The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-06
sTAUNTON. VIRGINIA. MARCH 6. 1879.

INA. MARCH 6. 1879.
or one dollar OF arrears paid to asylums and
| schools. will there be fund sufficient to
pay 1890. 600 of INTEREST,"? If the result Of
the re.assessment in 1880 is to beias antlci-
pated by the Auditor, and hrs Judgment
| seems to me to be well sustained by the &C.
tual sales of property throughout the State,
wherever sales can be effected at any price,
there will be falling off in the net revenue
salnounting to 1913, 1880, after discountlng
the proportion Of such sbrinkage in the rev.
enue derived from property to be borne by
the school fund. To make up this dehclen-
cy during the period OF ten years. an IN
crease In the rate of taxation OF l53 cents
on the 800 will be necessary, making the
rate requisite to maintain the net revenue
derived from the present basis OF values,
63A cents on the 500 of property. After
the expiration of the ten years, to pay an
additional per cent. Of interest," it will be
necessary, on the basis OF values estimated
to follow the re-assessment Of 1880, to In
crease the rate of taxation full7 cents more
on the 800, making the rate OF taxation,
from that time forward, II cents on the 500
OF property.
But it must be observed. that this state
menthas been made upon the hypothesis
4 that the whole debt was funded at once
! The bill proposed only suggests that SS,COO,-
900 shall be funded during the current yes
of this IS, DOC, 900 little over S5,0OO,O0O
would be consols and the balance In peelers.
Three per cent. interest upon that Sc, OOO,OOO
would be $24O, 900, and there would still be
coupons upon the remaining s15,00o,0oo at
/ n 6ryrin hn Drp
wear, amounting to 5000, 1000. Making to-
sal interest liability for the first year of
sl,14O,O00. So that during the present
wear, with net revenue 81, Ia. 9S1.3S, cou-
pons would mature to the extent Of at least
81, 40, 900, leaving about $1,000 surplus out
Of which to meet the present floating debt
Of the State, amounting to $765,000, and SO
many of the 100000 past due coupons as
maybe presented for payment. In what
condition would our treasury be between
this and January 1st, 1880, and who would
come forward to aid the Treasurer In his
hercuIean task Of supplying the absolutely
necessary demands upon the State?
Such being the outlook for our payment
of per cent. under the new order OF things
proposed, what is there, we may ask, in the
past Or present, respecting the condition OF
che people or the resources OF the State, to
can pay more than three per cent. interest
is near enough at hand to be determined !?
Ten years in the life of a State brings ordi'
narily as few changes in material condition
as one year in that OF individual. The up
ward progress from poverty and depression.
such as that which surrounds this people to
better and mere prosperous period, is toll
some, weary, slow. If the depression were
local, we might calculate with more conf
dence, but when it Is neither confined to
this State, nor this country, nor this CONT
nent, who can predict the time when a
brighter day will dawn? TO assume to do
more, under such circumstance, than is
justified by the present resources OF the
Commonwealth and the known condition
of her people, will be to embark on sea OF
uncertainty in no wise calculated to give
repose to the subject, and 10 start with
doubts destructive Of all confidence in the
new obligation, utterly subservive OF the
object of any settlement.
l hold, therefore, that there is nothing in
our present condition or future outlook JUS
tifyng settlement at rate higher than
three per cent.
The supporters of this bill advocate it
mainly upon the ground that it saves large
amount of interest. But, as understand
the question, it is not what do we save? but
what can we pay? If this proposed settle
ment. although reducing our annual liabili,
ties, vet requires an increase of taxation, as
have shown it does, 1 would inquire, can
the people of this State bear such an in
crease Will they bear it? If not, or if
we have good reason to believe, from their
past and uniform declarations, that they will
not. is it in good faith, either 10 them or the
bOndholders to enact a law which can only
become operative by such Increase in the
rate of taxation?
But at three per cent. or any other rate, l
would be unwilling to perpetrate, by any act
of mine, the self-executiny, taX-receivable
feature of the present bonds, as repugnant
to the sovereignty OF the State, as derogato-
ry to the dignity and good faith OF the Com
monwealth, and as an alienation of her SOW
ereignty, which it is not in the power OF her
Legislature to consummate. 1t may be that
the expression of such conviction will be
construed as captious or unreasonable OBJ.
lection. 1t may be ascribed to purpose to
defeat settlement. 1t may be said that
the concession of such provision is SINE
qua non in any new arrangementin view OF
That feature in the present bonds. To such
objections have bat one reply, and That is,
that hold the feature in such adherence
would never support it, and am thankful
that hold no public position where my vote
opposing it might interfere with an other
wise practicable solution of the problem.
In this discussion wish to record the fact,
that the difference between the advocates of
this bill and myself is not one OF principle,
but simply as 10 the practicability OF the
scheme, except as to the coupon and certain
other features of the proposed law, to which
l will again refer, for whether the scheme
now up, or the suggestion l shall hereafter
make, be ultimately adopted, 1t must be
compulsory upon the great number of cred
itOrs, who are neither represented nor con
suited when our General Assembly acts
All parties are now agreed that re-adjust
) lneDt is right and proper, and the differences
seem to be confined to the measures anC
mode OF effectlng it; and whether the one
or the other be ultimately adopted, hole
tnat unless such legislation is secured as will
B prevent merely partial funding Of the deb
we will, instead of securing a beneficial set
Element, merely have confusion worse con
founded.
But, sir, will not pause to analyze TIT
logic of those arguments which, starting
with the statement that we owe six per cen
ON our debt, conclude that it is honest Il
pay three per cent, four or five per cent.
with taX.receivable coupons, but dishones
to settle at three per cent. without the tax,
receivable feature In the bond. He is, in
deed, shrewd moralist who can calculate
honesty within one per cent. OF its vanishin!
point.
Barring certain obnoxious and inadmissi
BILE features of the proposed settement, t.
which will refer hereafter, and the tax re
i ceivable feature alluded to, would not paus
: one instant to give it my hearty support,
[ could see as do its advocates the futur
y ability of this State to comply with her TN
dertakings under it, surely and without de
fault. Those who err on the side OF caution
10 as to any new engagement which this Stat
o may enter into, may, think, be pardohed
! not only because our experience with tn
. Funding Bill, and the delusive promise
n ~ held out by its advocates when it was pass
" ed, has been bitter and humilitating to GU
;. State pride but because if we should ad
;, to the blunder then committed, the crime G
y another mis- carriage, / believe the resul
). would be downright and outright organ
+ lied party of Reputation, with every imple
. ment of warfare and victory furnished b
r. our own imbec!li.y or inconsiderateness
:. With such experience. fresh upon us-wit
consequences so deplorable, more than pos