Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-06-04

dh, due from the State on bonds held BY the beard Ct public
works ani BY The president and directors Of The literary
unJ which is 81 SIS g. This effort may succced; II
so it will be erroneous III my "pinon6uI no practice"
OWL would probably resut-and the amount which 10 6;
innate sinking fund will be reduced as stated IN Inc re-
nort from the committee OF nancct Sl6 To- maEng
the annual charge of 81 l4S,23l "a by reference 10 e
estimates the auditor of 10Th APRIL lso2, We may learn
,b,t the amount Of debt actually funded and bearing III.
,crrst on Isl AnEil 3l4 9s9 i5 TO this we add ZIG
sum of 81 1851 GiS 80 which is shown by the sane doc
ment 10 be The amount Of acul subscription already :rc
~ Joint stock companies il will make the sum OF S ca
l37 81 seven per which wnnll be 81, luc,9 %
which for two years would be S22l7 1873 3D. Such Is ue
deduction from facts stated BY the auditor himself Bdttc
amount of interest on the public ceot aud The revenue u "
n ,nor for The sinking fund computed by the auditor Tor
The same two years s2005551 So, leaving S2Go,64l u
de6csncy: which added 10 he deficiency in hc general es-
na,cs of 1855 95 90 exhibits total deficiency in lie iVo
voors Of Si74 657 Is, near hal! million O. dollars.
II gentlemen be asoEshed at sach discrepancies ma!
remind them thai are treating OF large SANS where snsh
from rule of computation may occasion qui!c
considerable differences in results. Sir all estimates aye
coniccaL and only &c expected 10 approximate aci
results necessarily dependent many contingencies a
an Illustration Vi; this truth we may remember what was
This day announced by The gentleman from Tic county VI
(,uueocr That gentleman in the discussion o another
subject having To defend the conduct Of the Goar Of public
works states that he learns from the second auditor tna u
he had been session OF the information which he now
has VIXEN he prepared the estimate OF disbursement from MS
Office that estimate might have been enlarged oy te Sn o.
5000 OCU approaching correspondence with the de.
icency which ascE0e 10 the estimates o. tie Andis" 81
Public Accounts
And now, Mr. Chairman, ! appeal you-to The house
To The connlry-have no: Shown absolute and lncTia
Bile necessity for large increase OF the taxes Sir nave
demonstrated The existence o large Pacic uso', WINCH
with the of the liabilities amounts 10 twenty-five mn,
lion of dollars and half have shown the embarrassed
condition of tic treasury forcing the !sca Officers VI gov
ernmcnt adopt the ruincu5 eXacieht Of oorroe!e money
10 Dy The iniercs! on borrowed money! and o. paying t
members uf tie legislature and ali The officers VI Tie rAcu-
live department. and Of bearing all the regular annual tS,
nonses Of the ucy .i through considerable portion 81
The fiscal yearw: money Lorr0rca from banks and olG-
ersi and appeal with confidence 10 tho patriotism "i my
constituents submit ceeriuy to very considerable mug
mentarn Of public burdens, 10 eXirc.te our c'innoh
country oi lunia,iag condition 10 which she Is re-
duccd By the pasl policy of her legislature.
The hard necessity Tor this Increase IS not ascrI5ahc TO
The present session Of assembly is lund in The existing
condition THINGS repast already prepared II springs
from past legislation OF the country IN lavish eNnFa,
CANT Improbable appropriations appropriations which
ever opposed clothed with the representative character
/ au not therefore, in any wise responsible. did not
contribute Ia the necessity.
THOU CANS not say. did II; never ahase
Illy snry locks n me"
No sir results from those memorable and amenta5ie
combinations which distinguished the legislation OF recent
years. AMI produced the existing public debt tccunltY
embarrassment and the MISERY Of deoi are the inevitable
conscq Of and prGigacy as pain ami
suffering disease and DEATH tho effects OF debnuchc
~ and II is Naurc-grcat Nan'e-worklhg out me
universal law OF cause anA eject IL Is Fdte cas's'hs
Folly. II is Destiny loruriaa Vice.
do not believe that The auiito. OF public accounts pro.
poses remedy adequate 10 the evil believe Ius estimates
viii fail 10 bring into the treasury sun t9n 10 tls heseS-
sites OF The State But then you will rQuifa az yoa have
ruht 10 enquire: "Nl the fiscal officer OF government
undertake to administer his department with amount 81
means grossly Gacient To this question you have right
TO demand that shall furnish rational reply.
We this time engaged in regulating inc assess en-.
Of licenses We have not yet entered on the dieu!'
task Of applying the nd valoem principle OF tax on proper
IT, We have been restrained from that effort by inc cXpec
taon that circumstances would become more "p'l9us
We have INDUCED rational hope that we might obtain in
formation from the commissioners OF III" revenue Calculated
to assist 10 the just and udcious execution OF the lash
True that hope is greatly discouraged s we expect
before the OF present session. and certainly oelo &c
m, nf o,r lrui-l
~ in The country; the license nx for the most part mus
affect the cities If the auditor shall hereafter become DIS
satisfied with his estimates he may recommend an anemen
led tax on property He has already Unlimited to The Legs
au,c that it may become necessary 10 review and IeInaS
bis estimates before the close OF the session. In t's iE0d'
he might expect in degree, 10 exrcate himself iron
an embarrassing position But ii this cxpedcn fall tic s:
q resource and complete.
