Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-07-03
For the SPECTATOR

If the premises and conclusions of Mr..
Stuart, as he elaborately sets them forth
in the last issue of the SPECTATOR, are
all correct, then his sarcastic fings' at
those who may differ with him, or in 9TH
er words at the ignorant little telloa0s COM
posing the meeting of farmers who as
sembled in Staunton on the 10Th of May
Just past, may have been in some meas
ure justifiable. But amt it just barely
possible that eUen Mr.. Stuart, in his Ia
borious exposition of this ugly question,
has no right to claim for himself unas-
saiIable infallibility. The embarrassed
condition of the State finances, and an
honorable aud permanent solution of
the difficulty is q question that occupies
the public mind almost to the exclusion
of all others. It is a question in which
every man in the State OF Virginia is as
directly interested as be is in his own
personal or private business question
too, upon which the people are seeking
more and still more earnestly informa-
ton. We are entitled to information
without reserve upon it, but are not
much indebted to our learned represen-
tative for what little we do know. It
seems to me little less than remarka.
ble that the amount of the States liabili-
ties IA question of record) should be
made matter Of reckless speculation
and should be variously estimated at
from twenty-nine to sixty millions of
dollars. In the article referred to, the
outstanding obligations of the State are
set down, and claim to be correct be-
cause they are taken from official count,
the report of the Auditor for 1875, at
S29, ,4S9 ,326.SS, and from these premises
it il ably argued that the same economy
that characterizes the last General As
sembly shall be.hereafter adhered to, and
If the constitutional amendments shall in
good faith be carried out, and If the as-
sessed taxable value of railroad proper
ty can be eincreased!three or four fold. and
If the "Moffet's Whisky Punch Bill"
shall fulfill the sangpine expectations of
its friends; and If the practical operation
of other laws, not detailed, do not fail,
then 1t is hoped that the deficit in the
treasury will be so much reduced as to
be soon overcome by the steady increase
in the value of personal property. With
this argument directly, do not propose
to deal, nor is it necessary to my pur-
pose, but that the calculations upon
which it seems to be based have no
foundation in fact, and the argument,
therefore, must of necessity fall helpless
and harmless and powerless to the
ground, can, I think be easily demon
strated from the same records; what then
which she must provide full interest in
order to keep her head above the waves?
The Auditor for the fiscal year ending
Both of September, 1876, reports that
two-thirds of the original debt amounts
in round numbers to $35, ,9O4, ,343. SO, to
which must be added, on account of ac-
cumulated and unpaid interest, $780,
35. making the grand aggregate of
$89, ,415, ,177.S8. In the above estimate is
of course included the bonds held by
the Sinking and Literary Funds, the
interest of which must be by taxation
provided for, and therefore must be
taken into account when we undertake
to calculate the amount of revenue
necessary for governmental purposes.
Now we are told that one third of the
States Indebtedness under the contract
feature of the Funding bill, has been
thrown off to West Virginia; that the
contract between the Commonwealth
on the one hand and her creditors on the
other, was, that upon the surrender of
the old bopds, new bonds would be
given for two-thirds the entire amount,
with tax receivable coupons bearing six
per cent. interest, in consideration of
which they, the holders, agreed to take
for the remaining one-third certificates
showing merely to them the amount
due from West Virginia" and further,
they agreed to look to West Virginia
for their redemption. That, in other
words, under the provisions of the
Funding bill, nearly $16,000,000, was
virtually lifted from TIE tax-ridden
shoulders of the people of this State. I
wish it were 80. I wish it were SO, but
is it SO? We can only get at the facts
in regard to it by an examination of the
bill itself, and lifts face don't explain it.
self in plain and unmistakable language,
then we 60 for the further explanation
to the journal of the body that passed
1.-THE Legislature of 10 and '71-and
to these respectfully ask your atten-
ton. In the Investigation (which shall
be brief, don't loose sight of the fact
that it is argued in unqualified terms
that the effect of this very transaction
has redeemed the State from the thral-
dom of financial ruin; don't forget that
those who favored the policy defined in
the address of Mr.. Stuart. do SO invari-
ably upon the assumption that he is
right in what he supposes to be the le
gitimate results of the operation of the
Funding bill; don't forget that it's forct
IS relied upon always to show that tht
State is in q prosperous and easy condi
ton. Bot are such the facts in regarG
to it? The third section of the Funding
bill reads thus: upon the surrender O