The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-02-24
Leaving in the treasury on the 1st day
OF the present month. ............-.... S2i "a

For Water Works ...... 3I0s6 IS
| For Streets, including Side
| For Cu,yerts 49, ....... 999 ~
For For 0 0a si Of the City 49,. q "a g
| For Mint Watch ...... q $50 80
For Fire Department "a .s9 o.
For Poor of the CITY 9S9. Is
For Hanes, Carts, ac...~ 55ss g
F" or G Cont,nsent Funds II is 81; o.
| For other permanent objects. 10 492 So
| For other casual objects $40 81 -
| - $ sol .296 l3
The Auditors statement b IS an estimate of
the pts and dishur easements of the city govern
| ment for the next fiscal year The receipts from
al sources except taxes which may be assessed by
snd s' seens at
| Soo5 259 80. i his estimate does uot include any
exrendItures for Oh ects not now authorized ~ the
or for objects and purposes winch cannot he fore
seen. must be addict To the amount of the Auditor s
disbursements Tor 1867 at sI27 s55 Is. and al
| though there was floating debt of $4,000 to be
| paid DUNG the ear, and the Counc! commenced
the year with a resolution recommending the strict
est economy. which the COMMITTEE Of Finance, in
their report in March 1857 say was strictly adle red
TO- yet the disbursements for the year amounted to
S+5s 1877 81. exceeding the estimate SO 4s2 II. In
February. 1887. the Chamberlain's estimate of dis
hursements for the fiscal year of 1851 8 S76s-
lss S. this year avery arse amount of debt fell
reason for economy. and yet the disbursement ts
we're SSi5 10 S. In the Spring OF 1858, the Cham
WIS $40 5l564: the disbnr sements f,,r the same
perlod were S49o sos 2, The Auditors estimate
harsemenss for Eleven months Fl hs period
as before stated @t0l 296 i3. Nor do these figures
states the Debt t" be pad durlne the war. PRINCE
pal interest at S2Ol 900 whilst there has been
sisossss0 tut '''''''0' '''''"S 'e' 10 '' p''''
Taking our past experience for our guide. we
Il t ne % Sf ts
is about $500 600 The estimate Of the Auditor in-
fh Inv q hni1 tp tpt -
due the LIST OF July next, and also debt of $50 100
borrowed IN January; which must be paid b' the
LIST OF July these making together $50. $50 and 1t
o a9s e WorHs 1, the
tee are of opinion that the Council should author
sale of bonds to the amount of 100000; and
that the emainder of the amount necessar, to be
raised during the hop be raised by taxation.
~ VIII be necessary during the to raise
siderable amount for the enlargement Of the Poor
ter Works and some of the officers of the city
and possibly other buildings, which must he done
Gus effect upon their sale. if a larser quantity is
thrown into the market; and especially if it is
| necessary to meet promptly its engasements.
| Taking three hundred thousand dollars as the
| Railroad Companies shall make the same dividenos
DUNG the next year that they have made during
the sum of ,S23 5O0-leavlng the sum of 1886 500
to he raised by assessed Under the ia bill
sury the sum Of and P" the no cose e es
Inmates that there will be received from these
,"as ss last @ aa hi ss ISL:
tins sum OF $1,000 IS however, taken INTO the Au
year, and is only referred to here to show the pro-
duct Of the present tax bill and like amount will
probably be uncolected at the end of the next fiscal
Upon the present tax bill there will be defe'en-
sy Bs H
prlhclple upon which the present tax bill was
+ tnat emDo, ed soud
attempted to carry out; but IN fixing the rates of
taxation upon persons subjected to a class tax in-
| stead OF raising from them the sum of S42.0OO-
which was the amount to he raised upon their cap
| lta-the sum actually raised from them was hit e
upwards of SOL OOO: and the persons classified have
| paid $4,000 more than their proportion of taxes,
according to an I'D cato,em tax upon property.
The coilmli tee are OF opinion that in this city,
where the value OF property and especially of real
estate depends upon the amount and prosperity of
| its manufacturing and commercial interests, the
property is not judcious. The amount and pres
amount of capital invested in them. Without cap
itSl no such business can be carried on success
fully and that must. therefore, be a. destructive
policy which drives capital from the city, or deters
it from seeking Investments here. These truths
IN our own experience FROM the statement made
out from his books b, the Assessor of the city, an
obedience to resolution of the Council,i appears
that there was given in to the AS SCISSOR, personal
prepeG'y money bonds and Ids debts 1 %. .s
1859 5: aSo 9i6; thus showing diminution in four
years of early two thirds or S4,9s, 499 redmc ng,
ness OF the city, but also the subject Of taxation-
How the business Of the city could be carried on nn
ceive and FIVE were disposed to stioa the acea-
racy of the Assessor statement will find it sus
| winch shows that the az regate value Of ali per
sonal property not exempt from ia xatOn including
m hs sSnds ISIS ~ ' was s se
actual reduction of this property the extent of the
has ssn ,ss BY s &
has been deferred from seeking investment here !;
but when we see that SO large an amount once here
a mt nd " n nd ms MT
OF some fifteen or twenty men IN this city. en-
poyed in different branches of business and having
the best means of forming opinion. at the low
es, estimate $1,000 go of Virginia capital is en-
pos ed out OF the state we can have no doubt that
the amount Of that capital which is lost to Rich
mond must be very large; nor can we doubt that
il it invested here it would sreat!y extend and
enlarge our manufacturing and commercial inter
We may prefer to search for some other cause
for this withdrawal OF capital from the city. for
doubt the limited rate of interest in Vlrsinia does
1t is than idle to wander abroad in search of
cause for this effect, when one ample to account
such property by the city and the State In 1855 the
city tax on such property was one and one fifth per
1859 was four ffths of one per cent and with the
State tax amounted To one dollar and twenty cents
onevers hundred dollars thus reducing the inter
est t" four and three hfths per cent. We have
never understood that money lenders were indlf-
ferent as to the per cent they received, and he
when. by placing 1t elsewhere. he can easily
and safely obtain seven eight per cent. on ms
money.
Believing it is the true policy Of the city to attract
capital the city by all leg eas, and that
thereby the value Of real estate will be enhanced,
and all our interests will be promoted, the com
mittee propose that the additional amount which
it is necessary to by taxation shall be raised
by increased tax on real estate; aud being oil
opinion, further, that so aller tax upon money
and credits will probably produce more revenue.
BY inducing return Of this property to this city,
whilst such return will greatly promote our bust
ness interests. we propose to reduce the tax
these species of property to one half per cent
In considering this question it Should not be for
gotten that large portion of the debt Of the city,
pay the prnclpa and interest OF which the tax
necessary, has been contracted for subscriptions
to works OF internal Improvement; subscriptions
made by the votes OF the owners of real estate
alone, and for works which have greatly enhanced
the value Of this property: These subscriptions
were: To the stock ot the James River and Kama
wha Company, 1916 500; to the Richmond and Dan
vile Railroad CSmpany, $4,000; 70 the Vlrginia
the Virgins Central Railroad Company, $780, QUO
amounting tegether to IN, 800. Although these
subscriptions have had but small returns in the
shape Of dividends. they have elevated Richmond
from The population of village to that Of city.
given present value to her real estate Of ten
fold the amount of the subscriptions. 1t 10, there
FORE bat Just that the real estate of the city should
bear the burthen of this debt. contracted BY its
of which have az yet only been rcaped III them.