Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-21
HOUSE OF DELEGATES.
IhurSdGn. Jan. 10.

| Thursday, Jan. 10.
The following bills were read third time and pass
| ed viz:
An act 10 provide for the attendance OF witnesses
before the Senate and House Delegates and for other
purposes
And act TO provide for the payment of the inte-
rest upon certain bonds guaranteed by the Common
wealth, and annuity due 10 the old james
| River Company.
The SPEAKER laid before the House n communica.
ton from The Governor, enclosing the annual Report
of the Virginia Military Institute.
| The SPEAKER laid before the House letter from
the President of the Bank of Virginia. enclosing The
following Resolution Of the Board oil Directors
Resoioed, That The President of this Bank make the
following proposition TO The General Assembly, viz
to receive from the State $500 shares of the stock Of
thus Bank held ny the Commonwealth, and to transfer
to the State 1900 shares of the stock of the James
River & kanawha Company, 100000 OF Virginia
per cent stock, and $4,000 Of Virginia per cent
stock held ny the Bank, and TO pay on the lst July
next Sl0o,0OU and on the lst January next $00,00O
in money.
On motion, the communication referred to the
Committee of Finance.
i The following resolutions agreed 10 BY MIR.
DANIEL OF H., instructing the Committee on the Ar
mory TO enquire and report, what changes if any, will
be requisite to fit that building for school for Cadets
and the cost OF the same-what the duties per-
formed by the Public Guard and the comparative
pense OF supporting the present establishment with
that required to support school of Cadets and the
fitness of such school perform the duties Of the pre-
sent Guard-and what will be the additional expenses,
generally, Of such school.
Il BY MIR. Blue: That the Committee on Finance en-
qulre into the expediency of including the County of
Hampshire in the number of counties already allowed
by law, the privilege Of paying their due the
Commonwealth, in the notes of the Northwestern
Bank OF Virginia and Of the Merchants and Mechanics
Bank Of Wheeling
i BY Mr. TAYLOR: That The Committee on Banks be
instructed TO inquire into the expediency of requiring
the Directors Of the various Banks Of The Common
wealth to possess larger interest in the stock of the
Banks than now provided by law also, into the
pediency Of so amending the law passed at the last
session Of the Assembly, to exclude from the niita.
ton of ndeble dness by the Directors loans made
pledges Of stock &c and also into the expedency Of
providing by law that bonds, Nc, which may be Offer.
ed collateral security for loans by the Ranks shall
be vested in The Banks to enable them to enforce
pa vIncn. thereof.
On motion OF Mr. POWELL, the Committee of Roads
&c instructed 10 enquire into the xpedency ofper
hitting GeoW. Pettyjohn TO erect turnpike from the
toll bridge opposite .ynchburg, through his land,
to ntersect with the Lync.burg and Buffalo Springs
Turnpike Roads.
Petitions were presented and referred BY Dir. GAR
NETT of the people of Essex, for clearing out obslruc
tons 10 The avgution of Plscataway creek BY MIR
SAMUEL papers relating TO the petition Of Thos. b.
Taylor and others, before the Committee of
Claims BY Mr.. PARKER, of J. a. Truslow, for
the refundng of sum of money overpaid on forfeited
E lands BY Mr.. MEREDITH, Of George Walker, for
Court Of Brunswick.
Mr. BYRD of F. called up The resolutions Of the Com.
mittee oil Finance with Mr.. YrRBYs amendment,
striking out Of The first resolution all that provides Tor
a sinking fund. (See Wednesdays proceedings.)
/, Mr.. CRuTcHriELp gave history Of the manner in
which the deficiencies of the Revenue had been pro-
duced He had hitherto opposed an increase OF taxa
tion-in order TO arrest new appropriations. tie had
wished to bring matters 10 their present point; where
there was no danger of appropriations. lie was
willing for increase Of taxation, in ORDER 10
meet the interest the public debt, and floating
he could not 60 for so large an increase
IS will provide sinking fund. He deprecated such
hastv legislation in giving solemn pledges, which
hereafter may in Of war, by force ofcircumsan
ces ha be broken and would amount to practical
Reputation MIR C. maintained that both political par
ties responsible TOR the money lad out IN great
, Internal improvements
Mr. BYRD OF Frederick far from being opposed
to providing for the ultimate payment OF the public
debt; bnl lie not prepared to gofor the resolu
ton Of the Finance Committee, without some qualica'
, ton He was willing to provide for the floating debt,
and the interest on the public debt but lie could not
now 90 for an increase oftaxation for sinking
. fund for the payment of the public debt He would,
therefore move amend Mr.. YERpr $ amend ment, by
striking out all Of the first resolution after the word
redemption and to insert the words-"firs, of the
principal of the Common wealth floating debt in -
years and secondly, Of its funded debt in - years
, thereafter"
Mr. VERY modified his amendment, so as to strike
.
Words "and 10 pay the floating debt of the Common.
! wealth"
MIR. BYRD of Frederick said his object 10 pro-
vide sinking fund for The floating debt and at the ex
ouidation of the public fund, after the floating debt
shall have been paid off. He thought this course would
result in raising the credit of the State, by showing 10
the public creditors that willing TO provide for
, the payment of our whole debts.
Mr.. RANDOLPH remarked that the argument-tha,
the provision Of adequate TO pay puncually the
interests Of the public debt, and the establishment OF
sinking fund, sufficient within reasonable period TO
discharge the principle OF those debts, would tend
greatly and nanifestly 10 the relief of the whole
munty by accrediting State bonds abroad and causing
mo ney to flow into the country commensurate with its
wan,s-has not been attempted TO be met by the gen
,emen in the opposition This argument having been
nromneny put forward in the report of the Finance
. Committee and in the discussions growing out of IL,
one of two differences unavoidable from this OMISSION
Either that The argument was unans~erable or that II
was unworthy OF answer. Under winch OF these
heads the argument will fall, MIR. H. said he should
lea We the House and The public 10 Judge.
Ii has been urged that the creation of sinking fund
will increase the present taxation upon the people lie
denied That this possibly be the result. When we
met here we found debt of $780, 900 due on the 18th
Of December IL had to be promptly met, and our only
resource flor the credit of the State loo low 10 hope
for il in any other way) was by loan from the banks
compelling them 10 curall and cripple the already dis'
ressed condition of the community to That extent
This loan is to be paid in FIVE per cent instruments
every sixty days until paid II must be paid in three
wears and four months requiring sos, 600 year, 10
be raised by increased taxes upon the people Every
one knows that TO raise it in any other why ~ Inc pre-
cont condition of our credit is impossible. The annual
deficiency Of S20,0UO 10 be added to this makes sl21
OOO per annum be raised by certain and inevitable
taxation The advocates Of sinking fund Of SoO,OOO
per annum 10 redeem The debt in 80 years,) contend
that it will establish the credit oil the State-enaole
them 10 fund this bank debt-reeve the banks and the
community by paying them in an accredited stock which
can be converted without loss into specie And by the
auprecation of the whole mass of State bonds afiord
apar relief 10 all classes That the sinking fund and
deficit being 100000 per annum, 5000 dollars per
annum less will be required 10 be raised by a1aton
and that, after dschargng that debt, which, is and
will be, pressing for the next four years, we VIII con
time Il 10 the extinction Of the whole obligations Of the
State, and reap Immediately The benefits of the appre
! citation of the public credit