The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-06

of the present State Of Virginia in what Is
now West Virginia, and with the exception
OF the turnpikes and few miles OF the
railroad from Harper's Ferry to Wlnches-
ter, we have all the Improvements within
our present borders which were completed
before the war.
Could we afford to give up these improve
ments, even IL by so doing we could pay the
entire debt OF the State? Take away the
canal and the railroads which centre IN your
own beautiful and t1ourishinS city, and IN
a few years Goldsmith's deserted village
would be a Just picture OF TINS prouo me-
tropoIitan. city of Virginia, which now pays
one-ninth part OF the taxes of the entire
Commonwealth. Take from Norfolk, your
sister CITY by the Sea-" her railroads, and
from bethird cotton port in the Union
she would -dWindle into village, and her
ships. "sailorless," 'would lay rotting on
the shore.N-.-
Without our railroads what would be-
come of our rural districts? The Shenan.
doah Valley-the granary OF the State
would have to haul her wheat and flour in
wagons over bad roads to Richmond; while
now she has At her own doors markets
equal to any jim the State for all her grain.
What would become Of the fertile empire Of
the Southwest without her railroad? Land
locked by impossible mountain barriers
cut off from the rest OF the world-she
could, Rip Van Wrinkle like, prepare for 9
sleep Of centuries. Her salt, and lead, and
iron-her gypsum and znc-Would lie dor
mant in their native beds, and her agrlcul
tural products would cease to exist in the
markets. -..-.-. r.
We have value received for our money
and our people are repaid the interest or
the State debt every year in the facilities OF
transportation and travel afforded by oul
internal improvements. Surely for debl
thus contracted none will deny our mora
obligations to pay il we are able to do so.
But have heard it said by some that Vir
ginia is not legally bound for the debt-thai
she is not the same State that contracted 1t
But the present State of Virginia has re-
peatedly recognized the validity OF the dcb1
since the war.
1t is recognized in the Constitution OF tht
State. 1t was recognized by the Legislature
of 1SG5-'G6, one OF the ablest bodies ever
assembled in Virginia. 1t was recognized
by the Legislature Of 1S70-'71, and by
every Legislature since that has made
appropriations to meet the annual in
terest. Not only has it been thus
repeatedly and distinctly recognized
but our Court Of Appeals, in the case OF
Hiccinbottom U.s. The Commonwealth has
expressly decided this question. The Cour1
held that the present State OF Virginia il
the old State OF Virginia herself, and that
she is legally bound for the debt, and that
the creditors Of the State might sue for thell
debts in the State courts and recover iudg
ments for the amounts due them.
The legal liability OF the State having beer
settled, we have but two alternatives lett
either to settle with the creditors upon some
basis or repudiate the debt by refusing te
provide the means Of payment.
The most agreeable way to settle with
creditor is to pay him; and We are all agreed
to pay the debt il it can be done without IN
creasing the present rate OF taxation or
property. Can this be doneY
l, for one, believe it can.
The deficiency OF the public revenues te
meet all liabilities at present rate OF taxa
ton is estimated ut 100000. This is large
sum. but it can be met.
In the first place. the biennial session o.
the Legislature will reduce the civil lls
800, 900, and further saving can be easily
made in criminal and other expenses o
S5O,0 900. This will leave a deficit OF $500,
900. Now, it is estimated that our revenue:
from new sources OF taxation by the pre-
sent tax-bill will be increased 100000, anC
this will reduce our deficit to S350,000 Il
we will adopt rigid and efficient mode o.
assessing the personal property OF the State
we can increase the taxable values OF thai
species Of property $4,000, ,0000)-not by
increasing values, but by reaching al
the property, SO that it may al
he taxed alike. That much personal
property is not taxed is plain. 1t II
plain to every intelligent man Of busi
ness that there is something wrong here
and that our personally to-day exceeds
by many millions the personally assessed
Then we can add 100000 more to oul
revenues from this source, which vii
leave deficit of only S250,000. How mucf
further this might be reduced it is lmpossl'
BILE to say: but many claim it can be re-
duced to nothing. But suppose they are
wrong-how is this to be met?
In the language OF the platform it is to bt
met by "using all just and honorable mean:
of bringing about an adjustment which viii
bring the payment Of interest within tht
resources OF the State derived from the
present rate of taxation" That such ar
adjustment can be made on terms "lus
and honorable - to the State and acceptable
to the creditors we have every reason to be
lieye. The holders of the coupon bonds dt
not now realize more than five per cent. or
their bonds in the market, and they Woul6
be willing to take that rate OF interest IRON
The State if paid to them promptly and reg
ularly in New York and London, and thus
take this question out OF politics and enhance
the price OF these bonds in the market. Now
il this can be effected, we will meet our den
cheney and have surplus in the treasury
But suppose all our calculations fail, ant
that the bondholders refuse to adjust th'
interest, then what follows? The coupon
q holders collect their interest by means o.
their coupon receivable for taxes, ana w
cannot prevent them from so doing as INT
law now stands, and as II must stand so Ions
as the decision OF the Court OF Appeals II
Antoni Us. Wright stands unreVersed. !
our revenues are insufficient to meet al
other demands then the loss must fall or
the school fund or on the holders O.
bonds with no coupons receivable fol
taxes, for there is nowhere else for II
to fall. The Constitution, which our legis
lators are sworn to obey, requires them te
pay the interest on the literary and sinking
fund annually; and this duty they must per
form.
Then it follows that we must raise tax
alton or the school fund must be depleted
or the peeler-p bond holders must 60 without
their interest, and that debt must be vir
tually repudiated. Thus, while one set oi
creditors would get their interest in FULL
the others, who are equally deserving:
would get nothing. Will any citizen ol
Virginia sanction such rank injustice as this
and make fish OF one creditor and flesh ol
another? Would this be doing equal JUS
tice to all classes OF creditOrs2
In that event what fair-minded man