The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-06-28

The Constitution provides that The
General Assembly shall set apart, as per-
manent and perpetual literary fund, the
present literary funds of the State, the pro-
cceds of all public lands donated by Con-
grcss for public purposes, of all cscteatcd
property, OF all waste and unappropriated
lands, Of all property accruing to the State
by forfeitures, and all fines for offences COM
mtted against the State, and such other
sums as the General Assembly may appro-
priQtc." "The General Assembly shall
apply the annual interest on the. literary
fund, the capitation tax provided for by this
Constitution for public free school purposes,
and an annual tax upon the property of the
State Of not less than one mill nor more
than five mills on the dollar, for the equal
benefit Of all the people Of the State.'
These are constitutional commands. They
emanate from the supreme law of the State,
and no mere legislative action can impair
their force or change their purport. Yet
Mr.. Stuart assumes and asserts that the
fund accumulated under these fundamental
provisions, for specific and defined pur-
pose, distinctly stated, should have been
paid to another purpose. and not to have
done 20 was "divcrsion " of such fund
The effect Of the operation Of the Funding
Bill must be either to violate the Constitu-
ton in diverting this fund to ''another OBJ
ject," as has been done at least in ore dis
covered item OF $4O9, 1000, or to impose the
necessity of laying tax to support the gov
eminent, whether the people are able to
bear it or not. The 100000 interest-cou-
pons are equal to that much cash paid into
the Treasury, or. rather, they arrest the
cash before it reaches the Treasury, and
place it in the pockets Of the bond specula-
tors-leaving the people to provide for the
schools and the current expenses of govern
ment, or violate the Constitution, and stop
the wheels of government.
In the face of Mr.. Stuart's hopeful asser-
tons about the decrease in the deficit, we
have seen nothing, after careful examina-
ton Of all the data we could reach, to justify
his conclusions. The probability is that this
deficit will at least reach 1000, 900, esti-
mating only for the two-thirds nominally
assumed in the Funding Bill. That Virginia
is bound for the other third, and the inter-
est. and will eventually be made to pay it. if
some adjustment is not effected, we have
not the shadow of doubt.
| Even IL thn manila xvoro S,,1linr to o1o,o ~
the Funding Bill. conceived as it was in
cupidity and consummated in rascaIity, are
they in condition to assume still greater
burthens OF taxation than they now bear?
Let it be borne in mind that the assessments
of value of real and personal property in the
State are higher than any other in the
United States. While the average of the
State assessments throughout the Union is
AZ per cent. Of the national assessment, 10
| Virginia the rate is 50 per cent. of the
national assessment, or 80 per cent. higher
than the average in the other States of the
| Union.
1t must be remembered, too, that in many
portions OF the State, the lands have greatly
deprecated. The enormous personal in
misunderstanding, II not exceeding our
public debt-has thrown into market vast
number of farms, either by the DEGREES Of
the Bankrupt or State Courts, and the expe-
rlence has been in most cases that they do
not bring over two-thirds Of their cash
assessment, although sold on one, two and
three years. Except in few localities, like
the Valley of Virginia, the depreciation has
been general since the estimates made for
the Funding Bill. Not only this, but the
Sl2,OOO,0OO assets claimed by Gov. Walker
as available for the payment of the public
debt, have nearly all been squandered by
authority of the Legislature, without touch
ing the Treasury for the relief of the State.
War means desolation. Virginia was the
camping ground and theatre Of conflict of
two immense armies for four years. The
results Of the industry Of the people were
taken for their support for that period.
Their personal property was destroyed, farms
laid waste, and all values injuriousy affect
ed Recuperation had to come from credit.
HAucti VI ttlc lndeuJeuuess pressing
upon them is for contracts made to replenish
estates, and while the property thus accu-
mulated is taxed for State and county pur-
poses, the debt created to get it is also bear
ing 6, and sometimes Il per cent. interest.
The State has the right to preserve its exist
ence. 1t cannot do so, If the burthens i'm
posed upon it arc greater than the necessities
OF society and the demands Of the State as
they exist. 1t presents the alternatives of
bankruptcy, suspension OF the machinery of
government, or self-preservation. Human
instinct and human reason, as we'll as the |
very law of our being, point out what should |
be done. The obligations should be adjusted |
upon basis that would be just alike to |
debtor, who lost nearly everything, and |
creditor, who lost nothing, that the people |
can pay them, without confronting threat
ened ruin.
The people do not want, nor DO they in
tend to repudiate, nor do any act inconsist-
ent with the highest considerations OF public |
policy. They feel Inundated that substan.
tial reputation has been going on ever since
the Funding Bill was enacted. They do not
believe in making promises they cannot
fulfill, and hence do not recognize the JUS
tice OF adhering to an enactment that is
based upon Misrepresentation and completed
in corruption.
AS to Mr.. Stuart's resume OF the internal
improvement policy Of Virginia, and the
history OF the public debt, it has very little
practical application at this time. We do
not know but that the people were as happy
and prosperous before railroads were intro
duced, as they are now. They certainly pay
Tor all they get Of them now; and when we
estimate the private fortunes which have
beer swamped in them, we cannot say but
they would not be better off at this time,
had they never seen railroad. It seems
that all values may be destroyed-prvate
stock in railroads, the railroads themselves,
AMI State interest in them squandercd, but
the holder of the bonds must be guarded /
as something sacred, while the people, the /,
State, 60 down, down, under the iron tread
of war. Is
We would do nothing to impair che fair