Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-01-17
FINANCES OF THE STATE.

FINANCES Or THE STATE.
The subject OF the Finances yesterday under discus
sion in House OF Delegates; and debate proac,ed
to late hour, highly interesting We have space for
only brief notice OF a few OF the important points.
The Report OF the Committee concluding with the fol-
| lowing resolutions called up:
l. ResoIrcd, the opinion Of this Committee That a
be raised sufficient all the expenses OF the
Government, economically administered pay punctuay
and certainly the interest the public debt and
sinking fund adequate the redemption OF the principal in
and that the faith OF the State be pledged, sacrdy
and nyolaby that the funds vested shall not be diverted
/ from that object.
y ResOlred the opinion Of this Committee, That the
existing subjects be raised for that purpose and
that the OF the State be equsized by graduation
of merchants censes and by including capital which has
hitherto been exempted; and requiring popoonate con
buttons from persons possessed of capital but enjoying
! incomes from other sources.
| Mr. RAxDoLru chairman of the Committee of Finance
moved fill the blank in the s resolution with p years
Mr. r. then proceeded length explain his and the
views of the committee. An increase of and OF the
subjects Of taxation deemed necessary TO meet the OBJ
legations the State and maintain (which be done
at all hazards the credit OF the Commonwealth.
Mr. r. would the sinking fund upon the land tax
the certain and calculated give the best
the world of the determination of the Legislature pay
the State debt.
Mr. r. was utterly opposed the OK sting system
unequal and oppressive upon the landed interest
and the industry OF the country To correct existing evils
he proposed equaze the taxes by taxing capital in all its
varieties.
lie would increase the taxes upon land cents the $780,
and negroes make the increase from these
SI2 900.
As merchants he would their sales. He would fix
a minimum of sales-say S6OOO-on which the merchant
should pay per centhe did the sum- and then
the merchant be required give bond that the end
OF the year he will render correct statement Of his sales
and pay pro for all the minimum.
Bank stocks, State stocks Incorporation stocks &c, he
would per on the dividend He estimated the
from this at $4,000
He would the salaries of officers and the incomes of
individuals $3.50 per cent and also professional
men-lawyers, doctors, &c.
Revenue from these sources, $4,000.
He would next conveyances-25 cents, for example,
upon every S50Oand upon devses and descents about
S2t upon every ACKNOWLEDGEMENTS $4,000.
Reduce the minimum plate iaK-so a yield Sl2,
OOO
Mr. RASpoLPH concluded by a very earnest appeal to oil
representing the landed rally around his PROPOSE
on and establish his great principle Of taxing income and
capita-by doing So he said, they would make adyo
OF the cities for economy; and enemies OF debt
and taxation.
He wound up by a very magnificent reference to HIM
self. being mounan.bom and ntan-bred, and hoped
be about his love for the
tainsand about ennobing influences which the rugged
mountains had upon the human soul, SC. SC.
Mr.. CRUrcHFEID expressed his opposition any refer
ence to the subscription the Baltimore and Ohio R. r.
COmpany-contending that after next July the State would
be bound make the subscrpon-unless certain
dtion= which impossible, complied with.
Mr. LEWIS, after expressing his reluctance espouse all
the principles Of the report, moved the following:
ResoIusd, That the report OF the Committee Of Finance
be Tecommted said Committee with instructions pre-
pare and report TO this House early practicable state
ment showing,
Ist. What subjects will in their opinion best bear per-
taxation including those already taxed with the
least buhen to the people, and Just regard 10 the interests
l of all classes
ID What amount Of revenue may be raised upon such
subjects according equal proporonate fixed
by the Committee having regard, estimating the amount,
the present actual Of the treasury the future
and contingent expenses Of the Government economically
administered, the interest accnng the State debt and
the 10 be provided sinking fund for the ultimate
eXinguishment of that debt
long debate ensued in which the entire merits Of the
various details submitted by Mr. Randolph,
ed. Mr. Randolph, Mr.. Taliafeuo, Mr.. Daniel, Mr..
Lewis Mr. Broadus, and Mr.. VERIFY participated in the
discussion.
M DANIEL Of this City, closed the debate in speech
Of great power and brilliant eloquence. IL in reply
particularly Mr. Randophs rail- yingcry the representa-
from the county crush the towns and in exposure
Of the demoaing effects Of an income tax and the direct
dishonesty m taxing State Stock This ast he commended
nothing but repudauon;-and the tax upon income
and capital, 10y making the officers pry into every mans but
siness would be inqusoria and would hurrass the PEG.
pie 10 appoint past endurance II would lead to false
swearing; and by disclosing matters with which the
public had no concern, would often ruin Of bus.
ness The exclusion, too Of all incomes below $3.50,
Introducing dangerous principle, unknown before to
laws. II was unjust, because It unequal. But that
was not ALL The exclusion would by degrees, be extend
ed TO MI under $500, then SlOOO-then Sl5OO-und
the few who we're very rich would be left TO bear all the
burdens and be puudered by the many lie protested
with great carnesness sganst the introduction Of any such
principle ~ this.
Tho House adjourned without taking any vote.