The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-06-07

A Plan TO Settle the State Debt,

The Virginia Patron of the LIST contains a
communication from GA. ST." dated Caro-
line county, embracing the following plan
to settle the State debt. We give it to our
readers, as we shall other suggestions, to put
them to thinking, and not that we shall en-
dorse everything that we publish. One sug-
gestion or idea may bring up another. and
in this way the popular mind become fami-
liar with the condition Of the State and the
remedies proposed for the relief Of the people:
The plea of State necessity is paramount
in war for danger which threatens its ex-
istence without, and by parity of reason is
equally potent to make iJ renounce its finan-
cial obligations in peace, when they threaten
to foreclose upon the machinery and stop
the motions of the government. The fol-
lowingi is offered as compromise that should
satisfy the bondholder and the farming in
terests, and extinguish the debt: Let lis
offer the boEdholders of the State to settle
the whole debt. including West Virginia
certificates, by exchanging the oil for new
on the following terms: One-half in bond
at 8 per cent. interest, payable in gold semi
annually; the other half in non-interest
bearing bonds of ten dollars and its multi S
Piles, which will be a circulating medium
among our people. The taces on land to be
paid IN these fractional bonds alone, except
smaller sums beyond every amount not
reached by such bonds. This will retire
and cancel q million dollars of these every
year, and diminish the debt. Our farmers
can sell their lands for them, and use them
AS collaterals in bank. The certainty of
their redemption would induce our mer-
chants and bankers to regard them as good
as bank notes of like amount. In ten or
twelve years they would all be paid into the
treasury and destroyed. 10 prevent corner
ing in such bonds by SPECTATORS, make a
provision in the law that when such bonds
range above par in market, land tax may be
payable in currency. The foreign capitalist
would then seek to invest such bonds in our
lands and other property. He would have
received q gold interest bearing bond at
per cent for what probably cost him $50,
which would be equivalent to paying him
per cent. interest on the 500; besides, and
in addition, he would get $50 10 fractional
bonds, which he could invest in the State,
which would be- settlement Of his claims
almost at premium OF 100 per cent, and
yet Virginia only paying her debt at the face
obligation, which in all honor she is bound,
il possible, to do. The constitutional inhi-
tional bonds, as they are not money per Sc,
bat merely the old bonds in a new form. If
it is supposed the amount of those non-inter-
est bonds would be too large to float, we
have only to look at the amount OF real
estate and property waiting for purchasers.
The total assessed value OF real and personal
property is near $3.50, 100000. There is
ample room, then, for the investment OF
$40, 000, 900, or SIS, 1000, 900, or $4,000, 900.
1t seems but a small proportion. The bur
den on the farmer, in his taxes for interest
on the State debt, would be reduced to
limit that would give him renewed hope and
energy. He could see the debt disappear
forever, every cent be paid as land-tax, and
not trust to the myth o; a sinking fund.
After these fractional bonds are all paid
into the treasury. provision to be made for
returning the per cent. at the same rate
annually as the others. This would end our
long surcease OF SORROW" A comptroller
by law, to have exclusive management of
the business of exchange of bonds and car
rying out the whole operation of the bill,
apart and distinct from the auditors and
treasury departments of the State. Pass
this proposed measure. and Virginia would
rise like Phoenix from her ashes.' Her
honor and good name would be redeemed,
agriculture would receive tremendous I'M
pulse, commerce and manufactures would
feel the cnliveniug force and respond to the
electric activity that would animate our
whole people. immigration with capital
would be a certainty; lands rise to their
assessed value in market. The endless train
of blessings would " scatter plenty DER a
smiling land" Virginia, like the patriarch
Job, would, after all the bitter calamties
through which she has passed, become richer
and greater than ever before.