Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-21
LEGISLATURE OF VIRGINIA.
HOUSE OF DELEGATES.

|
counties and corporations of this Commonwealth TO
suspend taking the lists of personal property or taxable
subjects, and also the extensions OF the land tax, until
the first day Of March next, unless instructed
TO the contrary
Petitions were presented and referred, viz By Mr..
BRoApUs, OF Mary Lowry for divorce: By MIR. Smith,
of H. Of sundry citizens of Parkersburg, for the re-
peal of the act of incorporation Of said town BY Mr.
BRows, of +. c. & W., OF four free negroes TO be
permitted to remain in the State.
MIR. CEuTcmFIELD called up the bill TO provide for
the interest upon the bonds Of the James River ka
nawha Company, guaranteed by the Commonwealth
A few days since, Mr.. CrulchGed had offered sub
stitute-Which in addition 10 the interest due upon
said bonds The first July, l543 provides for The arrears
Of interest Heretofore due upon said bonds ALSO for
the payment OF the semi.annual annuity 10 me on
James River Company, due LIST January, 1913 For all
these purposes the substitute provides The SUN oil iory-
one thousand two hundred and eighty dollars.
Mr.. CRUTcnrIELD explained and defended the sub
stitute Unless this done we will have TO pass another
act 10 authorize the payment of private stockholders
Mr.. TAYLOR objected TO the substitute.
The substitute agreed TO, and the bill as amend
ed, ordered to be engrossed and read third time
The order of the day called up, being the report
and resolutions Of the Finance Committee, rs follows
"lst Resoiced, The opinion Of this Committee, That
revenue be raised sufficient to meet all the expenses
Of Government, economically misunderstanding pay
puncluay and certainly the interest the pubic ceot,
and 10 create Sinking Fund adequate to the redemp-
ton Of The principal Of the debt in years-and
lh. the faith of the Stale be pledged, sacredly aud IN.
volaby, that the funds vested shall not be diverted
from that object
"2d. Resoired, SC, That the taxes on existing sub.
ects be raised for that purpose and that the taxation OF
the Sale'be equalized by graduation OF merchants
licenses, and by including capitu which has hitherto
heen exempted aud requiring pIoport'onaie contrbu-
tons from persons possessed Of capital but enjoy
| ing incomes from other sources.
Together with Mr.. LEWIS motion 10 recommil the
Report with the following Instructions 10 prepare and
report to this House, early practicable, statement
| showing
"Is, What subjects will, in their opinion, best bear
permanent xaton including these already taxed, with
the least burthen to the people, and just regard 10 the
interests of all classes.
''2d What amount Of revenue may be raised upon
such subjects, according to equal, proporlonate
rates, fixed by the Committee having regard, IN est.
mating the AMOUNT 10 the present actual wants OF the
Treasury the future current and contingent expenses
Of the Government economically administered aud IN
ierest accruing the State Debt, end the sum to be
provided Sinking Fund for the ultimate exngu'sh-
ment Of the debt"
The House refused to recommit The report, &c, with
the instructions Of Mr. Lewis, by the vote OF ayes 81
noes GO.
MIR. McRAE moved to fill the blank in the first reso.
luton Of the Committee with s'6fty years, instead oil
"twenly five years., as moved by Mr.. RAEDoLPH.
! MIR. McRAE thought il would be too onefous upon
the State TO pay The debt in short time as twenty
five years.
WI RANDOLPH wished TO revive lie suhkfh ctcu'
of Virginia by fixing reasonable time for the pay
nent of her bonds Fifty years 10 us almost equal
to The day of judgment Foreigners would not have
confidence in stability for long time, and the
idea of liquidation might gain ground.
Mr.. MCRAE was not satisfied by the gentleman mr.
gument that we should fix early period-ther eby
laying most onerous burthens upon the State
The House refused, by a large majority to fill the
blank with fifty years
MIR. SPARKS moved to fill the blank with forty years.
al, a. hahn
impaired, would be increased in the eyes Of capitalists
by longer time than twenty five years.
The House refused to I'll the blank with forty years.
Mr.. RANDOLPH would modify his motion To fill
The blank with thirty years requrng less than $50 600
per nnnum)
The blank was then filled with "ihlrty years
Mr. YERsr moved to strike out Of the LIST resolution
the words, "And to create sinking fund adequate to
tho redemption Of the principal OF the debt in thirty
years and that The faith of the State be pledged
credly and nvioably, and the funds vested shall not
be diverted from that object MIR. VERIFY took the
ground that this the time to increase the taxes
beyond what absolutely necessary 10 meet the de-
mands accruing against the Common wealth; to create
sinking fund The embarrassed finances THE coun
try forbade it. He thought il sufficient in the present
unparalleled distress to make ample provisions for the
payment OF the interest on the public debt He, at the
proper me would goas for he that would 60 farhes
in providing for the redemption of the debt as il fe
due. There appeals there TO pass Stay law-and
is this time to raise sinking fund to pay off debt
which the creditors of the State had requested US
to pay-a fund, which he did think highly Of as
gentlemen; but he would not discuss it more. II
the present Legislature provided for the interest the
public debt, would place the public credit in the best
condition. and that would be oil the creditors could de
sire; especially, as we have unanimously adopted d
resolution, which puts down the question ofrepudation
Al rnore suspicious period we provide sinking
fund. This proposition has nothing to do with the loan
by the banks That would be separately provided for
MIR. CRurcnrIELD thought when we came TO select
ing the subjects for and fixing the rates Of taxation
gentlemen would change their views to this matter,
and would be willing TO sustain The amendment OF Mr.
VERIFY. We have already TO provide for a deficiency
Of revenue; moreover, cannot rely with certainty
on the dividends on Bank stocks. He not pre-
pared now to go for this sinking fund, had no
safe certain grounds TO go upon. When come to fix
the details, he hen might go for asnkng fund, if the
people bear it.
Mr.. GRAY for early payment Of the public
debt-but lie opposed 10 laying heavy burdens
upon the people in our present difficulties.
Mr.. WILLIAMS opposed Mr. YERBY's amendment
and supported the original resolution the ground
that in his county IT thought bad policy, 1t q
man did mol husband his resources SO as pay every
year not only the interest, but part Of the prn.
cipal
MIR. RANDOLPH was satisfied that, without a sinking
fund the credit of our bonds would fall, and repuda
Continental money in this country and also in France
in neither OF which there sinking fund
Give credit to these bonds by providing sinking fund
and great relief to the people must be the conse
quence.
Mr. BRoADUs had always kept his eye upon the pay.
ment Of the State debt-but he thought we could mucl
better hereafter pay the bonds they became due by
the sale of Bank stock. The State would suffer toe
much, if were now to provide this sinking fund
lie thought there mi ht be Hereafter a revenue from
the Public improvements, which might aid us mate
rally in meeting the public debt He thought it suf
| fcent TO provide for the interest.
Mr. BYRD Of F. not prepared TO form OPT
Mon as to the policy of this sinking fund. fle would
have liked the committee TO report in detail No
one could now say what revenue the new tax bill
would provide. AS at present. advised, he was for
fixing the taxes, 10 meet the annual expenses OF
The Government, floating debt and the interest on
the public debt, but thought it very doubtful whether
this was an auspicous time for creating sinking
fund
Mr. DANIEL of R. c. sustained Mr.. Yerby's amend.
ment.
Mr. LrAKx of A. proceeded to demonstrate from the