The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-13
AIrllr,laIld lspatrh,.
MngnaY JANUARY 1Sn,s7a.
The state Debt.

The letter OF Mr.. Auditor TAYLoR,i
in answer 10 a resolution OF snquify as
TO the amount OF interest that could be paid
,rpon the State debt frem the present rev.
enue, has no doubt attracted general alien
ton. Mr.. TAYLOR gives Il as his opinion
that the present rate OF. taxation aWiii
ayield sufficient amount Of revenue 70
"pay .fosv per ccata'n interest upon tae
- public dsbt proper, PROVIDED THE PRESENT T,
I" ASSESSMENTS or PROPERTY CAN BE A AN
aTAISEp.o DE remarks that It IS feared
that in the reassessments OF 1880 there Will
be a . falling off in values Of from twenty
to twenty-five per centurl upon real estate,
As since the war there has been . reas-
stssmens OF all the lands Of the State. 1t can
MOI, be that reduction OF landed values
wiz include all lands. But even IL 1t does,
reduction from this source, the Auditor pro-
perly concludes, may be made up from DINER
sources. So 3,.ts 5s.
Mr.. TAYLOR alIudes to other sources OF
increase thus: aThe reduction in legisla-
"tiye expenses by reason Of brennan SEES
g sions, the reduction in the annual amount
COZ criminal charges, the reform and re-
"trenchment policy inaugurated at the last
escssion of the General Assembly y; andwe
will add to this list Of items which promises
increase Of revenue the tax on liquors. AS
proved by the results Of last year, were the
MoYrETT law faithfully enforced and the
tax honestly collected, it would yield mil
lion OF dollars. That alone would prevent
any deficit which might otherwise be occa-
stoned by the reduction in the assessment
OF lands.
The reduction Of twenty-five per cent.
,Ipon the value Of lands and no reduction
on the personal property in the State would
cause deficit OF little less than 100000
in the revenue OF the Commonwealth. Now,
the liquor tax faithfully collected will in
crease the revenue by greatly more than
that sum. Therefore we feel entirely salts"
fed that Virginia can pay four per cent.
upon her "debt proper"
With her capability we cannot see that
there is any serious difficulty in the WY OF
an agreement between the State and the pup
lie creditor. Certainly we have no reason
: to believe that any lnsuperable dlhcuity
will be caused BY the disposition ana views
of the public creditor.
And here we take occasion to say that the
foreign creditors OF the State have displayed
the most cousiderate aud kind feeling Tor
Virginia. In the consultations that nave
taken place between the bondholders ana
any representative OF Virginia they have
not uttered a hard word; but, on the con-
trary, they have always expressed both re-
spect and sympathy for her. They have
freely and frankly stated that, situated as
Virginia is, having been the point OF con-
centration OF the fearful civil war, and nav
ING fallen under the very disastrous effects
OF that war, she is entitled alike to sympa-
thy and iorbearauce from all having claims
against her.
Not only this, but they have manifested
an earnest desire to meet Virginia face to
iace through her representatives, and to
confer with her upon the question OF SET
Element embracing the just grounds fixed
by fair, civil, and generous Judgment.
What more could our State, our people
the debtor-expect or desire ?
Now, how have these demonstrations been
received? We do not think properly, by
any means. The representatives Of the
people have been slow. They have been
hesitating, and they have been disposed to
cayil and to raise matters frivolous into the
dignity OF Masquerade obstacles. Upon the
question OF conference and consultation we
have Just seen that gentlemen show dispo-
siiion to fix basis OF settlement without
consultation and without conference.
Would that be fair, would it be civil, would
IL be Virginian? This indeed would be
falling into the rut Of ''enforced equity"
which JOHN LETcHER called can absurdi-
twas it deserved to be called; for what
sort of equity would that be which should
be dictated by and enforced by one party to
a contract without the consent Of the other?
"Absurdity" is mild term for it.
Now, let us hope that gentlemen who hold
the high position Of representatives of Vlr-
pinia will descend to nothing so offensive
in the eyes Of the world. They should take
care that they commit no outrage upon
right and propriety. They should be care
full not to commit themselves to anything
inconsistent with right and at variance with
the usages of law-abidinS communities.
The public creditor OF Virginia has emit.
tied himself to her respect. In addition to
his claim upon her for the money with
which the public works she is daily deriving
benefit from were constructed, he has acted
fairly and considerably, and even now man
ifests his generosity. Assuredly to return
for that treatment illiberal and unfair egis-
la,ion should and would receive the censure
Of the world and afix stigma upon Vir-
ginia that future generations would suffer
from, and that it would take long time to
etface.
We repeat, We hope that the Virginia Lee
gislature will repudiate all idea Of an unre-
cprocal demeanor towards men to whom
we owe nothing outside OF civility and kind
ness except money. No man can properly
discharge his public duty who fails to keep
himself intact and unembarrassed so that
he shall be able at all times to do whatever
the public welfare and honesty and practi-
cal wisdom may dictate.
we believe that the condition OF the
State and the disposition Of the public Gre
ditor make it entirely practicable to settle at
an early day the debt OF the State upon bar
monious and satisfactory basis. Nothing
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