Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-01-25
MALONE SPEAKS.
His Views and Those of the Re-
adjuster Party.
THE PUBLIC DEBT or VIRGINIA EXAMINED
AND DETERMINED--wITH A HISTORY
OF THE VARIOUS MOVEMENTS
AND SCHEMES OF SETTLE
MINT IN CONNECTION
WITH IT.



The great concern manifested every
where In the particularly interesting po-
lltical situation In Virginia, and the
widespread misconception which seems
TO prevail outside the State as to the
real status of her public debt and the at
titude of local parties toward 1t, recent
ly led several gentlemen representing
various sections and interests, to seek
an interview with Gen. VIM. Malone,
United States Senator-elect from Vir-
giuia, In which he was asked to impart
TO his interlOcutors for general benefit
his views on these subjects, with special
reference TO the much-mOoted debt ques-
tion. 10 this Gen. Malone readily as
sented, expressing his pleasure, indeed,
mt an opportunity which enabled him to
vindlcate Virginia and her people about
matter that bad been grossly misrep-
resented. 1t isa
LARGE SUBJECT.
and a long story, said the General, but
80 correct and enlightened understand
Ing Of 1t, its history must be told. In
1861, ut the outbreak of the Civil War,
Virginia possessed u territory one-third
larker and population one-tifth greater
than she does to-day. Then she held
large and valuable interests in the Pub
lie works and the banks of the Common
wealth-her share in the latter alone
contributing annually $3eS,S5 to her
Treasury. These were either destroyed
or impaired Mt an absolute loss to her of
full forty millions Of dollars. Then her
people we're In easy financial circum-
stances and prosperous, the owners of n
large property, of which In personality
alone they have suffered direct depriva-
tion to nm amount not less than five hun
dred millions in value, much of which
was taxable. Then the property of all
kinds assessed with taxes in Virginia
was greater than now by 3l7,660,0O0,
aud now amounts to only $2G7 ,439, 900,
and then her public debt was S3l 1885,
900, with an annual liability for interest
Of 81, $50, 900, while the McCulloch Bill
would arbitrarily impose debt OF $685.
qa8,67l upon the Virginia of to-day,
ehorn OF her territory, decimaled In her
population, and beggard In all her re-
sources! debt greater than that of any
other State OF the Union, to crush and
paralyze the State which suffered most
Of all by the war! The
REVENUE OF VIRGINIA
In the year IsSo-ls00, on levy of forty
cents upon the one hundred dollars OF
assessed valne, WAS 81, 3,9J6,S7l. In 1851
'Bl, when every species of property Is
taxed, her revenue cannot be counted
upon for more than $2,l00,000 net, al
though The levy Is now, since 1871, fifty
cents. And whereas formerly the state
layy OF forty cents was substantially the
whole extent of our public burden, now
the aggregate Of city, county, state and
Federal exaciIon equal a tax OF 3l3 PEI
cent. on the assessed value OF property
or $685. cn every one hundred dollars
OF our taxable value.
The expenses of the State Government
now, under the most frugal adhilnlslri''
tion, cannot be put ut less than 81 400
900, the constitutional charge OF the free
schools, and averaged about 81 ,OOO,0Ou
until the Readjusters came into power
Yet eur Interest account, under the Mo
Culloch Bill, would stand for the yeal
1879 NJ al, ,2g9, ,1gl; for 1880 at 81 1885,
I64; FOR 1881 at si,093, ,lGi; for 1882
at al .OO8, ,Ol2, and for 1883 and eacl
year succeeding 10 1890, ut $ogO,SOo or
if averaged for the ten years, at 20. )
$50 a year. For the ensuing twenty
years (at 4 per cent? the annual il'er'
terest would be 81 1925, ,l47; and ior IN!
remaining ten years under the biu (at
per cent. IL would be 81 ,60l ,333 year
and this the Funders are wont TO cali
three per cent. settlement--N3, 4 ana b
The utter impoesibility OF meeting mere
" the average annual Interest demand o
rnE M'cuILocn BILL,
even during the period of lbs loves
rate, need not be discussed, Wneh u
apparent that, after defraying the neGes
sary expenses Of government, including
support Of the schools, to larger ahllua
eurplus can be safely relied on thal
S7O6, 900. And when we are 1T oho'
confronted, moreover, with an urgen
floating debt Of a., ,b52, ,372, which com
nrisea Sl. .bOl, ,2ib of school money divert
cd during former years, $0O,4 OF ac
orued interest on college ondowments
al0. $40 due the Literary Fund from line
dlyerted. &l03, ,00i, Of outstanding war
rants aaalnst the Treasury, and $1s3,
a9l of over duo, eclf-cxecutlng, TAX re
ccivable coupons. 49,, A..
II was In the year 1sG0-07 that tn
matter of vlrginia's debt was first con
adhered by The General Assembly. ina
was the first Legislature elected after th
war. AZ time when the partition OF IN
state. the loss of population, the de
atructlon OF values and the impovcrish
ed condition Of our people were meme Q
them properly realized. Yet that hs
semblv. etrangely enough, before IL
.--..is.,..ciaa had hapn consulted upOl
the subject, and whom our circumstan,e,e
were not understood, Inshiy ana WIN WIN
out due authority undertook 70 snouluc
the entire old dobt of undivided virgin
"a. with all In accumulation 81 overuu
and unpald Interest that had aocrue'
amce the beginning Of the war, and Y
canltallye the latter and Interest upol
that as additional principal. Nay, y
far from being authorized TO assume thi
.Iebt. the very Constitution uudcr whlo
N acted tthat of Alexandrla) dlrecte,
that the bcbt should be first adjusted
with Wcnt virginia. The same bod
which 40 improperly assumed the deu
and its accumulAtlone also appointed
Commiaslon 10 negotiate fer the iotllr
III Wcat Virginia within our bounds an
,uyIadlctlon, 80 little did Our representa-
3ive men, our public lenders, then coni
,rehend The real facts Of our situation
o, was N until after the complete fail
IRE OF thIs effort 70 restore the inlegrlt
on o,r former limits that our politician
and our legislators began 70 nnuersla,ll
and measure the permanent uisrupuo
~ our territory m Que Of the numcrou
ve,ults of the war tlut too many Wei