Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-02-15


For TIE redemption Of tina loan from the
Farmers Bank of Virginia. authorised bv
the Act Of the 29th of December, 1914,
has been p'id over to that Bank from time
co time, as 1t has been received. The
whole amounted the revenue actua 'ly COL
lected. hav ng been, in this way absorbed,
II has been necessary to renew so much
of the loan from that Bank as would snf-
hce to meet the current expencCs f the
Commonwealth. Your Committee, howev
er, confidently trust, that an ample provi-
sion may be made for reimbursement to
the Farmers Bank of Virg ma, of the whole
1T this lom, by applying to this object the
first sums T, ccived from the Government
OF the [. States, in satisfaction for the mil
isary expenses of the Commonwealth, du-
ring the late war. The az comparing doc
uments, (marked A. ard B. will she Nv the
grounds of this reliance.
The deficiency of the revenue already
collected, to me ct the farther expences of
he COVE n'acn will BE- supplied, out of the
arrears Of taxes in fifteen courtes and the
borough IF Norfolk, and FROM the balance
which viii remain CATER discharging the
debt due on account, to the Farmers
Bank of Vtrginia,) of the sum of 100000
the immediate payment whereof has been
promised by the Cow rnnent of the u. S.
and is now daily expected.
Should it be the pleasure of the General
Ass maly. to lay the foundation of a COM
prehensive system of public education,
ample means for the Accomplishment of
this laudable purpose, may be found in the
r s;iue of the debt due to the Common
wealth from the Government of the US.
and the prov SONS which the Committee
have presumed to recommend for gradu-
ally extinghshirg the debts of the Com
monwealth to the Banks of Virginia.
If so much of the annual appropriation
OF the ordin ny revenue, as is apple able to
the discharge of the principal of those debts
be so applied at the commencement of each
fiscal ye4r, it will be competent to the ex-
tinguishment of both debts, IN a period of
less than ten years, and some time before
eth OF them will become due
Should this provision for the payment
OF the pubic debt receive the sanction of
the General Assembly, & the claim of the
Commonwealth upon the u. S. receive the
destination which has been proposed, the
President and Directors of the Literary
Fund might be authorised to invest part
OF the sum which may thence arise, in the
new certificates Of stock, ISSUED to the
banks, so as to make those certificates con-
st.tute part of that fund. An arrange
ment, the more desirable, as the certificates
bear an interest of z per cent. per annum
and alike advantageous to the Banks, so
long as they are engaged in AN effort to re
duce the amount of their notes in circula-
ton.
The committee have also presumed to
recommend an increase of the customary
appropriation to the public mandatory of
arms. The.wss.c cf arms during the late
war, and in consequence of their general
distribution, renders this augmentation of
expence, an act of necessary precaution
against future danger, while lust econo-
my wall be found to warrant, If not, to re-
guire, such an extension of the operations
of the Armory, as shall occasion the inte-
rest upon the fixed capital vested in that
institution, and the salaries of its officers,
to bear a smaller proportion, than they
have hitherto done, to the value of its an
nual product.
Notwithstanding the considerable addi-
ton made, by this report, to the former
appropriations 10 this object, the large APP
preparation to the erection and pres rvaii-
on OF the public arsenals the ample pro
VISION for the exiting iisling Of the pu5.ic
dtbt, the creation of tie fund for in
ternal Improvement, a7d the proposed ex-
tension OF the literary fund to sum very
little snort OF that, the Committee have the
satisfaction 20 announce to the house that
every tax upon the war subjects, has been
excluded from the preceding estimate of
ways and means, and tn It the taxes upon
those subj cts wuich are retained, have
been considerably reduced.
Without comprehending that part Of
the tax on salt, which was expected to be
levied in the counties of HARRISON and Ke
nawha, the proposed reduction of the tax
IS OF the last year exceeds 240, 900
dollars while a revenue is reser-
we'd, which, however light in It's pres
sure upon people enjoying unexampled
prosperity,is not only fully adequate to pro-
vide for the future exigencies, but for the
accomplishment of the most liberal and
enlightened views Of the Commonwealth.
1t is also pertinent to remark, that all the
larger branches of this revenue, except the
land tax, are essentially progressive, and
even that, tho fiXel, by the e0ualizne law.
IN its gross amount, must improve as the
dminutol of the namber of insolvencies
charged upon it shall hereafter cncrease
the nett income which it yields to the trea-
sury.
1t would have been much more sati,fac-
tory to the Com mittec, and doubtless not
less so, to the House of Delegates, had i
bSen IN Their power TO act upon the sub
jects committed TO their charge, ataa ear
ier period of the session of the General As
sembly. The delay which has &C Cured n
the perform ance of their duty; is ascri5a-
BILE in Dart TO the pressItre Of busipeee IN,