The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-28

". y. Best, Esq:
My Dear Sir,-I promised you review OF
the legislation OF Virginia in reference to
her public debt since the close OF the war.
Before adverting directly TO the subject l
think it not inappropriate, by way OF ex-
tenuatton for her course, to contrast her
condition prior 10 the late war with her
condition at its close, in point OF popula-
ton and material wealth. In 1860 her popu-
lation was
White
Colored.... 54S.Zof
Her acreage was 5O,536,030 acres. Of the
money value OF S377,947, 112.17. Her per-
sonal property actually taxed was
Slaves. :........:. 80 sl,957,90 00
Total persona property taxed. .s207152,27o 90
Making an aggregate value OF property
taxed OF $685., 099, 3S2.17. In addition, there
were slaves under the taxable age twelve
years. and other property not taxed to the
value of S163,5j6, 900. Making a grand
total OF real and personal property which
was or might have been taxed amounting in
value (by assessments which at that time
were less than the real value by at least one
third) to the sum Of S74S, 665, 3S2.17. There
was, besides this sum (Which was in the
hands OF her citizens, and represented the
taxable wealth Of the State proper, cxcll'-
siye of capitation taxes and the taxation OF
occupations, which, through apolicy which
deem most iniudcious, has been always
made fruitful source OF revenue in the
STATED, an interest owned by the State in
her banks and internal improvement com
panies valued at $40, 1913 ,3S2.S0. Her total
receipts from all sources in 1860 amounted
to the sum OF S4,1S2,5l0.27, while her dis
bursements were 81, 147, 21S.45, being q sur
plus revenue OF S35, 291.S2. At that time
the entire Indebtedness OF the State did moi
quite reach S35,000,000. So that hel
assets, independent OF the revenue derived
from taxation, were more than sufficient by
over s., 1000, 900 to discharge all Of her liablil
ties.
Between October, 1860, and October
1865, the war was inaugurated, Wascd, ant
ended, at which last date the debt OF Vir
GINA was officially reported as amounting
on the 1st OF July, 1865, to s40,0lQ,TlS.G7
exclusive of debts contracted during thu
war for war purposes, which were all re
pudiated by the mandate OF the conquering
and therefore supreme, power at Washing
ton.
Meantime, during the pendency OF thu
great conflict, numerous losses were incur
red. BY the dismemberment Of Virgini;
and the creation OF the new State OF Yves
Virginia she lost largely in land and per
sonal property and in taxable value as rep
resented by the persons and pursuits EN-
| braced within the confines OF the new State
| A.
which heretofore had been prollfc source
OF revenue to the old. Her colored popu
lation, in addition to having been reduced
in numbers, ceased to be taxable as pro
nerty. Her interest in banks and intcrna
| Improvement companies had become almost
ii not entirely, worthless. Her population
| bai been reduced, her industries ctrtalled
Her lands had greatly fallen OFT in value
Her entire banking capital. including tn
circulation OF the banks OF the state, ha'
passed out OF existence AZ money. her "noI
system OF labor had become dernnged, Gnt
large quantities OF her most productive
| lands were lying waste and uncultlyated
| Notifications and the graves OF soldier
marked the places where her fences and he
forests had stood, while the vail OF he,
children was heard where before had ariscl
the busy hum OF industrial pursuits. Th
was the comparison which Nirginians Wer,
obliged to make in studying the problem o
their future when they abandoned "th'
sword for the plOughShare and the spear foI
the Druning-hOok." The depression Of thu
times was not lessened by the fact that TIT
Federal Government imposed, in addition
| to the taxation OF q general character, ar
especially grieyous tax upon tobacco, Fir
ginia's gre at staple; and by policy born O.
| the passions OF the war, but abandoned a
the first return Of reason, disqualified thu
best OF her sons, and thus deprived the STATE
OF their services. That she might drinl
her cup of bitterness to the very dregs, I'm
der military rule class OF men were place.
in authority not only without sympathy fo]
the State and her people, but ignorant o
her needs and resourceS-strangers wht
brought from their homes all of the wealth
that they possessed in a carpet-bag, ant
might have brought their characters in ;
mustard-seed. She has now parted witt
those strangers, and has said, in a spiri
cbastened by atfliction, 1.-The Lord gave
the Lord hath taken away; blessed be the
name Of the Lord"
Like one staggered and dazed by griev'
! Gus blow, Virginia has ut times tried to dc
too much, and at others to do too little, bu
whether the one or the other, ut all time:
evil has resulted, and her condition ha!
grown worse.
/ have stated that after the war the deb
OF the State was over S4O,O00,00 The es
act amount as OF January l, 1866, was.
Public debt due April l. 1861.
Interest on same to July l, 1850. SOL 1912!
Interest on same from July l, 1865,
to January l, 1861. l,u39,SIO.5.