The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-14

question which presses for solution 10,
shall this difficult problem drag ito slow
length along. until it overwhelhs US
with ruin, or shall we grspple with 1t
,uccessfuily, as we have done with
greater dangers, until the last stigma
shall be removed from the escutcheon
of our State.
Governor Lee in his message states
the startling fact, that il the whole debt
we're settled on tho basis OF the Riddle
berger bill there would still be def
cheney in revenue OF s1iS, 900 to meet
that settlement. after disposinz of the
available assets of the State. So that
IL the wealth of the State remained
the same, new taxes or new sources OF
revenue would be necessary TO meet Its
requirements.
But to this complication must be
added the probable decisions OF the
Supreme Court, that the several acts OF
the Legislature of Virginia to obstruct
the flow of coupons into the treasury are
unconstitutional and wholly Invalid
Tor the purposes for which they were
intended, and what must inevitably be
the result. We venture to say that
when the last obstacle TO the use OF
coupons in the payment of taxes Will
be removed. instead Of their being used
t, the amount annually of S237 900,
the amount will be quadrupled, and the
State will practically go into bank
ruptcy.
Let every barrier to their use be
broken down and it would be vain tol
expect useless patriotism to resist
longer a pressing necessity, and these
cut worms Of the treasury would in
wade even the country districts like an
army OF locusts. Not like them to de-
stroy, but to give to the struggling
farmer welcome il temporary relief
from the exactions of the tax gatherer.
If it be answered that these antIci-
psted decisions OF the Supreme Court
arc not yet rendered, the unquestion-
able fact remains that S2S7 900 of cou-
pous are now used on an average, and
it matters little whether there have
been few more used one year than
another, for with the growing depres'
sion of the agricultural interest, the
evil promises to be a progressive one,
and it remains to be seen how much
longer the farmers of the State will be
contented to see rich men in the cities
psy S237 900 Of taxes with less than
800, 900 of cash. 1t is a trite saying
that virtue IL Its own reward, but there
is a quixotic virtue which must yield
to poverty and famine, and with
more than a hundred tracts of land de-
inauent and for sale for taxes in a
single county of Southside Virginia,
the use of coupons in tho cities to pay
State taxes TO the amout OF S237 900 at
cost Of less than $4,000 has only to
be suggested to public meeting of far
mers to spread far and wide, and cause
thousands OF them to seek the same
mitigation Of the burden Of taxation.
1t is because we deprecate such re-
suit. to be followed inevitably by the
bankruptcy Of the State, that we would
urge that before it is too late another
effort shall be made to settle this per
picking question of our State debt on
some equitable and honorable basis.
We have no space for an explanation of
Governor Lees suggestion for the set
Element OF our State debt, which nay
be found in his message, but we trust
that the Legislature will at an early
day give his plan the most earnest con-
sideration. He proposes scheme OF
settlement which. he says, if accepted
by the creditors OF the State, would re-
auire to meet its terms an additional
revenue of $4,000, and it is to be
borne in mind that even after the sale
o. the available assets Of the State, the
RdGleberger plan, il accepted, would
require Sl43, 600.
That the latter will not be generally
accepted by the creditors is now beyon
dispute after trial Of seven years and
shall we bo contcnted to 20 on with the
old wranglo about the debt, which
promises to be us perpetual as the case
of Jsrndyce & Jarndyce, and to involve
the State in constant and d;scredita-
bic struggle to postpone bankruptcy
which, sooner or later, must be ineyta
BILE without permanent settlement?
While tho assessment of 1890 will
show that our agricultural lands have
declined in value. there has been al I'M
exsmpled growth of the wealth Of our
cities and mining and manufacturing
interests in the past five years, and 1t
may be that the excess Of gain of the
latter over loss by the former will
furnish new basis Of taxation which
will make the permanent settlement of
our debt practicable without increase
OF burdens.