Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-17

Lodge of Independent order Of Odd Fellows 10 holc
certain building therein mentioned
k An Act Incorporating the Farmers and Mechanics
;, institution of the town Of Lynclburg.
su, the bill entitled an act constituting portion o.
c Meherrn River lawful fence with an amendment III
which they ask the concurrence OF the House oil Dele
gates.
/. The House concurred with the Senate in said
amendment.
The Speaker laid before the House a letter from John
81 Bolts of Congress, The subject of reundmg the
fine or General Jackson. eve shall publish tins extra
ordinary letter in our next)
g The following resolutions were adopted by MI
# BRowN Of p, that the Committee OF Roads, &c {,
enunc into tie expedency oil rellnqaishing 10 The
individual stockholders the States stock and interest IN
the Braudonsve, Ringwood, and Evansville Turnpike
Road:-By MIR. DENNIS, instructng the Comin'l'ee 10
enquire into the proprety of adopting the various pro-
positions recomme nded by the Board vt Agriculture IN
their repor;:-By MIR DAsrst of r that the Commit
tee of Courts of Justice enquire What changes, u any,
are spndient in the laws regulating the ices ut lhsec
tors of LumLer:-Bv MIR. BccocK. thnt the Committee
OF Courts enquire into the expectancy OF authorizing
sale of tract Of land, lying in buckingham county,
late the property of Peter Lesupu deceased, for The
purpose OF settling and dividing The estate OF ie sau
a l.esueur. . .
, Petitions were presented and referred, viz BY Mr.
BRows of Preston, of the commissioners OF the Bran
/ donsv lie, kugwood, md Evansville Turnpike Com
j. panY asking fultment on the part OF the STATE OF
g her engagements with her Stockholders BY Mr.
BoILINo OF L. Il. Bond, Tor new street III The town
f of Petersburg BY Mr. ALwoRTH, of the officers Of
Second Regiment, Virginia Militia, for The repeal oil
the law forcing the officers to train at the Court louse
) Mr. RANDOLPH called up the Report OF The Commit
y tee of Finance which concludes with the two follow
= ing resolutions
"lst Resolred, as the opinion of this Committee,
Tim; revenue be raised sufficient 10 meet all The ex
# penscs of Government economically admlnistered-io
pay punciuay and certainly the interest the public
r debt, aud to create Sinking Fund adequate 10 the
Y redemption of the principal OF ilIc debt III
years-and that the faith ct the State be pledgeo,
sacrpdiy and nvoiablY, that the funds vested shall
h not be diverted from that object.
"al. RsSoired, sc, That the taxes on existing sub.
