Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-01-26
So. 5egiscafatre+
House. OF DELEGATES.
Monday. January l6.

House. OF DELEGATES.
Monday. January l6.
Mr.. Randolp called for the repHt yel
the committee Of finance, which concludes
with the following resolutions:
l.. Resolved, as tie opinion Of this
committee, That revense be raised sui
iicent TO meet all the expenses Of govern
nent, economically misunderstanding
pay punctually and certainly the interest
on the public debt, and to create sink
ing fund adequate to TIE redemption of
the principal Of the debt in years
aud that the faith Of the state be pledged ,
sacredly and inviobly. that the funds so
vested shall not be diverted from that
object.
2. Resolved. &c. That the taxes on ex
isting subjects be raised fur that purpose,
Fand that the taxation of the state he e.
f.qualised by graduation Of merchants IL
-eenses, and BY including capital which
has hitherto been exempted. and requir-
ing proportionate contributions from per-
sons not .pesscssed of capital. ut.enjoy-
ing +incNmes-from other sources.
Mr.. Randolp phi addressed the house at
lenght in support Of the above resolu-
tlons-but 2we have .euly room for the
following extracts:
To preserve intact andinyiolable the
pecuniary credit of the Commonwealth,
ut Is necessary to provide for the punctu
al payment of the interest onvthe public
debt, and for the payment of>the tprn,ci-
pal of those debts within some definite
period. Fortunately for US, on the pre-
sent occasion, those high moral duties Of
integrity, patriotism and honor, coincide
with our present pecuniary interests and
those of our constituents.
move to fill the blank in the sresoiu-
ton, indicatingthe period with which the
debt shall be paid, with 25 years. This +,
Sir. appears to me to be long enough. a
period within which large majority Of
those now here will have RENDERED up
their last dread account. To effect the
payment Of the public debt, within that
period. will require an appropriation of
i $4,000 per anRum. toa Sinking Fund.
This annuity, with its compromising in
terest. will extinguish the entiredeet due
to individuals of $6,4O0 .Ooo, in Is years;
and / would set apart, annually, as ma
INV cents Of tie land tax as would pro-
duce IS 10000 for that purpose. If we
Eleave this fund generally charseable up
on the Treasury. its resources might be
exhausted for other purposes. Ii fixed
upon bank stock, or slave property, fo-
reigners would not have confidence in it..
Ii fixed by solemn act the Legislature,
as Ipropose. the scarcity IF the tax, the
moral force of action itself, will carry
with it the deep. conviction in the abid-
ing interest of the State to discharge the
debt. The present deficiency of -$2o,-
900, with some small suus for cuntinge-
ncics of $4,000. would make the aggre.
gate of additional revenue required, if no.
thing is permanently thrown on the
State by its liabilities for the James Riv
CT and Kanawha Company, amount to
$3.50, 600 per annum. In strict adhe.
sion to principle, each generation should
pay its own debts. AS the number Of
) those diving above 4 years Of age, are
less than those between the ages of91 &
Al. it follows, that at the lend Of every &C
wears. majority Of individuals are upon
the theatre of life, who had no voice a
the commencement of the period. Should
they be bound by The debts Of their pre-
decessors, unless they had been contrrc,
ed from necessity, and to the obvious
benefits. Of themselves
. IshalI proceed, Sir, by way Of ilustra
ton, to suggest the increase OF taxation
on existing subjects, and the addition o
such other subjects as ought. justly to b
, included, and others which the necessi
+ ties of the Commonwealth may require
. all Of which. doubtless, Sir, will be alter
ed, modified. amended Or Abandoned, a
the superior wisdom of the House vii
Indicate 1st. An increase OF one and
, half cents per hundred dollars Of valn,
Y on land. This would be one cent in
: crease on six and two-third acres of LAM
9 worth $40 per acre; one cent on thIr
e teen and one-third acres worth S. per a
: ere thirty-seyen and half cents on
n tract of 500 acres worth$5 per acre; an
IS US cents increase on tract OF 500 acre
! worth $40 per acre. 2nd. An lncreas
l. Of four cents per head on slaves above ]
! wears of age. An impression exists 0
II the minds Of many gentlemen. that tn
e tax on slaves is higher in proportion t
5 value than on land. This has not bee
5 confirmed by my reflections. The ia
e. on slaves is now. forty cents per head o