The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-01-19
The Virginia Debt.

The Readjusters have gone TO work in earn
est in the Legislature. In pursuance of their
plan for the settlement of the State deOt, they
have heretofore introduced two bills to pre-
vent the reception of coupons for taxes. One
of these provides, in view the fact, as alleg-
ed, that there are spurious coupons in exist
ence, that no coupon shall be received for
taxes until it has been passed upon and pro-
nounced genuine by some court The other,
seemingly an alternative bill, prohibits the
collecting officers of the Commonwealth from
receiving anything but lawful money for taxes
but allows those rendering coupons to pay un-
der protest and sue for the recovery
of the same. Thsee bills have been given in full
in the VIRGINIAN. On the 18th, in the Sen
ate, Mr.. Rlddleberger introduced the Funding
Bill, which will be found on the list page of
this issue of the VIRGINIAN. This, with the
other bill heretofore published, will form the
plan OF dealing with the existing tax-receiv
able coupons, and refunding the debt. These
various bills comprise, substantially, the
Riddleberger Bill, which was an issue in the
last canvass, the variation in figures being
chiefly from accumulation of interest since
that bill was passed The Bill will be read
generally but we give synopsis so that those
who may not find it convenient to examine it
may understand the main features of it. 1t has
evidently been prepared with a great deal of
care and is clear presentation of the whole
subject. Leaving out the legislation since
1855 on this subject and ignoring the various
funding bills that have been enacted, and as
suming the premise that this Funding Bill
does, its facts and figures are invunerable.
The bill in its preamble gives a statement of
the debt carefully made up from the records OF
the Second Auditors Office of the State,
which is confidently submitted as presenting
the true state of the account between the State
and her creditors. Then follows long acl
count showing that on Jan. 1, 1861, the tota-
principal and interest was, in round numbers,
$50, 100000 The formation of the State of
West Virginia and the consequences of the
war to her and her people made loss of full
$500, 900 of property, and her taxable val
ues were reduced from s7ss.O00,0O0 to 1885,
O00, 900 and her annual revenues from over
81 900. 900 to 81, 100000. On July /, 1868, the
principal and interest in round numbers, was
$39, O0O,0 900. Two-thrds of above debt principal
and interest to this date is assumed asVirginia's
equitable portion, in consideration of her
territory, population and resources, upon the
well-estaLlished principle that a debt in such
cases follows the territory. Upon that basis
Virginia's portion of the debt is calculated
and allowing for interest paid, and in some
cases overpaid, the amount acknowledged to
be due to her creditors is the LIST of july 1882
the bonds held by the literary fund
and interest thereon, cash to such date, S21 :
035,S77 Is, which it is proposed to fund into
bonds, registered or coupon, bearing a rate of
interest Of per cent, to run SO years, provid-
ed that the State may al any time and from
time to time after July, 1900, redeem any
part Of the same, principal and interest at
par.
The funding Is to be AZ the following rate
For Nirginia's equitable share of class A ICON
sols) at the rate of So per cent. for her equita-
Bile share Of class B QO-4Os) at the rate OF so
Der cent; tor her equitable share of class c
peeIers) Of the rate Of 50 per cent for her
,quitable share Of class ? interest on Peelers
s the rate of SO per cent. ior her equitable
hare ofaiass E lupfunded bonds at the rate
If SO per cent, fof her equitable share of class
: Interest on unflnded bonds at the rate of
g per cent. for her equitable share OF the
,ouds of the literary fund, as in the case Of
lass c, her equitable share of the average OF
interest to be paid in money; for all balances of
UGH Indebtedness, constituting West Virgin
ri share Of the old debt, principal and inter-
ST, in, settlement ofVirginia's equitable share
: aforesaid, Che Board Of Sinking Fund Com
,,ssi ,lea shap issue certificate that Va.
as discharged her equitable share Of the bond
resented, leaving balance, which shall be
lated to be accounted for by West Virginia,