y ecs be raised for that purpose and that the taxation OF
the State be equalzed by graduation OF merchants
licenses and by including capital which has hitherto
been exempted, aud requiring pFoportionate con'r.ou
tons from persons not possessed OF capital but ENJOY
# my incomes from other sources.
y MIR. RANDOLPH addressed the Char, as follows
u The Committee on Finance believed it duty which
they owed the House and to the people OF the State
TO get before them early period OF the session,
report exhibiting the condition oil its inances ,hat w'h
perfect knowledge of It's embarrassnenis, they would
advisedy upon every bill requiring an appro
priaun Of money aud ample l'me would r allowed 10
" deliberate upon the ways and means most proper 10
Re meet the exsencles OF The Stale
IF To preserve and invna5e the pccunary Gre
dit of Tie Common wealth, it is necessary 10 provide
d for the pancua payment o! the interest on the public
debt, and for the payment OF the principal Of those
debts within definite period. Fortunately Tor us,
on the prccr, OCCASION these high moral duties oil IN
Ii ,egrv pa ntism and honor, coincide with our present
interests md those of constituents In
the present great and general distress, nothing sng
4, rests itself my mind promising TO afford such
promp, and eiccul relief, raising 10y our acon here
the value Of State bonds recently twenty per cent
below par They form capital of near iour millions,
now locked up and almost wholly useless as means
Of raising money! for The payment ol debt o. 'Imerc,l
Of remittance and exchange !, may be objected that the
Of these bonds the result oil the present pc
cunarg Of the country, aud MT from my
dscredt Of the State. This might be true, # money was
ID at HIGH rates of interest throughou the commercial
II world; but in England, money IS now so abundant that
it will command more tiian 3 per cent per nnnum
n Can be conceived possible that thing Sd portable
l. and ransmssibc State bond should sell here al
?, price paying nd half per cent in Virginia,
re viz eighty dollars; - the same bond, ct the present
rates of interest in England, would be worth from $50
To 5000 If Of undoubted credit and yet II shall be
Ii said that this depreciation not the result o The dis
credit of the State The and credit OF Virginia
II is coo Extensive with the commercial world, and, free
n from imputaon, her bonds would find their market, n
deprecated by distress here III countries where money
is abundant, al price much above par aud the very
sale Of these bonds would introduce money 10 supply
e deficiency at rate below legal interest As soon
N as their credit would be reesabshed abroad, they
Il! would become the Of foreign remittance and the
pa OF domestic debt: fruitful source of specie
supplies 10 your banks, ard supplying the deficiency in
IL our crcualiun aud OF alurdng general relief 10 the
whole community. | nave 10 ill the blank in the
sn!non indicating the period with hch Tie debt shall
II be ptd wit, - years This, Sir, appears TO TO be
r long enongh period within which large majority of
those wall have rendered up icr last dread
account. To effect the payment of the public debt,
4 within that period, will require an appropriation oil
e SI29, $50 per annnm, TO Sinking Fund. THIS .
J. nuy lis compromising interest, will extlnguish
the entire debt due 10 individuals Of SO 100000 in %
years and would Get apart, annually, many cents
of the land tax would produce $780, 900 for that pu
pose. II leave this fund generally churgeub.e upon
the Treasury lis mis be exhausted for other
purposes II fixed upon bank stock, slave property
foreigners would not have confidence in it, II fixed by
GLENN OF The Legislature as PROPOSE the scarcity
Of the e moral force OF action ITSELF will carry with
the deep conviction in the abiding interest OF the
State TO discharge the debt The present deficiency OF
y 500 900, with small sun for contingencies o!
d 900, would make the aggregate OF additional re-
e venue required, if nothing is permanently thrown on
the State 10y its Liabilities for the James River and IA
e nawha Company, amount 10 $50 900 per In
g strict adhesion principle, each generation should pay
lis own debts AS the number of those living above IL
years Of lpe are than those between the ages OF
Is 81 ard A. follows that at the end of every 90 years
a iaajOry of individuals upon The theatre OF liie
who had no voice the ncement OF that period
Should they be bound by the debts Of their predeces-
surs unless t,ay had been contracted from necessity
d and To the obvious benefit of hemselves The earth
is the property Of the living, and not of the dead One
cannot prohibit the next from the cultivation
OF The earth and the enjoymens IFS iru's-nor shou Id
they atemp; 10 limit them as 10 tie portion Of those
fruits which they should enjoy, by the debt which they
entail upon them. No debt should be contracted
except under circumstances of great necessity, aud
h. obvious and undodbled benefit 10 the next generation
lie which could be paid in % years. Each loan bill
should contain clause ruislng tax pledged for the
nj paw me Mt of n;ercs; and redemption Of PRINCIPAL su
ID c,cn, to discharge the debt within that tmeDebt and
" taxation would then progress with equal pace and the
oppression Of The upon the people would arrest the
b. progress of Tie other Although reputation is die
nj i is
,e The extreme remedy of fatal disease-excessve lax
: Natal TO the liberties of country. The disgrace
I'd is more in the prohgacy which contracts the debt thar
in the poverty which repudates il. Some have deemed
ST national d. bt national blessing II may he blessing
10 creditors but TO tic debtors. If due TO ou
= own citizens it moned class, living upon the
e. ahors of the people- sub,racts from productive in
dus,ry, be wasted in luxury-it takes from labor tint