Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-07-03

tificates until, settlement with West
Virginia could be secured. They Re
fused SO to say and the proposition, like
the former, was rejected. Mr.. Daniel
then moved 10 amend the bill by insert.
ing in the third section the following
words: "And it is hereby provided that
the certificates authorized by this sec.
tion to be issued are i3tended to be GER
tificates of fact, and shall not be con-
strued to be certificates of debt, and shall
not be received by the State Of Virginia
in discharge of any debt for which GER
tificates of debt are receivable This
proposition, like those going before, was
also rejected, and here the warfare
closed; the bill was passed, and to-day
stands upon our statute book, an insult
and an injury to an soutraged people.
To the conviction of any sane man, or
to the satisfaction of any unbiased mind,
the question, it seems to me, might GER
tainly rest here. We have seen three
separate and distinct and repeated and
unqualified refusals upon the part of the
be pressed for the payment of the Ger
legislature to discharge their constitu-
ents rom obligation 70 pay in full the
unfunded third, even for single hour
How absurd therefore must be the pre-
tended claim that the legislature. of
1871 passed Solemn act'' by which it
proposed to the creditors to surrender
their old bonds. and instead thereof to-
take new bonds of Virginia for two
thirds, and q certificate for the other
third, for the payment of a0ticn they, the
creditors, aoere to look to West Virginia.
How bold and how reckless the assertion,
that Virginia, under the provisions of
this contract, "gave q certificate, which
was mere evidenca of the amount due
from West Virginia. ~. But, again, if
this be true, how does it come that the
Hon. J. III. Dooley, member of the
Virginia Legislature, and also q leading
and influential bondholder, the chosen
secretary of the meeting of boDdholders
of Richmond on the 10th of November,
1874, and who, therefore, must be fully
as to the construction given to
this contract by one of the parties to it.
how comes it, / say, if these certificates
were given merely toshow to West Virl
ginia the amount due and still unsatis-
fed from her, that this distinguished
and wellinformed member Of both
fraternities submitted to the Virginia
Legislature during the sessions of '73
and IA bill authorizing the commits
sioners of the sinking fund" ito sell
the States interest in the Richmond,
Fredericksburg and Potomac Railroad
Company" and to receive in payment
for it 1.-THE principal of the unfunded
bonds of the State issued prior to III
the purchaser, however, at his option to
pay for the said stock in new funded bonds
OF the equivalent of the aforementioned
unfunded bonds; that is to say, two
thirds in funded bonds and one third in
West Virginia certificates. How comes
it, If these are certificates merely of
"naoonshine" that the Finance commit
tee of the House endorsed and reported
favOrably upon this bill? ~
Whilst Virginia is unable to pay over
three and One-third per cent of the in
terest on twO-thirds of her debt, it els
proposed by prominent bondhOlder to
the Virginia Legislature to commence
the payment of these West Virginia
certificates, and the measure is endorsed
and advocated by the finance committee
of that body. All the facts seem to
show conclusively that Virginia is
bound not only for two-thirds the orig
inal debt, but equally bound for the re.
naming third: in order, therefore, to
ascertain the fufl amount Of thepresent
State liabilities, we must add to the fig
ures already presented from Auditors
report) the additional sum of $15,23
37O.7 for which Vlrginia's certificates of
debt have been issued, and also $4,571,-
S11.00, which is the accumulated and
unpaid interest on this amount. The
several sums then of $35, ,9O4, ,343. SO,
Auditors report for 1876, page A, $780,
S34. IS, amount of interest at full rates,
due, as shown in Second Auditors re-
port for. 1876, page 4, S15, ,239, ,37O74,
amount for which certificates were Civ
en-, Second Auditors report, page 2,
$4,57l ,Sl1.00, the interest due on said
certlflcates, makes grand aggregate
of $59, ,226, ,S5962, for every dollar of
which, principal and interest, the State
OF Virginia is ultimately bound. Whilst
we owe debt then amounting to $59,-
OO0.0oo and over, the interest-bearing
principal is about (omitting fractions)
So, 1000, 900. The annual interest on this
sum is 50, 120, 900. The Auditor reports
the expenses of the government and
payment to the school fund for the past
year to have been 81 ,443, 900. This ad-
ded to the amount ascertained to be the
full interest on public debt, makes
81, ,563 900, that must be collected for
State purposes. Now the whole amount
of State taxes now collected, applicable
to the payment of the foregoing, as
shown by the accounting officer, is 81
100000, which leaves an annual deficien-
cy of 81 1868, 600. So that unless the pres.
ent oppressive rate of taxation is in this
proportion increased, the public debt, by
the accumulation of unpaid interest,
must annually, in this enormous ratio,
continue to increase. The result $50
logically shown by Gov. Kemper). so
disastrous alike to debtor and creditor,
must and will come just as surely as the
years continue to come and go. Gabriel
may sound his "horn" and interrupt the
proceedings, but if he don't, the thing
must have an end, and when the end
approaches, when, the dreaded work of
confiscation begins, and when it goes on
unmolested until you bankrupt the
State and beggar the people, I promise
that the very air shall be made to ring,
vocal with the music of the old and re-
proachful song, II told you SC, for still,
standing upon the rugged cliffs" of
West Augusta and still in "secret con-
clave," will be found the veritable
"ROOT DOCTORS"
There are other questions, more inn
portant, If possible, than this, that must
be considered, in order to arrive at a
correct conclusion as to what would be
a permanent and fair re-adjustment" of
the public liabilities, and with lpur per-
mission l may hereafter ask space to
discuss them.
Things Worth Remembering.
MUsQUIToEs.-The oil ofpenyroil will
keep mosquitoes out of room, if scat
tered about in small quantities.
RoACHEs.-Roachesa are exterminated
by scattering handful of fresh cucum-
ber parings about the house.
FLIEs.-No fly will light on the win
dow which has been washed with water
in which little garlick has been boiled.
A CHOLERA REMEDY OF SOME RE-