Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-15
DECLARES THIS NO Time
To ADD TO STATE DEBT
Robert NJ. Hughes Says State Should
Conserve Credit for Crises
49, Only.
BONDS TO MEET EMERGENCIES
State Obligations May Re Necessary
In Future TO RepcI Invasion and
to Meet Menace OF Race and Glass
Conflicts.
~ nOnEpT VI. urCuEs.


trS that the extravaganza OF the State
in Internal improvements before the
CIVIL War had piled up az enormous
unarmcd. and that this experience
caused the insertion of the provision
in our Constitution which limited the
use OF the States credit to crises and
times OF national peril
Is this time to change that policy?
10 NJ, my t9dgmSn, there is never such a
of prosperity for the lean years that
may follow. If Joseph had waited tin
the famine was upon him before com
have done no good Doubtless when
tho farmers of Egypt were gathering
their abundant grain for many success
Sive seasons of plenty they laughed at
him and called him prophet OF evil.
But independent OF this, IS there any
thing in the present condition Of the
world to convince us that the plough
share has replaced the sword" We may
draw world leagues as much as VIC
piease. but the millennium has not
come, and the Prince of Peace has not
Yet descended to a distracted world
Nobody contends that the world league
will. end wars: the claim of it's strong
est champions Is that il will simply
make them less frequent. But tho
rcry obligations which we arc to as
sumo under demand larger mill
,ary establishment than we ever had
before.
World Is s,i,I in Arms.
Nc arc asked TO nc manufactures of
countries from Yap 10 Mount .\rarat.
The world IS still in arms. PROSTATE
Serbia and exhausted Italy face each
other a; FiLm,. rlundcrcd Roumau.u
is rlrnderiI = Hungary in her turn.
Poland. Gkrainia. Iithuania. Esthonia.
Finland and Siberia arc flying at each
others throats. Belgium and Holland
arr at odds. If we come nearer home
VIC sec tho Mexican situation as threat
ching as ever. American men arc still
being murdered and American women
outraged there will impunity and our
policy Of watChfui waiting cannot con-
When our patience is exhausted and
VIC decide to do something. no one can
foresec what complications Will fol-
of friendship. every thinking man can
see that our relations with Japan. sat
isfac,ory though they may he al pres
ent. may a &uy time become otherwise.
Japan has suffered less from the war
nan any bcllccrcnt. and has less
cause to complain OF German atrocities.
y reconciliation bctw her and Ger
many would be easy.
Ii requires but little knowledge OF
history TO show that in case OF war
Virrinia viii nave much to fear. The
Revolutionary War eliminated at
yorktown. crancy Island played an
Spanish war only. emphasized what
every military and naval man knew or
the vital importance OF Hampton
Roads The world war has not only
resulted in enormous government ac-
tivitics here. but has made II prob
ably the best known point in America
10 foreign StrateESts.
In such contingency there arc many
expenses which fan upon tho State and
could not he put oft on the general
government And they are the vcrH
stitution is intended TO guard against.
To Suppress inhurrertion.
SO much for the international situa-
tion. our present Constitution au-
no of -
q opel invasion. but also To suppress in
surrcction, both being treated rs
cquily pcrilous TO the state Is the
domestic situation in this country aay
more promising than the foreign situa
lion? We live in age Of strikes.
policemen leave their posts and ahan-
don great city 10 burSlars steel
workers, miners, railroad men. scamcn,
leave their jobs and tie lawlessncss
incident TO unemployment follows in
their train. The ink is not dry on tho
a ccount OF 4 mob which burns down
prison crowded with inmates n order
to get at one man whom ii desired TO
lynch. and ends its orgy OF crime by
IyMchinS the Mayor OF The :own who
is trying TO protect him.
We have been spared these expert
cnccs in Virginia SO far. but tley are
eonta gious. They are sporadic now.
but no one can tell how far they Will
go. o. what expense viii he involved II.
guarding against them. do not wish
to be understood as saying that they
are probable do not think they arc.
{ 5eiI.vc in the old law that action
sober s29s ,hons St' of
people Witt lind remedy and
that the very excuses will build mp a
public sentiment that will find curb
wars, though not probable. are GER
tsinly possible, and ii is the height OF
to ignore them and TO
sauander the reserve which our fathers
4. 1AI
again we may quote Patrick Henry:
1T is natural for man to indulge in
the illusions Of hope. We are apt to
shut our eyes against painful truth,
q nj Listen 10 the song OF that siren
till she transforms us into beasts"
My previous statements endeavored
to show the impolicy of using up our
credit reserve in view of the menacing
international and domestic situation. |
In tijs | shall deal. not with possi- |
bilities Of the future. but with Droba-
blities. If not certa!nties of the pres |
ent.
No Limit of Bond Tissue.
The proposed amendment places no
limit upon the amount OF State bonds |
which il is proposed TO issue for pub |
is no authoritative statement on the |
subject. But the American Motorist for I
contains list OF States
which propose 10 issue o. have au
states tina: the amount - be author /
lied in Virginia is s5o.oo0ooo.
Bonds have way OF drawing in.
t-rest. If the national government can /
only float a loan on basis exceed /,
ing per cent, IL is idle 10 expect ;Hc |
state to do il on a better basis than
5 per cent. This would mean $500,
600 of annual interest. exclusive OF /
any provision for sinking fund.
In 1910 the aggregate assessed value /
of all property in the State was about /
$40. 100000. An eXtravaEant estimate /
of values for 1920 would be $1,000 000.- /
900. Even on this extremely optim!s-
tic valuation. il would require an adj
hiton of % cents 10 the present State /
tax. rate. making an increase o: about (
so per cent. roughly speaking. in our |
state tax.
Cannot Count on Auto Tax.
It will probably DC said that much /
of this viii! he met BY special taxes /
On automobiles. But the progress Of .
invention il such that We cannot
tount such tax for rhc life OF .
ions-term bond. = few years ago
when everybody was riding bicy clcs. .
no one dreamed @! the coming popu-
iarity OF automobiles. Would it he