Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-06-22
Mr.. Stuart's Conclusions.


We give below the last part of Hon. A.
H. H. Stuart's letter, which we have no
ticed at some length elsewere. 1t is OF |
practical Importance to any of our friends
who expect to have to define their position
on the public debt, before November next.
Nothing is so aggravating to apolitlclan,
young one who defines his po-
sition, as to find out afterwards that 1t IS
no position at all:
been made towards the establishment of the State
credit. In confirmation OF this statement, need on
ly refer to the fact that "COnSOl bonds. which were
selling in 1873 low $40, have now risen to s73,
and this has been accomplished without depressing
anybody.
Yet, Strange to say. just now when we are begin
ming, as it were, to see day light on the eve OF an
election, some people who when the clouds were
awakened to the conviction that we on the eve of
bankruptcy and ruin. They do not tell the people
obliged pay goes TO defray the cost of educating
their children, and thereby relieves them from pay
ing tuition fees to the school master: but, on the
contrary, seek to make the impression on the pop
uiar mind that all the burthen of taxation is due
to the public debt!
The facts in relation to the public debt publish
ed annually the official reports OF the First and
second Auditors and are. therefore, accessible to all
who choose to look into them Yet, in the face OF
The facts we find the most exaggerated statements
given to the public, in speeches and through the
Dress [ was surprised to see in some of our own
papers, articles written by gentlemen of considera
bel general intelligence, and who am sure would
not Willingly seek to misiead the public, that are so
papably eXlravagant as to be absolutely ludcrOus
ror example, IN public meeting held in our county,
and in articles published in our papers under the
that in order to raise money enough to pay the cur
rent expenses of the government the cost of the free
be necessary to lay a tax of FIVE PER CENT on the
value of lands and personal properly, which would
amount to contiScatiOn!
Ii such the fact it would certainly be cOnfsca-
ton. But what is the truth in regard to this matter
1t appears from table XIV of the report of the Audi
tor in 1876 page that the assessed value of the real
estate in the Commonwealth is 242 4s and of the
personal property $74,95i, 1874. adding these sums
together, we ascertain that the aggregate value of
the taxable real and personal estate OF the Common
wealth is Gmmitting 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 EIETEEN MILLIONS EIGHT HUNDRED AND EIGHTY
would therefore, independently of all other sources
of revenue, pay off the whole State debt principal
gentlemen who volunteer to instruct the people on
great questions OF finance to be little more cautious
in regard to facts?
Instead of a tax of five per cent being necessary
to meet the engagements OF the State hazard the
assertion that a tax of Two-THIRDs OF ONE PER
CENT. in aid of the uther of revenue, would
be sufficient. The whole tax on land is now, at
half of per cent 81 23 S3 and on personal prop
little tax were increased from so cents on the 800 to
662l CENTS the addition to the revenue would be
$529,5l4. which. as have already shown, after bien
NAL sessions of the Legislature with diminished
number of members and reduced pay are introduced,
will meet the entire deficit Nay, go further and
affirm that if the Constitution be SO amended to
secure captaton tax OF two dollars instead of
dollar, to be applied to the support of free schools
dog law, all financial difficulties will be solved
without any increase of the tax on real or personal
property.
perceive. from the newspapers, that there is
good deal of talk, especially among those who
garded prospective candidates for the Legislature
do not know exactly what is meant in this language.
