The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-05

DerS, should be puDllSneu, ana tue Wlues'
possible circutation given to It..
TO carry out these ends and TO promote
the objects OF the address, Messrs. a. Nose.
ley, Lewis Z. Harvie, and the subscriber
were requested to act as committee.
You are therefore requested, if you aP.
prove the address and its publication as
proposed, to return it. with your signature
at the earliest day to the subscriber.
You are also requested to enclose such con-
tributiou as may suit your pleasure and con-
venience to defray the necessary expenses
attending the publication and Distribution
OF the matter.
On behalf OF the committee,
am very respectfully yours.
,> WILLIAM MALONE.
Petersburg, Va., May 10, 1878.
TO the People of Virginia.
The Convention which assembled in
Richmond on the 9Th day OF August, 1877,
adopted-a platform that declared In favor OF
reimbursement; OF the obligations Of the
Commonwealth switch should bring The
annual interest upon our entire indebted
ness within the revenues OF the State de-
rived from the present rate OF taxation, and
do equal justice to all classes OF the public
creditors" and which urged that Sin the
selection OK members Of the Legislature the
people should elect. their Representatives
with view 10 their abil.
ity TO deal with the difficulties presented by
the financial, condition OF the Common.
wealth. III the canvass that followed
the final determination and REIMBURSEMENT oil
the public debt upon such basis formed
in a decided majority Of the election dis
tricts the single issue; and in the elections
held the people of Virginia, by an over.
whelming majority. endorsed and ratified
such declaration of the Richmond platform.
and did Significantly proclaim for such set.
tlement OF the debt. OF the members
chosen, nearly three fourths were under
pledges, more or less specific, to give their
influence and earnest endeayors to such re-
adjustment of The debt. The nominations
OF the Richmond Convention were made
without reference to this issue, it being tile
manifest spirit and intent of that ConVen.
ton to remit the whole question Of the debt
to the people, to be dealt with by them III
the selection OF representatives totGe Gen.
eral Assembly, and by that branch OF the
State government to be treated and dis
posed of definitely, without let or hndrance
at the hands OF the Executive, yet invoking
his cooperation. In pursuance whereof
the undersigned, your representatives, DUR
ing the late session of the General Assem-
bly,, did diligently devote their time and
earnest thought to the framing and perscc.
ton OF such measures rs would execute the
popular will in that respect, ascertaining,
and for the first time definitely, the amount
maximum income OF the State under the
fa ~ INV Hx.t,o
sible reform and reduction in the expenses
sary efficiency should have been instituted.
1t was ascertained--
/. That the debt, us determined by the
funding bill OF 1871, including interest
during the war and during the period OF
reconstruction, already capitalized and
taken to account in such determination,
stood on the 30th September, 1877, at
S35, 924 ,345.53 principal, and 1926, 409.25
past-due and unpaid interest-or at SAL
220, 1926 all told; and il the decision OF
the Supreme Court OF Appeals in the case
OF Higginbotham Us. The James River
Company binds the State, as Is commended,
for that portion OF the debt arbitrarily
allotted TO West Virginia, then the debt
actually amounts to Sirty-t.go millions. II,
on the contrary, such is not the true con-
struction Of The opinion Of the Court in
that case, then the funders are entitled to
the credit of having effected the reDaltiid-
ton Of such portion of the debt.
2. That there was due and unpaid (as OF
the 30th September, 1917 of revenue dedi-
Gated to the public free schools the sum OF
$3.50, 0O3.90.
8. That the maximum amount of gross
revenue upon the basis Of the existing as
sessnent and rates Of taxation would be
no more than $2,449,214.64.
4. That the necessary current expenses oil
government, after deducting all savings
from the measures Of reform and reduction
proposed, would not be less than S956, 1000
as near as may be.
5. That the proportion OF such yearly
gross revenue dedicated to free schools
would be S497, 1872.
6. That after deducting the necessary
minimum amount for preserving and run.
ming the government and the sum dedicated
to free schools there would remain avail.
able for interest upon the principal of the
public debt, taken at $50, ITS, O71.63 (by dis
carding the S5,145,271.90 held by the sink
ing fund.-, the sum Of 1896, 432. 69-equal tc
about three per cent.
Ia view OF these facts, and in pursuance
Of their best judgment, taking 1T to be tht
sovereign right Of the people, by their re
representatives., to determine the rate of tax
alton and to control the revenues of thu
State, opinions to which we yet firmly ad
here, notwithstanding the late decision of the
Supreme Court OF Appeals; and, as theil
representatives believing it to be our first
duty to preserve the life Of the Common
wealth and to carry out, as Of supreme obi
cation, the mandates Of the Constitution
and endorsing the language OF Edmund
Burke, that lit is to the property Of thu
citizen, and not to the demand Of the cred
itor Of the State, that the original faith o.
society is pledgcd-that the claim Of the
citizen is prior in time, paramount in title
and superior in eQuity"-a bill was pre-
pared and reported by the Finance Com
mittee OF the House OF Delegates which sci
forth the following as the basis Of taxa.
ton: ,s II,
1. Declaring the inability of the people to
endure q higher rate of taxation than the
present assessment OF 30 cents on the 800
of the assessed value of real and personal
.property-a declaration which, made by the
August Convention. was reiterated by the
popular vote in November, and which
found endorsement even from the oppo-
nents OF readjustment In the General AS
sembly-there being but four votes in the
House and four In the Senate cast in favor
OF measures looking to an additional levy.
5 9. A specific tax OF % cents on the 500
of real and personal property for the main
tenance OF the State government.
8. A specific tax OF 10 cents on the 500
Of such values orthe support Of the public
free schools. 49, ii.
4. A specific tax Of 10 cents on the same
basis for the payment OF interest on che
public debt-making 80 cents iii oil. !, So 3 \.
Z nv this method nf Iauuio0 4i,o 10 vaesor \