The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-07
iForthe Disraich'l
the siasc Finances.
,nn,r,osA.. REvESuE.

aavr ,'"( n"a X necessary to te raised in
"i%,% ,,.t 80 thai ut prcScn. collected 20 pay
@U"H cent. interest on the "hoe oep',
"'' sNh,t 500, ,Oe0 in addition TO pay the
six ;r- ccHt. .n srs. sore reforms
.,1. G,n easily be elected WHEREBY these
INA $50. $50, a, once be raised without touchlns
'''5 .rI, 1,,t propose to subject TO taxation all
r,, now exempt except actual chhlch
t,I'di,ns The property OF literary. peue,
s,..I ,na other societies is now exempt, aho
-1''' 'i;"c,irc il 10 taxation we should get
i've 10 ten million Of properly, ana
,,' .,y,n;y five to fifty tht uand dolars oi
iaN,>. ->ro,,,;,;os nav their
n.i,n;nal charges. The expense OF
,.,.,rII.irg criminals. paying Wl'hesseS' "o.'
i'.,',.,,,s the State Sl20,000 per annum,
,.,,:,1 ought 10 be borne 10y localities "heie
~, rr,,,c,i.ions take pace. CAucr the
Uni '.. watch kept over such expenses then
.,'.,.nrr.c wctld not be cne-third as great
o"a ~ these two simple reforms, Whlcn are
,,',;f,,,,!y .aii and just, We should get Sloo'-
GO. c =, ,,;, Stote
,rr fax IMPOSED on trade and commerce
=. 49,. ,.i,ir, in their licenses for brokers.
y! h,,,. ~" r,,tp- dealers, &c. There arc no
..,.:..i.,. rom which we can get All idea OF
.t',' anlrf,,t raised by ali the cities ot the
Gnrrn,ouy wealth, but it must te very large.
~, revenue ought to be resumed posses
.i,, e hy he state. Il alone ought TO issue
1;,,,yns and is GccGse ought to authorize
thr party paving for il to transact business
,,;,,,'mt i.inr subjected 10 another tax from
IN, civ or town. \ system OF Sraduatcu
r,,r.c>. on which the amount 10 De palo
wr,H be regulated hy the population OF the
,.,mn,pui;y in which the business would be
,-,,,,cici, would yield four times as much
income Is the present license system. Ihe
,,r,r, having for licenses would gladly pay
!, l,rrcr fee to the State thai he subjected,
4> they now are, 10 an additiona! charge
from the city. Sucl, q charge would be easy
and popular with those who pay licenses.
Tl,, tax on commercial and legal paper
which has Inst been released by the General
government could be used by the State most
al!yant9gtGu>iy
have before me the statement Of Colonel
Wooligri. The Comptroller of Maryland,
which shows that Il similar tax in Maryland
realized. in 1850. So. 579.I5: 1851, 53,39I.I9;
l>I2. ~, ,2O.5j.
Now. in 1872 Tie population of Maryland
WIS about 900. Therefore this tax was
ul,ui. len cents per capita. AT the same
rate in Iirginii, with her present population
OF l,@o1.0va. il would yicld $4,000. But
the iurlc. SD business OF lie community In
the methods oi t!aG>2ciing business would
produce \ create. income from such taN.
Il would bc HaiHy paid directly by the cities
and towns, ana would come out Of the
country districts 50 i!nperceptibly that they
would net feel il.
The subject OK taxation which is most in-
yi.Hg because u pure luxury. and which
could lie yaid with least inconvenience, is
III" TAX on liquors. 1t is estimated t1at the
consumption pi liquor in Virginia annually
reaches 2,G01.N 600. Ten per cent. Oh that
i II ,2Ea, 80, ard together with q stamp tax
i, enough 10 pay the whole interest on the
GcjA. ! bClcse the easiest and best way to
reach LIQUOR is by 4 system OF licenses, 10 be
graduated according 10 population, and to
be paid monthly or quarterly as may be
easiest.
llr iic"nsc tax would be so large that the
Grcr could not pay it for Z whole year in
advance, and therefore this tax might be col
l"ctrd monthly in the form OF license to be
then ra!t.
Another source Of revenue is the cXceS-
siIc interest paid by citizens of the State on
loans OF money. 1t is notorious that although
TIE Il" processes TO regulate the rate of in-
lcTr:t, il Goes not in fact regulate it, and
M"ney brings ii> price in the market regard
F>> o law. propose to geta portion of
TN, excessive interest for the State by pro-
y!ding for the caar;criDg Of q system of State
banks which should be authorized to charge
IL high rs twelve per cent. or more for mo-
n"y, anu which should pay one-fitth of the
interest received by them over six per cent.
lA!o The State treasury.
Such system Of banks would draw capi-
tai t. tue State when it could be legally en-
p!oyed at high rates, without the risk that
present u>nrlous loans run, and they would
t.'t into the business of those banks which
are now cXactng such usurious rates. IT.
stead OF state banks thus authorized TO charge
extra interest, we might collect the tax on
such extra Interest by system Of stamps to
De affixed to the evidences of debt. Thus
We might charge, as they did in Mary
iano, al the rate Of five cents on the hur-
ured dollars for all paper discounted at or
rearing interest al the rate of six Der cent,
which stamp-tax should be charged on all
inief, commercial and legal; and besides
'ha', we might have a different kind of
StaihlS, TO be called eXtra-interest stamps,
Hhich should be affixed to all paper dis
souh'eu, sold, or guaranteed at rate higher
tnan SIX Per cent. Without such stamp
ahHed II would be provided that the paper
couo not be used in evidence, or that no re-
"'efg could be had on it for the principal.
iAe>e stamps might be regulated SO as to
tstneSeht certain tax as so much per
,n'u'n On lie paper, and with these affixed |
hou!u te legal 10 discount, sell. or guar
an'ce paper Z, AIRY rate that might be agreed
s. community would thus have the bene.
@ ~ portion Of the extra legal interest
t oh enjoyed 10y the lender alone. aud the |
., ,,a, would pay no more for money if5
- much rs he now paws.
eiesl ne pays now Is: First, the
aao"ea by law; secoud, the additioDali
,hird ra'ue oi the money he borrows: and I
ib. I'ral So Suul'lohal sum TO pay for the risk3
t,-r,, ~, runs III lending him money eon.I
innro',;, .aA' by this arrangement this third
@hsa Ia'h u interest would be wanting. forJ
rn',,I rv t1nuef %"uid run no risk and rhcretore1
-ou'u hot c&arge for il: and the hnrronar
SouIu not fas rs much by way Of tyw n tho
""Ae a' he Eas heretofore paid Nv v.v al
- ,.tance to his creditor. way VI
,,, "e can then look Tor Increase of rcva-
. ~ taxation OF property now cxemnt
,be rsas r%asIns criminal charges now paid by
tne commonwealth.
~ Io1%c'on Of all licenses by the State.
n,n.u H. a ssaMF'lax On ell commercial aud Iesai
s,ed 1. a. h'sh S'S liquor by means Of gradu-I
y. TAX Oh extra rates of interest bv