The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-28


i bonds which now bear six per cent, interest.
They seem never to have heard that the
JsAited States Government is selling millions
Of bonds bearing four per cent. interest at
par and paying bonds bearing six per cent.
interest, and is thereby saving hundreds Of
thousands OF dollars annually nor that
! Pennsylvania receatly offered for sale eleven
millions Of her bonds bearing five per cent.
interest with a view OF paying off rart Of
her six per cent debt, and that they were
eagerly bought up at a premium Of five per
cent. This was true readiustment!
Virginia can have good credit, and will
have as soon as her people know that but
small and temporary sacrifice is required at
their hands, in order to obtain moral and
material benefits Of the highest character
and Of permanent duration. Many OF those
Hho advocate readjustment profess to dep
recate that which they seek. They declare
that, personally, they are willing that even
the taxes shall be increased, "but that the
people won't stand it." If this be true, it
is the first time in the history OF the State
when she has failed to make sacrifices upon
the altar of duty. Her people Of to-day are
descended from the men who helped to
achieve the liberty OF this country, and in do
ing SO pledged "their lives, their fortunes,
and their sacred honor" Many Of them are
| Tue saLle WHO, III looI lNuch Y iISluGi, ASuo.
ring her material interests and only remem-
bering that she. was pledged against coer-
cion, joined with her sister southern States
to resist it), left home and family, neglected
their property, land entered the ranks Of the
army, and there endured through all OF the
dreadful years H the war the trials, hard
ships, and dangers OF the march, the
bivouac, and the battlefield. The women
OF Virginia who sent their husbands, sons,
and brothers, to battle-who nursed them
in the hospitals when sick and wounded,
and gave them Christian burial when they
fell, like Latane, within the enemy's lines
will never permit these husbands, sons,
and brothers, to stain the honor which they
once so nobly fought to maintain.
All that is necessary is to save from our
present revenues, by strict retrencbment
and economy, as much as we can, or to in
crease our present revenues either by an
honest assessment OF AL OF the property in
increase the rate OF taxation very little,
and we can provide the additional sum
which is annually needed (about S700,0O0)
to meet all of our obligations.
The total value OF the real and personal
property is $317, ,710,S52.75. A tax OF three
fourths OF one per cent. would yield the
sum of S2,3S2, ,S31.5S, which is $794, ,277.31
more than the State derives from the taxa
tion OF property az at present assessed and
taxed.
This increase is the greatest that can pos
sibly be required, and is more than is abso-
!. lutely necessary. Even upon this estimate
man worth $4,000 would have to pay
but tax OF S75 year. The very worst.
then, which the people have to apprehend
is that they will baye to pay, If worth $10.-
| raTs 11o,,
in proportion to the value OF their estates.
Aside from the question Of their duty and
the honor of the State, the interest OF the
property-holder and Of all other citizens
demands the sacrifice. Take, for example,
the land-holder. or what use would his
land be without labor to work it and capi-
tai to buy seed and implements and to pay
, the labor? The better basis OF credit the land
affords the easier can be obtained the capital
by the use Of which alone can it he made
, productive. It's value depends upon the
amount of capital and labor to which it can
afford profitable employment. BY the eman-
, cipation of his slaves the landowner was
left with nothing but his land and bis char
| .acter. They, with all Of our people, were
wont to say, "We have lost all save honor"
| Would it not have been well had we taken
: more thought OF that? And are we not in
danger OF being pointed at as illustrating
:, the cynic's argument "tbat 1t is not posi-
BILE to be poor and yetsbe honest?"
: Freedom to the slave meant division OF
: profits between landowner and laborer
! but that those profits might be made, capi-
tai was requisite. The State had for sew
eral years been the theatre Of war; her sys-
tenn Of labor was deranged; much OF her
best lands were lying idle, waste, and un-
cultivated !; her losses in bitches and fences
alone. amounted to millions; her entire
banking capital was destroyed, and she was
dependent for her rehabilitation upon capi-
tai and immigration from abroad; her mer-
chants were without capital and strained
their credit for that which was brought into
, the State, in the hope that the farm.
ers'& fortunes might be mended, whereby
alone the tradesman could hope ior his own
prosperity. Virginia wanted money and
men; money loaned at low rates to her
landowners, her miners, her manufac-
turers, her millers, her railroad companies,
and all other classes Of her people who re.
auire money to conduct their affairs. She
wanted to increase the number who would
engage in all useful avocations. She wanted
some to lend money upon land, some to buy
Hand, others again to work it as laborers for
hire, that the then recently-liberated freed
: man might see that his freedom meant q
struggle unaided for existence, and might
thus receive that stimulus which was to
drive him by the sheer force Of his necessi-
ties to industry, temperance, and frugality.
How was all this to be attained?
i BY a system OF laws wise, econ omicaI, and
i Just, which, leaving progression to natural
i law would avoid the heoyer-stimulation or the
depression OF any class or interest; that
being based upon such principles would
have commanded respect abroad and at
home, and would have secured not their
evasion but enforcement; but among her
first legislation were schemes to impair the
sanctity OF contracts between man and
mantle stay law, the homestead law,
/, and others-whereby creditors were to be
1 cunpingly hindered and delayed in the
| maintenance Of their rights by process pur-
/ porting to issue from the halls OF justice
and equity 1t is the decentralization which
4 comes from such legislation that causes dis
i honest returns to assessors and dishonest
4 assessments sometimes by them !; that causes
courts and grand juries to wink at eYasions
which are notorious, aNdy forces the honest
man to continue to pay the taxes OF the dis
honest. 1t is the cause Of communism,
4 strikes, and the crimes incident thereto;
! and z from 1T has sprung the present
questioning OF. Yirginia's liability for her
debt. AT first some plead her, necessi-
j ties teas an excuse TO beg from her
] creditors an abatement Of their claims.
/ Now there are those who attempt to set up
pretended equities in justification OF de-
~ 1..>k