Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-02-25

For other casual objects ............... 2l3IO 81
- s5Oi 295 -
The Auditors statement estimate Of the receipts and
disbursements OF the city for the fiscal
The receipts from all Sources except taxes which be assessed
~ e Council Tor me year are estimated at s222Sao2 and the
disbursements arr estimated at $3.50 9os This estimate does
include endures for objects authorized
the Council All appropriations for undertakings for OBJ
ects aud purposes which must be the
Of the Auditors estimate In 1876 the Chamberlain e,t
floating debt OF $4,000 paid curing the year
and the Council commenced the year with
mendng the strctest economy which the Committee OF Finance
In their report in March s strictly adhered to- yet
disbursements the year amounei exceed the
disbursements FOR the fiscal year s5s was SG6
lss In his very large amount Of debt fell
be provided for and there
yet the disbursements SsijsOs5 the -prng of
1855 the Chamberlans estimate OF the disbursements IN 1850
was $40 Gf the same period we 8gO
SOS 20 The Auditors est mate Of disbursements
:Gd29 the disbursements for eleven months Of this period wee
stated 1901 1876 49, Nor do these figures give the u
Of the The estimate states The be pal
during the year. principal and Interest, at SOL 900; whilst there
aheen yet paid but $lsiO-leayng yet paid sj
go 50.
aogour past experience Toy guide may assured
for which the Council provide during the
fiscal year about $4,000 The OF the Auditor
includes debt Of $3.50 due the lst OF January yet call
ed for by te hodeTs debt Of $1,000 due the t Of July next
paid BY the lst Of july these making together $50 O and
includes the appropriation Of 10000 for enlargement OF the
Water Works The committee Of opinion that Council
should auze SAFE Donls 10 the amount OF tl0OJ1 and
that the remainder Of the necessary raised curing the
should he raised by taxation Il viii be necessary during
the raise considerable amount for the
Poorioase FOR building Offices and shop WORKS
and officers Of the city possibly other buildings
which must be done by sale Of bonds and may have very
Injurious effect upon their al II arer ouontIv l. ro ~
the market and especially II that Council hesitate,
TO impose the taxes promptly engagements
Taxing three hundred thousand dollars amount 10 be
raised II the Central and Dausie Railroad Companies make
the dividends during the year that they have made
dur the last there vii derived sources the sum
OF 300 Leaving the OF 1896 300 by as ssed
Under the bill ofthe year. there has been paid m
10 the Treasury the SUN OF and the Collector estimates
ha there will be received from these the sum
$4,000 making the whole amount produced by years
oil .ys a. This sum Of $4,000 Is, however, takr
Auditors estimate Of receipts during the year. AID
only referred here TO shos the product present TAX m
next fiscal year
Upon the present bin there will be deficiency Of 10000
10 meet t necessary disbursements OF the city hut
further The asowed principle upon which prse. tax bill
was based that property however employed should be equally
taxed This principle intended AID attempted to carry out
hut In fixing the Of taxation upon persons 10 class
the amount 10 oe raised upon their capital the u actually raj
ed them little upwards Of s. 900 and persons
hea have paid 5000 more than their PROPORTION Of taxes accord
The committee aye OF opinion thsi in his civ whore The value
Of property specially estate depends upon the amount
and prosperity of rs manufacturing and comnroiai Interests
udous The prosperity Of these ntsres ms,
be limited by the amount Of capital invested Wlout
capital no such busn can be carried SUCCESSFULLY that
nusi therefore, be destructive policy which drives capital from
the city, dezrs rem seeking investments These tns
are GDandiy verified and unappy eaempiaed In
perencc From the statement from his by the
assessor Of the city, Obec.el resolution Councn
ppei NAT ihes was given IN 70 he Ascsor personal property
bonds and deD Ia $50, fi5s4i5 90 ls5, s. $50 3d.
