Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-08-27

Our assessments vi property VSoe"'
by the reports of the federal govern
ment are IS per cent higher than the
average throughout the states, and
fraction over 40 per cent higher than
those of the six New England states,
New York and Pennsylvania.
The determinations Of our railroads
place US farther from the markets than
states in the west that produce wheat
at 25 per cent less than we possibly
can. and fatten cattle on corn grown at
10 to 20 cents per bushel. Moreover,
as the final blow to our last manufac'
turing interest, they have thrown our
mills out Of competition, more success
fully accomplishing the destruction oi
this interest under color of law than
Sheridan did it with the torch, the ulti-
mate end Of which will be to make the
farmer cringe still lower at the feet
Of foreign monopoly.
Though our rate of taxation is nOmi-
nally so cents, the whole revenues o.
the State equal 30 cents on the 500 OF
values to which add county and dis
trict tax and we pay over II per cent
each year OF all we possess. Reflect
ing hero that but s millions acres of our
10 millions are productive, We must ac-
cept that more than 3 per cent is re-
ouired to be paid by the producing pro-
perty.
The amount of tax which Virginia
annually pays to the federal govern
ment, IN round numbers, is 8 millions
Of dollars.
The experience Of years has taught
England aud her statesmen that agri-
culture Yields nett but % to q per cent,
and on this she shapes all her financial
legislation. Virginia is no commercial
state and cannot soon become one.
Her prosperity will return when her
people cease TO brag and hope. when
they begin to nurture the only interests
they have, and, like the commercial
voter. mix dollars and cents with their
politics.
might 90 on with such figures ,analo'
gles and comparisons, but these should
suffice the purpose Of arousing to
thought. till other duties allow ME to
meet our people.
ask now, respectfully, what is there
in the condition OF Virginia to justify
the assumption Of such a huge mass OF
debt? The sensitive dollar Will seek
investment III other states than ours.
The Maryland dollar finds investment
at home. with a tax Of lS} cents per
hundred; the New York dollar pays 20
cents +; the Pennsylvania dollar invest
ed in real estate pays no tax. Money
does not, and will not, seek the states
which carry the largest debts and pay
the highest taxes. The funder will
saw we must do this to preserve our
credit. l answer that the credit OF the
states that have equitably settled is
better than ours, and private credit de-
pends upon the individual. 1t is mere
effected by the mortgages in the clerks
office than it can ever be by a demand
for Just and honest disposition of onr
public debt.
Certainly justification is not to be
found in our extraordinary ability. That
norton of the "Old State" we now call
Virginia had $685., ,O99, 1927 of taxable
property when the war commenced.
Now we have a3l3,O00,OOO. Then we
also had s245, $4,000, of slave proper
ty. ssl. .957, 10000 of which was taxed
as personally. Then he had $50, ,4O3,-
1862. 81 interest in internal improvements
Of which we have been entirely robbed
by the class who now hold our bonds
and cry, like the daughter of the horse
leach, gire gire! Then we had sl6,-
900, 900 banking capital, $4,000, 900
circulation and s2O,0oO,OeO discounts
and money on all hands to loan at per
cent. Now we have the meagrc allow.
ance of 60, 200, 900 for the state, ,and this
controlled aud dealt out by monopolists.
Then our wheat average was 3,24S,647
bushels larger than now, commanding
a better price, with phosphates the ex-
ception rather than the rule.
The past, the present, the prospect
for the future as forecast it, all re-
mind me that we must be just to our
selves before we are generous to others.
There are many other features of this
new funding bill which should make it
unacceptable. Prominent among them
il its unconstitutional exemption OF the
bonds from taxation, which is substan-
TALLY adding cents to the property
tax.
1t changes a currency debt into a
gold debt, the most dangerous venture
that can now be made. This policy on
the part OF the federal government was
the Illlad Of many Of our woes and
this same McCulloch, while secretary Of
the treasury, was its protector. Well
has Berkey, in his financial annals,
handed his name down as a "byword
and reproach!"
1t absolutely and beyond hope des-
troys the free schools. 1t is true there is
now a law honestly designed by its
trainers to protect them, but it is not
worth Cancelled postage stamp.
1t is q simple statute. The brokers
bill is declared to be an irrepealable
Contract. Whenever the statute shall
absorb reycnues demanded by the
brokers' bill some lawyer will carry the
news to the Court of Appeals, that ii
"impairs the obligation of contract"