Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-12-17
From the State.
The State Debt:

To the People Of the State of Virginia.
The undersigned. citizens of the
State of Virginia, have organized
themselves in society, the object
of which is 10 preSerUe the credit Of the
State and towards the accomplish
ment Of this object they cordially in>
vite the cooperation of every citizen
of Virginia.
For some time past it has been the
constant Pfacuce of a part of the
press of the State aud OF some indi-
viduaIs to attempt 10 make the peo-
pie Of the State believe that the pub
lie debt is 50 large that interest ups
on il canuot be paid without loadiug
( the people with burdens greater than
they can bear. This is pursued, not
withstanding the fact that every dol
lar Of the .ploney which the State
owes was spent ia erecting and Gre
ating the pu6'ic Improvements, such
as railroads, canals, uHIversitIes, and
asy II ms. which We daily use in the
tran, action of the business afElirs OF
our lives, ard without which the
State would be little better than an
unimproved wilderness. This being
the fFct, the assertion that We Cannot
pay The interest upon our public debt
without imposing great burdens upon
ourselves, even if true. would not ex-
onerate Us from tire obligation to per-
form oar duty Of paying oar creditors
the money we have borrowed from
them and justly owe them.
But the amount Of the public debt,
and the ircrease Of taxation necessa-
ry to paying full interest upon it,
hd0e both been greatly exaggerated to |
yOW. The entire amount OF the pub
lie debS which bears interest is $29,>
$50, 82G. So, upon which there is un-
paid interest dRe amounting to $4,> |
ISS l4l SO, (see the Acts of Assem-
bly, for ls77>'S, page $50, Report of
Second Auditor for September so |
1870 All the balance of what has
been represented to be part of the |
public Gebt is bonds of the State |
owned by herself, in her sinking end
literary funds, are, therefore, due by
herself to herself, and therefore not
DIE at all.
II you leave the expenses of con-
ductiug your State Government at
what they now are. and maintain
your schnols upon their present foot
ing, yet it will require you to in
crease your tsxes BAT t,geatg cents on
the hundred dollars worth of proper
ty to pay your expenses of Govern
ment, to maintain your public schools,
to pay your creditors full interest
upon what you justly own them, and
to provide sinking fund which will
in few years extinguish the entire
debt. People of Virginia, think Of
that
Remember that the taxes row lev
ed for county purposes in most coun-
lies equal the State taxes. and in
many cities and counties are greater,
20 that where a man now pays ten
iolars of State taxes, his whole tax,
county ana state, amounts TO twenty
lollars,' and with the necessary in>
'rease will then amount TO only
wen u'y-fOur dollars; or, in other
Eords, taxes wiz be increased so that
he man who COW pays ten dollars,
ounty and State taxes, viii then
ave to pay only one dollar more,
nd the man who now pays FIVE doll |
ars, county and State taxes, will then a
ay fifty cents more, This slight in
reaSe is necessary in order that the 5
ood name and fame of our State b
ray be preserved; that we may stand '
efore the world a high and honoTa d
le people rather than one with f
lrnished credit; that we may enjoy v
he material blessing of people in t
al credit rather than endure the Il
ufses of a people without credit. 4
If State Is faithless 20 her obIiga-- :
0ns. her loss of credit has n disas-
-ous influence upon the pecuniary in 4
rest Of every citizen of the State. It '
iminsshes and even destroys the price +