Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1877-01-04

CIV onoos " hsc p1au " 6PPrQpx18se
legislation )" but nothing more was
heard of srecapitalization }, except the
Dick Taylor propOsition for sd6iassxion',
at three, four and five per cent for three,
four and thirty years respectively,
payable in gold to European holders Of
Virginia securities, made by Hyde
Clarke latter conference" but ''without
authority to pledge" And here we
may enthusiastically observe, they have
not pledged. Now, wonder of wonders
With the report of the successful
conference, embodied in another portion
OF the message, came the encouraging
announcement that our deficit was only
1915, 500, 80, which with "other savings
to be accomplished by recently adopted
constitutional amendments, Chose of
two years ago) will bring the deficiency
down to 1862, 00O;" an amount easy of
procurement by widening theirange of
taxation" so as to include whisky and
church property. This naturally suggest
ed the inquiry: Which is the true
representation Of our financial condition
that contained in the special message
OF March 1874, ~or this given us in
December 1875? The Taxpayer, without
access to the books, was left in "a state
fuddlenent without hope of extrication
short of the twelve months period that
would bring another communication
from his exeellency. Which would be
the trse representation after another
ycar of examination none could foretell.
Anxiety tiptoed for a season. 1t was
certainly of the first Importance to
know whether we could or could not
pay our debt; and whether, in tire first
event, We could be spared the crucial
test of quiet acquiescence in virtual
coniscation of private property" Had
the message Of rs been shorn Of its
surplusage and rhetoric ; had it candidly
stated that ''recapitalization" was an
exploded humbug, and left the legislature
to grapple with the deficit then assumed
to exist, without the seductive hope
encouraged by the announcement that
the action Of the conference was
unanimous" and satisfactory" there
would have been no ground for factiouists
to stand upon, and the State would
have been year ago restored to the
progress from which she was diverted
by the ieremiad of March 1874.
But better late than never" is wise
proverb. The message of 1876 bravely
meets the issue and sensibly forecasts
the solution Of our public debt problem.
1t goes back to the very starting point
and takes up exactly where we left Off.
Though still dcplor;ng the enactment of
the funding bill without assuming that
share of responsibility which properly
attaches to prominent citizens who
championed it in their private walks, it
frankly recognizes the situation, presents
ii in its true colors and proposes
practicable relief The Governors
discovery that the sinking fund is not a
part of the debt proper, together with
other new experiences, and the addi-
tional observation that the State has
some assets capable Of application,
form tie silver lining to cloud Of 74-5. He
has happily conceived that there are
some new subjects of taxation which
may be reached, and dominates them
very much after the order of his
predecessor in office even going step
beyond to urge an increase Of the
general rate" should his special
recommendations not be approved. The
whole document abounds in patriotic
somersaults but it Is patriotism
nevertheless. 1t presents the true state
ment Of our condition, and the trNc
remedy for all our ills. Notwithstand-
ing the three years Of delay has cost us
the sacrifice Of some our then most
available assets, notably the states
interest in the Chesapeake & Ohio rail-
road which was being competed for by
rival corporations before foreclosure Of
the mortgage, and which would have
reduced our Understanding debt to nc
inconsiderable amount, it is not Vir-
ginianism to grieve over split milk, and
our people will accord Governor Kempei
full need Of praise for his conversion
to the true principle Of reform and timely
return to the theory of sound financial
doctrine. The very close reader Of
state papers may not feel disposed te
accept the statements Of the late
message as we do in view of tae fac
that the message was written before al
the appropriations were paid but thi'
sligat mistake IS of little concern wher
we reflect that this discrepancy is fully
equaled by the interest on the unheart
of evidences Of debt advertised for b,
the interest act of 1867 and not produced
up to 1871. Were we looking TO
something in the message with which II
find fault, we should light upon the dis
position attempted to be made Of tn
School Fund deficiency. That matte
! was put at rest BY the explanation o
the Auditor Of Public Accounts. Not
cent was lost Or misapplied, but tn
whole trouble was constant inter
meddling by extending the time for tn
collection Of taxea, merging one fisca
> year into another, and leaving, all tn
time, balances due and uncollected, fo
which each department had to SUITE
proportionately. This, with the othe
troubles mentioned by the auditor, wal
satisfactory settlement Of the disagree
! able subject. and it il 3 pity the Goyerno
did not allow it to rest without trying tx
: shift or fix personal responsibility whel
no individual could be justly hell
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