Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1845-02-13
SUBSTANCE OF MIR. FRAZiER'S REMARKS
ON THE TAN BILL.

SUBSTANCE OF MIR. FRAZiER'S REMARKS |
ON THE TAX BILL.
Mr.. STEPHENSON having moved to rccommit
the Report Of the Committee Of Finance, with
instructions to retain the present rates of taxa
ton and appropriate portion Of the surplus ars-
ing therefrom to the use and benefit of Common
schools--which motion MIR. +. moved to amend
by striking out "common schools" and inserting
'the establishment Of sinking fund'']-
Mr.. FRAZIER said, he was aware that any de- |
monstration on this floor against proposed re-
dac'ion OF the taxes would be regarded by many
as evidence rather of bodness and temerity than
OF prudence and discretion, 1t was at all times |
delicate subject, and, whenever the situation OF
The country was such to require Of the repre-
sentative, the faithful discharge Of his duty TO
impose increased burthens, that duty, though pa
ramount, was always painful, as he had some rea-
son to know. Happily We are not now placed
under any such necessity: happily, the old Com
monwealth has in good degree emerged from
her difficulties; and it only belongs to us, by
prudence and firmness, to hold her yet awhile
longer, on her present course, and she will soon
have surmounted all her financial embarrass-
ments.
1t will be remembered, that two years ago, in
order to meet the Bank debt, or "temporary debt"
the taxes were raised 90 per cent. upon the old
subjects, and various new subjects were brought
into the Tax Bill. Last year, in view of the
speedy cancellation of that debt, the 90 per cent
was taken of and tho taxes reduced to their for
mer level: And now the Committee of Finance
have submitted their Report, in which they re-
commend still further reduction of 30 per cent.
and, ON some articles, of so per cent; they do so
because, (say the Committee,) at the proposed
rates, there will remain in the Treasury, at the
end of the fiscal year 1916, a surplus OF some
SSI,OOO-(eighty-seve thousand dollars.)
Lee inn Of a.. oil ,,,b
go to make up this contingent surplus, and upon
which the estimates of the Committee are based:
And, In the first place, find single item of re-
ceipts-the dividends upon Bank stock and inte-
rest from the Board of Public Works-set down
at $lf9 ,000--of which the dividends from the
Banks arc about Sl43,O GOTHAM which, as it
seems to me, hardly anything can be more huc-
tuating and uncertain. How can there be stabi-
li,y OF Banking operations, or certainty of Bank
profits in country like ours at the present day
WIN wv enty-sx sovereign, and, in this respect,
independent Commonwealths, each EXERCISING.
without stint or Limitation, the power to create
banking corporations-wth such corporations
multiplying over the whole CONTEMPLATING no
controlling head, no common system Of operations,
and all stimulated, or at any time liable TO be s-
inuiated by the eager spirit of enterprise, VIII ich
belongs to the American character what ask.
can be more uncertain unsafe than such rei-
ance IN our financial estimates Have gentle
men iorgolten-does not the House remember
the bitter experience Of 1887 and thereafter
that terrible revulsion which swept over the land
win all but the desolating havoc of war, and be-
meath which fell PROSTATE not only the CONNER
c'al community and banking corporations, but
which reached, in its blighting course all ranks
ana conditions OF men, and even drove proud
commonwealth into Bankruptcy and the inven-
,ion OF new national crime? And shall these
lessons be wasted upon us! Can thew be so
soon forgotten by us What warrant have we
that the same scenes shall not revisit us? do
not mean to say, Mr. Speaker, that | anticipate
.ieiI recurrence this year, or next; nor, it NAV
be- Tor many years. would fain hope they might
never recur. But in legislation, as in ali human
action we can only judge of the future by the
pasi; and must endeavour, with the aid of expe-
Renee, 10 provide against contingencies. II was
lhis very mistake Of relying too securely upon
these Bank dividends as certain source of reye-
nue., which helped to involve us in so much diff
cnity at the time alluded to. They failed us, and
.hon instead OF looking the danger full in the
lace and meeting ii by increased taxation (and a
slight increase would have then sufficed), our le-
gisiators resorted TO tempoIizing eXpedients TO
oank loans, &c., which, in 1912, had swollen 10
Such magnitude as seriously TO threaten the Gre
dit OF me State. We had to resort, at last to
ule oh,y remedy an Increase of taxes; and the
people had borne the burthens of that day with
PaHiotism and hfmness, which, as they have
oeeh SO largely aPpiauded and so Justly here
and elsewhere, 1t is the less necessary for me TO
descant upon them. hat increased burthen was
taken OFT last year, and now the proposition is to
Igduce again twenty (and in part fifty per cent.
Rave the people demanded this! Are they cla-
morous tor 1t! Was it even alluded to generally
at the Hastings? On the contrary. is it not
chieny The politicians who are noisy about the
reduction OF taxes, while the people prefer sta
biilty to these continual fluctuations
Having thus considered some of the elements
OF uncertainty in the very sources themselves,
from which the estimated receipts are tn flow into
the Treasury, MIR. +. proceeded to examine the
other Side OF the account, viz the estimated ex-
Pendltures. he saw no provision made in that
account for paying the July nstalment of interes,
upon the guaranteed debt of the James River and
kanawha Company. He was aware the com
Pany having gotten in nearly all its post notes,
expected TO be able by that time to pay its own
interest and to relieve the Stae,--but in this most
desirable wish and expectation they might again
De disappointed, as they had so often been before
tie hoped twould not be so,-but still we shonld
look to that contingency. Here, then, would be
contingent charge upon the Treasury for the
coming hscai year of from $4,000 to 100000,
according as the State light be called on to pay
the interest on the entire debt including that 10
the Old James River Company, and the State
loan OF 1912, or only on the loan authorized and
guaranteed by act March. 1899 lie. either of
these sums be subtracted from the estimated sur
plus OF S97 1000, and without going further into
the report, he would submit it to the calm judg-
ment OF the House, whether il was wise, wheth-
er it was safe, so suddenly and so largely to cut
down Its revenues and contract its resources.
But should the anticpatons of the committee
be realized and this surplus remain, which he
hoped might be the case, what are we to do with
IL! Or rather, the question is, what disposition
oughtwe TO make OF the still larger surplus which
would certainly accrue from a continuation of the
present rates OF. taxation! The gentleman from
Tyler bad indicated his preferences for tho C,oo,