Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-03-04
HOUSE OF DELEGATES.


AN &C, eeding the commonwealth right in eertai
lands to the trustees Of Preston Academy
An act concerning Philip Russell. OF Brooke county.
"An act directing payment from the school quota of Ca
bell sosny for the lsl3 ola balance due the
; " OF Wayne.
AN aetincorporatng the American Literary Institute
Bethany College.
n authorize ferry from land Of John Thomp
son, Jr, in the county OF Marshall the Ohio
AN act incorporating the Jonesvilie Lyceum, in tn
County OF Lee.
"1hey have also passed the bill concerning ailos' fees
with an amendment"
The bill relating the school quota OF Fuvaana count,
coming up on Its passage,
Mr.. SPorrS offered the fowing ryder:
That the School Commissioners for the OF aze
well Harrison kanawha and Smythe shall be authorized tc
pay Of the school of their respective
1873 any balances which may be due for the instruction
poor children for the lsI2 in said counties.
Mr. GAkSErr opposed the ryder and moved the ndenite
posiponement.
Mr.. SsrrH, of ii. and PARKS supported the bill
The motion TO postpone failed
Mr. ToLkR moved amend the ryder by authorizing the
school commissioners OF Campbell TO pay Geo F. Henry
S3s % for tuition and stationary poor children in l54l
This amendment was agreed to-
Mr.. BowprS then moved the indefinite posponemen of
he whole SUBJECT and the being taken by and
noes, decided in the afirmatve-ayes g. noes a.
The STEAMER presented communication from the Au-
dior OF Public Accounts, list OF balances remaining
the table,
Order Of the Day.
The bill prescribing the mode of asccrtainng
jects Of taxsion.
Mr.. RANDOLPH offered an amendment specifying Ger.
tain stocks to be included in the list. Agreed to.
several other amendments were suggested by MIR. X.
and adopted.
Mr.. GRAY moved strike the whole of the 81 sec
uon Us amended which is follows:
The Commissioners Of the Revenue takingithe lists
OF taxable property annually under the authority OF exist
ing laws, shall also ascertain from every individual within
their districts, counties corporations having money loan
cd interest, holding bonds secur-
ties for money loaned dsbursed invested the
amount OF all interest received within the year pre-
eedng on such bonds notes securities, after deducng
hererom interest all in which such individual
shall be Justly indebted others: and the said
shall charge upon the OF monies due:
And all monies invested in State bonds certificates o
public debt OF this cOmmonw cath, in bonds ceri-
Gates of debt issued by public corporation chartered
the commonwealth-and all monies invested the bonds
certificates OF public debt stocks of other this
Union, OF foreign Stairs shall be considered embraced
within the true intent and meaning Of this section and
the interest profits thereof shall be liable in the
OF private bonds investments. The tax paid by
executor, administrator, guardian. trustee other person
acting hduciary character monies laid
ed by such individual either under order OF Court
otherwise shall be charged the OF the person
persons tor whose benefit such monies land
invested
Mr.. GRAY could this section because it
lnquisitorial-and uncertain in Its meaning.
Mr.. CRUTcHTTELD did understand the bill-and he
wished 10 do so before he home-as the commission
would call upon him for explanation. He pointed
several passages which he did understand.
Mr.. DANIEL also exposed the ambiguity OF the section
and called upon the Chairman Of Finance explana
tons.
the words "Ioaned, discussed or invested" &c. &c.
The motion 10 strike out failed.
MIR. TAYLOR moved an amendment 10 exclude the Dis
NAL Swamp Canal, and all other corporations exempted
from taxation by their charters Agreed
Mr.. HoFKNs moved reconsideration OF the rcfus
ing strike the 3d section. That section appeared 10
him not very plain; and he wished amendment
The motion to reconsider prevailed, and then
Mr. HoFKNs moved 70 strike out, after holding, 5h line
the following words "bOnds, notes, other securities for
money 50 loaned, discussed invesied-Ond insert land
owning bonds notes other securities, acquired by any
valuable consideration whatever"
Mr.. RANDOLFH and Mr. POWELL, Of F., opposed the
northumberland thought would have the effect OF taxing
the same capital twice.
