The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-01-20

State has greatly improved Within the past
Eve years; that the capacity OF the people
sto pay is at least equal to what 1t was in
amounted to $4,000. 900 then. there is no
ounl reason why the same, II not great
err amount, should not be realized now
The fact that about this amount has been
paid each year for five years most clearly
demonstrates that the ability exists to pay
it. especially when it is considered that
much If the private indebtedness that then
existed has been discharged, properties have
been improved. live stock increased in quail
ity, numbers and value, and that all the
constituents of real and personal property.
upon which taxation is based. are in q bet
ter condition to bear taxation now than they
were five years ago.
Why should it not be 30? rhe general
business of the country has received a
marked impetus since that time, in which
Virginia has participated. Confidence has
been restored in all channels Of trade. Two
great lines of railroads have been projected
and are being constructed through two OF
naturally the richest sections of the Com
monwealth, and much of the property con-
tiguons to the improvements offering but
limited sources of revenue, with others OF
less magnitude, but penetrating and OPEN
ing up rich mineral regions; four or five
iron furnaces have been established; q
rolling mill put in operation; the returns of
manufactures quadrupled; the various min
eral fields of the State invaded and being
utilized; large investments made OF for
eign capital in heretofore dead properties,
and spirit of enterprise and feeling OF
hope infused into the people, that give
promise of an era of wonderful progress
and improvement. With these facts patent
to every one, and influencing favorably all
the values of the Commonwealth, it is pub
published to the world that Virginia ia get
ting poorer each year, and that her neces-
sites compel her to consider a proposition
to repudiate $l3.000,000 of her often and
over again recognized debt.
Win he people of Virginia, by the record
of their votes at the polls, endorse such a
proposition We think not. We do not be-
lieve they will give sanction to the Bill pre-
sented at the last session of the Legislature
known as the Riddleberger Bill and vetoed
by the Governor. The same amount OF reve-
nue. raised last year will meet the require
ments of settlement that the creditors
have indicated they will assent to, and
leave balance in the treasury for extraor-
binary contingencies.
At the close of the last session Of the Leg
islature a bill was presented which fOrmu-
lated the debt at about 100000, 900, at 8 per
cent. interest. This measure, it was an
nounced, the creditors had endorsed, and
every member OF the Legislature who was
classed as ''debt-payer" voted for it
With $500, 900 of revenues the case would
stand thus:
| Interest on the debt . 5000, ZOO
Support OF Government. ..... 100000
| Public Free Schools, ,........... 5O0,OO0
.
leaving a surplus of 100000, assuming that
the assignment of 100000 for support oi
government would be needed. Certainly
remembered that the sessions OF theLegisla-
ture are bienniel and the modification of the
criminal laws reduce the amount of that
class of the public burdens, There is no
good reason why the expenses Of the State
Government should not be reduced to $780,
900, and by the application of rigid sys'
TEN of economy we believe it could be
done. Weallude to this bill-known as the
| Ross-Hamilton Bill not to endorse all OF
its details, but 10 show that the statement
of the debt and the conditions OF pay
ment Incorporated in it, were acceptable TO
those who claimed to represent the maio,-
i of the creditors.
That Virginia is poor there is not much
reason to doubt, but that she ISIS poor that
the people of the state will be willing to
magnify their poverty to justify PROPOSE
ton to repudiate $l3, 900, 900 of honest debt
we do not believe. To assume that her tax
able resources have decreased from $780,.
900, 900 to 1851. 439 ZOO, is flying in the face
of tangible evidences of increased intrinsic
values, and to assert that because lower
assessment has been placed upon realty that
it diminishes the paying power of the peo-
pie is in conflict with the reason of the case
as fortified in the improving condition Of the
material resources of the Commonwealth.
That the devastation of war destroyed
property and reduced the wealth of the
State no one can gainsay, but that loss OF
property in slaves is to be estimated as a loss
of tax-paying capacity is not to be adj
mitted. / he relations Of that class of per-
sons : formerly regarded as chattels-to the
economy Of the body polite, is changed.
but the change does not affect unfayorably
the wealth creating power OF the labor it
represented. 1t is all subject to taxation
both in person and in the values it creates,
where before only two-thirds OF this class
| of labor was classified as taxable property
the person or citizen not being recog-
dens of citizenship The assessed values
in 1875 were $500 600, 600 and there is no le-
Ultimate reason why they should not be as
much and more in 1880. The population is
over 1850, 0O0-showing an increase since
1870 of nearly $1,000 With a debt OF
| $50, 100000. it is only ten per cent. Of her
property. and only 800 per head Of her pop
ulation. There is nothing in this fact to
justify the plea of bankruptcy, or warrant a
resort to reputation 20 relieve the State of
her obligations. With increased population;
increased industries; increase In the agen-
cies for the development and utilization of
our vast mineral wealth; Improvement in
the lands and all the appurtenances
for their augmented productiveness and a
remarkable decrease in private indebted
ness no State in the Union has opened
before it a more promising future, or one
that is pregnant with greater possibilities
| Virginia cannot afford to throw away this
future for the pitiful sum it is proposed she
shall repudiate. Tt is not asked that the
people shall assume additional burthens of
taxation to maintain the integrity OF the
| Commonwealth. 1t will be required only
| to maintain the present aggregate of reve-