Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-02
rLArrERlsc FINANCIAL PROSPECTS

FLATTERlNc FINANCIAL PROSPECTS!
We cannot make 10 our readers more ptabe
New Years present than the following able, clear.
we'll disested report of Mr. Edmunds, Of Halifax from
the Committee on Finance, on the "debt, revenue and
expenditures of the Commonwealth. Twelve months
agoa financial gloom hung over this old Common
wealth. Some of most sanguine and de voted pa
ros began to be alarmed lest the pure fame of Frgi
MIA might be furnished by The fatal breath of Repuda-
ton. The last Legislature came up monfuly TO The
good work. and secured the honor and the prosperity
Of the State The people, conscious of the necessity
of strong measures to prop up the Common wealth. at
the April elections sustained their fearless representa-
tves, who had stood Gin the imminent breach" and
sent back to the Capitol host of ''true and good
men,, who, with the lights of past experience, have
earnestly and promptly set to work. and have already
shaped measures, which. if adopted, mus, tend TO
the welfare Of Virginia. We have reason - hope, that
these salu,ary schemes will be passed with proper des-
pa,ch and that Legislators will return to the
people, after having exercised the high powers entrust
ed to them in credtabe to themselves, and
highly useful TO their constituents We feel sure that
our predictions will be richly fulfilled, and that the
voice of the people will warmly applaud their "good
and faithful servants
We have no time or space TO analyze this most valu
able report We will briefly call attention to some few
Of its most important elements We urge every one 10
read it carefully and Judge for himself We cannot
doubt that each and every one will agree with u.s. that
it presents most cheering view OF the financial condi
the last Legislature met; there deficiency in the
Treasury of $3.50 900, being temporary debt TO the
banks arising from the annually increasing deficiency
Of revenue to meet expenditures The preceding Le-
psa,ures had failed supply the necessary
by resort to taxation and had relied upon temporary
loans to fill destitute Treasury. The public credit had
sunk under the repeated resorts to the banks-he
fitness Of these institutions lessened and
cia resources diverted from their legitimate chan
nels to Government transcription aroused in
~, nd Stofa Resi- hir dol ~
the banks incurred paw the ordinary expenses of the
| Government, the James River g. Kanawha Company
was unable pay the interest upon her "guaranteed
bonds to which the State security, amounting
to So 900 and that amount also fell upon the Treasu-
nv Thus increasing the deficit to S437 900.
We are gratiied to learn, that the situation of the
| James River 4 kanuwha Company will enable it in
future "punctuay TO pay The interest those bonds,
and that further aid will be required from the State
in future All Of the temporary debt to the banks is
discharged, kept the sum Of $4,000, by The last
Tax bill, should the Legislature create further
charges upon the Treasury, than those recommended
in the finance report. And it is recommended that a
reduction of taxes shall take place on lands slaves,
horses and lots of near twenty per cent nveageother
reductions are also proposed on subjects heretofore
taxed rateahly with lands With these reductions a
revenue will still be raised Hicient to discharge the
residue Of the bank debt in one year Other subjects
Of equally sltering chaa.ter brought to the
tee of the General Assembly. Ii is urged upon them
issue five per cent State stock in lieu of the six
per cent bonds reedeemable. This reduction OF
the interest, whenever It can take place, will in ef-
feet discharge one-six!h Of the public debt. The
reduction Of taxes, unexpected TO the people,
and tie urishing condition of fiscal AFFAIRS will
no doubt be hailed with general satisfaction. strict
adherence 10 economy Is urgently pressed. A short
session confidently expected, that the committee
hive recommended an appropriation of one third less
car the expenses OF the neral Assembly this session
thaa the last 1t is now settled matter, that We are
10 have short session. To this highly desira
despatch. The chairman, Mr.. Edmunds, detained
from his seat, by the indsposton Of his family, until
the 4,h of December In his absence, the commi,tse,
through courtesy, did not act on the business In q
fortnight after his arrival they prepared aud reported
the appropriation and tax bills the general report on
the Finances, and reports every subject committed
TO them mp that date. The tax bill is made the order
os The day for this day, and it is expected w'll be
passed in the Of week All the committees
deserve high praise for their ability, industry, and de-
voticn 10 the public veal This is truly working SEES
on so far, and, we trust will continue to be. The
country demands H. and, think, will not be dsap-
pointed. But TO the report:
REPORT OF THE COMMITTEE on FINANCE
On the Debt, Rerengc and Expenditures 81 the CON-
monceaih.
The 3th rule Of the House of Delegates Directs that
"The Committee on Finance shall annually examine
into the state OF the debts due from the Commonwealth,
of the revenue and expenditure of the preceding year
and prepare estimate Of the expenses Of the succeed
ing year, and make snch report thereon az they may
deem proper" Which report they now respectfully
submit.
The tabular statement (,narked ~ will slew the
public debt the in which is held togo ther
with the funds and resources Of the Commonwealth.