Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-25
VIRGINIA LEGISLATURE.
House. OF DELEGATES, JANUARY II, 1914.

sir EDMuNps remirked. that he rose for the purpose
of laying before the House the condition ct the Irea
suty during The las, and its estmat-d condition at Inc
close OF the current fiscal year In tbs examinations
he should take occasion TO correct many errors which
! had been disseminated from this hall, IN The oihcia
documents printed BY the House, IN regard ~ the last
tax bill, aud the estimates of the Finance COMMITTEE
OF the last session OF the Legislature; errors, when
had been spread the broad limits OF the Common
wealth. under the apparent sanction o the Rouse ana
which had done great injustice to The iufms! IhaiT
OF the COMMITTEE, and the friends OF sha measure
They had not only Great the impression mat tie es
Inmates were grossly incorrect, that the lax Dali had
holly failed 10 accom- pish its objects, but ihey HAD
led some 10 quest on the necessity oil any aug'nen'
ted taxes lie should proceed to illustrate the necess-
~ tor raising The taxes-to examine tie es'inat ul
the last Finance Communicable show that The tax bili
had effected more than anticipated feduc-
ton OF lakes was now proper-and ~ should theh re-
ply the gentleman from Richmond (AIr. Daniel) who
had preceded him.
|. Remarks the necessity for raising Tho ares at The
last session Of tie General .!sSembiy
After the conclusive testimony furnished Tue last
Legislature BY every officer Of the Government, that
increase OF taxes increase oi the pubic deot,
10 pay ord nary expenses, occur-a fact net then
disputed tv single member tins II OFT was ma
Ter Of much surprise that the question should now be
controvered. BY turning TO tie report OF the FIRST
Auditor, made 10 the last session, the estmat Il cell
Cheney in the Treasury down at 800 900 and
he proceeds to remark: ain tins view CT tie financial
" condtln Of the State, i; becumes M duly. IN oe6l-
- t. express provisions Of The law c suggest The
|" necessary provisions for relieving an embarrassed
|" Treasury, and Of placing finn basis The credit oil
90 the Commonwealth. 10 performing ths duty, Hat
g Ter my,a. that not much the originator OF
- any nc% doubtful suggestion the organ ct 4
IS common public sentiment, which holds the preserva-
ton of State honor aud ie II 10 all Us gcmens
OF ipes,Imah!e vane and importance In the irst
place, wall be necessary In provide Tor TIE EHeGi-
ate Of the Treasury, and for that purpose te-
GO commend, that loan be negotiated, redeemab'e IN
one and three years, al sufficient rate oi inter
&c es. 10 lis being effected without d'hleuliy In
F." the second place, refommtnd that additional taItS
W be img,std of sufficient amount 10 rtdeem P""f.aaty
the ioe2 50 effected the periods respectively when
e il snail become due. | consider the adoption CT ms
last named measure, 10 wit increase oil taxes, s,
in the present condition OF things, III anftGl inP0rf-
10 gre fcctto any Tcne,rd effort tn Heg't"fe
+" loan A pledge from the State 10 provide sure ana
'' certain means To meet lis engagements, viii mmedi
ately inspire general confidence, and enhance Inc va
" ue OF all State securities, which are OF present more
" depressed than at any previous time II XII dismiss
" from tn, public mind all appTehensinn Ii any should
{" exist that our Commonwealth could be induced, oy
g any consideration whatsoever, either 10 diso"h VI 10
:. neglcc. o provide Tor her just obi cations
! The Treasurer of the Commonwealth reported 10 US:
" the condition OF the Treasury demands The earliest
attention of the Lys!lure, IN providing such ASSIST
" ance TO sustain the public credit as It's necessities so
" iuperiossly require
] The Gu,ernor states in ms message: "bele'ne mat
h situation OF the State and lis citizens can never be
" betered, until confidence be restored and that IL can
:. he done Only bY giving the world practical evil
dence la. the Legislature Will do all il 10 place
tie STATE in The condition of determined To be
g honest, have recommended TO your consideration
the poicg a"d PToP,ft y q increasing ~s ta1es' 50
the supp Of funds to the Treasury, - De
7" certain aad equal I, the demand upon IT. iii's IS
The coucurng test rony Of all the officers OF The Go
vernment entrusted with The especial charge OF The
finances of the State, and required TO suggest any
tang touching the pnhc interest And to give 10 ms
