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

New York;, recommending per cent. for
the consol and 8! in gold for all the other
classes of bonds, principal and interest
funded, with coupons, to tie received for
taxes or other dues to the State with sui
table sinking fund. This is set forth in
appendix to this message, marked b.
/ can conceive of only four objections, it
I may so call them, that can De urged
against these liberal recommendations. by
which. in effect, one-third of the annual
interest of the debt is surrendered by the
creditors.
It NAV be insisted that a distinction is
drawn bet ween the holders of conSOls with
tax-receivable coupons, and the other
classes of creditors. l suppose no one
would not prefer that they should be put
upon the same footing, as their claims
have equal equity. But whilst the credl-
tors ask US to pay only two-thlrds OF the
promise, it surely cannot be urged as any
Injustice on the part of the State, when for
the purpose of perfecting the distribution,
those creditors suggest how the common
| fund shall be divided among themselves.
They. representing every class OF indebted
ness. and considering the respective rights
and equities of the parties for and in be-
half of whom they speak, make the recon-
mendation. The objection to its accept
ance does not lie with the State, which
would, if possible, divide equally.
Another objection will probably be to the
tax-receivable coupon feature in these re
concentrations. | hope the General AS
sembly will view this matter as | do, and
consider how utterly unimportant it is
when there are sufficient revenues to meet
them. The trouble that has arisen from
the funding bill is not because the coupons
are receivable for tax S but because the re-
venues are not sufficient to discharge them,
Were they sufficient the coupons, Instead
of clogglng the wheels of government,
would aid business by cOnStitu ing a clrcu-
lating medium. They are the common
mode that enlightened nations have
adopted of announcing their confidence IN
themselves, thereby strengthening theil
credit abroad. Who ever hears OF any OBJ
lection urged against their oeing q issued pS
the United States and the English Govern
ments, and their operations being hamper
ed thereby? Be sure to make The revenue
large enough, and favor will soon attach
To fine coupons, and instead OF their being
odiOus, they will become the pledge tina,
the Commonwealth respects her faith as
she values her life.
Some may seek objection to the funding
: of the interest. No one denies that we
| owe the interest and | am quite sure nG
reasonable man ought to object to that
when those who receive the dement, OF IL
In the same act give up One-thlrd OF thell
whole accruiug interest upon the entire
debt
Another, and the most important in
quiry is, will this settlement demand al
increase of taxation? l answer, it will
answer this decidedly because want NJ
half way OF unfinished settlement. What
, ever conclusion is reached. let 1t be final
so that any future issue on this dreat
question will nevermore Ii t its head to dis
, turb the peace and impede the growth ano
prosperity of the Commonwealth.
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
: Der cent ......... ........ 81 81 $500
The amount from revenues as
they now stand to be applied