Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-01-17
RICHMOND DAILY WING
SUGGESTIONS FOR CONSIDERATION.
sAr-RD.y MORNING. JANUARY II, 1896.


To fls Edifsrs Of tie Whs:
Gentlemen. In almost every circle in which II is my
fr,upe 10 be thrown hear and discussion
upon the subject OF Internal Improvement Almost every
part Of the sskng some appropriation 70 improve
il. condition and seems be conceded on all hands,
that whsever shall be undertaken IN iuare To DC
ful must be done by the State itself.
I'm looking over the statement OF the Liabilities OF the
Commonwealth aud its sssets Us stated by the Second
Auditor il will appear-aiter taking from the oiher-
that but uncomfortable debt u IN fact due from the
State. Nothing indeed, beyond its means at any time
convertible But the question which wish to pesentto Tor
the consideration those authority 10 his-Cannot the
asses OF the be disposed OF. not only to eAn
rush the debt Of the State. but create Fund, which
shall be adequate Just wants, in the construction OF
Rail Roads, Canals and such other works as may be need
edl
TO this end, beg leave suggest that should have
Shaking Fund the managers OF which shall have the
power to sell any stocks OF the STATE fair prices
and with any surplus may buy the bonds OF the State as
they may any be offered IN the market, aud To re-
deem them they may fall due. And further, that the
Treasurer Of the State shall pay to the Commissioners
Of the Sinking Fund Of the bonds purchased
or redeemed by them and that lar 1t can be avoid
3D. the funds held shall be applied other purpose
whatever.
IL the present Taxes should be continued for
longer the surplus which they would bring into
Commissioners
may be raised by the sale OF sons Of best stocks
would few years lay broad and sure foundation for
tho entire payment of all our debts.
have not the leisure extend these remarks and
therefore leave subject ADLER pens do full justice
Does il not deserve consideration
a TAX PAYER.
Our Correspondent will perceive that the Com.
mittee of Finance, of the House of Delegates,
have recommended reduction Of the taxes OF
near ten per cent. the ordinary subjects of re-
venue. They admit that the prr sent rate of tax
alton would, If no unusual appropriations" be
made, leave a balance in the Treasury by the
close Of the next fiscal year Qs41) of near
$500, 600. Such an amount would do something
towards the plan suggested by our correspondent;
but when he recotcts how popular proposition
to reduce taxes always proves TO be, VIC cannot
but express the fear that the views of the Com
mittee will prevail, and the provision for a sink
ing fund be most materially abridged
The Committee state that the redemption of
the principal Of any Of the State bonds, only
occur at distant period. None OF them pay
able befure the year 1857, and from that period to
1868, portions fall due each successive year. In
reference to the privilege Of the State to redeem
some of its bonds, the Committee Of opinion
that most of them might he taken up by the issue
of a new six per cent. stock, which would com
mand premium of 20 per cent; and the pro-
ceeds of such premiums (they say) would dis
charge one 6th Of the public debt of the State.
They further state, that il loans could lie obtained
at four per cent, the premiums OH n new issue of
d per cent stock, would discharge near One.hrd
Of the public debt, and they consider that the
dempiion of the public debt by payments from the
treasury or sinking fund, would be wasteiul
system when the State stock is above par value
But whatever may be the best plan of paying
of the State debt, or rather OF taking up its out
standing bonds, [onIy nominal debt, we cannot
but regret that the Committee Of Finance should
deem II nee, ssaIy TO recommend a reduction of
taxes at this time. The people making no
complaint, except IN some instances as to the IN
equality of the rate of taxation and this il is not
probable will he materially altered.
The friends of Internal Improvement cannot
sanction this reduction, unless they mean TO pur-
a suicidal policy. They cannot, in Justice 10
their constituents, consent TO reduction Of taxes,
and then complain that the State does nothing for
the improvement Of their condition, or for the
development OF the resources of the State gener.
ally. The amount likely TO be in the Treasury
ON the LIST Of October, lS47, $500 ,OOO,) would
pay the interest loan, for Internal Improve.
inents, of fire millions Of dollars. Then why the
necessity of a reduction, unless il is meant that
Virginia shall stand still in her career, and for
ever set her face against any advance whatever
Are the people prepared for the stand sill policy!
Are they willing, for the sake Of saving few
cents annually, to fetter and bind down forever
the energies of the Slaie7 These are matters for
consideration, which cannot be overlooked, if
correct conclusions are desired.