The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-06-03
THE DAILY DISPATCH.


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weAnes day nlsrniss, Jaae 8, 1917.
Inpsrana Measures to Richmsna.
Whether the next Legislature will Dc Ao,u :.
aid, In any degree, these improvement" 10 "D'.l
Virginia 10 90 much interested IL 10 'mPos''"'o -
predict The taxation 1t the present .no"en, :
as much a. the people can endure ana " qu,'e
certain that Il any more appropriations are maoe
they must be strictly confined to leading HINES
The p.on,e ~ virginia will not tolerate the squan
a.,,r. 81 ,h.;r b.rd-earned substance upon loca
or conflicting schemes
m, tbouoh the Legislature may not be able ia
.,,. 5o,.r 10 roads and canals, there are three
.h,n.. xbich they may do, and which are Of the
most vital interest to this community. as we'll 81
others. One Is to redress In future tax bills the
srievous inequality, injustice, and oppression OF
the taxation upon merchants; another, to repea
the Usury Lave; aud last, but not least, revis.
ioa of the Pilot Laws, so as TO relieve the Gem.
merce of Richmond. Petersburg. Lynchburg. and
the whole interior of the State from the paralyH'
ing and cripplins influence of the present absurd
upiust aud oppressive enac.ments upon tha! sub
ject.
Our attention has been called to this subject oy
the last annua! Report of the Board OF DiFee'0''
TO the Richmond Board Of Trade. Inns repo''
discusses with force and cearnes' the measures !"
which we have referred; ard others ID "n'on
Richmond IL also interested. 10 regaio " 'ue
grinding and unequal exsctions OF 'ne az yin
upon the commercial community, 1t SPEAKS Is ioi'
lows:
"of these grievances, the 1neGasay OF ss,.r.s
P,u {. IA most annoying and burden'ome because
~ 1th odious and onerous because 1t 1nfcts
-. - ;,;u,,ice as we'll az feeling OF heaviness;
a !, u les out rerchants As dlstinct cisss to
e S,..;n,t tax LEVIED by rule peculiar to them
- tbsv arc entitled of right to protection on the
same terms oil the other citizens. our c'alm Is
az s,mpIest of all possible proportions that we
.ha,id he taxed as Others are, execty forty GEMS
~ svery hundred dollars of cur property, and not
fraction more unts,it be shown that me1cnsnts are
nhHoxious TO some charge that makes 1t part OF
State policy 70 d.crmiusts against them or are the
recipients OF some houuty accorded to them alone
The DAYS wtsn MooIs Jews and iomoards were
con.i6ered Lawful prey for public ends numbered
p the dark age, but the spirit of that era survives
while any industrial class IL taxed beyond its due
proportion. 1t is curious enquiry why the amount
Of sale ard not the amouat of capital PROPERTY.
are m.se the basis and measure OF the revenus f IN
houses rgssAd In trade There 10 no more DIN 'uity
In sscertaians the than the other 1t Ia u round
about way Of reaching the N, which is not resorted
to with anybody else IL is devised 90 as to raise at
least six tim.s much from them, as on the value OF
their 7, o ,urty, from soy other occupation. And
the inference is very foclbe that the whole scheme
wss the result of purpo7e to Disguise the wrong
and cover up pslpabe Infringement, of the Fl st
rules of civil equsty. sse believe when this iujus
tice 10 fully posed 1t will be remedial In order
to make full oosu,e it may be necessary to hold
the convention of merchants in the State which has
been proposed. The propriety of this convention
and the time and plan for holding it. leave to the
meeting to determine But we md the con-
thu ID aim of rights in this eRarj until they
are recognized and recorded; and if all other
curse shall fail, resort to the Courts of the Com
monweairh, to put to the test of cons.itutooalty,
this open violation OF the principal of uniform tax
ton, which 10 az broadly laid down 10 the Consttu
tion of the State IL in the moral
OF every citizen"
In regard to the Usury Laws, the Board OBJ
serves that revolution of public sentiment has
begun aud i: is not st all impossible that the mex,
General Assembly will be ready to modify these
laws so as to remove the restrictions by which
they nor crsmp aud cripple every public scheme
and every private enterprise.
;. "Capital compnted by miliops( says the Report
is lost to the I'm provemsnt and advancement Of the
State because neither hsr liberties nor her clti
zsns allowed to pay its value for its use Money
has its various markets as well as every other com
IN dlty and If arbitrary value 10 fixed on it in
oae II will seek It's current value in another If L.
ssI.tion should limit tbs price of beef to six cent?
per pound as IL limits she interest money to six
cents per dollar, the only resut would be thet mo
OF the cattle in thst jurisdiction would be driven be-
yond its borders for sale. Whatever portion might
bs retsined and sod Ia secret evasion Of the law
would cost the consumer rate Increased in proper
tion to the scarcity And such exsc ly the opera
tion Of the usury laws on capital So long as thi,
mains uudissurbed 1t il vain 10 invite foreign CAPT
talists to make investments In Virginia or even t.
sttsmpt to sesP her own monisd resource. from be
Ing diverted to other States Now that the rate o.
interest even in England has risen from three fou
per cent there is quarter from which we
can hope to receive this rial aid +" But there
is not space for this dscussion here and the uneu
sentiment of this body renders 1t unnecessary
IL proposed in the event that the repeal of These
modification 50 IS to exclude negotiable paper from
their operation.
incorporated compsnies to obtain the funds they
could not raise otherwise, by paying greater rate
of interest than six per cent Sales OF their bond
are legalizsd st depreciation whish amounts fire
quentiy to the payment of nine or ten per cent -
The same necessity and policy applies to the secu
rites employed by individuals for bushes
aud 10 Just important to enable them to carry on
tn cir sch nos with activity and success
I'm this correction 1t may be we'll to mention tina.
the practice of making negotiable paper payable to
tbs order of the dra wsr, has been recommended by
ssveral members to the Board Of Directors especial
y the score that such paper is beyond the pale OF
the lave against usuy when not endorsed by the sell
ler and thus the billa receivable OF the first cas 10
the hands of the holder may be relied upon, all
time. as souIcs OF raising money by the payment
such securities now. There other and very srik-
ing advantages connected with the shape of note
drafts which have donbtsss led to its adoption all
the larger cities which the limit of this report doe
permit detail. If it meets with the general
appreciation of this meeting it remains with them to
advise Its general adoption In their respective
Ia reference to the Pilot Laws, the Board state
that they still remain in such a shape as to prove
iumica! to the shipping and carrying trade on the
river, and a gra.uitous charge upon the products
of the State. The application made to the last
Legislature to increase the fees for pilotage will
probably be repeated again next winter This
is q subject which should receive the early and
vigorous attention of the representatives of Rich
mond, Petersburg, and indeed of the whole interior
1t time that this oppressive incubus should be re
moved from the commerce of Virginia
The Report makes some valuable recommends.
tons upon other subjects of interest to the city,
particularly the need of increased banking CAPT
tai, and the Improvement of the river. Fifty
thousand dollars, it is stated, wouid secure depth
of water of seventeen feet and admit the most de-
slrable class of vessels to our wharves The river
the main artery of the Virginia system of i'm
provements, and if the General Government will
not grant this necessary appropriation, it ought to
be done by the State.
The Petersburg Express.
We noticed briefly yesterday the new type In
which our contemporary of the Petersburg Elk.
press comes to us. presenting q very handsome al.
e a..