Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1882-01-17

ScqUcnt events, nave tended 10 confuse
the popular mind and to produce gros;
discrimination between the several class.
es of Virginia's obligations, though in
law and in equity the whole should have
been homogeneous and of equal value
AS understand the views and will OF
the people Of this State, they do not in
tend to rcpudiate any just obligation
but to assume and to pay that proper
ton of the principal which is properly
chargeable to the present State Of Nir-
ginia, and to restore all classes of the
creditors to a plane of equality. We are
at no loss to determine the proposition
of the ante-bellum debt which this Com
monwealth should assume, for the Su-
preme Court Of the United States has
adiucated that question.
With the sanction of that high tribu-
nal to the proposition that two thirds OF
the original sum is the just share thereof
to be borne by Virginia, the true indebt-
edness of this State can be mathemati-
cally determined:
First. BY computing full interest to
the date of the settlement from the peri
od when Virginia lost control Of and
ceased to draw revenue from the terrific
ry embraced in West Virginia.
Second, By crcditing against the sum
total ofprincipal and interest so obtained
the acknowledged payments on both ac-
counts made by Virginia since the parti-
tlon of her territory.
If this shall be done and provision
made for liquidation Of the amount so
found to be due, no charge OF reputation
can be rightly laid at the door Of the peo-
pie Of the Commonwealth. In the scheme
of this settlement above referred TO diff
farcnt rates Of funding were prescribed
for the several classes Of bonds. This
was necessary to equitable application Of
| the payments heretofore made and to
preserve the well established principles
of law, that equality is equity among
creditors of equal dignity.
As to the rate ofinterest which can and
should be paid on the principal so asccr-
| tanned and assumed, all parties in this
State are agreed that the present rate of
taxation cannot be increased. Common
consent on this point in connection with
the last assessment determines, then, the
amount Of publicreVenu Thisrcveune
is principally applicable to the support Of
| the Government, upon the maintenance
of which rests the the only hope that any
public obligation will be provided for or
| discharged. The Constitution is imper-
ative that one-ilfth of all the tax upon
property shall be appropriated to the
public irec-sChoOl system. The Charita-
bic institutions of this State impose upon
the body polite obligations and rOSpOn-
siblitics Of dignity and priority which
the voice of humanity cannot question
with these demands upon fixed rcvc-
nue. the only question Is what rate of
interest can with certainly and prompti-
tudc be paid upon an already asccrtaincd
Indebtedness. And careful estimates cs-
tablish the proposition that per centllm
Is the largest rate that can be provided
for with certainty of meeting the semi
annual payments and with safety TO the
other claims above enumerated, We are
supported in this conclusion not only by
the financial experience of many years,
but also by the fact that the proposed
interest Is rs great as the average rate
paid by the debtor class of the
world IN public securities at the present
day.
HtNt NltNN NIf WVNUU'NNl w lllN III w
conviction that settlement based on the
general principles indicated above, to be
applied with such details Of method as
your wisdom will supply, would meet
the sanction Of the people (wich is
essential to any scttlcmCnt), would sat
isfy all the demands of honesty, and re-
suit IN eventual benefit to the bond
holders.
German to the debt question is tie sub
iect of the
PUBLIC FREE SCHOOLS.
This system Is the object of special pro-
vision by the Constitution. A consider
able portion of the fund dedicated to cd-
ucational objects by the Constitution has
been by the course of the past lcgiSla-
ton and administration diverted to
the great dctrimcnt OF the scOo system.
This course has been pursued upon the
theory that statutory cnnctmCnts of 1871
could abrogatc and nullily mandate of
the Constitution Of 1869, settings apart 10
the free schools at least onc-ilflh Of the
revenues. | cannot sustain such con-
struction because II ignores the fact that
this portion Of the revenues was sOlCmnly
dedicated to this particular object by the
Constitution, aud Is the only part Of the
revenues the control and disposition of
which was taken from the Legislature
by that instrument. believe that meas
,Ircs may be devised aud RECOMMENDED
that immediate action he taken to pre-
serve the school fund from future lnya-
sion, and 10 restore to II as speedily rs
practicable the amount which has been
diverted.
Thusprotcctcd aud receiving regularly
its rlghlfll quota, the system IA capable
of great improvement, not only IN the
increased number Of schools and In the
length oftcrm, but In provision for the
higher education Of oil classes, | think
II would be- cmlncntly proper 10 grant to
our coorci citizens an Institution In
which those who have acquired proh-
cheney In common schools may hc given
the opportunity for broader training.
The education Of this class Of our COM
munity Ia u duty which We owe not only
10 them but 10 the State, Sclf-intcrcsl,
II no higher motive, dictates that we
apnrc no efforts 10 fit for citizenship nll
upon whom We have conferred its priv-
lcgcs aud responsibilities.
MIXED SCHOOLS,
The question Of mixed schools calls
for no discussion. No class Of citizens
desires them, and am satisfied that u
change In the present arrangement would
operate inluriously.
In contributing rs literally Ms Is con.
pistcnt with our revenues to nll our edit
cational institutions for there n no nn.
tagonism between them, aud all should
be fostcrcd), we are encouraged 10 hope
that ut no distant day we shall receive
subtantial assistance from the National
Government,
SUFFRAGE.
Flrst In prominence upon the subject
Of suffrage IL the question whether the
constitutional requirement of the nav.