Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-07-22

The Convention was engaged yesterday as the
reader will see from our regular sketch, on the
important subject OF taxation, and especially upon
the provisions proposed by the Committee of the
Whole for the esta blishment of sinking fund to
redeem the principal of the present and all future
debts of the State: By decisive votes, the plan of
requiring seuen per cent. to be set apart annually
for the payment of the interest and principal of the
existing debt, and eight per cent. annually for all
debts hereafter created, was adhered to. Mr..
Stanard made an unsuccessful effort to place flu
ture and present debts on the same footing, and
urged that it was very unwise as financial policy
to limit the time for which the State bonds might
rum inasmuch as safe securities are held higher
in the stock markets. in proportion to the length
Of time within which they may be redeemed
We are surprised that this view was not apprecia-
ted by the majority of the Convention, and are
confident that, if the country members were more
familiar with the ways of commerce, they would
perceive the error of their present decision. The
stock quotations of any New York paper will
readily convince them that U. States bonds with
the longest time to run valued some five or six
cents in the dollar higher than those with short
time.
Having passed the sections concerning the
sinking fund, proposition was offered by Mr..
Scott of Fauquer requiring the Legislature to
convert the debt of the James River and Kama
wha Company (of which the State is holder or
guarantor) into Stock and to require the company
to construct a railroad from some point between
Buchanan and Covington to the Ohio. This plan
failed by vote of about two to one.
The Committee of the Whole had reported a
section prohibiting for the future the guaranteeing
of the bonds of Improvement companies. Mr..
Wise moved proviso excepting the James River
and Kanawha, the Virginia Central Railroad, and
the Virginia and Tennessee Railroad Companies,
from the operation of this section, IN regard to any
scheme of establishing connection with the Ohio
river. But, Mr. Wise Immediately withdrew this
proposition, and moved simply to strike out the
section. The vote was So to so, but had not been
announced when the hour for recess had arrived
the question Immediately pending being whether
Mr. NJ Garrett should be allowed to change his
vote from the affirmative to the negative.
The friends of internal improvement regard,
with much apprehension, the stringent provi-
sions that have been agreed upon for the speedy
redemption ofthe present and every future debt.
They argue that the effect will be to prevent
appropriations, even when it is demonstrate that
they may be made judiciously and economically;
for the people will be 10th to bear the imposition
of onerous, though temporary, burdens. Where
as, if longer time be allowed for the payment of
the public debts, the value of the State securities
will be actually enhanced whist the annual taxes
are diminished.
At the evening session the Convention voted
to retain the section. Several propositions were
offered to provide for certain improvements, but
all were defeated The Legislative Department
was disposed of without farther material altera-
ton of report of the committee of the whole.
The Judic larry was next taken up.
The Piedmont Wing learns upon good authority
that the loan fS36Oooo reported have been nego
tiaed by the Alexandria and Orange Railroad Compa
ny has not been effected. 4