Daily press. [volume] (Newport News, Va.) 1896-current, 1909-09-29

II
obligations and bonds were almost
worthless. and showed how the Demo
cratic party had settled The state
debt; had promptly paid all of its OBJ
legations. and the value OF Virginia Sc
curities is now equal 20 any In the
markets OF the world. He then show
ed how the Democratic party had
| wisely brought about an amicable
settlement with the creditors Of Vir-
ginia. and saved the state from stain
OF reputation. He showed that the
debt had been so wisely settled and
so satisfactorily to all concerned that
no one dared to antagoniZe IL.
Governor Swanson then said he
had requested the Second Auditor to
make comparative statement of the
settlement Of the state debt under the
Democratic agreement and the Riddle
berger bill. made by the Republicans.
as to the advantage to the state.
This estimate made by the second
auditor shows that the Democratic
settlement was more favorable to the
state By sl0,2sl.773.s0. The credi-
tors OF Virginia were willing 10 ac-
cept this less amount from the D,rnt :
cratic party than was offered by the
Republican party, because they had
confidence in the honesty ard ;nteg-
rity. the financial skill and ability of
the Democratic party.
He chowed that the state hal kcrl
faith with the credi. DIS. had prompt
| ly paid the interest and had retired of
the principal OF the bonded indebt-
edness O65.00-that since the
Democratic party came into power,
from a bankrupt treasury it had re-
tired more than one-sixth Of the prin-
cipal of the bonded indebtedness. and
had paid in interest and principal on
the indebtedness s22,594. 260.09. The
finances of Virginia are now in a most
favorable condition. while the United
States government and other great
governments of the world have defic-
| its in their treasury. and are issuing
more bonds. virginia has a. good
working balance and is yearly retir-
| ing her Indebtedness.
He said, all this has been done be-
fore Virginia had to pay any part of
the principal Of her Indebtedness, I'M
der the terms of her contract; and
what was more remarkable, this had
been accomplished by reducing the
rate of taxation from forty cents to
thirty-five cents on the hundred dol
lars on real and personal property.
This has been made possible on &C
count of the great increased prospect
ty which has come from the settle
ment OF the State debt, and from the
new sources Of revenue that the Dem
ocratic party had provided, which had
either escaped heretofore, or were
lightly taxed.
Increased Taxation.
He showed that the Democratic
party collects yearly sn increased tax
alton of sI06,390.70 from banks; $12.-
s17.S3 from express companies; $780,
s90.41 increase from insurance COM
panies; $653. 1902 more from rail-
roads; s4I.72921 increase from tele-
graph and telephone companies; 81
556,0S increase from steamboat COM
panies; $25,5so.20 more from chart
ers: sl04,265.00 more from franchise
taxes; s3s.3s7.2s more from collater-
al Inheritance taxes; s10s.5S3.20 in
crease from income taxes. Thus. from
these new sources, which are Iegiti-
mate and proper subjects Of taxation,
the state is deriving annually an in
creased revenue Of s1,23s.6se1f. Dur
| ing the last IS years more than twenty
million dollars have been put into
the state treasury from these sources
Of revenue.
The State mas thus been enabled TO
make large appropriations for educa-
ton. colleges. asyiums. roads and the
various progressive policies inaugu'
rated for the betterment Of the state
Aid to Public Edvestion.
Governor Swanson then said: The
next test as to whether a party Is de-
serving Of the support Of the people
is the extent TO which II generously
aids public education. No institution
Of this state brings more blessings
and benefits than those derived from
the great system Of popular educa-