Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1875-03-30
THE DEBT QUESTION.


the bondho,ders by a resolution
calculated to bring the debt issue
squarely before the people. Tie
resolution was offered last Satur-
day and was ordered to be printed
What its fate may be we cannot
tell. An effort was made to table
it Dut it failed and an effort TO dis
miss also failed. 1t was then pass.
ed by.
Here is the Resolution, and to
the exclusion Of other matter VIC
lay it before our readers.
Whereas the state of Virginia had,
prior 10 tie year eighteen hundred
and sixty one, created a debt and
issued her bonds to the amount OF
about thirty-One millions of dollars :
and whereas the state of Virginia
was divided by The power of the gov
eminent of the United States. dur
ing the late war, and the state Of
West Virginia created, embracing
about one>third of the population and
area of the old state of Virginia :
and whereas the legislature of the
reconstructed state of Virginia, on
the day of March, eighteen
hundred and seventy one, enact law
commonly known as the "funding
act" which act recognized the in
debtcdness of the state of Virginia.
as it existed prior to the division OF
the state, aud did authorize the
issuing Of bonds for two thirds Of the
amount Of the, sum total of the whole
of the principal and interest, includ-
ing the bonds issued before recon.
struction tseven million of dollars in
amounD for the unpaid interest on
the Whole ofthe ante- war deb funded
in eighteen hundred aud sixtv-six
d eighteen hundred and sixty-sev-
er, with interest on said nterSt bonds
70 july , eighteen hundred and seventy
one; which sum total amounted to
about lorty-fye millions Of dollars.
Aud whereas, the funding act.
before mentioned, assumed the pay
ment of six err cen:um interest on
the bonds for the period of,hirty-foar
years,
And whereas the state has not COM
piled with The provisions of said fund
ing act, in providing for the payment
of interest, as aforesaid, and is in de-
fault in about the sum of three million
dollars.
And whereas, such compliance has
been rendered impossible by the great
loss OF property sustained by the peo-
pie Of the present state of Virginia,
amounting to much more than one
half of all the values owned by them
in eighteen hundred aud sixty-one.
Which fact was not duly considered or
fully understood ard appreciated pv
the legislature which funded the debt
in eighteen hundred and seventy-one,
nor was such funding of the debt
contemplated, considered, or discussed
ture was elected.
And whereas, the revenues of the
state. under the existing rate of taxa
ton, are not now adequate to meet the
annual interest ON the bonds which
have been Issued, and to carry on the
government of the state, but will
amount to not more than one-half of
such interest. or six per centum in
hol - 81 Ii
And whereas, 1t is of the first i'm
portance, both to the creditors of the
state and the state, that some re- adj
juetment of the debt should be agreed
upon. 10y which the same may he
brought within such limits as the
diminishtd resources of The state will
justify, to the end that a punctual
compliance, on the part of the state,
may be certainly relied upon 10y the
creditors; and whereas, by the CON
tiautd prostration of a. the industries
of the state, it is probable that the
taxable. values thereof will diminish, 3.
at the next assessment, in eighteen
hundred and seventy-fve; and where
as, il has been determined by .he pre-
sent general assembly, that taxati IN
i'm the state is now as high as the pto-
pie can bear. and it is believed that
any material increase in the rate of
taxation Will be most disastrous to all
the interests of the eOplc Of the state
and to the creditors; and whereas,
great diversity Of opinion exists
amongst the present representatives
of the people, on the subject at the
public debt, and on most of the ques-
tons connected Herewith, which
diversity renders any agreement as to
proposition to the creditors for re-
adjustment of the debt impossible:
therefore,
Be it resolved by the house of dele
gates, That in consideration of the
facts and reasons set forth in the fore
going preamble, the people of Virgin
ia are earnestly requested TO take all of
the matters mentioned in said pream-
bic. and all questions connected there
with, into a consideration at the ensu-
ing election for senators and members
Of the house of delegates. and that ;he
said senators and delegates be instruct
ell upon the subject of the public debt,
and rs to whether the existing rate of
taxation shall be increased sufficiently
tp meet the annual Interest thereon,
and as TO whether any. and If any
Whist proposition for readjustmet shall
be offered to the creditors of the stale
by the next general assembly, to the
end that n practicable, permanent and
just Arrangement may he accomplish
ed and definite and saEi sfactory So
luton Of our financial difficulties Sc
cured
-------s-----S-- a-------~---s-a-------~-.--s..~s
CtT. JAMES HOTEL