Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-15
observation-disclosures Is. 1898.
\ MARES NEST.


some ono has discovered a State Urea
sury mares nest of huge proportions.
and in It was found nest-egg. of over
one third Of million of dollars.
which. it is claimed. will be available"
for meeting the increased interest charge
on the public debt commencing in 1901.
and amounting TO SlsOoOO per annum over
and above the present interest charge.
Hence it is argued in certain quarters
that retrenchment is not a necessity.
The discovery is no discovery at all.
and the contention that this nest-egg
would justify the Legislatures ignoring
the will Of the people-for that is the
sum and substance Of the contention
falls to the ground when all the facts
are presented. The existence of the fund
In question. ana the manner in which il
has been accumulated were known to US.
70 businessmen generally. and to ell
others who have taken the trouble 10
examine the reports of the Second Audi
tor.
The availability" Of the fnd-iutend-
ed originally as n bond-purchase sinking
fund-for application to the payment Of
interest when we shall have entered
upon the s per cent. interest period, has
been a factor in the calculations Of all
who have carefully studied the problem
OF how 10 meet. without raising taxes,
The additional annual drain upon the
treasury that viii begin in 1901 But
there IS another and a most potential
factor that has been and must be con-
sidercd in the same connection, and
which IS given no recognition by those
who would encourage the Legislature TO
side-track retrenchment and reform and
repudiate the policy Of the Democratic
party, as declared at the polls in Novem-
Der last.
In 1900 a new assessment will be made.
and will fix taxable values for the en-
suing five yNars. From one end Of tho
Commonwealth TO the other the cry
reaches US that the present assessment
is too high--is far above just and proper
valuation. That there is good reason for
this complaint IS not TO be questioned.
Nor IS there reason TO doubt that with
the exception Of one or two places in the
State, the assessment win be greatly re-
duced. There is reason to believe that
the assessment cutting down will, in the
aggregate. be so heavy as that the de-
crease in revenue from taxes Will soon
prove more than a stand of to the trea-
sury susplus-if indeed, this surplus
should be diverted from its original func-
ton. that OF reducing the principal OF
the debt.
when all this. IS considered the conclu-
sion must force itself upon the public
mind that the treasury surplus discovery
has been sprung by some interest or in
terests that are threatened with the re-
trenchmcnt knife. when the light from
the other side IS turned upon the nome
cessity contention. the latter is found to
be entirely devoid Of any hint Of counsel
with business prudence. 1t suggests a
clumsy attempt 20 cut door through
which the Legislature may be induced TO
beat a retreat and thereby escape the
responsibility OF accomplishing the CHIEF
work it was elected 10 accomplish. 1t
w6nld pave the way for the General AS
sem6lys unloading It's duty on n constl-
mdonol convention OF the next Logisla-
Ore.
What win the Legislature dog VIII il
pcrfevere 90 tho end and carry out such
rctsenohment measures as are practlca-
bic; or VIII IL shirk? Has It lost IFS
backbone We fear it has. II we UNDER
stand the temper and the sentiments Of
the Virginia people, as voiced IN the STATE
press and IN letters that pour in upon us
every day from ali sections Of the Com
mon"ealth, to perseycre would be to win
I'd receive nc almost unanimous en-
rof'fment o ihs misses. by the same
'sken' 70 shiFk Sculd be 10 play With