The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-19
sl.l44.9Sl 22
2.2J4.Ie6 II

Making the principal of the debt
on which intrres ito nc paid....f32 977O9O W
9th That at 3 per cent. the interest on mis-
principal amounts i'm round figures to 100000.
Now. II The income of the State can oe reliec on
for Si.145,000,a aboye estimated. IL appears mat
TINS amount AT = per ceHt can be PAID, leaving q
surplus OF $4,000 in the Treasury"
The exposure Of these errors would sure
" be sufficient. but there are others just a.
gross. The statement is MADE that the tax
on property in Virginia" State, city,
county. and Federal Xactions"-amOunt,
to SO 335 on every hundred dollars worth.
Is this so? The real and personal property
together under the last complete assessment
was, as have stated. 1919 1898, j59 o.. Now,
81 per cent. on this reaches the great
amount OF SlO,G.S,774. Does General Ma
hone mean really 10 tell the public that the
ncope OF Virginia pay any such sum rs that
by a tax on property? He puts the tax for
the State al S2,i00,000. What are the other
eight millions (nearlyl for! The report OF
the Auditor, already quoted, shows that the
total county aud city taxation in Virginia
was only 81. 367 ,9S6.0l, which would leave
more than seven millions OF dollars to come
in under the head of - Federal eXactonS.'
The total tax on property for all purposes
levied by the State, counties. clile', and
towns only aggregates $3.50 Sl435 or less
than per cent. OF the assessed value OF the
property OF the people. The "Bourbons,
or Fundtr>," are not responsible for
Federal eXactions," if any are practiced.
There is one fact very material to be
known and understood in all this discussion
about the debt OF Virginia, and that Is that
the large amount of 5000, 306.S0 OF il, held
bv the commissioners OF the Sinking Fund,
was required by the McCulOch bill to be
cancelled and eXtingu>hed, and ii was so
cancelled and eXtingui>hed-thus Kidding
the State forever OF that amount. See re-
port OF second Auditor fol- 1879. The Rid
dleberger bill. which is the one the Read
busters passed and propose 10 stand by, fixes
the debt al Sl9, 66j. l0G, which 1t declares to
be the true amount due. Ii scales down one
class OF bonds from one hundred TO fifty
three-thal i, il compels a man who has
bond nf Glass a. as defined by the Nc
CullOch bill, OF 800, 10 take a new bond for
$50 In fixing this sum as the true debt the
LEGISLATURE cOntradcts itself as well a.
General Malone; for in the performance OF
constitutional duty it published to the
VOL Id along with ilS acts q statement fixing
the ..debt proper" at $40, 1861, 9jS 06, and
General Malone, in his published speech
already referred to, put 1t al S32, 917, 900 o.
being so accurate rs actually 10 descend to
cents-and declared himself willing to pay
that amount at per cent. interest, and to
use legislative power to accomplish ii.
How is it that be could fix the amount OF
The debt in February, 1879, at S32 49,
900 OF. and base bis opinion on calculation
50 close and scrutin'zing as TO find an odd
two cents Of principal in such large mat
ter, and vet declare now that the same debt,
not reduced since, a he claims, by any pay
ment even covering interest, is only
something over Sl9,000,000? IL the
claims and assertions OF the Read
busters should appear, As | insist they
do, uusound and incorrect as to the
matters OF the debt and revenues and
expenditures OF the State, are they more
reliable in other respects? They claim to
be the sole and exclusive guardians OF the
common school system, and that the Bour-
bons," or Funders," IL not It's enemies,
are at least not its friends, and have let 1t
anguish and be neglected. Their peculiar
and excessive zeal is OF very recent birth.
They had nothing 10 do with establishing
the system or putting it into operation.
The Constitution Of Virginia provides that
"the General Assembly shall provide by
law at its first session under this Constitu-
I1On Il VI DuDhS i'ct-
schools. and for its gradual, equal, and full
introduction into all the counties OF the
State by the year 1876. or As much earlier as
practicable"
This Constitution was formed in the win
ter OF 1868, so that when the Convention
ordered the school system to be put in full
operation by 1876 they practically allowed
eight years for the work, knowing its diff
culties under all the surroundings. The
first Legislature did not meet till the 9th
day OF October, 1869, and addressed itself
at once TO the undertaking, and put the sys.
ten into operation long before the time al
lowed by the Constitution. As far as ] can
recall now. not one man who is now promi-
nent as Readiuster was member either
OF the Convention or the first Legislature.
That Is not all. The State OF Virginia
having received from Congress landscrlp for
the establishment OF colleges had to decide
how TO use the fund. There was not one
dissenting voice as to the distribution OF one
third OF the amount. The colored people
had a college at Hampton, to which whites
were aot admitted, and one third Of the
money was given 10 that college by uniyer'
sal consent.