Year: 1877




wisdom of the General Assembly,
whose province it is to devise means
of rc.ici and not to the executive
which is powerlesS to do more than
to recommend or a wise such action
as may or may not be adopted.


have frequently, in the last few
years taken occasion to express my
views on this subject in the Legisla,
ture, and my votes are matters OF
record.


To do justice to the subject or to
myself would require a much more
elaborate discussion than you conteme
rlate, and [ answer your enquiries as
an act of personal courtesy to your
self without attempting to sustain my
conclusions by any extented argu-
ment.


2. | am opposed to the repudiation
Of the State debt,


2. | am opposed to an increase of
taxes.


3, lam in favor of an adjustment
of the debt with the creditors.


These are not incompatible or in
consistent propositions, although
they may appear to be SO.


Nothing would be more plorable
or exert more unfortunate influence
on the character of people than an
education into the belief that oblga>
tons private or public--are to be
lightly considered and rcpudiated.


Selfrrespect and State pride have
made the Virginia character what it
is, and we must maintain it.


The Suprcm Court of Virginia has
decided that the obligations assumed
by the State under act of the Both
March, 1871, known as the "Funding
Act" arc binding, and we are
obliged to meet them, An effort to
remove from office the judges of the
court, composed Of men eminent for
an integrity ard purity of character,
which would do honor to any people,
because Of their opinions, would
shock the moral sense OF all true
men. | should rcsolutely oppose it.


presume no one who has the good
of the State at heart would oppose an
adjustment Of the debt, The Ques-
tion is how it is to be accomplished.


think it would be the part of
wisdom in the bondholders to confer
with the authorities of the State, by
a generous compromise, quiet the
unhappy state o? feelings which now
exists. and place their securities on
a foundation Of general popular ap-
proyal which will prevent their nuc-
tuation and give them strength, and
| have some reason to believe from
information received last winter that
a full and truthful exposition of the
condition and resources Of the Cons
monTealth would result in an ar
rangemcnt mutually benefited to the
State and her creditors,


am opposed to an increase of the
taxes, 1t may be said that not to
raise to the taxes is virtual repudia.
ton, if it is not confscntion of the
registered and peeler bonds. | do
not think that it is so. | would pres
serve the present ratio oftaxation.
and decrease the expenditures of the
Government, and it can in no sense
be regarded as reputation to ac-
knowledge the obligation. although
we may not be able to provide ame>
diately for the payment of interest in
whole or in part. The Legislature
has for years steadily refused by a
vote approXimatiEg to unanimity TO
increase the ratio of taxation, and l
have voted with the majority. The
farming interest is unable to bear
more, and the mercantile interests,
under the system Of licenses, is stag
gering undec the present imposition,
and it cannot be denied that often as
you increase taxation you diminish
revenue, aRd that there is point of
pressure at which taxation must stop.


believe with the present ratio OF
taxation the Government can he cons
Quoted on economical principles, and
the interest on the public debt be
paid-if not now, in the not distant
future, The population Of the State
is increasing, that of the cities in a
very marked degree Richmond,
Norfolk, Portsmouth, Stauuton, Man~
chester, Bristol and other towns have
grown astonishingly, and with the
increase Of population. wealth pari-
passu, increases also. The population
Of the cities has not been increased
by drainage from the country but by
the development Of sources Of indus
try, Our taxable values are there
fore increasing and they will increase
steadily and the same ratio Of TAXA s.
tion will produce in the future much
larger revenues than have been here
tofore collected.


We have inaugurated already the
policy Of economy and retronchment
in TIE State expenditures, The leg
islative branch will in the future cost
much less than heretofore, and the
same principal should be applied
elsewhere.


do not dispair; chcered by the
light Of an untarnished past, | hope
for an uudimmed futare. am, very
respectfully, your obedient sevant.


WM. b TALIIAFERRo.


II success depends upon health,
aurply health danpuda unou uura