Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-07-08

'NAS SAaa VIII uiahr CtCce>afN
temporary increase Of taxation. but 1t
: il! hnl last longer than any increase
our own terms would have necesitated,
inside the ten year period. In the
lap between the new and old bills
there will be certain arresrages that
may call for temporary increase
The weld between the two systems
will be likely TO leave a bulge, or
swell which We ought TO get over
pretty soon. The four per cent. peri
Cd is little too fer ahead Of us for any
safe calculation. but even the four per
cent period will be no heavier than
the present coupon interest on The
consol debt, which We are actually
paying. The question will then de.
pend on the condition of the State at
that Tina. With very moderate de
gree Of reeuperstion, any increase
then ought to be unnecessary. The
five per cent. period is 80 years Off
Most Of rs now Old enough to vote in
this campaign will then oe dead. aud
our power, or duty to look after the
future is one in which the question Of
Limitation enters as ii does as to most
Of our responsibility for the past.
Moreover, il the credit of the State
should then be good, and surely 81
years is enough for that experiment.
we csn then easily borrow money AT
four per cent. TO pay off the five per
cent. bonds, as the Federal Govern
clent has recently done. Practically
| consider the bill one at 8 and per
cent. II is not 10 be forgotten too
that. even If we cannot demonstrate
a remote increase under this bill i'm
probable. such must even more 80 be
the case If we should repeal and 20
back 10 six For then, even il we
should repudiate the peeler interest,
the cnnsoi interest on two thirds of
the debt alone would make for ten
years q much heavier burden than the
McCulloch bill does.
The sponsors for The blll-those who
voted for it, have declared and de.
claimed that il will not increase tax.
alton. II it does, then they are to be
held accountable for it.
II is alleged by some Of our friends
that this bill destroys the school fund.
This charge is one which my calcula.
tion does not sustain. The bill pro-
vides That no funding can be done IN
der 1t that does not bring The bonds In
the proportion two consols to one
peeler. So that three bonds are the
least number that can be funded at
any one time. II only three bonds
should be funded under the Till. il
would increase the amount OF money
available for free schools. Take the
case Of three one hundred dollar
bonds presented at one time. On two
OF them the bondholler is now get
ting 10y bis tax.receiYable coupons six
per cent. or tuclrc dollars. The other
peeler bond We ray no interest Oh.
simply because the holder cannot en-
force lis collection. But the Si2 on
the other two We are paying aud must
pay. AS soon a. all three are funded
under the McCulloch Bill all three of
them draw from us three per cent or
nine dollars. Leaving three dollars
to 60 TO the support of Free schools.
IT IL as clear as cloudless noon that
every pair Of bonds funded under hi.
bill saves 10 free schools about one
fourth Of the interest We are now ac.
tually paying. II Is equally as clear
that II we repeal and 90 back to six
per cent. the schools " III remain clos
ed until we can devise and pass a bet
ter bill. To repeal now will keep the
schools closed until the administration
n a new Cover or shall esccgred.
WHO Will favor repeal. When
that shall he no one can accurately
foretell The same power That "a, i,s
foot on the Barbour Bill, will surely
set its foot on any Till repeating The
McCulloch Bill. The vcto still con-
fronts az.
Third. The proper course for Read.
iusters to take in the next fall cam
paign seems reasonably clear 10 my
mind. Let Us not force any extreme
or factiOus, or fruillCss issue that VIII
further divide our ranks, and deprive
Us OF all participation in the fruits Of
our labors. 1t is perfectly certain
that considerable portion Of our
forces will not 60 for a repeal Of the
bill. To force such an issue now will I
tend to drive all such 10 increase the |
strength aud solidify the ranks OF The f.
late fuuders II will simply make
party OF them and cause them 10 co.
here ~ such. II will open upon u
the charge that after demanding Re-
adjustment, we refuse to take single
step towards Il under the plea that W.
wish to take longer one. II viii put
us on our defense against the charge
that we are after political align
ment. aud not after relief to the PEG.
pie. II will cause our ranks to dlsin.
tegrate under the square defeat We
thus provoke. II will fasten on US
the od!um Of bad management at
least.
Imagine not that | am per sc The
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