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

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reduced .tsnG tEst the standards 81 redus,ion
sfe ms diverse as numerous. We all know
that DO reduction has taken place In Tie aes
tual quapiity or tintrlpsic .valhe Of The slandsS
or tri heif capacity to- yield present revenues,
aithoue h'f .irnations of their cash tslde have
ihrunk under the irfaence OF s6e "a oapeisi
preasbre AMI panic rniongn which, The whule
country IS passing. y The change ID fhe .as-
leasmebts plsfnly neeessttates q CORES ponds
ing tcpaDgs not 10 ihe real and relative, but
ia the nomsnaf rate or sxition, lD' order to
Keep up tie present and ofntisp ensabie
atnount Of revenues. Such change neither.
of the present taxstion. II is such Decesss.
nv cnanges Of everoiage as neither alters nor
sohcheslth the principle Of the tax!law now 10
force, bnt simply zproiopgss irs oDeration and
CONTINUES for the rufure the taxation of The
psst.toNot to fmake 6the9 change is to cut
aud go curtail thereveuues
az to fjeo pardlZe fla W end order, to destroy
'tee creuir.snd 1iinperii the existence OF The
{InYernment.E 81 4 .n'i7i % - aiEcT
L was TO be expected that snsnv and seri-
olS irregularities would sppear1n the ne " as:
Sessmentk, msde by so great number OF local
officers, among whom no general conference
~ - possible, and who were 'nDayoidahly
guided in their vslus'ions by diff .ffng stand.
ards. oIn order that the burthens of'taxtdoD
msy BE- distributed 9 fairly and equally
throughout the S ate IL Ia plainiy essential
that the assessments shall tie revised and
rectiaed by State board of equalization. II
il suggested that such board might command
more confidence and give greater satisfaction
It chosen BY, JOINT vote OF the General AS.
sembty.noi - 80 .'e|: - ~, IL.
. A rich vein of increased revenue isto be
T und byreiorming the present most inef-
tectusI system for assessing and returning
>oer,onal property. That system holds out
continual premiums TO FRAUDS on the reve-
uue. Under it The tax-pay ers are often VIZ
ltually the assessors OF their own personal
estates, and in relation to their property.tax
are "a Ia " unto themselves" The result Is
the honest and poorer man often pays heavier
tsxas than bis richer but less scrupulons
ueighbor. The evil, like all unchecked evils.
ia increasing. and enormous annual losses
are coargeaUle to its gro with! The pubic
moral. a. well as tue puhlIc finances call for
it's radicatiou. Ia some Of the States sys-
TEN tor equaZins persoDaI.propert values
10 accordance with general regulations pre-.
*c,ibed by law is said TO have proved an
etftcfusl remedy. I commend the subject TO
sour carefuI consideration. ~ -'@ -
q TIE PUBLIC DEBT AND TIE FUNDING BILL.
The principal Of the debt proper ~ g.,
o.. The frst OF October, 1874.
be Iise principal on the arst OF -..-,,.a -
october, 1875, was............ ~ elf'4zo 80
showinyy q, decrease within ahe III ,
last fiscal year, resultlne from c~ !:
Tho 5onprltipus of The slnElnx
fund, O. U.. " 442.6e4 81
The bonds constituting the debt are la,sined as
follows: '.l's -
s,,nns with tax-receivable cou-
=, pOns att cht d. amounting - 1S,sS1,6O0 90
Regis cred bonds convertible iuto IS
tnx-receivabe coupon bonds. l,3oo.o1o ~
one, bond. 10. 50 .b,, sssssssss22 lS g
sst ."@li -. r.. s.'..~ -- -
Toge her making the principal Io.
81 the debt, aa rova stated. ....S 29,01f,426 SO
The arrears 81 u paid LII e. est or =.
G all Glasses amounts to............ z,1st'o6o %
az s.@# .sa. Eu.5E-~-.---~-----
Showing the roral debt proper, in., - ....G.
udlrs principal and Interest. :. =
TO ..............S. S2,29546o VI
of when the sum Of 81, 7S1 .U30.53 Tears no
interest. The whole debG proper as assumed
ny the funding act was S30.47S.741 49, 1t
bas 81 uce decreased by the sum I'll ,8l6, Z l6 AZ
OF reason OF the accupuiatfon of Interest.
arrears, and during the last four years the
average increase from this cause has been
S454,178 85 for eSch year. 4 g. ...'.''.
i 1 90 he no acchuut OF the third of the
original ante. 6ettuna debt-which was by the
terms of the, iundrng-oiil contract set apart
a0d assigned for future settlement with
West Virgiuia. The sum SO assigned stsndS
s.. West Vurgin,a's third.1 Tits nota parr
,t he existing debt of Virginia. Uoder the
terms OF the funding act, as accededro by
creditors, and consequently forming con :
tract oet~een the Safe and the parties so
accs ding, 10 liability can attach to Virginia
for the payment oil the third thus assigned
kept by Virtueao = settlement yet TO be
contaminated. It's West Yirginia's debt.
How can aug settlement be reasonably con
crlve TO be possible which could impose on
Virginia the payment Of West, Virgipfa's
denl ? I shall Waste no words IN discus s,pg
contingency Shlcb would involve an in
credible wrong to Virg MA, aud which, to
,av the most for il, is nov the remotest of all
Imaginable possibilities. l go further, and
pronounce IL an OBVIOUS impossbiliy.
., But as TO the debt proper OF Virginia.
which our PRED eesSors newly and expressly
assumed by the terms Of the funding act,
our Obligations are cseaE and plain. Even II
u hCtS IUlSCufO IudS Lie = Sucldl oo7SEU-
ment, by destroying the entity of the or,g,.
pal State, became LIABLE for the debt, never
theleSs, BIZ the terms of the funding act, and
ny the 81 ossquent sealing aud delivery 10
creditors OF The bonds it provided for, Vir-
,gipis has assumed new, independent, and n-
'violable obligations for thess payment. These
bonds constitute our debt. and in respect to
their pay ment it is due to, che honor; and
credit OF the State; it is demaRded by every
material interest Of our people chat the voice
OF the GoVernment.and Of each OF, its depart
menIs snail give torEh no uucer;aiu sound.
The shortest way Of acquainliDg the newly.
cleo ed represent ltiyes Of the people With
IN. own. views and Recommendations on this
subject of psraDnnnt importance is brief.
TO reproduce my Underwriting official acLloD
thereon In tue past.
10 my lusu .ural message I said: "ObIi.
cations to pu ollc creditors, binding the
honor and good faith ct the Comm ealth.
should be fulilleato the pimost Of her abtl.
ity TO any event and under aif circumstances.
No other calamity cou d lnf CT greater detri-
nent, either moral or pecuniary, upon the
whole body Of tue people tnan deliberate
breach Of public honor; and IN that con.
nectIon I argued that by q system OF thor
iough retrencDmeDt and economy, and by
taxing our nnlaxedresources,' together with
nod "a ,otas of rho (nnsf1ft,ftnni rho