The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-21

bystne NatlO0Gts t1OVefBMeutg s. Cgutf tou1.N
greatly tostbis growth-NeW England nav.
ing $65 ,D0e, 900 more than her equitable snafe
Of the currency. ),
The internal revenue system contributes,
moreover, its share to this abnornals gro WIZ
by leyyiDg heavy: excise taxes on .ae pro- pro-
ducts or the West ani SoTtb, Without SUI
ficient volume OF currency In those sections
to handle their productions with; for In
stance, Che product OF Virginia TOBACCO
requires &, 1867 900 to be paid into naflonai
Golfers before IL can be removed from runder
the shadow of their factories, whereas o3,'
9O0. 900 is the entire banking capital 10 90
1.-THE exchanges of the whole State. Tne re-
sult of this was that those vast productions,
ultimately destined to be consumed ID ihe
South and West, has heretofore been nanaleu
| in the monetary centres of the North ana
| East at fearful rates of charges to our lndus'
tries. 900
This important warehouse bill In part rec
| tifes this by making millions of values, mere
=! tofore unproductive, dua,lddte as COCA COZ
lnterals as the 500 United States securities.
The Sl50O0,OOO annual products OF Tue
| ACKNOWLEDGEMENTS, flour-mills, and iron-louh-
dries of this city alone will present O oasis,
| which. in the language Of another, VIII lur,
nish stopper hsteniDgs" for our loans aiu
discounts. " tho
paper of the merchants and manui;.ctutei:,
| holding these warehouse receipls TOT Inei.
| indemnity, in the event that they nav nos
| the money to discount their paper tnemseIses'
and have the same redIscotlntea III tIe inoh-
atarv centres of the North with the only
| charge of interest in carrying these products,
| instead of the heavy ones now carried by
them in freights, insurance, commissions,
labor. charges, &C., thus saving immense
sums annually to our people. 49,
Not only will this warehouse bill make
| vast values, which have heretofore been un-
available in the business of our State, imme-
diately operative in the increase in the vol
ume Of our exchanges, but turn the oppres-
size features Of The United States excise
latrs into some advantage to ourselves.
Take 20,000,000 pounds of manufactured
tobacco made in this city annually, which
cannot leave the factories without paying
first twenty cents per pound, or S., 100000,
into the Federal treasury. Under the opera
ton Of this bill this vast product can be sold
to the jobbers of The South and West BY our
manufacturers with perfect safety to these
purchasers without removal of one pound
from their factories, and by consequence
without the payment of this cast sum to the
Government until the tobacco Is sold directly
TO the consumer or retail dedler-causing
this immense trade, which has in large part
been with the cities of New York, Philadel-
phia, and Boston, to be done directly from
the manufactures OF Richmond, Petersburg,
Danvile, and Lynchburg.
Take, for example, jobber from Kansas
or Nebraska desiring to purchase $4,000
worth of tobacco, the tax on same being
$50, 900. If be has 100000 in cash, giving
his note for balances and filing his warehouse
receipt as collateral for this note, the seller
could with perfect security make this trans
action, and the jobber could return and sell
his tobacco from the factory in Richmond,
paving the Government tax of Zoe. per
pound only as the tobacco went to consul
mers or retail dealers in that country. Here
would be transaction effected with perfect
security under the operations OF this bill to
both manufacturer and purchaser of $780,
900, on a cash capital of one-third that
amount, with the further saving of at least
$4,000 in charges to the manufacturer.
These, Dir. Editor. are some Of the bene-
fits which will flow from this warehouse
bill, long felt to be necessity under the
heavy exactions of the United States inter-
nal revenue system and it will only require
our Legislature to proceed in the line OF this
enlightened legislation to place this Com
monwealth on its ante-war footing again.
These advantages will not only be felt by
the cities of the Commonwealth in their
large manufactures of tobacco. wheat, iron,
&C., but will enlarge the facilities of pur-
chase of our merchants and manufacturers
so as to increase the demand for the planters
leaf and for the farmers grain to such an
extent that this most important class will
feel, too, the benefits of such legislation.
This important bill was under the especial
patronage of Senator Smith, ofNelson. While
in the committee, and on its passage before
the Senate be delivered an argument rerlete
with facts and figures, demonstrating its ne
cessity at this time. Senator Ragland, the
euer ,oatchfuI Representative Of the tobacco
interest of the southside, co0perated cordially
with the senator from Nelson in securing its
passage. It is to be hoped that the House
will take up this bill, frausht with such be-
nign consequences, and pass the same at an
early day. ..a,- w. Z. b.
Tho Valley Railroad