Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-12-06

pIOSpGllUy VI CuO OOAu4Ol VOdioAs
The deficit under these recommendations
would be about as follows:
The amount of interest to be
raised On whole debt funded,
principal and interest, at
per cent........... ........ ?l .ofl ,0oo.uu
The amount from revenues as
they now stand to be applied
to payment Of interest, as
per report of Auditor ......... ~
369,295.51
To which add interest on Lite
rary fund.-. 81. ofS OF
To be provided for. $45S, 645.l5
This deficit of $459, 645 Is can be met by
the State, and not be too seriously felt;
certainly rot so as to cripple business and
impair the progress in i'm rovem n OF her
indus rial interests and enterprises. Ire
large reductions in expenditure of govern
ment m. de at your last session will now
begin to tell; the reduction in salaries and
criminal expenses and biennial sessions of
your own sody. The spirit Of economy,
as you will see from tine reports OF the va
rious Institutions, that is now peryadlng
their management, will tell still further
and considerably in the reduction OF eX-
penses. An Improvement of the "MOffet:
Liquor Law that will make it effective !;
or, if this cannot or will not be done, its
re,eal, and the adoption Of system OF
liquor tax that will meet the objects aimed
at by that law; stamp tax, which L re-
gard as one that can both be easily paid,
and easily collected; tax On oysters, a
large ana valuable source of revenue now
almost entirely idle and unprOductive; and
~ HASA ~, NOT oaoanta hla Won or ara
insufficient, an increase Of tax on real and
personal property. AS you can readily for
yourselves SEE, even if the whole fell upon
this last subject, it would and could be
borne without uncomfortable suffering, and
the rise III values by the settlement OF this
debt trouble would soon relieve US OF the
burden. 1t would be most desirable that
some law could be devised by which there
would he fuller and more faithful return
of personal property there IS supposed to
be much of it never reached by the tax
gatlerer, and thus lost to the revenues OF
the State. And would most respectfully
urge return to the old law with regard
to the collection OF taxes. The present
has many objections. Among the most
serious is the postponement OF the time of
their collection. If the people want pro-
t.. ction to their lives and persons and prop
taxed. Aud the longer they are postponed
the harder they are TO pay. To reflect
ing man, living under good government,
there is no expenditure for which he re-
Gel yes such full consideration as that he
pays in the shape Of taxes
[ shall not enter into any discussion OF
the details of these recommendations, and
how they can be made effective. That is
more properly matter for the inyestiga-
ton Of your proper committees. | am sure
they will consider them with the calmness
and impair TALLY their grave Importance
demands.
My duty in this connection is discharged.
i now commit this subject of the State
debt TO the action of the General Assem-
bly. None more vital ever came before
capitol. Upon it's settlement rests the flu
ture of the Commonwealth. Our creditors
have come forward in generous spirit. and
recognizing our troubles, have offered to
help us bear them; they have aimed no
blow at the life of the State. or at what
seems to be so dear to her people-her
Public Free School system: but they have
rendered their aid that both may survive
in the fulness of their strength and beau
ty. feel as though a brighter day is dawn
ing for our beloved Commonwealth; de-
preston is TO be followed by hope, stagna-
ton by the revival of business, capital and
labor will come and help us develop our
houndless resources, aud the New Virgin
ia upon whose history we are entering to
be none the less honorable and glorious
than the Old.
THE PROPOSITION FROM THE CREDITORS.
NEW YORK. November End, '7S.
To Has Eaeellepcy F.. ". n. Holiday,
Governor of Viryiaiq;
Dear Strive have duly received your
Excellency's proclamatioB OF a pFil 9Th,
communicating the act OF the General As
sembly of Virginia, approved March l4th,
1878 providing for an exchange OF the
principal of the recognized debt OF the
wealth into bond bearing three
per cent. interest for eighteen years, and
focr per cent, for thirty-tw0 years Until
Maid Eitfi d nkw interest bearing certif-
cate for the a-ncui1t 81 @tssr;,ed and unpaid
interest W. to Jul, Let: 1879; IL ne 1a;aseeem-
able at the pleasure Of !. ia General ASSOC
by. :, ;,
We have taken pains to consult the
owners on the obligation of the Common
both in Europe and America, in
'egard to the plan embodied ii the ACT. F!
md find very unanimous sentiment that |
he terms proposed are not such as the 1
,reditors had reason to expect in view of |
he resources and character OF the state, 4
y as they would feel justified TO accept by |
baking the exchange proposed.
At the sai2e time the bondholders are |
cry desirc1ls to consider the circumsta1- :
nd TO cooperate as far as a reasonable
nd just consideration Of Their own right
nd positisa viii allow, in arriyinngat sdch
settlement cd you'd afford common
round on which they eopld meet. And
the Common wealth were Go OFFER to the
olders of the consolidated bonds g new
cnG having thirty or forty years to run,
ne arrears Of interest being added to the