By an act OF Assembly passed March ISL entitled I'm
it is provided That the Erccutips shall raise roni lime 10
time, by temporary loans on lhc credit OF Inc Saie a.
much may be needed to supply the wants Of the Urea
sRry 10 te refunded by warrants OF The rs Auditor eil IL
fifteenth OF July ard December n each year
BY this act the Executive is vested %lIi inc un.'lis,
power 10 decide what The wants OF The Treasury an
hcu with tho unlimited power borrow money 10 suppl
those wants, he may borrow money in am"'his sum
Gent anticipate and ABSORB the entire revenues {" W.
ensuing wear tie payments 10 be made IN JGy ana De
cei.rr The io be greater ,an The revenues, i
obligation will attach the General assembly 20 p!nrid
oinur means ray The money borrowed by the Executive
Surely this is ampc resource to suppiY any d icchcy
lhe Treasury which may result from estimates
the fiscal officer hut if this shall fail lie has unoine
perhaps ample. By ACT If Assembly, passed aFc
29,h 1851 entitled san aulhcr;2!n The Ss:ic OF coupo
bonds i, is provided that "ti!e EOaTd o Public u orGS
authorized 10 tGr-osr from Time 10 iinc q" the cte 81 W
State IL Virginia, such Of money Us may " 4:caca
The engagements Of The State under laws now in force
on OF subscriptions made BY the State TO cartee
companies Of such other subscriptions as III!
ate may hereafter make 10 such companies ureT cSISn
= laws under laws hereafter enacted, u!itss by The law
hereafter enacted il shall be oterwiSe expressly o'ue!
and the money borrowed shall BE- applied by The sal
;, Board TO discharge The subscriptions ainre7:ld
= This act invests tile Board "f Public Works with penar
= mower to borrow money Tie only Limitation on The Fowc
is made 10 depend The whether the money 5c nccdc
10 redeem the engagement OF The STATE" and the Board
author zed to decide hu question ~ the po'Ter While
they derive throu! this act Of Assembly, they miy al an
time put sale The bonds OF the Commonwealth Tor mi
Lon or four million Of dollars. Here is ualmited powe
led in Board of Public Works 10 decide "lat sun
may be needed 10 redeem the ca gage .! the state an
then J0rrcn NANCY in Sims which hev themselves nav
determined may be needed Surely hn fiscal officers OF III
government may anticipate great embarrassment
from any deficiency in the Treasury, long they emo
these powers II they money they have only Il
sell bond Of the State and they have exercised Their powe
and ~ the exercise have brought money into ;hr lreAsu
in slr quantities enable ncih [" boast "t HER imam
cia skill being atc 10 lend money Ia hc commonwealth
1t has bcrn ooasIcd for the Bard ri Public WORKS hl
they, b. their financial SUCCESS haze given 10 The Stat
bombs such credit enable them 10 lend Eoncy - ~
, | Commonwealth Boast Of binding money 10 nc STATE
which they raise by ealing Tie bonds q" the state Hr"f
OF tie State sold under circumstances calculated 10
every advantage. give increased rc" Saiie 10 The BOND
and 10 . or;ce in Ike Ioncv markets bonds
ing thrty.ive years run and III that respect more desa
bic TO capitalists than perhaps any public and IN America
bonds Issued with coupons transferable by delivery carabl
all large transactions of performing The function OF banI
nGcs-bunH bearing interest and secured by the plight
ed faith of VrEnia-sccurcd by tho solemn and sacred
visions of Constitution which Tie General Assembly j
support providing sinking fund Of seven per Ger
nm per anuu pay the princip and the interest, Great
ing lien upon the entire property OF TIE rEcns OF III
Common wealth Bonds thus secured ana with such adgaa
ogcs sold premium Of twn per cent ct time when ID
stock OF Of banks IS quoted a: premium, oi nv
ner cenuln and this made matter of boast cvincrg III
financial skill and CT the fiscal agents OF the Com
mOnwcalth
Bui, Sir !; is my object TO complain Of the manns
in which tic power has been exercised devised 10 OH! pub
lie !uncliona!cs through these law;s. condcmn-l &c
nouncc themselves anti Republican and despoiic
recently engraCd The Virginia COZ" they stand !oh u
nncongGnal Xo.c:lnnaur. 10 representative democracy
-rInn crring tie power Of he Legislature u the cXccu
tive cpartnantlrceag The executive from all Just ard e.
fsctnal responsibility public iunciion6fes VIII
unlimited row4r-reIec!cd and condemned by he true pti
cp!cS and practice oil Limited monarchy married ny th'
characteristics n executive abson;is ana adapted ony
regions o! absolute desposn. propose To revoke these
extraordinary powers and ii succeed venture 10 pe4c
we shall haze other estimates hfo:e the close OF on: egis
tive may lie ovcrrued hy this House. The Senate
may refuse 10 second my excr:ioai but my humtte iacu
ties shall be honesty cXcTtcd 10 cXp tho provisions from Tx
code OF the Commonwealth.