Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-02-17

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du:y Of supporting the Government, beneath who's.
project ne power all were supposed to Ind equal
blessings was entirely unjust.
Ii might have been excused or overlooked when
that portion Of the community, upon whom the
burthen rested was the most prosperous. The ne
cessities OF the State called foe increase by
25 per cent OF its revenue-an increase OF one
fourth of the public burthenS The bill reported,
did in any way provide fog any imposition oi the
common duties upon the millions OF property that
was probably invested in other business or pur.
suits than agriculture but oGly provides ios an IN.
crease Of taxation upon those descriptions oil pro-
rerty now taxed.
He said, that every gentleman who had debated
any portion of the BILL had recognised the principles
that he urged and argued upon, in his effort to have
i the bill recommi,ted All had invoke those prin ei-
pies to their aid in particular cases, such as town
lots, &C., and he insisted that the principles thus
cognsed by all, should control the action of the
House. He was not willing and would not con-
sent TO increase the uurthens upon the property al
ready taxed there much OF the wealth Of
the country exempted, and enjoying the advantages
OF the Government without paying any Of its costs.
| lie was opposed to all sorts of monopolies, and
above all, TO monopoly Of burthens. He had
wished that the nble Committee OF Finance should
have prepared n bill upon those principles. BE, in
his amendment, had selected that description OF
the wealth OF the State, now uniaxed, that could
best afford TO pay taxes. He had done more
than was done by the present system. He only
provided for tax on that capital which was
profitable to its owners; which was forbearsnce
no, extended TO the property now taxed, for paid
tax whether the investment was prohta BILE or not
The average profits of the farming interest less
than per cent. No sound argument could be adj
duced in favour OF continued exemption of that
description of property from taxation IL might be
said that the banks paid bonus TO the State, and
/ that that was tax. The bonus was paid IN pur
chase Of the privileges Of bankng-of lending Gre
dit on interest IL was paid tax property.
The right to tax was an incident TO the relation be-
tween a Government and its citizens IL was ba-
sed upon the duty Of all holding property to pay
for lis protection; and as the capital of banks was
property, requiring, as another property, the pro.
lection OF the State, II was proper that II should
pay for that protectlon and the mere fact that u
enjoyed particular privileges for which It paid, did
not relieve II from duties that II owed, IN common
with other property. He was sustained by the prnc
tice OF many States that taxed bank capital in ad
dton TO charging bonus, The descriptions OF
property that he proposed TO tax, enjoyed the pro-
lection of the State equally with those now taxed.
The profit derived TO the holder greater than
the average received by the former; consequently,
the ability to pay was at least equal TO that OF the
property now taxed. IL could be justly sud that
State policy forbid the imposition OF the tax propo-
sed by his ausyndmem; upon their claims TO
indulgence IL would be found that the farming
interest mad the grant. The prosperity, nay,
tile very existence, OF n Stale, was Intimately
dependant upon that of the Agrculturis:s-And II
the action of the House to be controlled by the
importance TO the State of these supposed rival in
eresis, then every advantage would be given 10 the
Agricultural portion OF the community. IL should
be recollec,ed that the farming interest in a
very depressed state-it was now oyeTladen, and
could, with difficulty, sustain its burthens. While
he was willing TO provide for an increase of reve-
nue., he would not consent 10 increase the tax upon
those who now paid every thing, while so much of
the wealth of the State was entirely untaxed. His
proposition was new to those Halls, but an exlm-
nation of the statute books of eight or ten other
hP hat he ly
relied on. lie did not offer untried theory to their
conslderation-He referred them TO the practice
Of those States, conclusive upon the point OF its
prac,icability, which seemed TO be the principle
urged against his proposition.
MIR LEE was At FIRST disposed 10 favour the
amendment; but further reflection had satisfied him
that 1t was wrong. He was opposed to il, because
1t created new subject of taxation, TO which our
people were not accustomed. Ii would also have
the Effect OF depreciating tho stock which SUBJ
jeeled to the new tax. Again, stock was not such
a subject az would justify permanent tax.
MIR BRowS oil p, was in favour of the amend
ment. lie could conceive of no substantial objec-
ton to it. The burdens Of the Government have
too long rested upon the landed interest.
