The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-21

onired to be paid by law, leaving unpaid
1862, 73S. 90; making total OF interest," IN
arrears on The LIST Of October OF "a, 463,-
672.44: and total debt OF $40, SAG, G19.SS.
At this rate the debt will before many
wears be quite as large as 1t was before the
funding bill went into operation, when one
third, or SIS, ,370.74, was assigned and
set aside as the portion to be paid by west
Virginia.
This is certainly not very cheerful look
out, coupled with the fact that our re-
sources are as steadily diminishing.
1t Is unnecessary here to discuss the ques-
ton Chow or for what purpose the deDt
was createdp" It is sufficient to know tnat
it was honestly created, that it still exists,
and that the faith Of the State Is solemnly
pledged to its payment.
Now, the question arises, "What are you
going to do about TT" Readlust! repu-
diate or make an honest effort TO pay II
II the latter, then order new assessment
OF the lands Of the Commonwealth, which,
il fairly and honestly made, will no doubt
equal II not exceed that Of 1873; then pass
a bill carving into effect something like the
following plan:
Let each taxpayer who is able to do so
and there are thousands who arc-deposlt
with the Treasurer five times the amount OF
his annual land-tax in cash (Which shall be
held sacredly for investment in the bonds
or other evidences of debt OF the Common
wealthy, or in bonds or certificates OF de-
fcrred interest, which that SUM Will pur-
chase at the time; and receive from him
certificate of the payment OF this tax Tor
such time az the Legislature may. deter
minc-say for seven years. At the present
market value OF the bonds $500 Will pur..
chase $500 OF "consols" or $1,000 OF
{. peelers," and about ST. 500 Of " certificates
of deferred interest $500, with interest
thereon at six per cent, will pay an annual
tax OF 500 81 years: $500 at the same rate
OF interest will pay the same tax II 10 years,
and $1,000 will pay it IS 40 years before
becoming absorbed, principal and INTEREST,"
These bonds and certificates would I'M
uuestionablv advance materially in price If
this course should be adopted; for there
are no doubt many among us and elsewhere
who can't write the word "dollar" with
small cd" and who would write "the
population OF Richmond is 10000 souls D;
who interpret the apostolic Injunction
"lct no man seek his own, but every man
another's wealth" as Il command to "hold
that fast which thou hast" and not TO
"seek" for or trouble themselves about
that which they already have in possession.
further than to make it safe and secure, but
to "do all as lays in their power to obtain
all they can of 6. anothcr's ii. e.. the
States wealth.
They would be quite ready to buy and
hold up these bonds and certificates as far
as they could in anticipation Of an assured
rise.
The advantages OF the plan:
First-to the Commonwealth. That in
comparatively few years she would be re-
lievcd from large portion OF her debt
fund, colleges, &c. That she would save in
commissions to collectors, under such SyS-
TEN, thousands of dollars annually.
Second-to the Taxpayer. That by pay
ing the amount OF hiStaX for five years in
one payment "a prepayment or four years
only) he frees his land from tax for seven
years, making saving OF the amount OF his
fax for two wears; and, should he wish to
dispose Of his lands, would realize an adj
vanced price far in excess OF the prepaid
tax.
The tax on new improvements could be
paid in the same manner.
The revenue expected to be derived from
the operation Of the Motlet liquor-laW bill,
the railroad tax, and other sources, to-
gcthcr with the saving to the State in hay
inc biennial instead OF annual sessions OF
the Legislature, will no doubt be amply
sufficient to meet all the demands Of the
Government save the interest Oh the public
debt; but should they not, with the pros
pcct OF speedily getting our finances in
good condition, our people would cheer
fully submit to slight Increase OIL some
other subject.
The capitation tax WILL in all probability,
be more closely collected hereafter than
formerly, and, with the increase OF popula-
ton, may reasonably be expected TO yield
double the sum heretofore realized from it.
But should there still be deficiency in
the amount OF revenue necessary to the sup
port OF the Governmental which there
| can be no reasonable eXpectation-lct the
Treasurer be authorized to receive from
time to time, as the eXigencies OF the State
may require, deposits OF 500 Tor its multi
ple), for which he shall issue one certificate
for So and six for SO each, payable from
one to seven years, which shall be rccciv-
able by collectors Of the public revenue in
payment OF all dues to the Commonwealth
in their respective years. or paid at the
Treasury in those years, thus insuring to
the holders the certainty OF receiving the
full amount at maturity without loss or de-
probation by placing them upon the mar
ket, as is the case with the coupons. In
these days OF frequent suspensions and fail
urcs OF banks and savings institutions, can
safer, more secure, and better interest
paying depository he desired:
II this or like plan should be adopted
the collection OF large part OF the land
tax would be taken out OF the hands Of the
collectors. 1t would, therefore, be but just
and reasonable that an increased compensa-
ton should be allowed them on the
collection of the tax on other subjects.
This would result in no loss, but rather to
the benefit of the State, as they would COL
lect the tax on personal property, the capt.
tation tax, &C., more closely than hereto
fore. -:-..
Thus would the old Commonwealth be
comparatively free from debt, and when
the full land-taX comes in again be enabled
to reduce her taxes and provide amply to
nav off her indebtedness to her public in
situations (if thought desirable to do SOY at
maturity and in full. Then would she be
able to raise her now dropping head, and
in the face of the world proudly boast, ~
owe no man anything but what am ready,
able, and willing to pay on demand when
due"
Then would she need no immigration
societies - to give her population; tide OF
immigration, figuratively speaking. would
flow in steady stream into the State as
raDidy as the most enthusiastic friend OF
that scheme could desire, and the best OF
all immigration societies" established:
that of offering our own people induce
ments to remain at home, whose natural in
crease would in time give her rs much, and
| s1lch poDulation as she needs, and such as is