The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-01-13

for those who believe there is principle In |
party organization as we'll as offices, as
rewards of party service. Especially is the
holding up of that great bulwark Of the |
peoples rights. the Supreme Court Of
the State, as prize for partizan endeavOr,
to be regretted. OF all things a partizan
judiciary is the most dangerous to the well
fare of State or country. When the peo-
Pile can only secure their rights through the
agency and political influence manifested
in the judges who sit upon the bench of last
resort in the trial Of those rights, then In
Iced will society be resting upon volcano,
and the cause of popular government may
well tremble at the prospect.
With reference to the State debt this adj
dress, rejecting the sentiment and pur-
pose of the Re-adiusters Of Gen. Mahone's
school, presents the Riddleberger bill as
the basis of its settlement. We do not ap-
prove that bill. We shall however defer
any remarks upon this point until our next
issue, when we will lay before our readers
a very elaborate and exhaustive statement
of the whole debt question presented by
Gen. Malone to party OF gentlemen in
Washington, at their request, and intended
for the inspection OF the outside world. So
far as we are now prepared to say that state
ment Ia substantially correct. barring its ref
erence to certain legislation in.lS66, as to In
terest, the resources Of the State and the
ability of the people to pay ; and the motives
and purposes of the friends Of the McCuliOch
Bill. OF this latter we cannot speak adj
visedly, but we will not give our sanction
to an assault, such as Is made upon the
promoters OF that measure, Until we knosc
the allegations to be true The history OF
legislation on the debt question Is traced
from the first days after reconstruction to
the present time. and gives an Intelligent
view of the matter at Its various stages,
which will he read with interest by the peo-
pie generally, and will constitute paper
for reference during the prog ess of the
next State campaign. We 10 not think 1t
is right to an intelligent and fair under
standing of the subject, that the present
reduced assessment of property should be
taken as the basis of revenue at the present
rate Of taxation. That, according to Gen.
Malone, will reduce the revenues some
100000, ii we are right In the assumption
that 80 cents on every 800 of the assessed
values of 1875 resulted In revenue Of
about $2,500.O00. We have not the Audi
tors report before us, but will refer to it
before discussing the question. The point
we want to reach here. is that 1t is not right
| to assume that because the assessors have
chosen to lessen their estimates of values In
1880 as compared with 1875, that that in like
proportion lessons the ability OF the people
to pay. We have demonstrated that We can
pay the aggregate revenue realized under
the present rate of taxation on the ASSESS
ment of 1875. The reduction Of that as
sestment in 1880 does not reduce the re-
| sources Of the property assessed. We are
satisfied that instead of reduction Of In
trinsic values of ~ per cent. since 1875 as
is assumed by Gen. Malone, taking the as
sessment of 1880 as his basis, the intrinsic
oalues have increased 20 per cent, and that
if the same standard of valuation of 1875
had been continued In the assessment Of
1880 the present rate of taxation would
yield near 100000 more than under the
assessment of 1875 We assume that the
whole Valley Of Virginia. stretching from
the West Virginia line in the north to the
Tennessee line in the south. was never in so
prosperous condition-the people were
never. in their history, more thrifty, and
that there has never been as much surplus
means among them. The Piedmont region.
not probably to the same extent. but in q
marked degree, shows the evidences OF in
creased prosperity and wealth. The cities
of the State have increased their intrinsic
wealthin a very pronounced degree. whatev-
er the assessor S valuations may chow in 1880
as compared with 1875. There is therefore
no Just grounds for the conclusion that the
| revenues which have been raised under the
assessment of 1875. must be decreased I'M
der the assessment of 1880. because the
judgment of the assessor for 1880 does not
accord with that OF the assessor of 1875 as
to the marketable value OF piece OF prop
erty. The capacity Of the property to bear
| taxation has not been decreased, but, using
the term generally. it has been increased,
and if the capacity is to be the measure OF
revenues. then there should be an increase
OF at least twenty per cent. since 1875
rather than decrease OF that much. This
must be apparent when the various indus
tries which have sprung into existence
since 1875. and the vast improvement In
stock, increase of personal property and
Improvement in real estate are considered.
We have no besitancy in stating that to
! reduce the assessment in 1880, and because
of this reduction, to assume that we are not
able TO pay as much aggregate revenue, let
| the rate of taxation be what 1t may. as we
paid in 1875, would be false and dishonest.
| Admit this method of calculation. and 1t
ment, were the necessities of party to be
subserved, that whatever might be our ac-
| tual advancement. we would not be able to
pay per cent. on our public obligations
We mean to treat this question fairly and
will not countenance plea OF poverty that
to gain and much to lose by such q course,
looking at it as a mere matter of policy.
Upon principle it is morally and politically
wrong. and we do not intend to stand ST.
lently by and see the people Of Virginia
placed in the category OF bankrupfs. to ex-
cite the aversion and the distrust OF the
world. and bar ont intelligent immigration,
without protest. Whether it will avail
anything or not. we shall discuss 1t IS the
facts. the reason of the case and as our
own best judgment and conscience may
direct. We shall let the country have a
different view of Virginia to that presented
in Gen Mahone's assertion that the highest
possible revenue the people can pay Is
50. loo. 5000, calulated upon the basis OF so
cts. on the 300 on decreased assessme mt
of values 1t is very convenient aud plaus-
ible way of protecting the moral of the Rid
dleberger bill-to measure the amount Of
interest required upon an arbitrary state
ment of the debt of 100000, 900 at per
cent. and by reduced assessment Of values