Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-06-19

Auditor in 1876, page 4, that the assessed
value of the real estate in the Common
wealth is $242, 756, 54S, and of the per-
sonal property $74,954, 1904. Adding
these sums together, we ascertain that
the aggregate value of the taxable real
and peasOnal estate of the Common
wealth is, emitting fractions, THREE
HUNDRED AND SEVENTEEN MILLIONS,
SEVEN HUNDRED AND TEN THOUSAND
DOLLARS! A tax of five per cent on
this amount would yield revenue, in
round numbers, of FIFTEEN MILLIONS
EIGHT HUNDRED AND EIGHTY-FIVE
THOUSAND DOLLARS! A tax of five
per cent would, therefore, independently |
of all other sources of revenue, pay off
the whole State debt, principal and in
terest, in two years! Would it not be
we'll for gentlemen who volunteer to in
struct the people on great questions of
finance to be little more cautious in
regard to facts?
Instead of tax of five per cent being
necessary to meet the engagements of
the State, hazard the assertion that a
tax of t,Uo-thirds of one per. cent, in aid
of the other sources of revenue, would
be sufficient. The whole tax on land is
now, at one-half of one per cent, S1,213,-
1872, and on personal property 1914, III.
The aggregate Of the two is 81, 5SS, 553'-
If the tax were increased from so cents
on the 500 to 663 cents, the addition to
the revenue would be $529, 514, which,
as I have already shown, after biennial
sessions of the Legislature, with d.
unfinished number of members and re-
duced pay are introduced, will meet the
entire deficit Nay, I 60 further and
affirm that if the Constitution be so
amended as to secure a capitation tax
of two dollars instead of one dollar, to
be applied to the support of free schools
and the Legislature will then pass Gov.
Letcher's dog law, all our financial diff
culties will be solved without any in
crease of the tax on real or personal
property.
I perceive, from the newspapers, that
there is a good deal of talk, especially
among those who are regarded as pros
pective candidates for the Legislature,
of an equitable adjustment" ofsthe
public debt. 1 do not know exactly
what is meant by this language. am
happy to see that those who use it en-
phatically deny. that it means repudia-
ton. l do not question their sincerity !;
but I must. be pardoned for saying that,
in my Judgment there is a very narrow
of a debt and determination not to pay
it! 1t sounds to me very much like my
friend Major Sutherlin's distinction be-
tween horse-race and trial Of speed
between two blooded horses!
How is this adjustment to be effected :?
Is the State to be the only party to it?-
Are the creditors not to be consulted p
If so, I venture to inform gentlemen
that the Courts will present an insupe
rable barrier to such an adjustment
They will remind gentleman, as they
did in the case of the Funding bill, that
there is a clause in the Constitution of
the United States which provides that
mo State can impair the obligation of a
contract"
But it may be said that they will re
, form the Court of Appeals, by appoint
ing Judges of their way OF thinking,
t when the present Judges die or resign,
: or when their present terms expire
{ Waving any discussion of the iniquity
of proceeding, which necessarily in
wolves the idea that the Legislature will
t substantially exercise the judicial func-
ton of deciding on the Constitutionality
of a law, and then appoint to the high
est judicial station mere puppets to reg
; lister the behests Of the Legislature,
t must be permitted tie remind all who
cherish such a notion that there yet re-
mains the Supreme Court of the United
States, whose duty it is to uphold and
maintain the integrity of the Constitu-
ton of the United States, and which
will unquestionably decide the question
: of the inviolability of contract, pre-
: cisely as our Court of Appeals have
e done. 1t will hardly be contended that
f the Legislature of Virginia can reform
the Supreme Court of the United States
? But, it may be said, the purpose OF
: those who mediate al equitable adj
e justment" is to make new contract
e with the creditors. This is certainly
e legitimate. But is it feasible? The
/. holders of the twenty millions of Consol
e bonds now hold obligations which are
e recognized as valid, and the interest on
l which is collectable by self executing
e process. 1t can hardly be expected that
the holders of these bonds, which are
lieu of them, others OF inferior value,
/ either in amount, or security for pay
: ment. What is to be done with these
) creditors? They are beyond the reach
of Legislative power. The only chance
e of doing anything is with the holders
e of the Peeler or non-funded bonds and
, all that can be done with them is to add
another wrong to the injustice which
has already been done to this class of our
{ creditors. A calm consideration of the
) matter must, I think, satisfy every
intelligent man that the project of an
equitable adjustment" either with or
without the consent of the creditors, is
f altogether illusory. The advocates OF
: adjustment" should recollect that Vir-
ginia has already made one adjustment
with her creditors, and, within twelve
l months after it was made, sought to re-
i pudiate it. Should she now propose
c another, might she not be subjected to
the humiliation of being tainted with
: that violation of good faith? Might not
e the inquiry be made, what security can
e you offer for the fulfilment of your pro-
1 posed new bargain? What assurance
/ can you give that the next General AS
e sembly will not treat it as your prede-
D cessors sought to treat the funding bill
+ 1t would be difficult to find satisfac-
tory answer to enquiries like these.
Fellow citizens! permit me to remind
f you that your debt is a just one. You
| borrowed the money to improve your
r material interests. You expended it in
f valuable internal improvements; in the
e erection of your noble charitable instItu-
e tons, and of your renowned University
and Military institute. on are still iii
r the enjoyment of all the advantages
resulting from these large expenditures.
VIII you now repudiate or refuse to pay
9 the price of these works, which have
: done so much to promote your prospect
ty? When you thought the honor of
7 Virginia was at stake, at the beginning
of the war, you gave your sons and
8 brothers, who were as dear to you as
) life itself, to the cause; and you poured
, out your treasures like water to vindi-
cate her unsullied name! Will you now
pause in the discharge of an honest
duty, and for the sake of a few paltry
} dollars, suffer the faint of reputation
3 to rest on her proud escutcheon? L
, have proved to you, by figures taken
| from authentic sources, that the fulfil
: ment of your whole duty to yourselves,
, to your creditors, and to Virginia, will
involve but a tritling sacrifice.
Let me commend to you the example
of cur neighboring county, Rockbridge,
/ the eldest daughter of old Augusta
Born amidst the throes and commissions
of the Revolution, her sterling popula-