MIR STEPHENSON of T., expressed his surprise
that any Internal Improvement man should support,
this proposition. Its Immediate effect would be TO
prevent the investment of capital in schemes Of In
terna Improvement
MIR ARMSTRONG warmly supported the amend
ment, and ied for the ayes and noes, which were
ordered.
Mir DoRMAx thought i, almost Idle to discuss the
proposition. If there were time, he iaclined to
think that n tax might be imposed upon income, |
which might operate benefcally. He inquired |
what would he the amount OF revenue arising from |
this amendment The whole profits Of the stocks |
TO the State did not exceed $4,000. Surprising |
that individual stocks yield much, the Ia would |
amount to some S20-ln amount altogether too in
significant TO consume the time OF the house.
MIR SCoTT denounced the Drlrciples of the |
amendment So far from discourasins capitalists
from making investments in works of internal I'M
provemen,, 1t IS the true policy of the Legislature
TO encourage such investments.
Mr. ROBERTSON was inclined to concur in the ge-
neral principle, that stock which yields a profit IS /
a legitimate subject for taxation. But he doubled /
the competency OF the house, compltibly with good
faith, to impose tax upon bank stock and as TO
internal improvement stocks, there were none in |
the State, which yielded per cent. But he repeat
ed that he approved the general principle, and when
the bank charters shall be again before the Legis-
laIure, he should be in favor Of retaining the pow
er TO impose taxes upon sock.
Mr. STRoTHER replied 10 the various objections.
which had been urged to his proposition.
The roll being called, the amendment reject
ed by ayes and noes as follows
AIEs-Messrs. Wiley Haskins, Meredith, Buff
fnston, Corbin, Broadu', Vaughn, MLaugh-
Butts, Taylor Of II, Odell, Thompson, Arm
strong, Hamlet, DAVIS, Dabney, Habefn, Boo;on,
Caldwell. Clayton, Tanzsy, Chapman, Wade,
Harei Fitzgerald, M'Pherson, Chedlham, Hiner |
Brown Of Pres'on, Heath, Radcliffe STROLLER, Sn- |
der, Smith OF H., Shlpman, Cowan, Bevins, Conn, /
TAFT, Warren, Psince, Goodson, Walker-47.
NOEs--Messrs Southal (Speaker) Biyly, /
Coles, Carpenter, Byrd, Burwell Of b, NJ tchell, /
Vandoren, Hannah, Jackson, Jones, Kyle, Irvine /
Coleman. Caldwell, Cox, Burweil Of &. & w, /
Irving, Roane, Scot, Woods, Hale, Gather, Smith
OF G., Erskine Vance, Lee, M'Rae. Smith of |. Of
w., Gregory, Stephenson OF j., Warrington, Tay.
Ice Of X O., Tnylce Of l.. & r., Ballard, Beard .
Ramey. Harrison, Marshall Of L., Bryan, Gocde,
Boyd, Orrck, Brown Of Nelson, Taylor Of n. b.,
Langhorne E,horidge, VERIFY, Smith Of v, Iii. !
Den, May Tunstall, Keen, Burner Porter, Burke,
Dey, Elliott. Robertson, Dorman, Leyburn, vii.
liams, Ridley, Crucbfed, Fuzhugb, Spots, Ste
phenson Of r., Puiton-6s.
On motion Of Mr. Armstrong, the House adjourn
ed.
We yesterday omitted to state that the members
Of the select committee on the Pcnitsntinry had |
leave to sit during Tire session Of the House.
Correction.
MIR. MAY did not propose the ryder IN tho bill |
authorizing the Portsmouth Railroad Company 10 /
sell the half Of Weldon Toll Bridge. Il was propo |
sed by Mr. Butts and carried IN opposition to the |
wishes of Mr.. VI. who, subsequently,, "a reeonside-
ration Of the order FOR It's engrossment having been
bad), moved an amendmcnt 10 It, which was carr |
ried.
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To rHE EDIroRs % rnr Vino
Undertaking that the March Term Of the
Hastings Court Is the time to appoint the Sergeant