The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-11-26

Mate until ,re sbo,r a disposition fopdy our
debt. IL every landowner In the state
would surrender 10 the Stae one eigbtn Oh
his land, TO be applied to the liquidation OF
The principal Of the State debt, he wou'd
make money by the operation.
Tn the first piece, me present arrangement
by which one fifth OF the isx on roe. estate
Is devoted 10 schools must be changed, and
the proceeds OF the land.isx should go first
10 the discharge OF cue interest on our debt,
and any surplus then remaining may be
turned over to the school fund. Assuming
that the recent assessment OF real estate VIII
amount TO 1920, DOC, 900. the tax VIII yield
81, 100000, OF which 100000 VIII be re.
quired to pay the interest on S30,0O0,OOO OF
debt at 3 per cent. This rate OF interest
should be adopted on oil bonds, whether
funded under the McCullocb bill or not.
The personal-property tax and licenses VIII
| pay the ordinary running expenses OF Tue
Government. A method for supporting the
ptIblc-s chool system will be mentioned alter
awhile.
We want now 10 provide a sinking fund
| bv which the principal OF our debt VIII be-
| Gin TO be paid Immediately. Nothing but
prom ptness will now convince our creditors
and The public generally that we are In
earnest In our efforts 10 discharge our Obl-
.:aiions. Nothing but immediate ana Tan
qible results VIII, after all the dallyiEg and
| inconsequential action that has been taken
on the subject OF the State debt, restore our
credit, 9n1 with our credit our prosperity.
Let the people, IN convention assembled,
| by an act Of their sovereign VIII, invest Inc
State. e., the people collectively in tbesr
corporate capacity-witb dO,oer right OF
one eighth in every piece Of real estIte
within The borders OF Virginia; this TO be
estimated upon the basis OF the assessment
of 1880, and not be altered by any subse-
quent assessment. On the death OF The
present occupant, or in case OF his aliena-
ton Of his land during his lifetime, let this
eighth be paid in cIsh by the heir, legatec,
or purchaser. to The county treasurer, re-
ceiying from him a clear receipt for the
| State taxes due on the said piece OF prop
erty for thirty years following. Let The
| county treasurer forward the amounts so re-
ceiyed to a special receiver In Richmond,
who shall on the first day OF every month
for the first day OF every quarter may be Of
| ten enough advertise the amount in his
hands, and call for bids from The bond
holders, the lowest bidders having their
! bonds paid and cancelled.
THIS plan will work injury TO no one.
The heir or Iegatee will fnd the seven
ei9hhs Of bis estate more valuable TO him
than the whole would be il land is allowed
to go on dcpreciating at its present rate,
which it asslIredly will do unless some steps
are taken to restore our credit al once. No
thing but "berOic Treatment" will avail
now to save Us from bankruptcy and ruin.
The day for tempOrizng is past
The purchaser Tor the heir If he retains
the laDdl viii receive an equivalent for his
cash advance TO the State in his thirty
years exemption from all taxation for S'ate
purposes-not taking into the account what
he miQh make out Of this cash payment il
he invested it in his business instead OF
handing into the public treasury: the re-
storation of his individual credit, which
has suffered i'm connection with the damage
to The credit of the State, will more than COM
pensate for the interest on this prepayment
OF land taxes.
The loss of public credit affects the indI-
yidual in this way. Our merchants cannot
get credit at the North, owing to the mis-
trust with which Vir9inlans are regarded.
ConSc quenlly they cannot extend credit TO
their home customers. Even our wealIhic>t
planters can seldom get credit for longer
than thirty days. The old plan Of yearly
settlements is entirely gone by the board.
How this restriction OF credit hampers the
The productive encGies OF an individual and.
a community will readily BE- seen. II cur
fails producing power one half. For observe
that mans producing power i composed
Of two factors |. His own cIptaI. . What
additional capital his credit enables him TO
command. In a healthy state OF society
that is, where there is confidence repOSed
in the business integrity and capacity or
members OF that sociely-a man with a
thousand dollars capital ought TO be able
TO borrow an additional thousand, or have
credit to that extent granted him, so that
he would not have to trench upon his cGpl-
tai TO meet current expenses, but might in
vest it all in his business, thereby adding
to bis producliveness, and enabling him to
discharge his obligations at the end OF the
year out OF his earnings.
Credit, iudciously gwen and prudently
used. is Il great instrument Of production
a blessing to society-wbch no sound pO-
Iitical economist would desire to Danish
from the commercial and other industrial
pursuits Of mankind. II just about dou-
bes the productive results Of mans labor.
As we have said ut the outset, what we
need in Virginia in order TO remove the
load Of debt which is bearing Us down is
production without more capital or its
equivalent, CIR DIT. VOita tout. There you
have the whole matter in nutshell. Hence
the necessity OF making payments right
atody on the principal Of our Gebt. The
regular payment OF interest viii not suffice /; |
for who knows bow long this regular pay |
ment will continue? But Incorporate into |
the Constii utiOn an amendment vcsliug in |
the State the ultimate title 10 one eighth Of
the present assessed valnc Of each piece OF |
real estate within her boundaries, with Il |
prOyisO forbddiDg the repeal OF this enact |
ment until after the debt is paid, aud who |
does not see the upward spring that our |
credit fortunes. both State and individual, |
VIII at once take!
There are various details OF the scheme |
that will have TO be elaborated, and sundry |
objections removed; but this general out
line OF the scheme, iftaken in hand by prac-
Iica legislators and lawyers, can easily be |
worked into suitable shape.
CHARLES Don.
Diphtheria I'm Brooklyn.