The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-01
yIRGINIA AND wEsr VIRGINIA.
The probsbIs DI.pOsltion of the Debt
n u. Question.

The Probable Disposition of the Debt
n ~. Question.
~ RICHMOND, October 20.
The question Is asked, How does Joe
Johnston stand on the State debt? Well,
he don't stand on It ut all more than he
can help, for in truth II danseroussub-
ject for candidates to tackle. II he should
pronounce in favor of paying all this vast
debt about $40, OOO, 900, and increasing at
the rate of SS,0OO,OOO annually-it would
kill Thin. No candidate can livein Virginia
and favor an increase OF taxation sufficient
to nay this. On theother hand, should he
favor paying none oiit, he would DO call
ed repudiator, and no open ropndiator
can be elected, although partial repudia
tors, "rcadjusters," 50 called. 20 through
with ease. Hence, Johnston has little to
say on the subject, Us indeed 1t Is n
question with which Congtesshas nothing
10 do.
asked an old citizen as to Johnston's
views on the State debt, and he replied
with emphasis, "You may be sure Joe
Johnston is no repudiator."
But the question Is full Of vexation for
OilCe-huuters. Allthe candidates for Con-
grcss try to dodge it, rs well they may. 1t
l. ludicrous to see tho way some OF them
turn and twist to keep from committing
themselves. And then, in the msdst OF an
eloquent sentence about the sins of the
Radicals, to have somebody in the audi.
cnce yell out GLOW bout the State debit"
Is in the highest degree exasperating. AS
vet no candidate that have heard OF has
taken grounds either for open Reputation
or entire payment. They straddle and hop
about over the question Ikea turkey on
hot stove. Meantime, the tax is but five
mills, there is no money in the Treasury
and the creditors getting nothing. The
teachers OF the public schools arc unpaid,
and recently the Governor and authorizes
attempted to borrow 500, 900 to pay the
teachers. They promised the sacred honor
and faith Of the grand old Commonwealth,
and also high rate OF interest, but it was
no 60. Men with money clamped their
purses the tighter when Virginia came
around as a borrower, as one involuntarily
does when he suspects that he is Swallowed
bv pickpockcts. Nota dollar could be had
The Governor even held conference with
leading bankers, but is was no so.
PROSPECTS, ARB GLOOMY
for creditors. Some years ago predicted
that they would eventually get but fifty
cents on the dollar, which was thought TO
be SANDER on the grand old Common
wealth at the time, but now doubt itthey
ever get fifty. look for the so-called ire
adjusters" to gain control OF the Legisla-
ture, and compromise with the creditors at
about forty cents.
There Is considerable party here who
claim that the Government OF the United
States should settle this debt, and, in fact,
is largely responsible, because the Govern.
ment Aforesaid divided Virginia; took
from her the wild lands in the western part
OF the State, and set up u separate estab-
lishment All attempts to make West
Virginia assume any part OF the burden
have signally failed. She is the only iras-
ment of tho country that made a success OF
secession during the war, and proposes not
only to accept the situation, but take i'd
vantage oft.
1t Is claimed that none OF the "puhlic
improvements" to create which the debt
was made, were located in what is now
West Virginia, except a turnpike and a lu-
matte asylum. However, as the turnpike
leads to the lunatic asylum, the appropri-
atchess OF the investment will not be ques-
toned bv any ono acquainted with that
part OF the country. But Us yet West Vir.
ginia has not paid the mother State even
Tor these. Besides this, successful seces
sion reduces the basis OF taxation, Us West
Virginia cannot now be reached by the
tax.gatherers OF the mother State. So mat
tiers driitalong with accumulated INTEREST,"
towards Republication.
The bondholders feel indignant at their
treatment, and will not willingly consent
to much Of a SHAVE" hut they will have
to all the same. Matters need not have
been so bad or the State SO far in arrears,
had taxation been equal to what il is in
most OF the other States. But with the
rate for years at only five mills for all pur-
poses it is no wonder that the creditors
and school teachers suffer. While other
States less involved have been subjected TO
rate OF taxation from six to eighteen
mills, Virginia has deirauded her creditors
by levying only five mills. That is the
plain English of the matter. In the State
Of New York, with its immense aggregate
Vi pFOISISt anu VIII u comparatively
small debt, the State tax is often six mills.
What would people say Of New York iishe
owed $40 900, 900, and refused TO levy rate
OF taxation above five mills? There would
be but one inference. That Virginia is
poor is true, but 500 in this State can re-
spond to taxation as easily as the like sum
in New York or elsewhere.
The evils OF the course Virginia has
taken with her debt come home to roost in
many ways. We see ii in her recent fail
ure 10 borrow a small sum to keep the
schools open. Her credit is gone; she
cannot borrow. Some time ago $4,000,
raised for the Lee monument was put into
Virginia securities, by order OF the Legs
laturc, l believe, and these securities have
deprecated 10 per cent. At present the
holders OF trust funds do not invest in
Virginia obligations at all. They choose,
rather, United States 4per cents, which
are secure, always marketable, and, al.
though the interest is low, it is certain.