Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1858-01-01

VISeu Lnem TO purchase ponos OF Ine
State issued priorito 1852. on the best
terms they could, and to present them to
the commissioner of the Sinking fund for
redemption at par, on condition that they,
the creditors, would purchase new bonds
from the state, and thus put money into
the treasury with whice their claims
could be paid without sacrifice. called
the Board Of public works and the CONS
missioner of the Sinking fund together,
and they approved OF this arrangement.
upon the ground that the very object Of
the Sinking fund is to pay the debt at
par within defined limit Of time, and not
to speculate on the public funds whilst
the public creditors were suffering for
want of funds in the treasury, however
the time might be shortened by purchas.
ing the redeemable bonds at discount.
1t was not moral in fact to shave the
commemorative paper with its own
funds, whilst its creditors were being
shaved on their claims against the com
monwealth. The state might make 8 per
cent. but its creditor was losing Is. and
its credit was sinking thereby in the mar
ket. The course adopted enabled the
creditor to make per cent. on the old
bond made him lose it again on the
new bond paid the money therefore into
the treasury; and thereby enabled the
treasury to pay him at par.
THUS. the old bonds were sunk, the
new bonds were sold and the public cred
itors were paid at par. And recommend
that the legislature shall enact. as a
means Of raising public credit, that none
of her bonds shall in, future be sunk or
redeemed or purchased with her own
funds at less than par. If any wrong has
been done by this arrangement, must
admit my full responsibility for its adop>
ton. The accompanying letter from the
superintendent of the Covington and Ohio
railroad will show its beneficial operation.
1t carried on the work, and the contrac.
tors lost only about 2 instead of per.
cent. trust that the state authorities
will. in future, be allowed to adopt this
arrangement whenever there is necessity
for it. About 100000 of the appropri-
attons were made available in this way,
when there was no other way of applying
it at all and but for this mode of relief,
the work onthe Covington and Ohio rail.
road must have stopped. call your at
tention next to
THE MEANS OF INCREASING THE REVENUE.
In order to increase the revenue and
to make the taxes equal and uniform
throughout the commonwealth. the gen
eral assembly will have to prescribe some
other and more just mode of valuing tax,
able property than that which now pre-
walls. At present, practically. the value
OF property, and the amount of capital
given in are ascertained from the party
taxed. All are Interested to undervalue
the property in order to reduce the tax
and in the giving in OF capital there is
every opportunity for fraud upon the rev,
enue. The honest dealer in merchandise
for instance, will state conscienLiousIy the
amount Of capital he employs. and pay
more tax than a competitor in trade.
who deals upon double the capital per
haps, and who does not scruple to give
in less than the real amount he owns
The present mode of assessment, or valu
alton, is burthen upon honest, and {
bounty to dishonest tax payers. Tax pay
ers themselves ought not to be allowed te
to estimate the value of their own proper
ty that duty ought to be required o.
sworn appraisers. with the power anc
the duty to examine the subject O
tax or any legal evidence in regard to it
and TO Judge of the amount of capita
from the usual evidences of trade, or from
other oaths than those of the parties in
terested. A large increase of revenue
without an increase of taxes may be ex
pccted from this reform.
Brokers ought to be taxed according t.
the amount Of business done by them
By the present law there is no distinction
between broker of large city or town
who does large amount OF business, ant
a country broker who does business to th,
amount Of few thousand only. Ther'
are many brokers who do business in
small way, and it is done illicitly, because
they cannot afford the present uniform
rate, which is not. perhaps. too high 70
q maximum tax. The license ought t
range from, say $50 to $500, according
to the amount of business done. This
would doubtless, add to the revenue, fol
those who pay the tax would see that 9th
ers pay il also, as it would be their inter
est to watch competition.
The tax upon the retail merchants
license is. in my opinion. too high
and it bears too heavily upon th,
poorest portion of the people. Th
tax is charged by merchants, of course
as part OF the cost to the consumer
i the merchant is made the collector
and the small purchasers pay it,
They who buy in small parcels by retail
} have not the means to send to the cite
J and purchase by wholesale. and they ar
: the customers who chiefly pay this cost t
} consumers: recommend considerable
reduction of this item OF the tax bill. Th
necessity of the commonwealth can Al
! ford no other considerable reduction. Gu