Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-06-18

avoid tna e,."r ' ,c rxpcolent already cescrio
cd He avoided that errors but now steII' was VI, t,
INTO wH oaun,n If Rcsources Why did he not give IL
the benei, OF Tho fgutesl II was onV Dvi, sS hnr
If he was ,ah 10 perform this lanol, @ ~, ,b fool
done i up oIoa" =. ,a into the surt Of the gentleman
DO M, ascrbe 10 him motive But Wlai sa,e raa s
that the footing would not nay nave Here then is an
gu. nnc million eight hundred and fifty ,housan
dollars But pelhaps il was excusaale anu e,' o ~,
enabled the M M Sta;e debt True, tbs public crediio
U.s. deem the payment somewhat unsNostau.a W. b,o
N1y are the resources CT the true nhehGcI We ia
Goat az" III smnnses tax Of oneuurh OF one per cen
Sui annually on the capital stock oil each oank IN 'h
Slate The tax ia pa!d into the treasury On ue "assnn V
.e oss s dhI crrad for Maternal Improvement II repre-
snnts no stock in The Bank 1t mere TAX on
is in fact bonus paid ny me nann i0 If ,bs s,as
nnunis to about 900 year, and at sly per cen. per an
nun would pay the interest on some"het Iute .'sa,
$3.50 O0O The gentleman from Aloela au "IH an
cut Of This in the report Of the Second Auditor anu
oc. cudes i, In his table of resources constituting ho
,hnn 0C9 al the 100000 which he can SCI. AT am
i'm. and nav oil 50 0COO0o OF The pubiIc dept. we nnS
@ % If HE exercise Of The creative OF incul!y
~; g. N G0G having no potential existence spoEcn nt'
being By the Irresistible mt OF me nan sa.oo, The Com
Crcai are the RESOURCES Of the tItc nhahce'. ine '
n,onwcuh holds stock In our Banks amounting .
50 200 the Board Of Public Woks holds STOCK amount
ing s43 50 ard tue Literary trha 70 .onses rs an
irate - lie payment oil The public de5t-makin@ IN 81
a sOa 800 Welding in dividends in mo prcsrh.
cundilor 81 tie Banks about $500 sol ~: ~ ~ :
["asn 10 nc sumo ey will bring the capital represented
az six per cent by their cont bv S30l Sl 10
i & n30 GOO Il thus appears that ns - SUo ~
e R,ns sluck is rated in his table ." resources a.
snssutncs il would bring that sum IN me Nc n,
Ill to eo, far thG, a. any une-nnw or he'saItci
o"omoish that result it would be necessary e s'oss
MID cn,mund about Sl33 per SHARE me highe: GocS
ion being think, slOI The difference es'wssn
The value Of The stock COMPUTED by the gen.emsn sn
- eos 90 tic par yalIe s 81 23 7sU 7erc nte n1ee III
yaI enors umnunna together, 10 more than 50 o5ouuu
his nu,,bl table S9G00000 OF resources Lei Us 90 10Y
.a' ~ ,; ,u,ninoirn Of nis notable table II includes
49," ,h =, p.n. s,nck hei by the Commonwealth and BY tn
President aud Directors Of inc Literal! umu '' !
- All 300 Welding present annual dividend OF aDo'
SI COO The gcnlis;nn Gays this stock may bc foa cut
applied 10 The Of lie Pa1e . usor can ~ s
.ned TIC SlsG Goo paid into tho treasury ana ACTUALLY
nrr Jayanns for The ordinary Disbursements Oh govern
equal TO s16 pgo Il ,ess ,ses ordnay IL
demand il wosd bc necessary TO procure Se6 00O ron
SONG oErr source these ordinary Demands anu Vs.
rayc no other Than taxes l! We Old not o"h 'i
.nc nav we could not receive the dividend and we ahou
he compelled raise by taxes now sishoOU more lhah '"
do at presenr 10 Inc ordinary disbursements 0! gov
eminent Ii should n Gny Elo dispose OF he stcS
md .oy 10 The payment OF the Gsb we should not nav
hc dividend and vii! become necessary TO rniae IN
by taxes to meet those Ordinary n u
The treasury pai by the tivdeed Inc process OF III
cn,cnan in Withdrawing the bank stock from lis pescn
nsas and apIyng il 10 the payment oil ms punc oeot
apulyrr The Ci.idcDd 10 tie payment VI iHtStest WI
would create necessity TO raise oy taxes SieoUVV
nsc. the ordinary demands oc the treasury, which would
lust as oppressive the ta1payeras Inc we
raised in the fret instance pay the interest Oh tic peo
,hr. and ubni, il ia demonstrated the stock cannot
anoIied TO the txtingusment OF the public debt whou
creating necessity TO resoIt to taxation:
The same process Of reasoning Is applicable 10 Inc etoc
held BY the Literary Fund The dividend applied 10 IN
purpoees of that fund Ii 1t lie Withdrawn Il will occusio
deficiency in tho Of the fund.- The purposes
The fund will then be defeated the deficiency must
supplied by taxes which will be oppressive to the tax
payer If ;he originally raised " pay Inc IN
, ;srcst The public debt
os, il is tus demonstrated that the Bank stock he'll
By the Commonwealth and BY the Literary Fund. cannot
Withdrawn from their present uses, aud applied 10 Inc pay
nent Of the State debt without celng necessity 10 re
sort TO taxaioni and must therefore be excluded from IN
table Of revenues applicable TO the payment OF the publ
debt forming together another oeaucoh annnntins
81 664 $40 There rcmains OF Bank stock, 81 l43SoO he!
