Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-23

1
/ inequalities Some gentlemen propose TO raise the
present taxes ten per cent, because the farmers
accustomed 10 bear the burthens of the State.
will never consent see one cent more Of tax pui
| upon the farmer, while 30 many millions OF pro
duetve capital pay nothing. Ga the contrary,
hope TO see portion OF his present bur,hens trans
ietred to those more able to pay them, and equally
oound 10 do so. And hope, sir, TO be permitted
10 aoour here in his BEHALF until the present uniuS,
system Of taxation which j, so clearly in violation
OF sound principles and justice, shalt be corrected.
Now, sir, this amendment proposes to correct, to
some extent those inequalities OF burthens; and,
SIR, have prepared another amendment, equally
important and just, which shall press, whenever
can hope Tor success Let us. sir. examine how far
TINS amendment is in accordance with the principles
before mentioned. l suppose, sir, that il will not
be denied, that Bank stock, or money invested and
employed in the business OF banking, is property
and that u requires, and receives, tho protecting
care OF government ms fully, IL not more than any
other species OF property. IL s, therefore, one Of
those JOINT tenants OF this estate government and
bound TO contribute To its support, proportion TO
ITS interest in it, and its means. And, sir what is
equally worthy OF consideration, il is more able TO
pay Tor that protection, to contribute TO those
expenses, than that description OF capital or
property which now pays oil those expenses-
The owner of bank stock, or capital invested in the
business OF banking, derives larger and more re :.
gulsr profit on his capital than any class Of the
community. he receives an annual profit on every
dollar OF his aptal and his profits range from six
10 ten per cent On the other hand the individ ua
who now pay the larger portion of the revenue.
mean the asrculturists do not draw, upon an aver
age, any profit upon more than one half of their
capital IN any year; for the farmer does no, cult
vate moro than fourth of his land in any year
and yet he pays tax upon the whole. In sJdi-
ton 10 which, he is dependant upon the changes of
the season; liable at every stage of hi, crops to have
his hopes, not only OF profit, but Of even covering
expenses, blasted, IN despite Of foresight and good
management. As necessary consequence Of these
Inequalities OF advantages, the ability OF the bank
er 10 contribute 10 the revenues Of the State with
out trenchinc upon his capital, is far greater than
that oil the farmer. have called for the opponents
OF this amendment 10 advance sound reasons
against It's adoption, but il is like calling spirits
from the Vastly dcep-ihey viii rot come. Sir the
gentleman from Augusta says that would involve
violation Of the contr,ct with the banks, and OF
the pighted faith of the State, because the banks
now pay large bonus to the State, which entities
them 20 exemption from taxation Sir tic very
law, incorporating these banks d'sproves end
overihrows this objection. That Law s1ys that,
"for and IN consideration Of the privileges hereby
grained" they shall puya "honus," SC. Here. sir
the banks are represented as purchasing privileges
and let us see what those priv eses arc and whetIe
they are not worth the morcy. Frst-rhe privi-
Iege OF Lending ut seven per cent interest," twice the
amount OF their actual capital. Secondly--The
privilege Of issuing iheic notes as substitute for
the gold and silver currency OF the country, by
which they make large profits. Thin blythe
privilege OF exemption from liability for their debt.
Otyonu the Capltal lnNcSicu IN banking, and, of
course, the concomitant privilege of throwing any
amount OF deb; incurred beyond that capital upon
the community. Now, SIR, here are three most
important privileges, which no citizen is permitted
10 enjoy, granted to the stockholders OF the backs
and the State very properly requires, on behalf OF
lis citizens, and those stockholders very willingly
pay this bonus, the price Of those privileges
Nothing IS said in the Jaw about any exemption
from taxation. This supposed right Of exemption
IS entirely inierential and very unsustainab Sir
fha 80,
addition to the proof furnished by the law itself, in
connection with the true Interpretation Of the word
privilege, ns given by all leKcogta piers will give
HIM cases in point, the force Of which, he OF course
acknowledges. Sir, in the States Of New York
pennsylvania, Kentucky, &c, they have lust such
banks as ours, which are required TO Pay a bonus
Tor the privileges OF banking; and which are also
made 10 pay tax on the capital invested in them;
and that amendment is taken verbatim ct litera.