evidence additional weight with certain members, each
one belonged thai e the political party usually
cenomnated Whg. The "reminiscences OF tnat period,
t.ra res. IN III. r'co ertons 81 the whole State
deep financial gloom HING over this OLD Common
wealth. Though she had pnncualiy PAID me IN
,eresl on he. public debt, yet she was running up
A heavy debt with the banks for that purpose. II
already amounted TO $3.50, 600. The holders oi her
bonds saw this debt Annually accumuating, aud wit
messed with suspicion and alarm these continued re-
SORTS t, The banks 10 current expenses and the
refusal lay sufficient taxes runcin.l TO redeem her
sacred faith and preserve her honor lhey saw me
repeated Recommendations Of oil The officers OF the &c
vernment having th!s subject III especial chaFge eva
died. and further loans extrted from the banks, INSTEAD
OF manly and can4d cal upon the constituent booy,
for increased means 10 sustain tie lot'eTng c!eut OF
the State. They the means OF our banking insu-
tu,ions diverted from their legitimate channels ana
public, private aud commercial credit, sinking IN one
common yottex--the proper resources OF the mer-
chant absorbed by the necessities ot the Sate-th tho
coniaerc al usefulness Of the banks curlasd-an1 me
Treasury of The SAFE dependent upon these corpora
10 supply lis daily wanls-'n sight OF me Iapi
o six psr cent State uonds selling at twenty per
cent discount-a ono hundred dollar bond bringing
Only saventy-s;x dollars By public auction Wrist
70 New York money commando only five per cent
interest. in England and flollard, only three per
cent The credit OF Virginia lad sunk thus io", mol
because she was less atl= pay than citizens OF Eng
land or Holland: but because she less wiling to
paw and could u,; be coerced. IL was mortiyIng 10
The pride and iameniab!e the feelings of u patriot
10 see the public sunk below the individual creoi, ny
failure 10 rais, su.fcicn; revenue by taxes II was
mos. Illuminating 10 my feelings Ia know, lha' si's'
MA upon the pledge OF hef s1cred bonof ana hef ian'
could rot borrow less ;an seven per cent interest,"
when private cz.n OF other nations could ootto" a.
the same time and or three per cent interest,"
and 10 know tha, this difference proceeded from the
loss of confidence the honesty and good alth o cur
| LEGISLATURE Public confidence had almost expired ]:
how should il be again resGsci'a'ed: None were so ~,
fatuasd recommend further Issue vi I''a'e ""us
NJ 50 Tunous socriiice. The public Creditor came
With his bonds and sold ;aem at the doors OF The irea
sury for twenty -four per cert. discount t"h'u ''
State afford L, shave oil her bonds at ts ruinous sa-
crlfces Would our constituents advise pos einen'
OF the evil hour later pelicd, accompanied ny such
DEGRADING loss of public honor, ana such heavy 1a"'-
tons to their future buFaens, 10 i'ro" more "o-'
INTO The market for the avowsd purpose OF paying IN
,erest on aid bonds would have still further depressed
St,te s.ocks-wonid have been fatal blow 10 our eS-
p,rlnr credit The General Assembly resolved 10 ap-
peal 10 their constituents for increased contrIbucnsoy
augmented taxes 10 meet this per,lous emergency
Expercnce has demonstrated the wisdom oil that course
and The voice OF the people has sanctioned It's pro-
TIE Auditor not only pressed the increase Of taxes
as absolutely essential but he regarded u. as Of male
rial Importance enable the State to eiise, lean al
an advanced rate Of interest. 1t was urged as n'ea-
sure taat would linn. daely inspire General conn
dence and enhance the value of al State securities
In these suggestions, the Committee on Finance fully
concprrcd In view # those em5aFrassmcnts, they re-
ported, chat rena,n;e this credit It WI De neces,
sary to increase The present rates OF taxation on
sting snhje,t.-o enlarge tie l'st OF taxable SUD-
rc.s BY adopting the principle, that each person ba
Shall contribute IN proportion to his aoi'''y-tha' me
buihen of taxation shall be borne in Just proportion
hy ail,hat all capital stock participate Fa'eaey IN
sns aiming it Hitherto the great burihen has fallen
upon land and labor. The cul''va,oF OF ihe eafn ms
lord 10 contribute his mite 10 the treasury WINE
the possessor Of money stocks, and these erJoy
inc incomes from other sources than vested capa'
pr tscied in their persons and property BY Just ia"s
have contributed tte, nothing 10 the'l aom'hs
ration Let net these remlnsceices ne ioreo'eh'