Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-07-20
FRIDAY MORNING. JULY 20, 1877.
THE MEETING NEXT HONDA Y.

FRIDAY MORNING. JULY 20. 1877.
THE MEETING NEXT MONDAY.
We trust that the meeting to be held
next Monday will be well attended, and
largely by the solid men of the county
those men who have to pay the taxes, and
therefore are the most largely interested in
the permanent prosperity of the State. For
this sort of prosperity, both material and
moral-and the last is of infinite impor
lance, this journal has contended that it is
absolutely essential that faith in the credit
of the State shall be preserved. For this
sort of prosperity, we should be willing to
bear taxation, which for the present may
seem grievous, that in the end we may reap
the legitimate fruit of it.
In addition to what we have already said
on the subject that is to come before the
meeting, we should like to run over the
situation as it stands, officially stated upon
the books at the State capital, up to this
time. The public debt Of Virginia was
stated by Gov. KEAPER and by the state
Auditor, to be on the LIST of October, 1874,
s29,957 ,O1O. 1t may surprise some of our
readers, who have been bewildered by the
clamor of its groaoing, to know that the
principal of the debt has decreased every
year since. From the figures given by the
same two State officers, we find that Octo-
Der i, 1875, it was 500, 514, 42e. and October
l, 1876, $29, 4S9 ,326-less, the reader will
perceive, by $4e7, 674 than it was in 1874.
This reduction is owing to the operations
of the sinking fund. This. therefore, is
the principal of the debt. Somuch for the
bug bear of an increasing principal.
But there is another bugaboo to be dis
posed of, and that is the increasing inter-
est. Let us look that square in the face,
too The accumulations for the past six
years of unpaid interest amount, as stated
in the last report of the same Auditor, to
So, $40, 1884 IS. Three millions and half
dollars, instead of the millions and mil
lions'' of which they have been clamoring.
These are the figures from the only source
that they can be obtained, whether by a
governor, a legislator, an adjuster or any
other citizen.
Now the question comes up, is this all
the debt that Virginia is liable for? The
Funding Bill provided that one-third
should be the portion of West Virginia,
and the creditors who held those certificates
should be paid in accordance with any
settlement made hereafter with West Vir-
ginia. That is plain enough, isn't it i? If
there is no settlement with West Virginia,
then there is to be no money. Those who
don't want to pay any of the debt are,
strange to say, the men who are clamoring
out that Virginia is bound for all the old
debt, notwithstanding the creditors who
funded have settled with her at two-thirds.
They quote the decision of the Court Of APP
peals, that Old Virginia, as solvent mem
Der of the firm, is bound for it. OF course
she would be, if West Virginia was insol-
ue1et-but she is not, and her share can east
ly be made out of her. 1t is so simple a
question, that it is waste of words on it.
Nobody who is at all informed about the
legal responsibility in the matter, has the
least doubt of it. They know in West Vir-
ginia, that they have to pay their share.
Only last week, we find in the Wheeling
wv. Va.) Register an editorial acknowl
edging the new States obligations in re-
gard to the old debt of Virginia, in which
it uses this language: ''Attempt to evad''
sit as we may, the people of West Virginia
twill very soon be forced to look fair in the
''face and provide for the payment of her
&c equitable proportion of the old State
proportion be five million or fifteen mil
s'lion dollars" The fact is so patent, that
even the debtor doesn't deny it. Those
who deny it are to be found in Old Vir-
ginia ''adjusters.'
We may say, and without any fear of con-
tradiction from any authoritative source
that the people of Virginia well know
the amount of their debt. 1t is $29, 1885,.
326 principal with an accrued interest of
$3.50, 1884. making total of $33, 900 300.
Of this sum $40, O0O, 900 have been so secured
to the creditors by the Funding Bill, ma
king their coupons receivable for taxes,
that you can't touch them in any way ex-
cept by consent of the creditor. The court
of the State under the decision of t..
Court Of Appeals will force the reception
of the coupons for taxes no matter what
law the legislature were to pass. If a
State conve, :. was called, the Constitu-
ton changed, the Court of Appeals re-
modelled to suit and the new Court were
to decide against the creditors they would
take refuge in the U. S. Courts and force
the reception Of their coupons under a
provision of the U. s. Constitution. A
mandamus served on the State officers of
Virginia by an U. S. Marshal would bring
that show of resistance to an end. So
too with the proposition to tax them out
of existence. The bonds would only have
to be transferred to the citizens of other
States and the United States would again
intervene. This $50 100000 is out of
reach and the interest on it is 81 200 600.
That must be paid. Then comes the school
tax of $4,000 which must be paid under
the Constitution however much its Oppo-
nents may try to cripple the system by
laws. Then comes the 81 900, 600 paid for
the State government expenses, too large
a sum we think by nearly one-half. which
also must be paid until it is reduced by
economy. This leaves $40, 900 1.-THE in
terest on the unfunded $9,O00.O0O) which
may be attacked. Now let us see if it is
worth Virginia's time and character to do
anything with that amount except to try
and pay it.
The amount that we fall short of paying
our whole obligations every year is $780,
900, some times less, but we put it at the
highest figure. If but one-seventh of one
per cent were added to tie tax on proper