The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-02-10


the Board of Directors OF the Chamber
of Commerce was held yesterday afternoon.
Present Messrs. Burr (President), Nc
Canoe, Cameron, Donnan, Ordway, Branch,
Anderson, Cohen, Crenshaw, Purcell.
FinanCe.-Mr. Branch, from the Com
mittee on Finance, submitted the following
report, which was received Tor the conside-
ration OF the Board
"The Committee on Finance have had
under consideration the resolution direct
ing them to inquire as to the increase Of
ca pital for commercial and business pur-
poses.
Your committee are aware of the fact
that the want of capital has been one of
the main difficulties with which the busi-
ness community has had to contend for
many years past, and this has resulted from
n variety of causes. The condition of poll
tical affairs has been such as to cause un-
certainty and distrust the laws against
usury have had the effect to prevent capi-
tai from coming into the State from abroad,
and to tempt our own capitalists to invest
elsewhere; the apportionlncnt OF circula-
ton under the national bank system has
been too limited; the rate of taxation upon
capital outside of national banks has been
excessive; and last, though not least, dis
turbcd labor and UNI cmuncratiye crops
have lessencd that production from the soil
upon which the wealth of every State SO
largely depends.
GAS these causes, which have produced
the scarcity Of capital, are removed We may
look for that increase referred to in the
resolution. And your committee believe
that already indications appear from which
we may safely augur increased facility for
mercantile enterprises in the future.
"By degrees the confusion in political
matters is subsiding. The recent course Of
legislation promises q more equal distrlbu-
ton of currency. The new Constitution
does away with Anticipated ideas as to the
rate of interest, and adopts those which
have for the past fifteen years or more
been urged by the commercial cities as a
remedy for the scarcity and dearness OF
money. In view of these changes and
prospects, it may be expected that capital
will soon become more abundant, and, rs q
necessary consequence, that the high rates
so long current will become reduced within
reasonable limits.
=" A most important clement in this cal
culation, however, is the rate of taxation.
Capital is so sensitive in its nature that q
small fraction of one per cent. will divert
its flow from one direction to another,
and so easy of motion that in mo-
mcnt, by the stroke of the pen or
the wire, it may remove from an un-
friendly to friendly region. When We
reflect that the great value of city property
arises from the use and the fruits of capi-
tai, it appears strange that the taxes are
not so regulated US to invite it instead of
repelling it. In this direction your COM
mittee believe that this Chamber may use
its influence and efforts to advantage in the
endeayor to increase the amount of capital
available for business purposes.
tivity, and of large enterprises for the de-
velopment and transportation OF the agrl-
cultural and mining wealth Of the soil, a
great contest is wagingin the different Sec
tions of the country for the use of cheap
capital and in order to procure it legisla-
ton must, on the one hand, admit liberal
rate of interest, and On the other subject
the principal to light rate of taxation"
Railroad Conventions. A communica-
ton from E. Fl. Murrel extending Oh inVi-
tation to the citizens of Richmond to attend
the approaching Railroad Convention to he
held there on the 10th instant was read.
Colonel Burweu appeared before the
Board to urge some action favorable to the
convention to be held at Powhatan Court
house.
Mr.. Crenshaw offered resolution that
the Board express its interest in all works
of internal improvement, but decline send
ing delegates, as it did mot feel competen4
to do SO on the part of the citizens. Car
ried. t-a
Neu Steamship Line.-Captain Alexan-
der appeared before the Board (by invita-
tionl in behalf OF the proposed steamship