Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-11-26
THE VIRGINIA LEGISLATURE.

THE VIRGINIA LEGISLATURE.
THIS body meets on Wednesday next un-
der circumstances which are somewhat |
better compared with those which at |
tended its assembly last year. Then there |
was an almost universal gloom; the re-
covery from the panic had not progressed |
far; it was thought even by such pro-
minent official as Gov. Kemper himself
that the prospect was very dark. The
people were low-splrited and didn't have
confidence in each other; every man
though he could pay his own taxes was
convinced that his neighbour could never
be able to pay his; nobody could see how
a tax bill could be passed. All Of us re-
member the doubts that agitated us. There
were plenty of honest men, not ''repudia-
tors'' in any sense of the word, who had
grave misgivings about our ability to keep
the wheels of the State government going.
Next Wednesday the meeting will be with
rather different surroundings. A very wise
tax bill was passed, and though it raised
the usual amount of dust, and vows were
Mr.. Stuart, should be consigned to OBJ
livion as far as public life was concerned;
it worked very well, and the compliments
themselves were some of Mr.. Stuart's most
active supporters in the late election. Con-
fdence to great degree has been restored;
the credit of the State has improved,
and Virginia 6's, consols, which last year
were quoted at little over forty cents in
the dollar, arc now quoted at sixty-six
cents. Confidence in Virginia's credit is
improving abroad too, and most i'm
portant proposition will very probably be
made to the State on the meeting Of the
legislature by the foreign bondholders.
When Hon. A. H. H. Stuart was in New
York, few weeks since, he met a gentle
man of great distinction in this country,
who has recently been in Europe. He
brought from England proposition OF the
British bondholders to compromise with
the State. She to pay 3 per cent for the
next ) years; per cent for the five years
after that and per cent ever after. These
bondholders own some $12,00O,0 00-not
very far from half our entire debt, and the
acceptance of the proposition does not in
volve the Virginia or other American
holders. The offer will be made in such
definite form and with such authority, we
understand, that there will be no danger
of another fiasco as the last meeting Of
Virginia creditors.
But the finances of the State will still
be a knotty question for the members of
this session. They will find themselves
confronted by the statement of the auditor
that the low revaluation Of land will rem
der an increase of the rate mot amOunt)
of the taxes necessary to run the govern
ment or some special subjects Of taxation
he suggests whiskey. must be hunted up.
We hope that besides hunting that up,
they will try to find a more permanent
alienation. Some other means more
welcome than taxation should be devised
for increasing the revenues of the State.
The plan for the extension of the canal to
Clifton Forge should engage their attention
and as it is one Of those games at which
we may win but cannot lose, it is to be
hoped it will receive early attention. When
such clever railroad man as Mr.. Tyson,
the present receiver of the Chesapeake x
Ohio R. r.. is a hearty endorser and sup
porter of the scheme, the State of Virginia
will find it well worth its while to look
into it. 1t is very noticeable that when
Mr.. Stualt's letter about the proposed ex-
tension appeared, the stock of the James
River Il Kanawha canal, in which Virginia
has $40 O0O,0 900 which was quoted at cents,
jumped to II, and in few days was with
drawn. FROM market. In other words the
simple publication of the project increased
the wealth of the State nearly $500 900.
Such an advance as that will command
the attention of the legislature. 1t is
something of this sort, if not this particu-
lar project, that is, by increasing the rev.
enues Of the State, to ease the weight of
taxation on the people, and to give us an
easy going prosperity followed by wealth.
Altogether there is more to encourage
US at this meeting of the legislature then
there has been for years past, and we can
all look forward with better hope to the
future.
The petersburg News" in noticing the
inf, Of dicfi ho6