The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-10-04

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Skwerable Argument An Fnyor or Et.
The following correspondence explains
itself:
Hon. H.. Dr.. r. Hunter: Y
My Dear Sir,-Desiring the effective chr.
rying-out OF the late law for The settlement
OF the public debt--a matter OF vital concern
to the Commonweath-and feeling deeply
anxious that it shall be endorsed ut the polls
in such manner as to set the question OF
rest forever, l write to ask that you VII.
give me your views upon the merits ana
probable working Of the law. Feeling as
sured OF the great weight 1t will carry on
the subject, will, with your permission
furnish copy of your answer Tor pnollca-
ton.
l am, sir, with tho highest respect, very
truIy Yours. WILLIAM BAIRD.
STATE TREAsDRER's OFFICE
RICHMOND, VA, October 3, 1879.
William Baird, Esq, Loyd's, Essen coun-
ty, Va.: .-1t
MY Dear Sir,-I reply ut once to your
letter of the 1st instant, as you request, ana
may as we'll commence by an extract from
letter addressed on the 2Sth OF August
last in reply to an inquiry from gentle
man in Fairfax. You will perceive have
used Mr.. Taylor's statistics. There is no
one OF nv acquaintance who has had such
good opportunities to acquant himself with
the average annual expenses OF the State
government and its primary school system.
! have faith in the man, and rely upon his
| figures.
A copy of part OF a letter written to 4
gentleman Of Fairfax on the 18Th OF AL
gust, 1879: .......
"You ask if our present revenues will
run the government. including The free
schools, and pay the interest on the new
| debt created by this bill?
"Ii you mean the money collected by the
present system OF taxation and assessment,
| It seems to me that it ought. That amount Is
generally estimated at s2,5G6,000 The in
ferest on the public debt at 3 per cent. is
1888, 1873. Add to this the amount esti-
mated by the Auditor in his statement OF
August 4, 1879, for the expenses OF the State
for the next fiscal year, about 100000, or
even the expenditures OF several OF the last
| fiscal years, which are plainly more than will
probably be used hereaftCr-namcly, 81 ,Q39,
63S-the average actual expenses OF tue State,
according to the Senate Document No. il
| (Auditor's repor), and we have Sl,ES3, 1873,
or S2,022, 1856. Subtract this from $4,000
| 900, rs from annual revenues we deduct
10000 on account OF loss OF tax on cOu-
mons, and the highest figures for expense OF
State will leave surplus of $4,000 for
free schools, which only require $4,000.
When we come to remember that the annual
expenses OF the State can hardly amount to
s., O39 900, and were only estimated by Mr..
Barbour at 81, 100000, We can hardly doubt
that the revenues, according to the present
system Of taxation and assessment, Will
meet he annual demands for interest on the
public debt, the expenses Of the State gov
eminent, and the free schools upon the
present basis.
"This, suppose, is all that could be de-
manded OF the bill. Into the question OF the
artificial debts that may be due the sinking
fund, the literary fund, and the free
schools, do not enter, nor do understand
you to ask me 10 enter. These are matters
which the State will have ample time to
settle, and which it may settle according to
| its own pleasure. I repeat that / do not
understand you to inquire whether our
present revenues will pay all the temporary
debts settled upon them and all the current
demands for supporting the government.
conducting the free schools, but only the
last-that is, the annual current expenses.
eff large enough to pay all. it must be too
| large; for if large enough to pay it all this
wear it must be large enough each succeed
ing year, and thus produce an annual sur
plus equal to the debt which has been
all eady paid.
"By the way, the Auditor informs me
that the receipts OF revenue up to this time
are larger than they were for the same Pc
| Rod last year,
There can hardly be doubt, then, that
the revenues of this year will be enough for
its current expenses without regard to debts
which may have been contracted in previous
years.
You informed me w hen last saw you
that public speaker at the last Essex court
insisted that I was Il Readjuster, and in
ferred that | was an opponent OF the Nc
Culloch bill, basing himself Oh letter
written by me on the 21St day OF April.
1877, for the Patron, and published in the
Whig not long ago. How he could justify
such conclusions from that letter am at a
loss to conjecture. When wrote that let
ter the State OF Virginia was mourning
much censure from the fact that the holders
OF the "pceler" bonds. constituting about
one third of the public debt. received not
one cent OF interest, whilst the owner or Il
bond with a taX-reccivable coupon was al
lowed TO collect all that he could from the
revenues of the State. 1t was said that sub
stantiallv the holder OF the pceler BOND
was rcDudiated in being thus virtually
refused all interest, whilst the holder
~ the tax-receivablc coupon was al
lowed TO collect as much OF his claim
os possible from the public revenues, and
this whilst the one had funded claim o!
no higher or more sacred obligation than
the other, but both rested their titles to
payment of interest upon claims OF equal
dignity and obligation. Feeling that there
was too much truth in this, and that the
State might be subjected to charges, now
and hereafter. which it would be Disagree
ableto all who valued her good name to hear,
cast about to see il there were no remedy
for this evil, which it seemed to re that al
good sons of the State must desire 10 avert.
1t struck NE at once that her first duty was
to support the State government and pro-
tect the State from anarchy-thc most sa-
cred OF all obliGations-and then to divide
the balance OF her revenue amongst
her creditors, who were equally entitled,
accerdin. TO the consideration OF the public
debt and the manner OF mourning the same.
That it was the first duty OF the state 10
support its government and protect society
from anarchy have heard no one deny Ii
strikes me that il would require no little
face to do 1t. The distribution OF the bal
ance OF its revenue amongst allits creditors,
and not favored class-iavored by c!rcum-
stances and not By merit->eems to me TO