Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-09-04

hobby, and, finding the Funding Bill
!eaoy to their hand, they lost no time
IN mounting it. By that time it had
| become evident that some additional
| taXatl0n would be necessary. The
pocket nerve is said to be, of all
nerves, the most sensitive. From time
lmmemorial it has been easy to excite q
popular clamor over any scheme for in
creaslng the taxes, and so the work was
readily accomplished. A Legislature
was elected pledged to repeal the bill,
and it was repealed. TO that extent the
Legislature had the power to go. After
some twenty million of ''consols" had
been issued, the further operation of the
act in that direction was arrested, and
about ten millions of dollars Of the State
debt were excluded from the benefit of
the law. But the Legislature, in their
wrath, went further and passed an act
prohibiting public officers from receiv-
ing the coupons of funded bonds in pay
ment of public dues. This was a step
too far. The Supreme Court of Appeals
decided that this act was unconstitu-
tional, null and void, and therefore the
coupons are still received for taxes.
These coupons, however, were taxed,
and their value for every other purpose
than that of paying State taxes was de-
stroyed. AS soon as they mature, there
fore, they find their way into the State
treasury. And then, in addition to this,
without reducing the rate of taxation,
the amount of revenue collectible was
diminished by lowering the assessments
of real estate, thus depriving the Com
monwealth of her legitimate income,
and greatly depieciating the wealth of
the people. All this was prior to the
financial panic and depression of 1873,
which is supposed to have reduced the
value of all property, although it has
not done it universally. Property often
sells now in this town and county as
high as it ever did. But take no pleas
ure in reviewing this portion of our
history, and would gladly have the re-
cord of it blotted out. The furious hos
tility to the Funding Bill continues. 1t
has been killed as dead as the Legisla-
ture can kill 1t, yet many chivalrons
knights insist that it shall be killed
again. They remind one of the re-
doubtable Sir John Fa1lstaf on the field
Percy, and looked to be either earl or
duke for his proves. ifs
The ability of the State to pay the
public debt is a matter separate and
apart from the question of the justice Of
that debt. If we were called upon to pay
in one year, or few years, the whole
thirty million of dollars, or whereabouts,
which the Funding Bill was intended
tie provide for, we might well feel dis
couraged. But this is not the CASE
The bill proposed to pay the interest ON
two thirds of the debt semi annually,
and TO discharge the principal in thirty
four years. Can the State do this? If
mans debts amount to more than the
value of his property he is insolvent.-
Many of our people, and amongst them
some of our best citizens, have been re-
duced to this condition during the last
dozen years; but this does not effect the
solvency of the SG.te. The property
has net persisted, it has merely changed
hands, and the present holders, who
were able to pay for it, ought certainly
to be able to pay all reasonable taxes as
the knowledge that it was liable to tax
alton, and that, by the provisions of the
law, the payment of taxes must have
precedence of all other claims The
State as unit is not insolvent. In 1871,
when the public debt, principal and in
terest, amounted to about SAT 1000, 900, in
| round numbers, the taxable property of
the State was valued at $3.50, 0OO, 900. At
| this time, while the principal sum re-
cognized by the Funding Bill as our
debt is less than $50, 900, 900, the assessed
value of property in the State, under
| the present low assessment, is 1886, OO0,-
600. Surely debtor whose property is
worth 1886, 900 can, in the course of time,
pay debts amounting to $4,000; or a
man worth 1886 ought to be good for $32.
| (lnp WhnIQ Hnht-1 hn two HI rA
recognized by the Funding Bill-dis-
tributed among our people would be
about $25 head. France recently paid
in four years debt of 500 head, and
| that after the kingdom had been ravag-
ed by war and despoiled of two valuable
provinces. We are only asked to pay the
interest on debt of say $25Ia head-that
is one dollar and fifty cents annually
and the principal through long series
of years. To do this would not require
any onerous taxation. A citizen who
now pays State tax of $50 on $4,000
worth of property might, it seems to me
with little effort and without depriv:
ing himself and family of many COM
fort would accomplish the object, and
bring us through all our difficulties
The times have been .'hard" with us
for soihe years, but not because of high
taxes. Throughout the civilized world
the same pressure has been felt. But it
is said to be fact, of which, however, I
have seen no explanation, that France
is, at this day. the most prosperous
country in Europe, while Prussia, sur
feited as she is with French gold, is the
most depressed and suffering And, af-
ter all, the times with us have not been
so hard" as some of US imagine. How
many of those who denounce, in such
unmeasured terms, the oppression of
the Funding Bill and the high taxes,
visited the Centennial Exhibition in
Philadelphia last year? Some degree
of self-denial is necessary to the Der
Torrance of any duty.
or course we all want the taxes to he
as low as they can properly be reduced.
The Legislature ought to practice wise,
not a nlggardly, economy; measures
should be adopted to secure q lust as
ssssment of all the property of the State.
real and personal; if anybody can sug.
gest an honorable plan for adjusting the
public debt, more advantageous to the,
State than that offered by the Funding
Bill, l would say let it be tried by ali
means; and then, If necessary, let the
Legislature lay on more taxes. I speak
solely as a taxpayer having everything
| PoSoCoS luVcSttU III real eSCaGe-I1Ot q
dollar in State bonds. I really believe
that an increase of taxation to meet our
obligations to the public creditors would,
in the end, be worth millions of dollars
to the State, nor am I peculiar in this
opinion. therefore want to meet these
obligations as matter of self-interest.
though, at the same time, am infiu,
enced by far higher considerations [
want to meet them because it is right to
do so, without reference to the question
Of profit.
The public debt of Virginia will. am
convinced, be paid sooner or later. every
dollar of it. The State cannot afford to
repudiate the debt or any part of it,
| This debt, however, is Increasing every
day, ana postponement Of payment is
I would hurry the Legislature to begin
the necessary work, and as the speediest
mode of relief-speaking for myself-I
would urge an immediate increase in
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