tim" from the laws OF those States. Now, SIR to
any body but lawyer, that case would he suffi-
Gent; but, SIR, lawyers can see difference where
none Others but supernaturas can see them; and
my Trend may object that the is not in point
because 1t is not Virginia case | will, therefore,
give HIM analogous cases in Virginia, IN which no
thing is wanting but the word bank to make it
Identical 9Th this, and he will hardly cayil on the
word bank. The gentleman says that the banks
contract with the State for the privilege OF bank
ing for ten or twenty years, and argues that, by
implication, they are also entitled 10 the privilege Of
paying no tax. Now, sir. this State, annually en-
tiers 10 contracts with individuals TO give them the
privileges OF keeping houses of public entertain.
meni, IN consideration Of certain bonus paid for
those privileges; and yet the State has always ex-
ercised the right and power Of taxing the property,
or capital invested in that business during the time
OF the contract. So in the case of merchants, and
Of brokers, sc. Now, sir, these are lust the same
sort oil contracts as those made with the banks
They both have fixed term 10 run. only differing
in duration they both create privileges which can.
not be revoked Except for stipulated cause) during
that term, differing only in kind-and IN both the
whole extent Of the contract the part Of the State
Is, that the bonus or price paid for the privileges
cannot be increased during the term OF that contract
Now, sir, have shown my friend that this question
is res ddjudedtG not only in other States but in this
and though he may not confess himself satisfied
have certainly left his objection without any sup
port. When, at the last session Of the Legislature
presented similar proposition, it was objected
tina, It would have the effect OF expelng foreign
capital from the State, and thereby iniure the com
muny. This objection is as unsound n the other
as IS proved by the twenty years experience Of The
States already named where the same ia1 is laid
In them none OF these mssined consequences have
been felt. and, therefore, will not exist here. But
wen If this objection had any truth in i'll would
itll overthrow It 10y cOunteraciing reasons. Sir
he alternatives are, 10 increase either now, or here
liter, the tax upon the present subjects of taxation
", IN other words upon the capital mainly invested
n ngricu,ure-or TO call upon such capital as does
Tot contribute ut all 10 the revenue Of the Govern
neni. II any preference was to be given 10 either
description Of capital, from regard TO It's superior
Importance 10 the community, II should be given
Without hesitation, TO that devoted to forming. Il
s the FIRST interest, beyond all comparison in the
state, and upon its prosperity rests that Of the
whole community. The history OF the world proves
hat no nation has ever Aourished or prospefed, or
TO exist, unless tie ogricultursis pros
oered And all States have either fostered or eyin
ed disposition TO foster that interest. Therefore
I is proper that you should not offer bounties 10
to withhold or withdraw their capital
rom investments in agricultural pursuits; and you
do this whenever you exempt any class Of capital
rom the payment Of its due share Of the expenses
Of the State. BY that means you diminish the value
Of the one and increase that of the other for every
Dne will prefer that mode Of investment by which
he retains OIL the profits 10 his own USE Ny object
8 TO place the asrculturst along side Of the most
avored cass-not only justice TO him, but the int.
rests of the whole State require Il. Sir, gentlemen
ate often very pathetic the depressed condition
d the agricultural community. About two months
since their peculiar friends in this Legislature Ia
King their depor1ble condition into grave considern-
ton nnd doierminngt TO resusci,ate them thew did
what, Mr. Speaker Why, sir. they established an
agricultural Board, TO teach the farmers how to
iafm. And that humbug, the smallest that have
ever met with, Is 10 be full discharge Of our duty
TO them. And, gentlemen, who did this, from their
peculiar devotion 20 the agricultural interest, are
wiling TO continue the present unequal impo-
sition Of burhens by which not only the value
OF their property is diminished, but also their
means OF improving its value, by increasing
its produciveness. Those who have capital TO
invest, will always regard, parts Of the
price TO be paid, al the taxes and charges incident
TO the property and will be dsinclined 10 purchase
srhe hoo Al 10 IL