The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-12-25

The following circular letter from Thomas
Branch & Sons, brokers and bankers. of
Richmond, speaks for itself. We publish
1t as showing the view that is taken of the
situation in Virginia by gentlemen who hold
the relation to finance they do:
RICHMOND, VA, December 18th, 1879.
Since our last circular q great change has taken
place in the status and prospect OF the Virginia
State Debt
ON the 4th OF November. 1879. square and
most determined battle having been fought up
on the single issue of the McCulloch settle
ment the Deht-Payers were defeated by the
combined forces OF the Regulators and ne
groes.
can Debtpayers were elected out OF one hun
On the Sd day of December they convened ct
the Capitol, and organized both houses In the
REIMBURSEMENT interest.
On the 9Th and 10th of December they proceeded
with solid and disciplined columns, to the cleo
ton Of State Understanding the First and
Second Auditors and the Treasurer.
John Z. Massey, the most astute OF the leaders
is the most important office of the Government,
connected with its finances.
It is generally understood that Gen. Mahone's
plan Is to reduce the nsols and the 1040s to the
same position with the peelers. requiring all to
be funded in new three per cent. taxable bond
having - years to run, coupons not receivable
In order 10 do this it is rumored that he will
have to overcome the Governors veto by a two
thirds majority of both houses
It'll also thought by many that no means can
be found to evade the decision of the Court of
Appeals in the case OF Antoni VS.. Wright. On
this other hand it is said, by good lawyers. that
tn decision in that was erroneous !; that a
case cam be made up which will secure different
decision and ii not, that the decision can he
practically evaded by the issuing of tax-receiv-
able certificates for all expenses OF the Govern
menss rs has been done in the mater Of the
school fund, by which means the coupons will be
SO reduced in value that the creditors will DO
giad TO make new settlement.
the ,sssntion ~ eoGpons for taxes would be SO
obsl ye@feu as to greatly depreciate their value.
am rutng to $3.50 600 in favor of the school fund,
which have been issued this month to the county
sup sintendents will stop all cash from coming
into 4ne State Treasury, and impound it in the
hand Of the county treasurers. The result will
be tat on the LIST Of January. 1880. there will be
on ra ~ 40s, nor is it believed that the new Au-
dItos would apply any money TO that purpose. as
| thers*re very large arrearages due to our char
tthbi Eand educational institutions which must
be ~. and which Re-Adjusting Auditor will
nndlbtediy consider claims paramount to those
II ne meantime the alliance between the ne
groel and the Re-adjusters gives great concern
and seasiness to the Debt-paying party
/ Bgtne united strength OF those elements they
are aouI to displace all the county Judges in the
/ etateanc substitute Judges of their own follow
ing, mo Will appoint assessors in their interest
| to rssnef the assessment of lands and personal
progrty throughout the Commonwealth. The
obleS Of this is to reduce the revenues raised
| Dr fRauon on real estate and personal prop
efts
i Tife nnty judges are also officers OF great po-
Utica " portance. because they appoint the
I JudESsss election, and in many ways influence
Il me ~, l3liticaf machinery.
i tn Z h.'tey,expect to get control of the whole
Il poll ", Macslnery Of the State, and elect two
Il yearssnHsc'e ttae1overnor and Legislature
EhA fsk'aiatureN then elected will elect new
Il aey succeed. tley will elect a court which
the Rse Of Antoni vs.. wright IF ia to.dav n
veryericus question with the Debt n .ving 1ar-
w. wether they can afford ever again ~ naRs a
II dghtiRon the debt Question
rhsssnount funded under the Mec,plloch act
tlHpI1t IS about IS, 1000.
THoMAs BRANCH & Co.,
Bankers, &c.