The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-01

"a chief, cause. of the annual agita,ionE on
this subject is the Legislative habit OF pass.
ing annual bills for the payment OF Interest.
a permanent and selfexecutlng law fSr regu.'
iariy and stately paying all surplus revenues
toward the debt would save mach Time
would be right Ii itself, and conducive TO
desired peace. I recommend the ,passsas OF
'ap act providing that whatever revenues mat
be left in the treasury after deductfng the
necessary expenses Of the Government shall
re henceforward semi.apnuaify paid out, as
tar as they viii 60. in equal payments ON IN
aterest account, and at the same time proper
4ckn0 wledgments be given for all unpaid
balances OF interest. Such q law would give
The assurance that the State is making the
largest partial payments of Interest which
are possible for the present. At no distant
day the revenues must, by process OF ma
tural and inevitable gro WITH, expand to the
measure of full interest. g - = qJ''a ~. ~,
PLANS FOR REcAP1TALIz1Na TIE DEBT. -
;, apprehension has arisen in relation to
This so jset- No proposition for reeapitsliz-
ing the debt has been accepted, and no plan
Tor that purpose has ever been recomme nded
los pc considered: By Your predecessors. ex.
cept upon the condition that its propounders
SHOULD hrst furnish conclusive evidence
establishing their character and their ability
70 perform all that was promised. In no case
was rLne preliminary requirement compiled
Wild, an0 consequently no such plan has
been taken into actual consideration. ccf]
In my judgment Virginia cannot assume
the attitude OF a petitioner at The feet of the
creditors, nor can she ask them to accept
9eW bonds, bearing reduced interest,", as q
boon to the Common wealth. While shis is
true, Information from many sources JUST
ies the belief that creditors holding large
amount Of the debt would be- glad to GIVE
the bonds they have for Others bearing four
per cent. gold interest, with provision for lts
certain and punctusl payment 10 London,
New York, and at the Treasury Office Such
new bonds as compared with the issues uu.,
der the funding act would undoubtedly.
rank higher in the stock markets; would In
the course of business; commanG more mo-
ney when, employed by the holders as col.
Iaterals; and would be far more de :irAble to
The large class seeking permanent invest
,ments.y It IL possible that sucs new bonds,
with principal and interest payable ia cur.
.rency, would be sought after as 8 substitute
for The present unsatisfactory issues. Oi
course the Willingness of creditors to accept
any new bond would depend upon the suff-
cheney of the, provision made for the pune
tual pay ment OF the interest ,aecruing upon
1t, L. is for the General Assembly to, deter
mine wberber authority should be, gwen TO
transact such exchange Of bonds on the api
plication OF creditors; It. would involve
neither the asking nor accepting Of iaVors,
and would be voluntary agreement be-,
tween debtor and creditor, With mutual and
equal benefits, to, both. In the successfui
management Of their finances by some OF the
most enllghteoed and honored countries pre-
cedenls may be found for this and other
plans for recapitaliziny public debt. 80,
y. !: 8, RRTRENCHMENT AND RgPoRM. s;T
Nothing mas less claim to attention than
the hign-soundtng clamor for public economy
" hicn sometimes rises above the din Of a
party coDf1sct, and af;ero its close 10 heard no
more. Any call for reform, to be awaiting,
must be directed to practical results. III ~,
- The folio wing statistics are submitted with
view 10 thoughtful Investigation and
action :: During the period of ten years end.
ing with the year 1880 inelQsiyeIy the average
annual taxation was twenty-nine cents on
the one hundred dollars, and tae. average
annual disbursements of the Government
we're: For legislative eXpenses. 800. 819. t3
Tor criminal expenses, PSI, 429 81 and for
allthe ordinary expenses Of the Ct IYernment,
including the two foregoing items, $685.
,236 81. For the last fiscal years the CORE
soopdipg disbursements have annually ave.
ragged For legislative expenses, $l87, 500 %;
for acknowledgements, $145 S30.17 land for al
ordinary expenses, including The two lasL-
mentioned items and excluding alljpayments
on ltedebt and for free schools, 81 ,OS4, 1897
These figures show that, the average annual
cost of supporting the Government has been
more than, eignty.four per cent. greater
during the latler period than lhe former,
while the rate of taxation bas Deea increased
OF over seVenty-two, per centum.y 10 other
words, before the war, when Virginia was
rich and prosperous, and embraced u S48
square miles Of territory md popnlstion
reaching In 1890 j 500. 3l8, the Government
cost absolutely but little over half 80 much Us
during The latteE period OF impoyerishment,
when The Slale embraced but %, o4S square
miles Of territory and her, populatlon mum.
bered ], 225, 1853! And relatively our1dWarfed
and struggling State DOW carries more than
twice the governmental burthens wi icn were
borne by the original Commonwealth 10 the
pIenitude OF It's wealth and power. a simple
calculation wilt she " that If the cost OF The
Government be no " Eade relatively what lt
was before the. war the presen. revenues
will more than discharge the apnual interest
on the debt, and that consequently taxation
may be reduced. -,
B the people OF Virginia are not response
ole for these augmented taxes and expendi.
lures. They resulted from the craei and co.
erclye rigors Of reconstruction. "A Consti.
tutton containing y costly and complicated
frame Of State snd local government, suited
q IL hx,a M n
ted community, was pfopounded 10 us at the
D pei Of eopqueriug power: We had 70
accept that Constitution or none. Our PEG
pie to it to escape the sword OF y satrap.
Nevertheless, II Is In your pc Ter' now to
|inaugurate the constitutional reforms " iicn
[ recommended TO your Predecessors. As
the careful proprietor whose estate Is cur
tailed ny misfort une cuts down his esiab-
lishment in the proportion OF bis losses, so
does 1t sdeYofte on the Common wealth 10
simplify, reduce, and cheapen the whole
machinery OF the Government, adjusting II
Inexorably to the straitened condition OF the
people. 49, II, ne. 5 @sss.5 go XIX
/ have regretted that only occasional and
fersGmentary changes Of the CoDsti,ution
were heretofore submitted TO the people.
Partial amendmsnts, by lessening a5faW OF
Its evils, serve but 70 increase she diffeUlty
efs thoroughly reforming that ,fnstrpment.
Precisely a. far rs iscOoslstent with Federal
obitgations the changes ought tss.swesp
through II, purgtng II: OF lts cumbrous End
costly .inDoyst,ons. This Recommendation
means NO interfsrsnce with tbs pabiiessehool
system. .as,j telts ~ % p; 80 .-.t5
we annot, expect TO build up flourish.
Hing CommonW wealth without tlrss stsrnsy re-
lcurr,ng 10 tbs only true principles which
nnderiie aIleastIonai and indIyidnai wealth.
iBy severely pEaciising re;renchine1t, fftis
Eaal;ty,g sind ustrs, sand perseverance, BY pro-
tducing, more and ding less wa must
| IIyr sAnx 10 our lost pToepariis saa.gss rs
One most aiarmi1g tendency OF the times,
"a - ~ ;,se5 an N ends no eriug free Id.