The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-12

oil and square view OF this matter OF IN
rease taxation. It is not the part OF wisdom
o unreflectingly announce our favor of in
reased taxation, without considering the
mount to be raised or our ability to bear it.
think, in effect, this is quite as unwise as to
leclare our opposition TO any increase what
,ver. without rejecting on the dreadful re
suits that must follow.
To pay this large deficit, together with the |
back and accruing interest, would not, as
some quite lightly assert. require only small
increase OF taxation. 1t would require no
less than an increase Of from thirty to forty
cents on the one hundred dollars OF property
as az present assessed. or the finding of other
subjects, for which of late so much diligent
search has been made. and of which as yet so
few can be found. We must also remember
that large amount Of these assessed values
are unproductiye, and that they do not rep
resent the actual wealth of the State upon
which there is no other incumbrance than
the State debt. In addition to this State
debt are local and individual Indebtedness.
The local often exceeds the State tax, and
much property throughout the Common
wealth is mortgaged for the improvements
upon its surface. and which yet shows upon
the books as so much clear value, 1t is wise
and right for those in office to consider these
things in making up calm and impartial
judgment.
Somtimes we are referred to France as an
instance of wonderful vitality and herosm,
which since the war with Prussia has not only
paid off an enormous indemnity, but, by
thrift and energy, is to-day the most prosper
Gus of civilized countries. France is worthy
of admiration and is an example for US in in
tegrity. energy aud patriotism. But we must
remember that she has forty millions of peo-
pie, with but comparatively small part OF her
country devastated or taken from her, and
the residue in the highest state Of cultivation,
with vast accommodations Of capital, and in
nabited by skillfu labors and citizens, whose
market is Christendom. Vet give her praise
for her heroic triumphs, and am not unwil-
ling to recognize in her the strongest proofs
of the true power of honesty and patriotism.
But think it would be a mistake to con-
trast Virginia with her, to the disparagement
of Virginia. Ours is a new country, thinly
settled, much of it entirely uncultivated, or
cultivated under the greatest disadvantages
for want of capital, a labor system in com
plete DISCRIMINATION, the whole land for four
years an immense battlefield, every square
mile of which was pressed by the feet of con-
tending armies. the surface of the country
swept of well nigh every vestige of the ac-
cumulations of generations in the shape of
material wealth or evidences of higher cul-
ture and refinement. The people had to 90
to work again, and not simply repair, but re-
store, bearing at the same time the rcsponsi-
bility ofa large debt,
Yet between the assumption and payment
of that debt and its denial in any form. ORE
pudiation, there is and can.be no choice. Bet
ter for us as a people to deprive ourselves of
the comforts of life and invite the debt into
our ho1ses to partake Of our daily bread, than
20 ignore or renounce it. Even then we
would do no more, nor so much, as our an
cestoTs and brothers have done to give us the
heritage of which we are so found of boastinG.
The first Revolution closed after eight years
duration those who fought through and ell
dured its trials imposed upon themselves, in
addition to other taxes, a tax of one dollar
and fifty cents OH the one hundred dollars in
value of real estate and dedicated it sacredly
to the payment of the public debt of Virginia,
incurred in the vindication of principle,
and afterwards protested against its assump-
ton by the Federal Government under the
present Constitution. | need not say to men
who know it as we'll as /, and whose war
records they would not tarnish for the worlds
temptations, that when the whole truth comes
to be written, the annals of no nation show
the cheerful Surrender of so much money,
property and precious life for cause believ-
ed to be true ard in value above price. They
cannot now barter it for the saving OF little
gold.
Scornfully denying such an imputation, it
is said that the people of the State cannot
bear any increased taxation otherwise, the
sources of the power of paying anything are
destroyed, and the Commonwealth so Grip
pied that it cannot endure the burden, and,
instead of growing stronger, will lapse into
nrnp In H. tt.ar-
ground their non-payment or inability. This
is an argument that demands and is entitled
10 an audience. Not that even inability gives
a State the right to repudiate its Just obga-
tons; certainly not, even for its own pres
ervation, till it has made d fair and honest
effort to adjust amicably with its creditors.
[ do not believe that State. any more than
an individual. by the mere asserted exercise
of what she pleases to call her sovereignty,
can afford to override the fundamental prin-
ciples of justice and fair dealiDg,if she wishes
TO preserve the respect of her own citizens
and her place among the nations of the earth.
Whilst it is undoubtedly true that self-pres-
ervation is the first law of nations as it is of
nature, by its very terms it is never to be APP
pealed to save in the last resort, and as a
means when moral methods have failed.
If the State of Virginia. then, is not able to
pay the debt or the full interest thereon. and
ultimately the principal, she ought to have
recourse TO the other measure this side Of
force to which have referred-an honorable
and amicable adjustment with her creditors
On the 18th day of March, 1873. the General
Assembly passed bill, which became law,
making a proposition to the creditors, having
in it no principle Of force, but simple pro-
posal of settlement. BY the terms of that
law. as the Executive, | issued my procla-
nation and thereby announced its provis-
ions. published it in leading papers in this
and other cities, and sent it by mail to bond
holders and prominent men OF business in
this country and Europe, urging consider
alton of its contents and response. Of
course, | could not write to, OF hope to
reach the hundreds of thousands of
bondholders, large and small, scattered over
the civilized globe. hoped to reach rather
those, who by virtue of their standing, con-
trolled in their own or others right, great
amounts, or who independently in considera-
ton of their known experience and wisdom,
were centres of influence. In this extensive
correspondence, and in interviews | have
had, | have not found the States creditors
-'Shylocks," and men filled with cupidity
and meanness and grasping cruelty, as they
are so graphically described by many who
want to take away from them their dues.
have found them gentlemen who are willing
to listen to reason, and consider and weigh
every statement made to them in good faith.
The result Of this correspondence and in
tercourse are recommendations from the
most powerful corporations and houses, and
the most respectable and Influential business
men in the world. These now lay before
the General Assembly.
The 1irstis from the Council of Foreign
Bondholders, London, England, presided
over by the Right Honorable Edward Pley-
dell Bouverie, and with membership from
among the most prominent and potential
gentlemen, in social, business, and financial
circles, in the Kingdom. This contains a
general proposition of per cent. in gold
upon the whole debt, principal and interest
funded, exempt from taxes, debts, dues, and
demands due the State, with sinking fund,
the proceeds of the Al per cent. to be distri-
buted by the creditors among themselves, so
as to make the law effective. This PROPOSE
ton is fully set forth in copy of an act with
schedule annexed, and returned with this
message, marked A.
The second proposition is from L. G. q
&c. Ward, signing for Barring & Co. ; Au
gust Belmont signing for himself, and on be-
half of the Messrs. De Rothschild of London
and Paris, Brown, Brothers & Co., Richard
TrCio G. "a apJ Ch.c Erxr lnrnci1opt Of