Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-28

81 ,3OU,o2U w
Statement b. exhibits sos, 900 The principal of
loans, made TO various joint stock companies by the
Common wealth. and the arrearages of interests $780,,
7l3,) due and unpaid thereon. The annual interest
upon these debts, $5S l40-n sum equal 10 one.thrd
Of the land tax Of the State. The Commonwealth
subscribed stakeholder 10 these companies also,
So 0SI $40, upon which dividend ia derived,
and OF them not likely TO divide, al ALL for years
to Of this sun, 81 ,132 675 borrowed, and
forms an annual charge upon the Treasury OF $l7d,-
26O for interest. This is loss, which the Common
wealth sustans, IN common, with the other Sockhold-
ers, and separate and distinct sum from that loaned
Your committee would recommend that steps be
taken 10 enforce, for the future, the punctual pay
ment OF the interest upon these loans, and that
those companies be required TO increase their rates
of toll sufficiently 10 pay it. The question is be-
tween The required payment and SO much additional
taxation II is true, that the Stakeholder draws no d.
vidends from these works-as investments OF money,
they have been far unfortunate, but many of them
have derived benefit from the Improvement Of their trade
and property end the portions Of the country using
them commercial highways have been greatly bene-
filled II is enough that the State loses its enormous
subscriptions stockholder.t 1t cannot be just that
the citizens of the Commonwealth at large should be
taxed in period of such general dstets Tor default OF
the payment of the interest On sums loaned 10 those
companies. The trade Of the country benetedb by the
improvement, should at least bear the charge oil The
interest actually due 10 the commonwealth
In viewing the financial condition Of the State, your
committee, tracing back the investments of its funds in
bank stocks and works of internal Improvement the
amount OF than ST. .0OO,OG0, yielding revenue
Of less than Sl60 GOO finances embarrassed and It's
ere impaired the bonds of the State bearing an in
terest OF six per cent per annum selling in the market
for than twenty per cent discount, increased tax
alton inevitable 10 preserve lis honour and TO discharge
lis debts; they much 10 avoid and little to initiate.
AS long the OF the State barely suffi-
cent 10 meet the neres, Of its debts and its
10 pec,ed demands upon its resources i! must
be upon the of practical reputation. It's dis
position, if not its ability to discharge with punclua!ity
IFS engagements cannot escape lmputa.ion II appears
to your committee that the only assured means by
which the credit and honor Of the State can be main.
tanned, is by the adoption Of prompt and decisive mea
to enable it to meet punctualy and certainly the
payments of the interest upon its debts and 10 provide
ce!nin and adequate resources 10 discharge within a
definite period the principal of those debts The con-
vcton forces itself upon them. that the credit Of the
State influences powerfully lis moned institutions, and
the prosperity Of its commerce, agriculture and me-
chanic arts. depressed State credit locks up in in.
action at period Of general distress The of capital
vested in State bonds. Give confidence to the public
creditor in the punciua payment of his interest, and
assured safety Of his debt by the provision of ample
means for its future payment, and the millions in State
bonds becomes at available funds for the lquida-
ton Of foreign and domestic deb!s the medium of ex-
change and remittance, supplying your banks copousy
and will be the first and important step towards relief
from the pecuniary embarrassment, alike harrassing TO
all classes Of the community and operating with dead
enng influence upon all branches Of business whether
agricultural, commercial or manufacturing.
To reinsate this credit, it will be necessary TO in
the present rate Of taxation upon existing sub
ecs; to enlarge the list Of taxable subjects by adopt
ing the principle that each person shall contribute in
proportion his ability, that the bur,hen of taxation
shall be borne in just proportion by ALL that all capital
the great hurhen of taxation has fallen upon land and
labor The cullivator of the earth has toed to con.
tribute his mite to the Treasury, lille the possessor Of
money stocks, and those enjoying incomes from other
than vested capital protected in their person.
and property by just laws, have contributed little OF
nothing to the expenses of their administration
this either just or polite?
Whereupon in order to place these matters and view,
in tangible form, and that the House may in
struct them TO their further action IN preparing the
estimates they have adopted the following resolutions
1s; Resoired the opinion Of this committee, That
revenue be raised sufficient 10 meet all the expenses oil
Government, economically administered to pay pune
tualy and certainly the interest the public debit and
to create a sinking fund adequate TO the redemption Of
the principal Of the debt in years; and that
the faith of the State be pledged sacredy and nvola
bly,, that the funds vested shall not be diverted from
that object.
Cd Resoired as the opinion of this committee, That
the taxes on existing subjects be raised for That
and that the taxation of the State be equazed by
graduation of merchants licenses, and by including
ptal which has hitherto been exempted; and requir-
ing proportonate contributions from persons not pos
sessed of capital, bot enjoying incomes from other
sources.
December Goth, 1912
TAI
DEBT OF TIE STATE.
Certificates issued for loans, (nlsrnal i'm.
provement,) s6,5l9,4ss