The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-03

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ttsnt u. -. 81 -. 49, 2. =. = -
;, OCTOBER 8, 1877. !:
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have provide for is simply the interest
thereon. State, like national bonds. are
sought after for permanent Investments,
and the holder Is fully satisfied II the inter-
:cst be promptly paid, leaving the principal
to run 'on indefinitely the longer the
better usually. What amount, then, is it
necessary for. Virginia to annually raise to
meet the interest on her debt?: This can
be answered only by ascertaining the total
of the principal OF the public debt. The
principal OF the debt Of Virginia at the COM
mencement Of the war was, in round num-
bers, s32, 100000. Whatever increase OF the
debt has since occurred. as I have already
stated, consists OF the accumulations Of uR-
paid interest On the 1st'o July, 1871, the
date when the issue OF new bonds began
under the funding act, the total debt, IN
Guiding principal and unpaid interest,
amounted to III, ,090,s66. .43. This debt, how
ever, was subject to reduction by whatever
amounts might be realized from the sale OF
the States interest in public works. Noml-
paiIy OF assets Of this character the
State possessed an amount equal to
or greater than the debt and interest.
Many OF these assets, however, were value
less; but after careful review Of them all
I reached the conclusion, and so stated to
the Legislature in the message Of March 8,
1870, that they were sufficient to realize in
short time S1O.O00,00O or S12,OO0.000 in
State bonds. thus paying that amount OF
the debt and reducing the total to S31, ,OO0,-
900, two thirds OF which, or less than $780,
O0O, 600, being our portion. A law was passed
about the same time Of the funding act to
accomplish this object, and had not that law
been repealed by the next Legislature sue
ceeding that which passed the funding act
and before its full executionI have no doubt
the estimate rweald hass been fully realized.
But the law was repealed and millions OF
the States assets have since become abso-
lutely worthless. This is one OF the results
OF the war made upon the funding act.
Z. THE AUTHORS OF OUR TROUBLE.
Even as late rs January, 1873, in COM
municatiOn addressed to the Senate, de-
monstrated that the total of our debt might
be reduced to $26,000,0 900 by proper ap-
plication Of our assets. In that same COM
munication proved how, with proper as
sessment Of property and the reduction OF
our State expenses to SG00,0O0, which might
be safely done, together with poll-tax
of So per capita, we could carry on the
State government efficiently and pay
full interest upon the debt. But show
not to do it' again triumpbed. What
has been the result? Some six millions of
our assets lost altogether 100000 in the
Atlantic, Mississippi and Ohio railroad and
S2,014,000 in. the Chesapeakeian Ohio rail-
road) and the principal Of our. debt standing
on the 1st of July last at $50, 412, 1858. with
interest unpaid amounting to 81, 33+, ,95l.17,
or total OF S33,757,077. In other words,
the war upon the funding act has cost the
State the difference between the amount OF
the debt, as above stated, and the amount to
which it might have been reduced, or near
" $4,000, 900, besides some S6,000,000 OF
assets and many hundreds OF thousands OF
dollars wasted in legislative discussion OF
the subiect-in all over $14, 100000. A fine
exhibit, indeed, for six years struggle to
prevent the people from doing right. And
vet many Of the men who are now crying
out that the debt is so large that we can
never pay it, and that therefore it must be
readiusted or scaled down, are themselves
the authors and cause OF the very condition
OF CUlnnS GNeF ~ louuly uCploiC'
WAR on THE FUNDING BILL.
Is it urged by way OF palliation that the
enormous sum which I have stated as the
cost OF the war upon the funding act is too
large because the assets lost were not worth
the amount stated in State bonds, and that
the debt could not have been reduced to
s26, 900, 900? How do you know that fact
Was an honest effort ever made to accom-
plish either? No; but, on the, contrary,
the very law which authorizes such an effort
to be made was repealed before it could be
fully executed. So far as it was permitted
to be carried out it accomplished precisely
and fully all the objects contemplated. Ah,
no: il does not lie in the mouth OF the man
who prevented the test from being made to
now say that il made it would have proved
q failure.
They repealed the funding act $50 far as
they could), together with the act authoriz.
ing the sale Of the States assets, and refused
or failed to reduce State expenses and to
provide for constitutional assessment. OF
property, and then charge the funding act
with all the ills they themselves have
brought about. Oh, consistency, thou art
indeed Jewel! The wonder is that the
reputation of the State has not been utterly
and it would have been had it
not been based upon the solid foundations
of hundred wears, Of honest and fair deal
ing. But let us beware Of trifling with it
further, lest "thc silver chord be Ioosed and
the golden bowl be broken" Am l asked
what mean by constitutional assessment
OF Droperty? I answer: The Constitution
in substance that all property shall
be assessed equally and at its true value.
;,1 e." ASSESS PROPERTY FAIRLY. -
Now, no one has the hardihood to assert
that this mandate Of the Constitution has
been obeyed. Personal property, probably,
ID not on an average assessed at little more,
II any, than third OF its value. Where are
cows assessed at over $40, mules ut over SIS,
and horses at over $40 O. head; and how
many are not assessed at all? Equally rs
great discrepancies occur in the assessment
OF real property! The poor lands OF the
State are probably assessed lat ABOUT their
full yalue-sometimes above it-Bhle the
good lands are rated at not much above half
their true ralae. Had ] the time could
give YOU instances sufficient to verify this
assertion. To-day the real property In the
State, taken as whole, Is not assessed much
il any ut above half its real value, nor is
there any equality OF assessment. Lands OF
equal value are assessed in different counties
at different amounts, varying sometimes
fully fifty per centum; and instances have
occurred where they were not assessed at
all. In some instances farms divided by
county lines have been assessed on one side
OF the line at double the amount they are
on the other, and that, too, where the lowest
assessed lands were OF equal or greater
value than the highest. And have known
OF the sale OF iarm-lands at more than three
times their assessed valuation. A gentle
-. ,,,:.h;,, tba Loot fn,Ir f1ovS Statp0 TO ME