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

And after this, in my judgment, not exag
teerated, statement Of it. is there any wonder
that our financial condition has become truly
deplorable z lam firmly OF the opinion that
il the policy in its entirety had been faith
fully carried out the principal Of our DELFT
would have been reduced to. S26, ,000, 600 or
less. the interest upon which would have
been regularly paid, ana without any In
crease OF the rate Of taxation. In fact, il the
policy Of drawing the support for our
schools mainly from Q eapitation tax, which
I twice recommended to the Legislature,
had also been adopted, taxation upon pro-
perty might long ere this have been largely
reduced. Isa' - .h'b" - 10y.
+ have given this briet Tksunf OF the treat
ment that policy has received and the re-
! suits that have flown from it not in vindica-
ton Of myself for having recommended it,
but because 1t has been so misrepresented
and misunderstood that more or less Of pre-
judice prevails against it, and also because
1 desire to urge the opinion that the true
solution OF our financial problem may still
be found in the readoption and faithful eX-
ecution Of this policy. While it is true that
al, OF the good results originally anticipated
from il cannot now be realized because Of
the increase OF the debt and the loss OF assets
consequent upon the unwise interference
with if, nevertheless its principles and what
ever of the substances has not been lost still
remain, and may be successfully acted upon.
| With the prompt restoration and vigorous
| aud faithful execution of it can answer in
the affirmative most emphatically the ques-
tion, Can we meet our liabilities and protect
the honor and the credit OF the State? Yes,
and without any increase whatever in the
rate OF taxation. Fl"
-. .' THE REMEDY PROPOSED.
~ Let the non-consol or peeler debt be con-
verted into consol debt, thus placing all our
| creditors upon the same equal basis. Let
whatever of assets we possess be at once
applied to the liquidation OF the principal Of
the debt. Let there be an equal and consti-
tutional assessment OF property and the
reduction of State expenses to the lowest
degree consistent with efficient administra-
| tion, and the question now agitating the
public mind will be solved and settled. All
these are right. They are just and practi-
cable. And surely the great object to be
accomplished justifies at least q prompt and
thorough trial. We still have some valuable
railroad stocks and bonds and real estate,
which should be sold and applied to The
payment OF tine principal OF the debt. Let
the bonds in the sinking fund be cancelled,
and let the literary fund be left in abeyance
few years until we become stronger. am
an earnest advocate OF universal education;
but about the first education would insti
into the child's mind would be that hon.
esty is the best polcy.'
This action as to these two funds and the
application OF these assets would largely
reduce the amount OF the debt. 1t is the
,oft In A III fro lnr n
experience and careful examination of the
subject, that at least S500,000 OF the debt
has been lost or destroyed, and consequently
will never be presented for payment. Other
competent judges are of opinion that this
loss amounts to fully Sl,000,000. II this be
so, with the action as to the assets, which
have Just mentioned, it would be found that
the principal OF the debt would not amount
to over $2S,00O,0O0, the annual interest upon
which would be Sl,6S0,000. TO this interest
add the State and school eypenses-say
$500, 600 for the former and $780, 900 for the
latter, which is amply sufficient in our pre-
! sent condition-and we have total OF
$3.50, 900, which it would be necessary to
annually provide for. To this sum add
whatever legislative expenses may be in
Cured, and you will have the sum total OF
our necessary annual expenditures. AS to
what the legislative expenses shall be rests
with the-people. In my opinion they have
heretofore been at least three times greater
than was necessary. The sessions Of the
/ Legislature have been too frequent and too
long The country is'cursed with too much
| legislation. The great and prosperous State
! of Georgia, am Informed, has provided in
her, new Constitution for only biennial ses-
sions Of forty days each. Had we such q
wise and benefcent provision in our Con-
stitution our legislative expenses would
1average about 100000 a year instead Of
S165. 600, rs now. These expenses are q
great and crying evil, but the people hold a
ready and etfectual remedy in their own
hands. II, instead of supporting gentlemen
for election to the Legislature pledged to
disgrace them by wild and futile attempts to
scale down, readjust, or repudiate the hon
est debt OF the Commonwealth, they would
select only their best men, pledged to secure
biennial sessions OF not exceeding forty days
each, they would do "the State some scr-
vice. and confer lasting benefit upon
| themselves. Why should not this be done
everywhere in the State Why not strike
directly at the real evils which af1ict Us in
stead OF wasting our breath and soiling our
reputation upon imaginary ones
Aside from these legislative expenses, as
have shown, it will require annually
81, ,5S0;00O to pay the full interest upon the
whole principal OF our public debt and the
expenses Of our schools and State govern
ment. Now, the Auditor estimates the reve-
nres OF the State for the current year at
%, ZOO, 900 in;round numbers II these es-
Inmates be realized it will be seen that we
can pay full interest on our debt; together
with the school and State expenses, and
have, S120, 900 left for legislative expenses
| fully twice Us much ;as ought to be used.
BUTT is more than probable that our reye-
nue. for this fiscal year WilFeXeeed the Audi
tors estimates. lin making those estimates
he did not take into account the increased
receipts from the tax on railroads under q
late law, nor the results Of the experiment
now being made under the new liquor law,
known as the "Moffett punch-bill.';2 ''ti
II the confident anticipation OF the friends
Of these measures are but half realized our
revenue for this year will exceed $4,000, 900,
or, il we had no legislative session. over
$40, 900 more than would be requi1ed to
pay the interest on the principal effhesdebt
and State and school expenses. @a15s8-
Now, felow.citizens, submit to you
candidy-for this grave subject should only
be considered candidly, sincerely, earnestly,
but Observation-Disclosures itnot appear en-
tirely feasible, with our present system,
subjects, and rate OF taxation, to meet the
full interest upon the principal Of our pub
lie debt and our other legitimate State liza
bilities? Suppose that we shall be unable
to reduce the principal OF our State debt
quite as low as / have estimated although
/ believe we shalt, and that our State ex-
penses should be little more than I have