10 la7S+fg3td ana Ia U.s. 81 $50 go thus shoWing dn-
alton
oy ibis QUIT only the bood OF business Of the city
out iic subject or taxation How the
uo De carried on under Hc condition n things Is difficult
conceive Aad disposed question the sccua y If
he ASSESSOR statement viii ind sustained by report Of
ne Au~' OF e STATE which shows that the value 81
all personal property exempt from taxation, ncuing Hon
.gJ7 o. Morris the actual ciactlSn Of hi. properyy The 20
lt of the loss which las sustained city II Is impos-
seeking we SEE, that so large an
here has been abroad vhen Ia the judy
fifteen twenty On this city employed i d
an opinion AT the lowest t6S o ~ y ~ osiH
4 eu bal the can have 81.
eas Ne doubt that n IL wa, Invested here IL % iI y
and enlarge manufacturing and commercial interests
We prefer 20 search for other
al capital from the city, for he preference
abroad doub; the limited IN VI gni. oo.
have some influence producing th result Bat
idle 10 wane abroad In search Of cause for ills effect when
ample 10 account or lies patent before 10 the imposed
upon such property by the city and e state In 1856 the city
oa sueh properly was one ana one MN per rent In l7t aud ls,
per and In 1853 ofon per cent
and with the state amounted dollar twenty cents
every hundred dollars reducing interest four and
three 6s cent We have understood that money
In Grc as 10 he per they received he
be Indifferent indeed who Wlrnd At 30 by pacr
where he can as easily and safely obtain eight per
his money.
,iag Is the policy city to attract capitalize
the city by all legitimate mesn and that thereby the value
~ ralse by taxation shan be raised by an inrrrsd - an 81
And being Of opinion, faher smaller tax upon
money credits will probably produce revenue by
ucng return Of this property to this city whilst such return
win greatly promote business interests we propose to reduce
he Ia these species property TO one half per cent
In conderlng this quest it should be forgotten
large portion Of the debt Of the city to pay the principal
eresi which necessary has een contracted Tor sub
scrrton to works OF Internal Improvement subscriptions made
by he votes Of The OF real estate for
have greatly enhanced the value OF this property These sursrp
lions were To the stock oil M James silver and KanaVha Compa
S5d,v to me Richmond and Danyle Railroad Comp any,
tl0OO0 the Virginia and tennessee Railroad Company +
O' aad % the Virginia Central Railroad Comp any, 100000
amounting together to $24G 500 Although these subscriptions
had small returns In The shape Of dividends they
Richmond from the population Of village 10 that Of
city and given present value TO her real estate fold
Of the city should bear the buhen Of this debt
by owners their especial benefit which
further considerations required put
additional real they may grossly
equal taxation imposed the
% n so extensive as under H. oio,ncS ~ the civ Ne
include merchants and traders Who buy who
also include manufacturers And thus the capital employ
ed pursuits which eiaed by greater
that employed by such taxed by license under the
The state AUDITORS report shows that personal property
re9r d. is ISL The Assessors re ort shows that sueh
property not employed In business subject TO class tax is 49,
liG showing a difference 364a5 Deductng from tits a
Of and city bonds by the
taxed bY and the remainder IS the capita,
poyd IN me business Iot Whe 1is YAK ID pad 70 The CITY, but
Tor which ccnse not required by the state We may there
reasonably conclude that there employed the ty
n pursuits which lcens. required the state at the
utmost than 81 OOOOO The the city
ued by the assessors las; summer at s200hye times
much capital And the drew
estate in lsjJ taxes 70 the amount Of f2s337 and the
city owning $4,000 600 to 10000 than the
In the city owning geo 100000 than
dollars And is Il reasonable and Just that in
a.on wi sUI, S az ,re tts1I 80 ,h s,, N 49,. 80 P
consider the reduction which will be upon the
by making e tax all species Of property
equal conclude that Il is unwisr policy pursue
sy en- which will preclude the capital
city pAry coasd ration The real ofhe city,
have said valued $50 100000 the visible personal property
assessed about 100000; money and credits 300 00l To
raise $50 COO upon ncp of equal taxation upon all property
would pay 5000 and personal property, and
credits would pay 800 Is his small OF $5upu OF
Importance the Of f2oOoooo Of real estate to induce
them pursue policy which has already produced such
Gus effects which, II continued be Injurious
he business Of the city"
II conclusion werrpea that the value properly in the
city direct proportion to the prosperity
busine the city Increase and prosper the business ard
you enhance the value real esta But TO business
ample capital positive necessity the place
economy labor sagacy Skill all together supply
Let then drive away capital deter coming
legislation bu; rather let attract it, encourage cherish
and thus quicken into existence branches BUSH
ness vitality, expansion add prosperity all
uomlcal employmens
Feb 9th 1850. PEACEY Il GRATTAN, Chm.
Be ordained Jy be Council al the Ctyof Richmond, That