Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-02-18
REIMBURSEMENT.
A p1LL 10 RE-EsTABLIsH THE PUBLIC
CREDIT.

renOupced the Uasls anu P14nNiPi9o VI
tbe nronosed settlement of the public
debt which are comprehesded in the act
of Assembly approved March IS. 1879
and ,.,;.s
that tle neople of this State will never
acouiesce in any settlement which shall
obligate them and their posterlty TO
raw any part Of the interest upon the
pnblic debt which accrued during the
war and the period Of reconstruction;
and CO, -,
Whereas the principal OF the DEBT re-
eocnized by the act approved March 80,
1871. computed to the lst OF July iol-
lowing, and taken as the debt CT the
State before the creation OF West Nlr'
gi.sa at s45, 7ls,1l2.23, embraced so.
O25.664 Of capitalized interest, which
had accrued during the period OF war
and reconstruction and
whereas every consideration OF
county and and the circumstances OF
war. the immense loss Of property by
the people of Virginia ,asgregaUng five
hundred millions Of dollars, and the
shrinkage in assessed values from sI23,
600 600 to 1886, 900, 900, reducing the
revenues from over ioUr millions to two
and half millions. further justify the
elimination ofsuch capitalized interest
from any computation Of the date and
Whereas the amount OF such capital
lied interest constitutes, las near as may
be. one-ihird of said Indebtedness Sc
compu,ative to July !, 1871; and
whereas legislation assigning two
thirds ofsale indebtedness TO Virginia
and one..hlrd to West Virginia has
been generally acquiesced IN, aud the
principal of the indebtedness thus
wrongfully apportioned to Virginia IN.
der the computation ofthe act approved
March 80, 1871. is,as OF January l,lsSC
All 100. SIP, whereof 500, 300, AL is ev'
idenced BY bonds or other obligations
issued under acts Of March 30, l87l,and
March %. 1879, and hereinafter de-
nominated as Class A, and the remain
der by bonds and other evidence ofdebt
des,cnated as Glass H., BY the act ap'
proved March %, 1879, aggregating as
ofJanuary !, 1880, the sum OF s0,l93,
l24 and
Whereas the holders Of said obIga'
tons ofClass A Except as to $500,
O3O of Glass II. funded under the sa!c
act OF March 2S, 1879, have, for nine
wears. including July l, 1880. received
interest nominally at per cent. upon
49,, third too large by the
capitalization of interest a;
tSEesaid. which reckoned at A. pei
cent. amounts to over $1,000, 900, anc
ought not in equity TO have been paid
therefore the principal of said indebted
ness as it now stands, amounting to s22
9Q9. 447. ought to be reduced by the
amount Of interest so wrongfully CAPT
talized, and the interest thus wrongiully
Maid 10 the holders ofsuch bonds; anC
therefore the principal Of this class O.
the state indebtedness should in equity
be reduced to Sl2. l42, 006, Or at the rate
of s53for every 800 Of the face Of such
indebtedness as is now outstanding
and
Whereas the principal Of that part o
the debt known as Class II. in the ac'
al March %. 1879, amounting, as o
January !, 1880, to IS, 1913, l24, is one
third too large by the wrongful capitah
cation as aforesaid. the same should bE
reduced to IS ,462, 063, or at the rate o
s66. 6C3 for every SlO0 ofthe face oisucl
Indebtedness as is now outstanding
and
Whereas interest for nine years to Is
July. 1880. has been allowed upon the
principal of the debt embraced in Gas:
ii. aforesaid, which principal is too
large By one.third of the amount there
of because OF the capitalization Of inter
est aforesaid. and there is now past-dut
and unpaid OF such interest $3,435 las
therefore il is equitable that the same
should be reduced by the sum ofsl, 474,
762 (that being interest upon the Ole
third principal so wroDgfully capitalz.
edl or funded in the bonds authorized
IN be issued under this act at the rate
CISCO for every 500 OF such past due
and unpaid interest aforesaid and
whereas the equitable adjustment 0
the public debt Of tie State as deter
mined by the application OF the fact
and principles aforesaid fixes the aggre
gate hereof at sl0, COS, 1876; and where
as there 10 now outstanding s7S3, 24I. 81
of past-due tax receivable coupons ant
balances due to the schools, asylums
and on other accounts, amounting T.
some 81, 100000, for the payment Q
which tits Of paramount importanc,
that provision be made in the appor
tionment Of the current net revenues 0
The State and
Whereas the net revenue Of the Stat
cannot be safely relied on for more thai
s2,l65, GOO after the reassessment re
ouired to be made in 1880, owing to tn,
reduction in taxable values estimated t,
be consequent thereupon and certain
necessary reforms in the system oil as
sessment Of property and licenses
and
Whereas the existing rate of taxation
lis Recognized to be the highest that cal
be endured under the circumstances o
the long distress and heavy burdens o
this people, aud the search for new sub
iects OF taxation has been exhausted
and
Whereas the necessary expenses o
conducting the Government, after adop
ting and applying every practicable
measure Of reform and economy, cannot
safely be estimated below the sum Of
5000, 900, and the portion of such esti-
mated revenue due to the public schools
will be $43l, 200, the balance remaining
for the Liquidation Of the public debts
aforesaid. and for the payment of inter-
est upon the bonds created BY this act,
cannot exceed 1888, 800 (; and
Whereas the means Of prompt and
regular payment should be apparent,
and the peoples appreciation of this
settlement should be expressed at the
polls, ID order to give assurance Of the
good faith and performance thereof |;
therefore
]. Be Il enacted by the General Az