Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-07-30
To the Peopie of Virginia

The Convention which assembled in
Richmond on the Sth day of August,
1877, adopted platform that declared
in favor OF a Re-adjustment of the OBJ
legations of the Common " ealIh,
(which should bring the annual inter-
est upon our entire indebtedness with
in the revenues of the State derived
from the present rate of taxation, and
do equal Justice to all classes of the
public creditors" and which urged
that lin the selection of members Of
the Legislature the people should elect
their Representatives with view =
to their ability to deal with the
difficulties presented by the financial
condition of the Commonwealth u
In the canvass that followed. the final
deter elimination and Re-Ad justment of
the Public Debt upon such u basis
formed, in a decided majority of the
election districts, the single issue and
in the elections held, the people Of
Virginia, by an Overwhelming ma
jority, endorsed aud ratified such de-
claratiOn Of the Richmond Platform,
and did Significantly proclaim for such
settlement of the debt. OF the MEM
Ters chosen. nearly three-fourths were
under pledges more or less specific, TO
deavors to such REIMBURSEMENT of the
debt. The nominations OF the Rich
mOnd Convention were made with
out reference to this issue. it being the
manifest spirit and intent of that Con-
ventiOn TO remit the whole question
OF the Debt to the people, to be dealt
with by them in the selection of Rep
resentatives to the General Assembly,
and by that branch of the State Gov
eminent to be treated and disposed of
definitely, without let or hindrance at
the hands of the Executive, yet invok-
ing his cooperation. In pursuance
whereof the undersigned, your Rep
resentatives, during the late session of
the General Assembly, did diligently
devote their time and earnest thought
to the framing and perfection of such
measures as would execute the pOpu-
lar will in that respect, ascertaining,
and for the first time definitely, the
amount and condition of the Public
Debt, and the maximum income of
the State under the existing rate of
taxation, when every possible reform
and reduction in the expenses of adj
ministratiOn, compatible with neces-
sary efficiency, should have been in
stituted. 1t was ascertained
l. That the debt, as determined by
the Funding Bill of 1871, including |
interest during the war aud during the |
period of reconstruction, already capt. !
taliZed and taken to account in such |
determination, stood on the 30th of |
September, 1877, at $50, 924, 343 SIS prin-
cipal, and S., 296, 500 % past due and !
unpaid interest, or at SAL 300, 752. as all |
told and if the decision of the Su-
preme Court of Appeals in the case of |
HigginbOtham VS.. The James River /
Company. binds the State, and is con- |
tended, for that portion of the Debt |
arbitrarily allotted to West Virginia, |
then the debt actually amounts 10 |
sirty-f10O millions !; if, on the contra |
~, such is not the true construction of |
the opinion of the Court, in that case,
ihen the Funders are entitled to the |
credit Of having effected the repudia- |
ton of such portion of the debt
2. That there was due and unpaid |
las of the Both September, 1879 of !
revenue dedicated to the Public Free
Schools, the sum of $3.50 ,003 80.
3. That the maximum amount of
gross revenue upon the basis of the
existing assessment and rates of taxa
ton would be no more than 50, 449.-
2l4.64
4. That the necessary current ex-
penses of government, after deducting
all savings from the measures of re-
form and reduction proposed, would /
not be less than S956 600, as near as
may be.
8. That the proportion of such
yearly gross revenue dedicated TO Free
Schools would bee S497, 7S2.
g. That after 4pduatipU tho raoacca- !
ny minimum amount for preserving
and running the government and the
sum dedicated to Free Schools, there
would remain available for interest
upon the principal of the Public Debt.
taken at $50, 779, 07l.63 (by discarding
the SIS, lac, 27l 80 held by the Sinking
Fund the sum OF 1906, 432 60, equal to
about 3 per cent,