am happy to see that those who it emphatically
deny that it means Reputation. l do not question
their sincerity; but must be pardoned for saying
that in my judgment, there is very narrow line OF
distinction between REPUTATION of a debt and
DETERMINATION NOT TO PAY IT! 1t sounds to ME
very much like my friend Major Sutherlin's dStinc-
ton between horse-race and a trial of speed be-
How is this adjustment to be effected ? Is the
State to be the only party to it Are the eredi-
tors not TO De fst t So venture to IN
insuperable barrier to such an adjustment. They
will remind gentlemen, as they did in the case
stitution of the United States which provides that
mo State can impair the obligation of contract
But 1t may De sa i theX W REFORM ss the court
thinking. When tie present Judges die or resign or
when their present terms expire.-Waiving any dis
of the lniquity OF proceeding, which neceS-
sary involves the idea that the Legislature will sub
santalIy exercise the judicial function of deciding
to the highest judicial station puppets to regis
ter the behests of the Legislature, must be per-
mitted to remind al who cherish such notion that
States, whose duty it is to uphold and maintain the
integrity OF the Constitution of the United States
and which vii unquestionably decide the question Of
the nviolabity OF Il contract precisely as our Court
of Appeals have DONE 1t will hardly be contended
that the stature Of Virginia can REFORM the ST.
preme Court OF the United States!
But ay Re- Sd the Of those who med
with thp creditors This is certainly 1poit.
mate. But is it feasible? The holders of the twenty
millions of Consol bonds now hold obligations which
recognized as valid and the interest which is
colectable by self executing process 1t can hard
ly expected that the holders of these bonds which
time, Others of inferior value, either in amount,
security for payment What is to be done with these
power; The only chance of dong anything is with
the holders of the Peeler OF non funded bonds; and
all that can be done with th1m is to add another
to this class of of our creditors calm considera
of the matter must think, satisfy every intelligent
man that the project of an equitable adjustment"
either with OF without the consent OF the creditors
is altogether illusory. The advocates of adjust
ment'' Should recollect that Virginia has already
made one adjustment with her creditors, and, with
III twelve months after it was made, sought to repu
date it. Should she ID now propose another might
taunted with that violation of good faith? Might not
the inquiry be made what security you offer for
assurance can you give that the next General Assem-
bly, VIII not treat t, as your M sought to
Treat Ille funup Dlii! IL would De UlcuiU TO ina q
satisfactory answer to enquiries like these.
FELLOW citizens! permit me to remind you that
your debt is just one. You borrowed the money to
improve your material interests You expended it In
valuable internal Improvements; in the erection of
your noble charitable institutions, and of your
nowned University and Military Institute. You are
still in the enjoyment of all the advantages resulting
from these large expenditures Will you now repu
date refuse to pay the price, of these works.
which have done SO much to promote your prospect
ty? When you thought the honor OF Virginia was at
stake at the beginning OF the war. You gave your
pnIh rnth w "a q Ifa
Itself, to the and you poured out your treas
ures like water to indicate Der unsued name! Will
and, for the sake of few patry dollars, suffer the
tapt of reputation to rest ON her proud escutcheon?
have to yH fy k yn fU dey
to yourselves, to your creditors and to Virginia. will
involve but tritling sacrifice.
boring county, koekbrdge the eldest daughter of old
August;!-Born amidst the throes and ,eonvusions
tain the high principles of the era Of her nativity
When have contemplated this noble county, bur
thened not only with The share Of State ana coun-
ty taxation, which she has to bear in common with
other counties. but weighed down by county debt
of $500 co., incurred by subscription to ~. r'iroad
ing up manfully to the fulfment OF her Obligations,
making no complaint OF poverty humbling her
of repudiaticn-I must confess am filed with adj
mirat"n Of her gallant conduct. feel IKE para
ne e 81 te dg nee al
clainug look at glorious old Rockbridge! See
how she stands firm in her integrity as the arch of
the eternal Bridge from which she deprives her
name?" There is a peculiar propriety that the
soil of such county should be the depository of all
that is mortal of Lee and Jackson. the bright ex-
emplars of everything that was lofty in human ma
ture
In now severng, forever, the relations of repre-
sentative and constituent which have so long exist
ed between u.s. permit Inc TO tender You my heart;
felt thanks the many evidences of kindness and
confidence which, during many years. have re-
ceiyed at your hands AS long as life lasts. my most
feryent prayers viii be offered for your prosperity
and happiness, aud that the proud reputation which
be transmitted, unspotted, to future generations.
Respectfully yours, &C.,
ALEX. II. II. STUART.