Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-04-04

arising from taxes, bank dividends, &c. and ;.sa a
timaled by The Isl Auditor as one ofthe distn,.s
men's Of that fund; and, sir, SO lar from rbis Is
| iciency in the Internal Improvement fund dim;.
ni.hine, it must and will increase, until il reach.
es such an amount that The Legislature will hs
compelled 10 resort 10 increase of taxation
There was no other mode that he, MIR. D, knew
OF, by which the faitn and credit OF the Slas
could be sustained. And although, Mr.. D said
the present rate OF taxation aill produce revenue
enough 10 meet the ordinary expenses OF Go.
vernmert, and also paw this deficiency in the In.
tefnai Improvement fund, 10 which he had al.
luded, yet, il he Legislature does not pause in its
career, the interest on the amounts which will
have TO be borrowed will so increase the defcieu.
cy, that not only will an increase Of taxation be.
come necessary, but that increase will have 10 be
very considerable perhaps, Mr.. D. thought, 50
per cent. beyond The present rates. He hoped.
therefore, that Internal Improvement gentlemen
would beware how they produced necessi v for
Increased taxation. Ever since he had been a
member OF The Legislature, he had manifested his
opposition 10 a policy, the inevitable conseQuen-
ces OF which will be, II persisted in, 10 impose one.
rons and oppressive burdens upon The people.
But J desire. Mr.. Speaker, 10 examine more
mlnutely into The condition Of our annualincome
and disbursements, and 10 show that he proba
bic balance in the Treasury on the lst Ocro.
her next, OF Si47.905, agreeably 10 the repur, ct
Auditor, will not only be exhausted, but ,ha,
there will be an actual deficiency, instead OF >
surplus, ami consequently, that If the amendment
should be adopted, the Board OF Public Works
cannon borrow any money Tor Internal Improve.
ment purposes, other than Tor those which have
been alteadY commenced, and in which individuals
OF corporations having paid their proportion OF
subscription, have acquired vested rights. Mr.
would | exempt even those few, Tor | am oppos.
ed 10 all were il not by refusing TO do 50, it would
b. aniamount 10 reputation, and would hr,no
dishonor upon The Old Commonwealth. Nors,
over, il would be annulling CONTRACTS. (Which
we are forbidden TO DO, by The Constitution and
would be a violation oflhe good faith Of the S,a.e
But, sir, adopt The amendment, and all O, rha,
numerous class OF appropriation bills, passed
chiefly last winter and this, viii be consigned 0
destruction, and will exist no where but upon our
s'a'nle book-Ihere hey will sand, though mere
~nnliiiies then, as monuments OF The reckless spirit
OF The folly and extravaganza Of the Legislature
that enacted lh-m. But, sir, reject the amend.
mrnt, and pass the various bills under consite
ration in both Houses, and you will not onty
erect other monuments OF the protiea!ity Of tie
Internal Improvement party, bur you sill in
scribe records o. their existence, which the taY-
payers will annually read when their lar tickle
are presented 10 Them.
But, Mr.. Speaker, ] am DEPRESSING from whatI
proposed 10 show, which was 10 prove thai there
would be 10 surplus in The treasury al The end Of
The present fiscal year. Before doing 50, how
ever, ! desi.e 10 present in a blief and summary
manner, ,he condition Of our present debt, liablll.
ties and resources:
Dat Of the Commonwealth:
Amount OF Internal improvement
deb, S5,997,3l6
Amount Of deb, for subscription 10
Banks, $50. lG7
Amount Of outstanding debt, sc AT 425
Amour, held by State agents, l,i3lS76
--
Total, S7,ssO,30
Liabilities If The Commonwealth
Debt Of James River and kanawha
s,are, sl,4OO, 600
Debt Of he Chesapeake and Ohio
Canal COMPANY, guaranteed
under aci OF IS47, 300 1000
Deb, Of the Valley Turnpike Com
pany, guaranteed under &C! Of
ls45, 20,s,4
Loans which may be called for,
under existing laws, 10 complete
Stale subscriptions and appro-
prlaIious 10 Internal Improve.
menis, 2377.7O4
Total CT Stale liabilities, "a G9-57S
Do. OF State debt, 1850, 30l
Amount OF States debt and liabili.
lies, Sll91SS19
Here we have an expose Of The present Gebt
and liabilities OF The Commonwealth, To which,
If there b. added The amount in bills reported ~
The committee o! Roats and Internal Navigation,
il will ucmcn The amount 70 about Is, 000, eco.
The amount Of loans AM subscriptions by laws
passei This session, j. already 1856, 900, and |
fear, from the indications manifested, that this
sum will BE- greatly increased. Let rs now exa.
mine inc he condition OF our resources 10 see if
;h"v will justly ms augmentation Of our Sla,e
debt:
Amount OF productive funds and
stocks, 81 644,O4l
Funds unproduclive, but available, l6l 1853
Stocks III Improvements not COM
ple;ed and unptoducliv", 3,s52,45
Stocks in Improvements completed
but unproductive, AMI other IN.
productive funds, about 5l2ths
of which may become productive
or available, according 10 report
OF Second Auditor, esl,63l
Total, | 1923, 422
Here, sir, We have an estimate OF the resour.
ces oi The Stale, amounting nominally 10 SILL.
039 ,422, but only sc, GA ,04l Of whi-h yield any
revenue al all. The amount Of income deriya.
bic from that sum will be, Tor The present fiscal
year, ending on The 3Oth September nsxr, S3s-,.
1876, from which, il you deduct The amount, OF IL.
vidends on Bank stock and the bonus on Bank d.
videniS, The balance will be found to he very in.
considerable; in ether words, The income from
our internal Improvement investments alone, IS
very incCnsidcrable certainly SO, when we take
into consideration The great outlay Tor that pur-
pose. But, sir, | desire Ia draw the attention al
the Internal Improvement advocates on this floor,
| particularly ID the income and disbursement OF lie
Commemorate for the present fiscal year, in ord1r
10 show them that the probable balance in he
Treasury, on the 81 October next, as reported by
The Auditor, will have been exhausted. and hat
50 far from there being surplus, there will be a
deficiency. BY reference TO Doc. No. 3, il will
lie seen that the
Balance in the Treasury, Both Sep
TENDER, Is47, was SI379G4
Estimate OF receipts into the Trea-
sury, The present fiscal year, end
ing 30ih September, lS4S:
On account 81 he Commonwealth
per report Of Auditor Of Public
Accounts, being chiefly from tax.
alton and Bank dividends, Doc.
No. 2, page %, S3S,5s2
On account Of he Fund OF Inter
nal Improvement and Literary
Fund, 3iS,s22
Estimated available resources, Isl
October, 1913, sl,325.35
General estimate Of disbursements
on account ui the Commonwealth
Fund Of Internal improvement,
and Literary Fand, l,I17,i53
Probable balance in The Treasury,
Isl October, le4S, Sl47,9C5
Now, sir, according 10 The reports IL the Al.
dior, We will have in the Treasury on the Isl
October next. a balance Of about SiiS,0 600 :
This, | have no doub', a%ppro1imales very nearly
To he True amount, al least as near 50 as estimates
in advance can be made. But, 90 gentlemen Tor.
get that there will be oiher charges upon tie
Treasury. which are no, included IN the estimates
OF the Auditors, and could no, have been, be.
cause the necessity for them, or at least some ..