Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-03-13

The state Debt.

the JOINT committee 10 confer WIN [
the holders of the States bonds in |
New York. The committee have un- |
limited power to act as they see fit for
the best interest Of Tennessee. For
the information of those who may not
be posted it may be stated that ma
jOrity of the committee favor very
liberal scaling down OF the State debt.
II we mistake not the highest figure
Col. Savage would agree to is 334 cents
on the dollar"
From the above statement it appears
that Tennessee, q State equal if not
greater in territory, better climate,
better soil, more enterprising people,
and more prosperous than Virginia,
with a debt of about SD. 600 900,
while Virginla's debt exceeds $50 O00,-
900, has appointed a committee, ma
ioiity of which il in favor of "a
liberal scaling-down of the public
debit to negotiate settlement of the
debt on a basis equitable and just to
both State and the bondholdeIs, while
| poor old Virginia, which has lived
! since the war ION salt herrings and
! past recollections,h in the plentitude
! of her rags and false pride, refuses to
! take any action with reference to her
! debt which hangs like pail and re-
presses every spirit of enterprise ex-
cept to declare her ability to pay it in
full, and to make the fairest of prOmi-
SEES only to be broken.
Is it not remarkable fact that,
while the Funders have since 1870
persisted i'm declaring to the world
that the people of Virginia were amply
able to pay every dollar of the public
debt, and while they have had in their
ranks such men as Stewart, Letcher,
Extra VIM. Smith, Pendleton, Gov.
Walker, the great man Of the Dis
patch, Bradley 7. Johnson, and lat
terly Governor Kemper, and the edi-
tor of the Wing, that not one of them f,
nor all csmbined, have been able to
devise the means of raising revenue
sufficient to pay more than half inter-
est on the debt, and in doing this they
impinUed, t. use a mild phrase, on
the school fund to the extent of $780,
600, and borrowed $500, 600 from the
Brokers of Richmond, and now, after
seven long years of solemn declara-
, tons of ability to pay, and ever re-
curing positive promises to pay, we
are further Inundated by the an
nouncement of the Wing, which
seems to have superseded the Dispatch
, as the organ of the Funders, that there
is only So. so in the Treasury, and the
melancholy spectacle of Gov. KempPl
tramping around the streets of Rich
mond begging the curb-stones coupon
, hucksters to loan the State 500, 900 t
meet the current daily expenses o
e the Government.
BY the operation of funding somt
$l5 ,OOO,O 900 of past due interest wa
e funded into interest bearing bonds
= thus imposing upon the people an ad
ditional annual interest to the amour
Il Of some 100000, which they wOult
S not have had to pay had the funding
act never passed.
Justice, equity and a wise statesman
ship would have suggested the polio.
of letting the debt severely alone
unless the bondholders had agreed t
n compromise it, and to have apple
the additional interest imposed by tn
funding acts to developing the State
Suppose, for instance, the 5000, 90
! annual interest imposed by the fund
l. ing acts had been applied to develop
ing our resources, to migration, to e2
tending our transportation facilitie,
&c, would not the people of the Stat
l. be prosperous and happy to-day?
The Anti-Funders, generally, bt
ot long to the nom bOndholding class
re They are free from that miserable sp'
l. cies of false pride which makes som
10 Virginians act the hypocrite rattle
le than acknowledge their honest pOve
ty they understand and appreciat
the impoverished condition of til
people, and as it was brought upo
Vi the State by the severance of Ter tie
he ritory and population, by the confisci
~ ton of the slave property, by the d.
'' structiOn of her State and CCnfedera
money and her personal property (
every description of her labor systel
ar and the flower of her population, the
are not ashamed to acknowledge III
- poverty and to ask scale Of the del
es in proportion to these immense lOsst
occasioned by the war.
Unfortunately for Virginia the Fur
ders have controlled the State throug
De the Senate and Executive head sine
# reconstruction, and SO long as the PEE
pie submit to their selfish dictate
ne they may expect hard times and higI
II er taxes.
In 1869 Governor Walker imagine
Su the State Weather than it was befo
the war, and declared to the wor
that so cents on the 500 Of her imag
@ nary assets would pay the debt
.. full and the expenses of the Cover
Y. ment.
- Governor Kemper showed concl
sively that this statement was a dec6
and fraud. and that the people cou
lin not pay the debt. He afterwar
in. changed his mind and said that if Il
oysters were taxed and the baseme
offices abolished the debt could
Mt paid, sc.
Ir Mr.. Stewart thought if churC
property was taxed the debt might
gil paid.
Ily Gov. Letcher's theory was to pi
the debt by tax on dogs.
Gov. Smith thought a tax on viii
key would pay it and leave surpl
ne in the Treasury
The wing has no theory of its ow
The Dispatch would raise the tax
land, and that is tUhGt mast be done
~ last, if the debt is eper paid. Tn
everlasting search after new subjeC
g Of taxation" is the veriest of hun
bugs, and will, sooner or later, brir
ov into ridiculo all who engage in it.
~ The Issue Is plain one. Taxes {
ok real estate must be doubled and Il
interest on the debt paid, or compr
mise it, or repudiate. GubernaJori
Q aspirants had as well make up the
minds to meet the issue squarely.
II The people will not consent that Il
Funders shall bring further discred
lp mud HisIppcr on The Gtota H., I,