The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-29
Tne state Debt.

.VirginiaSs have arRenlzeu 49,
society, the object OF which is 20 pressr ,.e
thescredit OF the State ana 5oSaras tue
accomplishment of this oplecs Iney c eis;-
daily invite theicooperation OF 81. every ci'r
zen OF Virginia.
For some time past it has been the constant
nractice Of a part Of the press OF the State ana
Of some individuals to attempt to make tne
neoule OF the state believe that the pubic
debt il 90 large that interest upon it cannot
he paid without loatling the people win
burdens greater than they can bear: rms
course is pursued, Notwithstanding the 1acs
that every dollar OF the money which the
state owes was spent in erecting ana
creating the public Improvements, such as
railroads. canals. universities, and asylums,
which we daily use in the transaction OF the
business affairs OF our lives, ana Wlthout
which the State would be little better than
nm unimproyed wilderness. This being the
fact. the assertion that we cannot pay tne
Interest upon our public debt without I'M
posipc great burdens upon ourselves, even
il true, would not eXonerate US from the
obligation to perform our duty OF paying
| our creditors the money we have borrowed
from them and Justly owe to them.
| But the amount of the public DEBT, ana
| the increase Of taxation necessary TO paying
| full interest upon it, have both been greatly
exaggerated to you. The entire amount OF
the public debt which bears interest Is S29'
35O, S28.3S, upon which there is unpaid IN
terest due amounting to S4,lSS, l4l.3o, 9see
| the Acts of Assembly for 1S77-'S, page Z5O,
Renort of Second Auditor for September
| 30. 1S77.) All the balance OF what mas Deen
represented to be part Of the public debt IS
bonds OF the State owned by herself, IN her
sinking and literary funds, and being her
own bonds, owned by herself, are, there
fore, due by herself to herself, and there
lore not due ut oil.
II YOU leave the expenses OF conducting
YOUR State government at what they now
are, and maintain your public schools upop
| their present footing, yet it will require you
| to increase your taxes but twenty cents on
the hundred dollars worth OF property to
nav your expenses OF government, to MAN.
tain YOUR public schools, to pay to your
creditors full interest upon what you Justly
owe them, and to provide sinking fund
which will in few years extinguish the en-.
tire debt. People OF Virginia, think OF
that.
Remember that the taxes now Levied 1or
county purposes in most counties equal Tue
State taxes, and in many cities ana coun-
ties are greater, so that where man now
|
tax. county and State, amounts to twenty
dollars: and with the necessary increase
will then amount to only twenty-four dol
lars: or, in other words, taxes will be in
creased so that the man who now pays ten
| dollars. county and State taxes, will then
have TO nav only one dollar more, and the
man who now pays five dollars, county and
State taxes, will then pay fifty cents more.
This slight increase is necessary in order that
the good name and fame OF our state may be
preserved; that we may stand before the
world high and honorable people rather
than one with a furnished credit; that we
may enjoy the material blessings OF people
in full credit rather than endure the curses
OF people without credit.
Ii State is faithless to her obligations,
her loss Of credit has a disastrous influence
upon the pecuniary interest OF every citizen
OF the State. 1t diminishcs and even destroys
the price OF the lands. It increases the price
OF everything which every man has to buy.
The merchants OF that State, when they
90 to New York or Baltimore to buy goods,
coming from a rcpudiating State, are given
no credit on account OF their industry, hon
esty, or enterprise, and can only buy for
cash; consequently, none but persons with
capital in money can do business, and those
whose capital consists in character and en-
ergy are excluded. No money can be Dor
roWed except upon the most eXorbitant
rates OF interest, if at all. Capital goes
from such q society to one organized on
sounder principles, and energy, indus
try, and thrift all seek new fields for their
exercise. Every business interest in that
State suffers from 1.-THE laborer and the
farmer, the mechanic and the merchant, the
doctor and the lawyer.
As a practical means Of consolidating and
organizing all those citizens OF the State
who are in favor OF maintaining the pubic
credit, we recommend that society, SINH.
lar to the one we have formed, be organized
in each county, city, and town, and that an
effort be made to enroll in such society every
person in the county, city, or town, who
We recommend also that this society, when
formed, select some person, fitted by his
talents, his character, and, his courage, to
represent his people in the Legislature; and
in November, 1879, when the next LegIsa-
ture will be elected, that it give whatever
influence it can command towards the elec-
ton Of that person. We have the greatest
confidence that il this plan is pursued en-
ergeticaIly all over the State, the next Le-
gislature will be composed OF members in
favor of meeting our obligations.
A thorough discussion and an exhaustive
canvass on the hustings, through the press,
and by printed statements and arguments,
are necessary for the proper elucidation and
understanding of the whole subject OF the
State debt and preservation OF the public
credit.
Such measures will entail considerable
expense. 1t has been suggested to us that
the creditors OF the State ought TO contrl-
how or burden
but we have rejected all such Suggestions,
being OF opinion that it is due to ourselves
that we should take the entire burden and
expense OF this controversy upon ourselves
and not permit any assistance from any eX-
traneous source-the people Of Virginia be-
ing the sole and only guardians OF her credlt
and her honor.
We recommend that as fast as county
society is formed it put itself into communi-
cation with the central society at Richmond.
Communications addressed to the secretary
will receive immediate attention. 1t is de-
sired to make this society as large as posi-
BILE. Persons desiring to become members
will please send their names to the secreta-
nv. The press throughout the State Is re-
auested to publish this address.
Robert Beverly, James A. Seldom,
A. Fl. Drewry, ]. W. McGehee,
*, ii, DuiaOy, u. d. CclSl3
Rand'ph Harrison, Charles Bruce,
Robt, w. Hughes, Joshua Peterkin,
Geo, w. Palmer, S. S. Bradford,
Jas. A. Walker, j. L. NJ. Curry,
Francis II. Whittle, Alexander RiYes,
WINS. .Wickham, A. Broaddus,
Joseph Wilmer, W. W. Gilmer,,
Thos. a. Carter, Charles 81. Read,
John E. Edwards, William Kean,
VIM. n. Southall, n. C.. MCGEE,
Thos, W, Wood, 81, NJ. Jackson,