Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-03-21

tors estimate Ut 1875 as 4 basis fUr 1919, SI4f,OSi .
fiscal year ls4s, 81, lsI
Appropriations to Southwestern road,
chargeablc on The Treasury for lSi9, 1850 600 Q
One years interest on $3.50, 000, supposed
10 be the amount the Richmond and
Danville road will require, the interest
$50 nv" -" '"' $4,000 0
| Ditto Louisa Railroad. 1900 0
nawha Company, $4,000
hsvIum. 1000 0
81, O39, sI9 6
Deduct revenues for 1910, same basis, e3S,572 1
saul ,ai7 1
The House will see that. according 10 this es'i
male, al the end Of the fiscal year 1919, ihef
will be a deficit in The Treasury OF SOL PAT A.
This amount may be diminished S15,OOo, Shout
The James River and Kanawha Company pa.
The interestdue on their loan, which | have take
into the estimate; supposine that they would no
il may be increased, should they tail to pa,
the interest due in 1913.
Now propose, Mr.. Speaker, 10 make an esii
mate Of The State Of the Treasury for the yea
1850, al The present rate OF t%axation:
Charges upon the Treasury for lej0, taking The Aud
tors estimate for 1919 As a basis, S7ii,G27 9
Estimated deficit in the Trra .ury, nj the
end Of the fiscal year 1919, 2ol,2iI 4
Appropriation Ia Southwestern road, 10000 "
One years interest on S50O,O0D, sub
sciipiion 10 Richmond and Danyille
railroad, 80, 900 o.
One years interest on $3.50, 900, subscrip-
lion 10 Louisa railroad, 1000 U
One years interest on $500 GOO, loan 10
James River and kanawha Company, 1000 OF
To this amount Of ) per cent, public debt
due. and payable l-t January, 1850, 25O, 900 VI
Lunatic Asyluns, 5000 On
sl,1O6,s75 Il
Estimated receipts into the Treasury,
nom all sources, at the present rate Of
taxation, S3s, 75a II
Estimated deficit, Isl October, ls5O, Sos, l23 1t
Should The James River and kanawha Com.
pany pay their interest, this amount would be re.
duced $1,000 But | fear there is no probabili.
" OF their paying II, and therefore, | think Il fair
10 include il in The estimate, as | have done.
Thus il will be seen, tina, there will be a def
CIT IN The Treasury al The end Of the fiscal year
1880, amounting 10 The enormous sum OF $685.
l23 70, which will have 10 te provided Tor BY
additional loans or Increased taxation. II there
had been no appropriations made al The present
session Of the General Assembly, chafseable
upon The Treasury, through The series OF years
that | have estimated, other than the ordinary
charges upon The same, as estimated by The Au-
ditor Of Public Accounts for The gear 1913, The
results IL he end Of zach fiscal year would ap.
pear FCIJ iIlltICUt, anu lIc Gg9lCedtC utlIlk ludl
| have estimate 70 accumulate and fall due on
The fiscal year 1850, would be less lhan have
estimated j; al BY Sl07, 500. The S250.00O est.
mated against the Treasury in tie year 1850, is
that portion OF the public debt authorized by the
General Assembly during The Session OF 1928,
10 pay the States subscription 10 The Chesa peake
and Ohio Canal. This loan was negotiated al
five per cent, irredeemable Tor fifteen years; all
OF which will fall due the Isl January, 1856
and as u IS a five per cent. debt, the Creditors
will certainly demand paymen,-ior they can in
vest The money at a higher rate Of Interest; there
fore, il is manifest, tina, the large deficit that |
have estimated, will have 10 be provided for al
The next session OF lhe General Assembly, either
by increased taxes or additional loans, al such
rate Of interest as will insure the loans TO be
promptly taken.
Mr.. Speaker, | have shown 10 the House that
we have already, by special appropriations,
chargeab.e on the Treasury annually ior three
or tour years 10 come, the sum Of SI05, 000-and
by reference 10 the report Of The Auditor Of Pul.
lie Accounts il will be seen, that the receipts
from all sources are estimated al SIS, 512. 10, aud
The charges on the Treasury for The fiscal year q.
1915 IS STA 600; leaving asurplus in The Trea-
sufy oinear 500 900. This amount will be con-
sumed in 1919, b. the interest that will be due and
payable in that year on The increased deb. oi HE
Commonwealth. Therefore the income oil the
Treasury will fall shor. Of Inc charges upon il, an
nuaIiy, over sos 900. There is now due, AMI
will have 10 be provided for within the next len
years, near 800 00o q Tic permanent debt. Ac-
co,tins 10 the lc.ms upon which The loans were
negotiated, we are compelled 10 pay this sum
vi hin fifteen years aiter i! falls due, il paymeE!
is demanded. The amount viii nave been due
fifteen years in the yearlojS.
With this state Of things staring US in NE taco,
hear nothing tom gentlemen, voting Tor large
appropriations, about Inc ways and means 10
meet these heavy iiabiliiies-eSccp! the PROPOSE
lion OF my friend from RockhriGgc, (Mr. Dor.
man. who proposes 10 levy a tax upon Ialroad
passengers, which he thought would yield a very
large amount OF revenue annually. At the time
ibis opinion vas expressed, | thought he was
mistaken. and | did not think much could he
obtained from this source of revenue. | have
since examined lie reports Of all The railroads in
the State for lSi7, and ind that The aggregate
amount received by all of them from passengers,
during that year, was about SS3333,000.
Now, Sir, if you levy a lax on The travel,
equal TO one.siXicenlh per cent, which would be
a very heavy TAX, il would yield only abou, So
600 per annum. Thus il will be seen that, il we
have The right 10 levy such a tax, (Which is very
queslionabie,) il will not DO 10 rely upon this sub
lsct Of taxation Tor resources 10 meet accru-
ing liabilities; therefore, il is manifest, that mere
will have 10 BE- a resort 10 new loans, or increased
taxation. to meet the a~ccruing liabilities Of The
Stale.
Mr.. Speaker, | have already detained the
House longer than | anticipated; | will, there
fore, resume my seat, with The expression nf ms
sincere wish, that the House will rfjsc, this and
all other bills Of a like character.