The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-01-20
rFor DE Dis patch.1


omnlifv details 40 as to exhibit the special
directions our efforts are taking. The tom
Mage of the railways has increased IN aIlarger,
ratio even than their gross earnings; and 10
mony localities manufactures have sprung
M and are steadily growing with healthy
and IastingtmeyemeDt. In Richmond every
article in iron is manufactured, from pig-iron
. tn iron fronts for houses, and from sewing
machine needles to locomotives. An almost
1.jnfinita diversity of small manufactures have
everywhere taken root, employing capital
and having wages to labor at remuneratiYe
rates Every one of our cities and towns are
/ being built up BY the erection of small DWELL
mos for the use of the middle class OF small
property. holders-skllled mechanics ana
other employees Of trade-and which are paid
for out of their earnings. &: tH..a ',.,A,2-'
With our railways opening the South ana
West to our markets and our trade, VIII tae
yeaarly-in creasing activity OF our population
The natural progress of Virginia Will 60 on
with constantly augmented force, ana Tue
4 next twenty years will see her with Two,
millions of population and over theusand
millions Of property. ..-.--,u,,--
bred miles from Philadelphia contained
eiohty-one thousand inhabitants. In thirty
wears it has increased four-fold, haying dou:-
bled itself twice. Richmond is further from
Baltimore than she is from Phiadelphia, ana
has better railroad connections. She Is nearer
the South and nearer the West. She ms
cheaper iron and cheaper coal, and water
power incomparably superior to the otner
city. She Is now in the centre OF tree
population-free to 20 where they choose, 70
work as they please, and to choose their
own place and means of livelihood ana
she will increase in population, wealth,
and mower in ratio much larger than that
indicated by the growth of Baltimore. In
| twenty wears she will have quadrupled her
nopulation and her wealth, and the end OF
the century will see her with quarter OF
million of people and two hundred and tifty
millions of property. -....
These results are within the lifetimes of
men now mature, and although the present
dependency of some of our public men Will
retard the Development Of the State, it will
| only do so for time. The law of material
progress will break down all such cobweb
barriers and force the natural order OF
events.
With the reasonable certainty that these
results will certainly occur in the immediate
future, and that they are being shaped now,
the discussion and panic on account OF our
State debt is without foundation.
The debt of Virginia is just the same
amount as that of the city of Boston, and
but little larger than that of Baltimore,
while the city of New York, with one-sx:h
less population than Virginia, has debtmore
than five times as large. There is not such
wide discrepancy between the income and
the amount annually needed by Virginia as
to justify great apprehension of our future.
The First Auditor, in his statements show
| ing the amount of interest overdue and un-
paid. and which will fall due in the current
year. includes those misunderstanding GER
riticates given for the two per cent. OF inter-
est unpaid during the years 1872, 1873, and
| 1874. These certificates are payable at the
pleasure of the State, and need not now
press us. co..
The fair way of examining our condition
is to ascertain first what will be the proba-
BILE demands on us during the coming year,
and then TO find out what income We Will
have to meet it. The total debt Is reported
by the Second Auditor as little less than
$50, 900 600. -.'.
1t is almost certain that during the years
that have elapsed since the first issue Of
State bonds, many OF them nave been lost or
DESTROYED. These bonds and the interest on
them charged on the Auditors books repre-
sent consolidated bonds to at least $1,000, 900,
which will leave S27 100000 as the total
amount of debt on which we will be called
TO nav interest. The experience ofthe Second
Auditors office shows that every year there
is i considerable amount OF interest uncalied
for. and therefore it is fair to infer that II
the State were TO pay six per cent. only
81 600 900 would annually be required to
meet it. ... ...#..
The First Auditor estimates the expenses
of government for the next year at
81. 2SO,747, making the total amount neces-
sary TO pay all expenses, and to restore the
credit of Virginia to the standard OF solvent,
debt paying Commonwealth, S2,Ss0,I47 per
annum. The income which it is esti-
mated will be produced by the present tax
bill is s., $780, 0O-it may reach $3,Ooo,0O0;
but it is reasonably certain to yield the former
figures. Our income, therefore, will be
$50. 741 less than our expenditures; and all
these agitations, discussions, aud lugubrious
statements, most damaging to every interest
of every citizen of Virginia, have for their
sole excuse an annual deficiency of $50,
Biennial sessions Of the General Assembly
would at once save twice that; payment OF
criminal charges by cities and counties would
retain in the Treasury $4,000 more than is
necessary. Or more economical system OF
assessing and collecting revenue would go Tar
toward supplying the deficiency. ~.
! There are many ways in which it might be
4 made up; and yet we are placed in the attl-
tude of bankrupts before the world. Our
credit--municipal, commercial, and indl.
yidual-is broken down; our industry Is
held back, and our development checked,
because we are unable to raise the additional
$50 900 necessary to place us among the fore
most States of the Union or the world, aa
But for the present, until the new assess
..Ient is made, we can hardly do less than
| nay fonr Der cent. on the whole debt, and
give certificates for the remaining two per
cent. By arranging to pay this regularly,
free of taxes or brokerage at London, New
York, and Baltimore, the best-informed per-
sons who have Investigated the subject be-
lieye that much the largest portion Of the
tax.receiyable coupons can be intercepted on
their way to the Treasury for taxes, and
thus that per cent. of interest secured to all
bondholders, and a surplus left to be appro-
priated to the sinking fund. There are S20,-
600 600 consolidated bonds in existence
capable of being converted into taX-re-
ceivable coupon bonds, which will pro-
duce S1,2O0000 coupons per annum. OF
these, the coupons from bonds held in
Virginia will always be paid in for taxes
until tue State resumes payment of full in
terest. There is no way Of preventing it.
All shifts and evasions will but bring confu-
sion on their inventors and contempt on
those who encourage them. The right to
pay taxes In coupons is secured by the Con-
sttution, interpreted by the Supreme Court
of the United States, and fortified by the
decree of the Supreme Court Of Virginia.