Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-05-30
Making IN nRnreRn.e of
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IL Is believed upon data, approaching accuracy If
not certainly, that the present free white population
OF the City exceeds rather than falls short of Is
700; but assuming that number to be true the taxe.
will average per head upon every white man. woman
and child the of dollars is very true thai the
heaviest burden imposed upon property but un-
quesonaoy true, that taxation be augmented upon
property diminish the ability Of its owners 10 benr
without and sacrifice; and that
maxim better established financial concerns than tha
the highest Of always the most prodc
tive.
Is it, in the second place. eIpedent to aIthore an issue
OF City bonds redeemable at long periods add
TO the permanent debtl The committee are of opinion
that such step would by means be advisable The
permanent debt Is already within fraction OF 500 OOO
and II Is not improbable that material Of
the amount might impair IN degree credit Of the
ciiy-a result most seriously TO be deprecated.
Rejecting, therefore. The two first alternatives the COM
mitiee are OF opinion that would be eIpedent to auho
me, from time to umS, temporary loans and in case of
any difficulty IN negotiating such loans, require the issue
OF bonds, Tedeemabls at short periods an arrangement
which would doubtless DO entirely to creditors
the bonds would bear interest and be easy convertible
into money. The periods OF payment being fix cd and
the necessity OF providing means paramount obligation
the elect would be to introduce greater caution and re-
serve IN the expenditure Of money actually required
by the most VI the CITY, That there ought
10 be reform in the mode pursued of an
Propraung the public funds, obvious to be denied
and IN thus respect u would be disparaRinR TO the
wisdom dignity Of this body to take counsel from the
financial example Of the Commonwealth. Preyiou. to
the adjournment OF each Legislature the receipts and ex
can be derived from abundant materials for
SPECIFIC appropriations msde all the known
wants OF the government; and fund specially set apart
and placed under Executive CONTROL provide for all un-
foToseen contingencies. Under this system IL i, impo.s
Bile that the finances be deranged during the
the Legislature but according the practice OF the CITY
Council, body which may be regarded as potentially al
ways IN session, new projects continuity sprnging
up; new wants. real or imaginary, constantly multiplying
and. by consequence, the treasury all times subjected
TO the process Of depletion without any regard 10 s pre
yious state of exhaustion.
The committee aware. that the subject Of econo-
my, there Is much diversity OF opinion. There are some
ardent minds who consider II savoring Of tmidy TO
shrink back from any undertaking regarded either use
iu or desirable. for fear Of the probable expense The
pleasing visions frequently presented eyes
future prosperity and grandeur Of city, Of al
most unlimited capacity susnn heavy taxation but does
not experience teach that nothing is uncertain and
transient than the prosperity Of cities The opening Of
new channels OF trade, national disorders foreign war and
vsney OF other causes not uufequeny destroy the
chensht hopes and lay the foundation for ultimate decline
But Is often said, that IL the people desire improve
mens and are willing to the expense, IL IL the
wishes This Argument II argument It be called, IL
Obviously iallacious. The legislation Of the city should
spring from the cool and unbiased deliberations Of this
body organized for that purpose by public charter and
cannot be made dependent upon oppressed she. Of
portions OF tho people. II memorial numerousy signed
shoud be presented here, asking that million or half
million Of dollars should be borrowed upon the eredi, nj
the Corporation for the purpose Of besuyinR and adorn
ing the city with elegant aud expensive improvements
nbaU.
don his sea, than yield absurd and irrational re-
quest
In conclusion the committee recommend the adoption
OF the following resolutions. embodyng the views e1-
pressed IN this report:
J. Resolved That in order meet the deficiency in
the city finances, u eKpedent TO authorize from time TO
time, temporary loans, and in Of any difficulty in ne
tiang such oaus bonds or certificates Of debt shall he
issued be'tng SIX per cent interest, and redeemabe
short periods.
2. Resolved That s sSpedent to retreneh the erpen
ses Of the city, where II be done without tho violation
Of any contract already entered into without injury TO
the public interests; and that the commissioners Of streets
and such committees o. have been charged with the s
pernts Of contracting for. any improvements
be instructed 70 inquire and report the council whether
any such Improvements may be dpensed with or
ed according to the spirit and meaning Of this resolution
Resolved, That IN the present state Of tho finances
no new improvements ought TO be authorized nor any
expenditure OF public money which is not provided for
m the estimates Of the year unless IL shall appear that
some strong public necessity vital or substanta
interest may demand the improvement or expenditure
The foregoing report and resolutions have been con
cured in"
TO rs COgTIvuypl