BY the Board Public Works. and which Is resource Just
IL and properly applicable 10 the payment OF the publi
debt.
in Rail Road rurnuikc and Navigation Companies. Sir
shrink from the task oil directing your attention 10 I'M
rail roads 1928 OH 95 tie annual Interest on which
sleG gel o. !, -icd. last s21 2hi being ANNA
oss Of sl72 III or Only s69738 3d. Welding any profit
all Wehava Invested in imnnikcs s6l ~ me an
NAL interest on which ss sol TO- 1t yielded last yea
So 0s7 icing ali ANIMAL loss OF 54 TO- only sl2s Leo 81
yjeanr any ar.. ali We have invested In NaTigatI
Companies s. l3g 80 TO- tie aGnual interest on when
s2i3237 ~. 1t welded last year sl3350, being an annuu
loss OF s25 OS ~ only 1886 300 yielding any profit al all
VIC Mold 2?I sareso stock in ne OLD james River Com
pany whcn yielded year 520 ard these think ore
the productive stocks They together yiettd last year TIT
cum OF s502l and which, when acdrd 10 the Bank stnc
held by Putc Works Of 81 $50 eonSti'u,
all the resources the Commonwealth, which can DC ap
piled 10 The payment Of hs public debt without creating
ecessy 10 resort 10 taxation And sir submit 10 tn
candid consideration of the House. This nptnble table
SO GOO OgU Of resources And after the publication 81 sue
table with an of more than Ss50UO0 In the yer
addition Of the items; with S75OO00 Included literally cea
cd cut OF nothing; with an error ct moro than million
lolt, in the computed value OF Bank siocs W an e.rG
in the application Ct than S2oUUU Of bGnh StocA u
euy and fully appropriated and apped but for hs distress
ing nicdcsy overwhelming humility, the gentleman wa
ready protest before The House ard the people, mat
had truly stated c financial condition OF cur STATE
Thus has vanished this imposing table o! SoUg0op OF re
sources ard thus left drpcre this heavy loss TO III
Commonwealth; and thus is it ever with the gentleman iron
A5omnrc ever awakening ttlrsive hope! Sir, when IN
gentleman would lead 10 the Eysian eda to gaze uo
the cree grass and smooth waters, he conducts me
Fairy Land When he would have ME contemplate tue li
id 6caiy of tie smooth face of Como, he conducts me
the realm If vision. Whenever we are startled ny IN
touch uf consciousness awake together In me ara p
II debt and o, that exquisite BEAUTY lhat csruf
of pleasure! Sir it noth;ng-nothng but dream AN
now we awake ocCihertO suffer together the SAD renl
Of l;fe-of lie with hope eylingnishcI!
and now sir in this state OF sadness come 10 ASSIST III
gentleman in what he calls TIC dull task Of wcghlE III
discrepancies tween The estimates OF The First Auditor
document no IS and the estimates OF tie Finance report
Adopting and endorsing the estimates OF me Aaator, u
nrpnoincea I,audsom cu1ean his personal qnalitis
official conduct lie crttrns re"c:s IN INC TACT IVA
he has Auditor "a hia colajacr, II not Ia myslylng an
conceslrg the debt NJ least IN presenting III nnlaurc
Sir have pointed question ru: Ii our debt be sia
WHY ara our taxes large Ii i; not for public Dab
rnd liz, be paid upon it, there 1rould be no occasion
all II is dncn,trable and certain that the re
sources III Tic commonwealth in bank dividends and othc
sucas would sufficient dcfay the expenses OF gov
Ointment, If it :nT the interest on the publlc debt
IL, every citizen Of the State reflect wennrcr he pays hi
,axes Tia: Tie whc amount is taken from i;n not to DC
ray The expenses % the civil list and other ordinary cxpen
srs u gn.crnEcnt iuf only 70 cy inerts on the publ
ds5!. presume lie will begin 10 infer that there Isl auinc
{ where, large public debt
aca:n: .e Auditor in The estimates adopted BY the gen
tlo,nan computes the ordinary EXPENSES Of government
through & fiscal ysar close 3OIh September, 1858
3! a3 jGii 49, New il this be sufrient desire Il
tnow whv lie asks any increase Of taxes He had abtu
!a Las, year. exclusive Of loans lie received nbhu
sS O0 net from licenses and property
rom snCts Other he received revenue ETH
less an $500 0G0-lnd yet there deficiency in IN
tfrasTY lie Borrowed om the banks $3.50 co., in addition
to the SUMS specified, and yet had not the means Il
ni;sfy the demands upon tho treaanry And now he arnsh'
?sr;aes calling f,r nc more than 81 433 Gal 3d. If tina
~ is necessity increase the taxes Yet III
Auditor asks for increase of 'oxes Sir VIII not AL
he Auditor knows he administer the government IN
81 .32 6sl S5-bui viii cay, he cannot 80 IT,
The gentleman avi'cs attention To what he very politely
lerms surcta-gts aid Publications e: the Finance epaE,
&c thus heras The fact that he attends some court exercs