Mr. HorKNs commended tina, the bill stood at present
was obnoxious 10 the charge. His proposition
only designed 10 embrace all bonds
The amendment rejected.
Mr.. POWELL Of f., moved amendment after the
word infested in 9th line "or gnvJoaG notes or other
securities acquired " puTcLsss."
This amendment agreed
Mr.. TATEN moved an amendmeni-which rejected
Another motion strike the 80 section amended
failed Mr.. Daniel, OF r. moved reconsideration of this
vote for the purpose OF moving strike the clause
ing State stocks lie believed that clause had been
ed through the inauenion Of the House The effect Of
taxing the State creditor would be depcss credit OF
the State lie asked that his motion be Of the
! Of the House on this subject.
Mr. RANDOLPH said Stockholders are special
y excepted There good for excepting our
own citizens who had vested their money in State stocks
from paying the tax, which all others paid capital
Tor Tie support 81 Government Massachusetts taxed the
holders Of her StOsk-and her Stock high as any
other OF the States.
Mr.. DASIL, of R. commended that n. State stocks
should be exempt from taxation. The Stale stocks now
depressed below par. IL depends, all confess upon the
action Of the Legislature heihe. they shall be elevated in
lac market OF sank even 10 lower point Of Depression
we nave been invited . raise the taxes snd tlai
period Of GneGamped distress and create sink
lag fund from the ssiacreased IN 10 ensure IL
the bond holder the Ultimate redemption OF .s principal
aud the pllctu1 payment in the time, Of ana.
a Interest And tie necessity Of tbs step ha= been forced
on Is by toe strongest appeals puGe-yur sense OF
pubic honoT-Io that cEase senrbiliy in regard State
ialtn, winch feels stain - w0und-snd none have
been more earnest Ia these appeals than Chairman
Of Finance from whom this proposition comes Now II
TINS be cur settled purpose, how Do advance It'd
not defeat H. by taxing the interest due the public bond
h0!deTf We give with one hand ia payment, and take
back with the other in tax This j. futile IT not worse
than futile We take the initiative step IN this
Of taKduJn-and where snail stopl Can the bOnd-hOld
know The first step aken) Whist point our grow
ing necessities may drive us7 We may take email per
cent. is year, greater next aud each successive year
and this natural and reasonable apprehension will have
inevitable and fatal effect the public credit. We shall
take from the prce Of the stock certainly the amount Of
tho tax, and his approximations well founded We
would lose manifold more than that IN It's instant depTes-
sion We have pledged oursevesto pay per each
share and have obtained the money individuals on the
pledge. To take from the dividend will be- practical re-
pudisuOn The usage Of other States appealed to- New
York, Massachusetts putting aside the question OF night and
wrong, (Which he would decide upon principle aud not
upon the example Of oher-,j and looking policy alone
the cases were no way analogous. The stock Of these
States referred 70 being above par and yet subject
tax Therein Is the point Of difference, depressed
Hnd cannot bear the Mr. Daniel said here least he
hoped all sides OF the House might meet ground
however they might divide other topics The faith and
honor Of the State, the property Of all. Any
effort however fcobe sustain them he warranted BE-
hoped IN Upp0ing would be received ~ OIL sIdes with
candour-and IN the spirit in which IL was
mndc-llc hoped sincerely lie motion would prevail.
Il being o'clock, Mr. CRrTcHFrELD moved that the
House ADJOURN 70 enable gentlemen 70 attend the Demo
/ cratic Convention.
/ Agreed 10.
Pennsylvania
The Editor Of the Tribune whO has been for the last
week too III 10 attend he dute metin Philadelphia
Friday tyenng number Of Delegates just returned from