Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-04-24
THE STATE DEGBT.
Letter from Treasurer Hunter
A New Plan tor Compromise.
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Letter from Treasurer Hunter
A New Plan tor Compromise.
To The Editor of tie WING
A few weeks ago I addressed you In
regard to scheme for 4 different
mode OF paying the interest on the
public debt 80 ss to secure something
to t'Ie holders Of the peeler bonds, and
a different arrangement for that debt
generally. Since then modification
of the plan presented at that time has
suggested Itself to me, which, in my
opinion, would release us from much
OF our difficulty, to which no one
could object who admits that the State
would be justified in securing first, in
preference to all other demands,
enough to support the government and
the necessary schools, if it will leave
all the rest To the public creditor and
impose Rs much tax us its people may
be fairly said to be able to bear. Since
the enactment of the whiskey bill in
addition to the existing taxation, it il
probable that the State has under
taken as much Rs she is well able to
boar. The existing taxation last year
yielded about $1,000, 600, and the
friends of the whiskey tax hope for
about $500 900 from that Source. The
State government and its necessary es-
Adjustments, il is estimated, will cost
ten or eleven hundred thousand dol
lars, and the primary schools and Uni
versity, in addition to the township
taxation, will require of the State
about half "A million dollars. If half
the State taxes were required to be
paid in money to be devoted to the
support of the government and schools,
those objects wOnld be accomplished
and the residue would nearly pay the
interest on the debt. To accomplish
this last object equally and justly the
"peelers" ought to be funded with tax
receivable coupons, and let this resi-
due be divided amongst the creditors
in proportion to their claims. All
would thus he dealt with equally, and
the revenue increasing with wealth
and population would soon be ade-
auate for the payment of interest IT,
in addition to this, it were provided
that any holder of per cent. funded
bond might exchange IL at pleasure for
a 4 per cent. bond having nifty years
to run with taX-Teceivable coupon,
which would be allowed instead of the
per cent. tax receivable that II super
ceded. Is the any objection to the
equity of such an arrangemeDt?-
Have not the support of the govern
ment and of primary schools a claim
prior to all others on the assets of the
State, even the payment Of the public
debt Some might doubt the prior
claim even Of the primary schools, al
though | think il might be maintain
ed, but If il should be 80 deemed these
expenditures might be postponed until
the State was able TO meet them. But
the prior claim for the means of sup
porting State government and its ne
cassary establishment none, | think,
can dispute. II so, his must be oapgt
insdna5He triJuS dnHcyris. To enable
a people to pay debt they must be
protected from rapine and ravage. To
enable them to produce the M 'ans To
pay their debts peace must be main
tained within their borders. To ens'
ble labor 10 profit by its work and pro-
vide anything 10 pay debt justice must
be maintained aud distributed, the