Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-12-10
SOMETHING WE HELPED 10 DO.


There was ono question which VIC did our
best TO urge upon the attention Of the Legisla'
ture Of Virginia, during the session Of last win
ter The Governors message had dcmonstra-
ted the impolicy Of submitting to the tinesSe Of
the anti.improvement chairmen oftinance com
mittecs, by continuing the repudiating system
ola tax on State credit 4 State tax Of 40 per
cent and a corporation tax of one per cent
which cut the net interest receivable by the
State creditor to +,6o per cent, after the State
had promised him six per cent, naturally swept
away the whole premium of 10 per cent, and
reduced the quotations 10 a beggarly oscilla-
ton from 80 to 94. until the commercial crisis
sank them below -.
So soon as the Legislature had expended two
thirds of the session in quibbling about aues-
ton Of constitutional law. which really had no
two sides To argue ON, and in LecOmpton eau.
cuses; when our Legislators seemed at last pre-
pared 10 enter upon the business which they were
assembled to consider. W" kept up y fire Of cd-
tOrial against disguised Reputation. Our labor
was not without effect Some efficient senators
took up the matter in earnest, pressed it upon
their associates, determined IL strike oil the
corporation taxes by separate bill, and, il sue
ccssful in that effort to rcscind the State tax
BY a clause to he introduced into the general tax
bill. The corporation bill passed the Senate
Immediately. 1t would have passed the lower
House with equal facility, had ii not been for
the curious logic Of some borough representa-
tivcS. These gentlemen argued that since the
corporations had been permitted to tax the
State bonds. such tax had become virtually
pledged to corporation creditors, and the Lcgis'
laturc Of Virginia would not venture 10 protect
the creditors Of Virginia without impairng the
validity of existing contracts between the cor
porate authorities and the creditors Of the cor
porations. This sublime abstraction. backed
up by antiimprovcmcnt orators, who chuckled
at the device defeated the bill before the House
Of Delegates. But the manu.uvrc Was too pal.
pable To pass without attempted palliaton. and
thus il was that borough delegates finally
agreed 70 perform BY indirection what they
found unconstitutional when explicitly present
ed before them. \ law NXs passed, obligins
all corporations to tax State bonds only in equal
ratio with the tax on their own bonds. Thus
the corporations were practically excluded from
levying any longer any tax at all. on State
bonds--a nice little piece ofcasuiStry was pcttcd,
and il was afterwards found inconsistent with
the dignity Of the State to rescnd the State tax,
while corporations were left, theoretically, at
liberty to lay any extent Of burden OH tho same
paper 4 wise complication!
Still the corporations were practically obliged
to loosen from their clutches one sixth part of
the interest paid to State creditors This result
is what We boast to have accomplished. What
the accomplishment is worth may be
judged by the fact, that it has already raised
the stock from 90 10 g. Facts have
spoken for..us louder than arguments. Who
now is prepared TO doubt the truth We
have been so long preaching to incredulous
hearers. viz: that By the operation Of the
Sinking Fund, when the State tax shall
be removed. and SO soon as the Com
msSionerS Of the Sinking Fund shall no longer
be compelled by Legislative enactment 10 shave
the States own papcr in the market, Virginia
skies will a, once command premium.