Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-09-24

Ana yet we are gravely told that we
should not accept readjustment, 80 a,
to make the annual interest for a mum.
Der of years to be provided for, less
than 5000, 900. If this scheme involves
an increase of taxation, what will be
the result ifthe present condition oil
affairs is permitted to continue much
longer? l reply, in the language OF my
speech made in advocacy of the Barbour
bill, inevitable, hopeless, shameful
bankruptcy and reputation. But doet
this scheme involve an increase o.
taxation? Is there anybody here pro-
posing to increase the rate Of taxation
| do not intend to weary this House
with many figures. We all know thai
the net revenue applicable to the pay
ment Of interest Is largely In excess o.
the amount that will be necessary to
pay the interest on the new bonds
There are arrearages, it is true. and
overdue outstanding coupons, but These
difficulties will be bridged over if the
credit Of the state 10 restored. They
are difficulties that would beset any
scheme of settlement and rcfhnding.
I, for one, don't believe that plan Of
readjustment so favorable TO the com.
monwealth-a plan of rcadjustmeni
that will in tho long RIM save many
millions to her people "A plan Of read.
iustment that will bring peace and
quiet-if peace and quiet are desired
should be permitted to fall through be-
cause there are seven or eight hundred
thousand dollars in outstanding overdue
coupons that might give US trouble.
1t will require time and patience to
fully accomplish our deliverance from
our embarrassments. 1t may require
some sacrifices, but the ultimate bene-
fits will amply recompense us.
And If three per cent. will necessitate
an increase of taxation. why did gentle
men who believe so, vote for the
Bocock-Fowler bill? 1t provided for
three per cent. for eighteen years.
Would not the same difficulties have
been encountered if the creditors had
accepted the provisions Of that act |?
And the bill proposed last session by
the gentleman from Culpeper, provided
for three per cent. for twenty-five years,
and six per cent. for twenty-five years.
And did not the gentlemen who attend
ed the Mozalt Hall Convention, as
delegates, commit themselves to three
per cent. compromise?
A great many gentlemen are giving
themselves much concern about the
assessment of 1880. They claim that
there will be q reduction In the assessed
value of realty at that time of twenty
five per cent. The Legislature that
meets in 1881. will lay the tax under
the new assessment. The revenues, if
there should be falling of in the as
sessed value OF realty, will not be re-
duced on that account for over three
years to come. And in the mean time
cannot the license laws be 20 perfected
as to overcome such reduction lam
satisfied they oan be. | am satisfied
thai the revenues can be largely in
creased from other sources-sufficiently
increased to carry US though without
materially increasing the burden OF
taxation. l am satisfied that 4 moro
economical system for county taxation
can be devised, thus saving 10 the
state, in the aggregate, many thousands
Of dollars. This General Assembly de-
serves the thanks of the people OF
Virginia, for the measures of economy
and reform which it has adopted. But
there are still many such measures
which have been neglected. When NE re-
adjust this debt, within the ability Of the
people to pay interest, we will haye
done our duty, fulfilled our mission
here, and it will be the duty Of the next
General Assembly TO apply the prun-
ing knfe-to Top off all the unnecessary
expenses-to pass such laws as will
secure an economical administration of
the government in all its departments.
Our time has besn occupied almost OK.
clusiyely with the consideration Of the
debt. Those who succeed us here will
have ample time to perfect the work
that we have begun.
But to return to this reduction in the
assessed value of realty in 1880. Sup.
pose that 100000 are required to pay
interest on the new bonds mot so much
will be required), the Barbour bill, the
Readjusters' bill, approved by all the
Readjusters of this commonwealth,
appropriated s595,OOO OF the license
tax, and the revenues derived from
banks, railroads, incomes. and other
sources, amounting to 1926, 900 IN all,
leaving out of the consideration the tax
on property, $500, 900, to the payment Of
interest on the public debt. There 10 no
danger that there will be a falling off
here. The amount will gradually In
crease, if we can rely on the experience
of the past, The revenue derived from
personal property, at lftcen cents on
500 worth, will amount to ut least
10000 more, leaving only 600 TO
be made up from tax on realty. The
net revenue derived from fifteen cents
on the 800 worth OF realty, at its pres
ent assessed value, amounts TO ever
1926. 900. If this assessed value should
be reduced, even fifty per cent. in 1880,
we would still have sl62, 500, or t92, 500 |
in excess Of the amount necessary TO
pay the interest. Istood by the prin-
ciples Of the Barbour bill to the last, II
mean to still stand by it's policy in ap. |
priatlng the revenues. l thought that
policy was right when gave it my sup |
port on this floor, and urged the passage
of the bill. still think that policy 10
right. have heard nothing TO change
my views.
But that 4 per cent. beginning In
| 800 +! and 5 per cent. 10 1910! Why.
The gentleman from Culpeper himself
Introduced bill providing for per
cent. IN 1905. l apprehcnd that not
many of as here will feel much concern
about the public debt when the per
cent. period arrives. When i. does
arrive. if our children can't pay it they
will have to readjust it. l believe we
will be better able to pay 4 per cent. IN
1890, than 3 per cent. now. twill re-
Iure an additional amount of some
100000. l know that the times are
'ery hard. recognize the fact that
much pecuniary distress prevails in
Virginia. We can't stand still, how
ver. We must retrograde or go for
ward. If we do retrograde, our con-
lition will be hopeless indeed, aud when
he four per cent, period arrives, repudi-
.tion will be ineytabls from sheer