
-l,t. .y>tciu crushed out the productive
r.yrr of France. She was subject 10 fam.
iLr>. pcsiiIcncc. and colnmotionS. Large
tact, OF land lay waste for lack OF cultiva-
tion. and many OF her peasants starved to
death or dragged out a miserable existence
lv rttin. boiled ucttltS and such refuse SUBJ
stINcr>.
The Revolution broke up all this. emanci-
ru'rd The scri>. and TO large extent divided
the land among the former lahorcrS by the
tI,.cI- ui Its laws. Yet, Notwithstanding the
WY. of The Republic aud the First Empire
H.om l.JDtu 1870. the waste Of the materlel
UI France, the consumption of her young
ncn in battle, the destruction Of the labor
Necessary 10 Til the fields, no sooner was
lrl.r restored 10 the country than the ope-
rt,pu aud effect OF the new system OF prop
t.,y aud labor was seen and felt.
i.rrc i q larger percentage of small pro-
Iiir'or> among the landhodcrS there than IN
auy country in Europe, unless it is Italy un-
.rth" new distribution OF property now
..]H. on there: and this division of property
lJ> Produced IN activity and energy OF pro-
,iu.f'an unprecedented on that continent.
juiyr the Second Empire there was mis-
government and waste, standing army Of a
miiIioN. and another million ofptiice holders
Warr supported by the labor Of the people.
I:ut, nevertheless, France was the richest
country IN Europe, estimating the per capita
distribution OF property.
When President Filters called for loan Of
one thousand millions OF dollars to pay the
German indemnity the subscriptions TO it in
town and country exceeded four thousand
iaJiifU,.S Of dollars. And Il very large pro-
portion Of this subscription was from the
S.uall property holders, representing the
earnings and savings Of their labor.
The assessments and valuations Of pro-
prrty in Virginia prior to 1860 were 50 Su.
,"Ilca that they give no idea of the real
c,udition Of the wealth of the country. The
;.,>t,>mcnts since 1866, suppose, are nc
more reliable, and therefore have only used
them for the purpose Of comparison to dc.
mcnSlritc the relative condition of affairs al
those two periods OF time.
All asses ments OF all property are unre-
liable. Property seeks 10 cvade contribution
t. public expenses, and succeeds in its effort
l. large extent.
Thus. prior to 1868 the total personal pro-
lrrty in the State Of New York was assessed
Al >42j 900, 600. But, in the Constitutional
Convention Of that State held in that year,
Mc. Pierrepont, a member, stated that he
ruUId name thirty citizens whose aggregate
wealth exceeded S450.000. 900, or S25 900
more than the whole assessed value OF all
the personal property in the State. The
commissioners to revise the laws for the AS
>r>>ment and collection of taxes by the
General Assembly OF that State in 1870
t>lImatcd that not over fifteen per cent. OF
He personal property was taxed, and that in
Massachusetts, and Connecticut, where the
h"> for assessment are rigid and rgidly en-.
forced, from thrty-lhree 10 forty per cent.
escaped assessment.
Taking the experience of these States.
where the subjects Of assessment and equal
taxation have received and are no ~ receiving
great attention, il would seem fair to infer
tint not more than one.half OF the personal
property Of Virginia appears on the assess
tis' rolls. Instead Of her personal property
now being SS5,000.000, it is mucn nearer
sl'0,Q00,OO0. Aud II, as the assessments
Show, her personal property has increased
from 50 100000 in 1866 to $4,000, GOO in
l>,3, then her real estate must have
increased. II could not haze diminished.
II Is impossible for personal pro-
petty TO show steady increase in a
country without real estate responding by
AAc appreciation. Now, either the assess
mrnt OF personal property is false, and shows
more property than we haye,-aud if it does
II Is The only assessment Of personal pro.
Qrtty ever nude that did so overestimate 1t
o! else The valuations Of real estate do not
>h9" lie true condition of that species OF
property.
lheic are temporary local reasons now
depressing the value Of Virginia and south.
EN- Iands-to wit, the abundance OF them
ara The scarcity Of popuiation; but one
thnS Is certain, their actual productive value
+ not decreasing. 1t must be growing
greater, Just as personal property accumu-
!4tcs.
have cndcayored to indicate the manner
III winch thl, Stale is being resuscitated.
MS Is neither the time nor place to suggest
SPECIFIC measures which will aid 1t. They
must be devised by the constituted authori-