Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-08-28

Editors Stanton Spectator
GENTLEMEN-Having published in
your issue of the -, from the Char
lottesville Jefersoaian, criticism on
some remarks made by me before
the people on our last Court day, in
which am placed in the attitude of a
communist, a repudiator and favorer OF
strikes, can't forego the strong incli-
nation to defend myself, and think /
have some claim upon you to allow me
the opportunity.
Since our Court published in the
Valley Virginidm a card making some
suggestions with reference to our public
debt. After having given the subject q
good deal of thought, think can i'm
prove on the suggestions made in that
card, and would suggest the following
as solution of our troubles:
First. The funding of the entire debt
of the State tafter assigning to West
Virginia one-third) in coupon bonds,
bearing three per cent. interest for ten
years, and after that time six per cent.
until paid thus placing the entire debt
of the State on an equality.
Second. The application for say five
years of the taxes levied on property for
school purposes to the liquidation of the
public debt, leaving the capitation tax
to be managed by the counties and
towns, and, if you please, give them
power to increase it to two dollars n ev-
cry voter How will this work, upon the
idea that we are to have no increase of
taxes and little or no injustice done to
those who have claims upon the State,
and the State greatly benefited.
The man who won't make a small
present sacrifice for an ultimate good is
not good financier. The creditor who
would not accept the kind of bond re-
ferred to with fine prospect that ere
long that bond would rise to par, in pref
erence to holding a deprecated bond
with fair prospect Of further depreci-
ton and perhaps final reputation,
would not, by refusing, be looking we'll
to his own interests. The Government
of the United States and other corpora
tions are issuing bonds bearing less
interest than the bonds outstanding and
putting them upon Tbe market. Now
compare one of those bonds with the
bonds propose. In 20years the U. S. 4
per cent. would pay on 500 $50 inter
est-the Virginia bond would pay $780,
Besiees this, in ten years the Virginia
bond would rise to par, more than COM
pensating the holder for the loss of the
three per cent. per annum for ten years.
With reference to the school fund, the
friends of the school system have had
in advance five hundred thousand dol
lars for five years, to the exclusion, in
my judgment of the creditors of the
complain if this five hundred thous-
and dollars per annum is taken for
five years to come to discharge debt
with. We should be just before we are
generous.
How would this operate, so far as the
State is concerned? :? First, one million
would be saved in interest per annum !;
half a million from the school fund.-
This well handled, as a sinking fund,
would in few years reduce the debt
more than one-half, place the State in
high credit, and make everything pros
porous.
We may talk about hunting up sub.
jects of taxation, and think we would
be happy if we could only pay the in
terest on the public debt, but mark what
1 say, Messrs. Editors, the State of Vir-
ginia never can and never will prosper
whilst this heavy debt is hanging around
her neck like mill stone. L am COM
promise man-all must give up some
thing: The bondholders, in this wreck
through which we have been passing,
Jared better than property-holders and
they should give up something. The
tax payers ought to do their best. The
free school advocates can't expect the
creditors of the State to make any sur
render whilst the State is using half
million annually for the support of a
charitable institution.
Iwould like, Messrs. Editors, to ask
the Jefersoniaa how far am commu-
mist. lepudiator or favorer of strikes,
and would be glad if the indicator
would tell US how much Virginia would
lose in honor and how much the bond
holders of the State would suffer by the
adoption of the plan, or something like
it, here suggested. I know, however,
it will not please the Editors of that pa
per, because it somewhat interferes with
their pet, the school system, and the on
ly notice, if any, will be taken of this,
will be to appeal to what some may call
a popular prejudice.
D, s. YOUNG.