Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-03-23
THE RICHMOND ENQUIRER.
nv RITCHIR & DUNNAvANT.
rURsDAv MORNING, MARCH 23, 1888
WHAT THE LEGISLATURES MAY DC

The constitutional provision for a sinking fund al
fords the doubls inducemeni 10 capitalists. Of per
mauen investment for thirty four years, il the State
creditor shall elect it's continuance for that period
aud the sure payment of interest aud principal. ss
cured by setting apart per cent. on the State
debt, out Of the annual revenues OF the Cunlnrn
wealth. This guarantee for the permanencs OF in
vestmsnt aud the perfect security of payment rem
dsrs investment in Virginia bonds 80 desirable, that
nothing is necessary to keep the bonds above par
except removal of the onerous aud unjust tax now
imposed on the public credit.
The sinking fund also provides basis of unerring
calculation, by which Legislators can decide the
amount Of increased yearly revenue which will be
required to meet increase Of the public debt by
any given amount Seven per cent. yearly, must IN
each instance be set apart Tor the payment OF inte'
rest and principal in the {" thirty -four years
Bearing these facts mind. II IS easily drm6asfrd-
bic that the present Legislature har" IN their po''rr
10 proojde millions for the completion Of rairoadS and
Canals ,o,thout adding 10TH 10 he present rate of
taration, By course of legislation mhich mW mater
ally tighten The burden of tribute TO wh'ch The poPe
of Virginia now subjected. and. at ne same "me'
wM appreciate the raiae Of property throughout me
State
All this can be easily effected. by following out
three suggestions contained in the Governors nes'
sage: the repeal of the tax on State bonds the
passage of law for the efficient protection OF the
oyster beds, aud the provision for syatem OF ill.,
surancs on life and property by the State
We have already called attention to the facts de-
veloped by ths Investigations OF The committed ap.
pointed to enquire into the expedency OF imposing
tax on the taking Of oysters &c, viz: that it will
furnish protection 10 the oyster beds which will ill.,
crease their sxteut and produciiveness that it will
secure the principal profits Of the trade TO our own
citizens; that il will increase the value Of oil the
lands bordering on the Chesapeake and the cceaE;
thst will sfford Increased facility for the protection
of lave property; that the whole burden OF the tax
will fail on foreign purchasers; that it will yield the
State nett yearly revenue o not !ess that slo oo-
probably of more than $5OO,OoO.
SO far as State revenue Is concerned the insurance
soheme promises much larger pruhts At least halt
million Of money is now yearly drawn out OF The
State, by foreign insurance companies. The Govern
os suggestion proposes to prohibit contracts for in.
sursnce by citizens Of the State With private Or with
foreign companies. permitting every person IN the
State who may desire to insure his life or proper
ty at the State Treasury. This system would be at
! tended with no more risk and much less nconve'
uience 10 the insurer, than that which attaches to
private insurance contracts. Aud the monopoly
which would thus be secured 10 the State az genera al
insurer would enable insurances to be effected with
greater aggregate profit to the insurer by much small
er premiums than The system Of private companies
will permit. The State will derive for the benefit OF
4 tho nF in I'm E1r for
ritory and every citizen will be enabled TO insure his
life and property at reduced expense. 10 the
| case of life insurance, the payment OF an
annual sum into the treasury, and the finding
of a Coroner's jury will constitute the entire ma.
chinery necessary. And the system OF procednr q
will DO almost HI simple in the case ui insurance oi
property. The insured state under oath the value
of his property, and on this statement policy can
iesue; in cnse Of loss petit jury can be summoned
TO try the three issues is here fraudi ia there neg
lecil What is the value of The property detroyed?
We are not at present prepared TO enter into a
mipute calculation the values which could be in
sured in Virginia, But are certainly speaking
within bounds, Hhen We Assume that thelfe and pro-
pery which acould be made the subjects Of insurance
n Virginia nsy be valued at s720OOO 900. Suppose
that onefuur,h Of his-say slSU.OOO.OnO. should &C.
tually be insured. Tho ordiuary profits Of Insurance
companies will show that, at the owea rates OF lnsu
rance this would yisld the State clear profit Of at
least per cent-say SSOoVoo'
Add to this the revenue to be derived from
| the oyster taI-say.. .oo0oOO
And we should have a total revenue Of 400 OCO
| Such surplus revenue would ensue TO the State,
without the least increase o The present rate Of taxa
ton. repeal Of the tax On State bonds, would
| place them above Isr and thus enable The State TO
issue large quantity Of additional bonds. And the
devotion Of The profits Of The oyster lax and state insu
rance to the relief Of internal improvements, would
enable the State at TO appropriate s2 GO TO
tho completion and extension of her public works.
The surplus revenue would pay six per cent intorest
on ibis law, and afford additional per cent 10
constitute sinking fund which would pay the princi
pal in thirtyfour years. Instead Of increasing this
course of legislation would lesson the burdens to
which the people are aubisctedi and, apart from
all this the State would derive clear profit from The
dividends to RI suit from auch Investment, besides
the increased valuation Of isnds thus oocasioned.
| This calculation by no means involves an over
strained estimate. But to place The principle nvelv-
ed beyond the possibility of cav let us place the e.
Inmates 80 low as to admit of doubt Of their real
izstiou. Suppose that the oyster tax should only
reslizs nett revenue of sl5OOOI
And tbs State insurance scheme 2OO,ODO
Total $3.50 600
This would be seven per cent. IS QUO 0OOi that is
such an amount of bonds could be sold Immediately,
the proceeds devoted to the extension Of the Coving
ton and Ohio Road, or divided among the different
works now competing for additional relief; and the
whole deot interest and principal paid within thirty
four years without Increase OF the rate of Stn'e
ts1ea, ap.th diminution of the more burdensome
taxes now paid by the people OF Virginia TO North
ern insurance Offices brokers and tradersi the State
would secure dividend from works which now
yield her nothing, and the people and the treasury
would both be enriched by an appreciation in the
value Of lands.
We are we'll aware that it would be imprudsnt to
proceed at once pledge the State credit. on the faith
of mere calculations, however probable may be their
realization But what We ask is that The Legislature
shall at least test by experiment important recon.
mendations urged by the Executive, after much
thought and diligent labor on his part, and which
have been sanctioned by popular approval as we'll
calculated 10 advance the common interests Of the
State.
Let us try tine insurance system. Let the oyster
law be adopted Above ALL lot Us sse the odous tax
which ID weighing down the credit of State, speed
lily annullsd.
IMPORTANT ACTION OF THE HOUSE Of
DELEGATES.
We have rarely seen more animation and intereat
than was exhibited in the House of Delegates on ga
turday. The final struggle tor the continuation of