The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-30

discount OF twenty per cent. allowed, TINS
al ,9g0. 600 oi coupons, sold 30 as 10; e9Taitze
With cash, would only realize To The bond
tofders, ut seYenty cent?, ss40,000; and af-
ter using the whole 81, 900 OF these tax.
receivable coupons for taxes there would
remnin 100000 balance. which, at
twenty per cent of for cash, would
make the annual saving to the people,
ON the present basis OF $2y5O0,0O0, OF
5000. Thus, while. the taxes were
nominally increased twenty per cent, yet,
under the twenty-per-cent. discount for
currency, the reduction in price OF tue SIX
per-cent. coupons (which would be ineYita'
BILE in order to compete with currency as a
tax-paying medium) would save the people
$4,000 year and put $4,000 more IN tue
State Treasury annually than Is received
under the S2,500,000 basis. This would be
ample to pay interest on the debt Gy the use
OF coupons; would support the state gov
ernment and preserve the pubic scneois !;
and when the debt was funded INTO The
four-per-cents the twenty-per-cent increase
could be annulled and no nominal leven)
increase of taxation made, Tor the recclpts
would be ample for interest, government,
and schools-the administration OF State al
fairs conducted with efficient economy and
the Commonwealth not made to pay $40 Tor
convicting twenty GVe-cent chicken-thief---
as is now often the case. Now, II fund
ing law containing the details as herein
stated is passed early in the session OF, the
LEGISLATURE soon 10 meet, and the expenses
OF the government OF the State are reduced
in all its departments to the Gnte-6e'lnR
figures land there IS no good reason why
they should not be, for everything else is
corrcspondinsly low. and u law is passed
removing the existing restrictions by when
real estate is made valueless almost as q Sc
curity for loans, and establishing its value
as a collateral as much SO as coupon
United States bond, then, in my Judgment,
q great step forward in the material ao-
yanecment of the State and her interests
will be taken; and | am sure the people,
upon fair presentation OF these questions,
would with great unanimity endorse all
these measures as being necessary ana eX-
pedient. -,
To those who don't know NE I will say
that believe it to be right to pay Just
debt, and have never been repudlator or
forcibe readiuster; and | say now that de
not believe the people OF Virginia, especial
" the farmers and country landowners, are
able to DO more than they are now dolnS,
and no rejecting, reasonable person would
fully performed, and at the same time the
value OF good credit and fair dealing should
be duly considered By all, for they are OF IN
estimable worth / doubt not that ii fair
funding bill was passed in accord with the
outline herein that many bondholders OF
broad, liberal views, would come FORWARD
in a spirit OF masnanimity and convert
their bonds without hesitation, while there
are other holders who would not FUND until
measures making it to their interest to DO
so were incorporated. Both OF these views
have been considered, and sought to be
provided for in this outline OF funding
act.
There was time when Virginia's credit
stood very high. That credit may be re-
stored. and she may need it at no distant
future; and trial alone can test its value.
With her diminished cash it is the main CAPT.
tai OF her people, and while times are hard
and debt large, and taxation heavy, Virginia
and her Just creditors should come together
and fairly settle this debt and then meet it
according to her ability and its tenor. More
than this cannot be expected from any con-
tract. 1t is clear that something Will have
to be done at the next session OF the LeSis-
ture to increase the revenue OF the State, IN
order to dcfray the expenses OF the Govern
ment and support the public schools, which
are dear 10 many OF our people, and one OF
the best dcfcnces OF State; and while the
burden Of taxation Is borne by capital and
property, it would be scarcely polite or
Just TO array any Of our interests in antag-
onism, for this would make elements OF mu-
tua interest still fu. Their increase the pres
cnt distress, but by wise, considerate action
the menacing dangers may be warded of
and the questions settled without any real,
.perccptible increase Of taxation. The adj
vantagcs OF permanent settlement oil these
vcxed issues, in a way honorable and salts
factory to all parties, are zoo prominent and
patent for application, and while this plan
OF funding the debt, as pointed out, may
have objections TO both sides. yet it is one
OF those matters which can only be adjusted
by compromise, else there is danger OF that
extreme action which is always to be de-
plored, and which so often results in dam
age, and is generally remembered with re-
gret. A. w. D.