Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-01


trunk lines. they have sought terminI
on the seashorH. and we have become
stations on their route Our commerce
by water carriage has perceptibly dwind-
/ led but the exigencies Of Just and liv.ns
rates Of transport by rail compel the
continuance OF the water route as au
| expensive though necessary. service.
The mineral deposits about as are Of no
material consideration. save a superior
/ quality Of granite the fullest uses O.
which are. perhaps, restricted by the
| charges Of transport.
We have abundant water-pOwer and
| this has long been conceded 70 be. our
/ chief gift from nature. The conditions
| are those OF fate. as well az fact. "Ihe
| coign Of vantage" is here. Within these
/ lines must our growth 20. and the bent
of mind and energies OF our people mus.
/ be driven 10 the building up Of manutac-
turing industries.
There IS nothing new here We have
/ known this for years. We have had much
! talk over II in the past, and stiI " It's Q
contamination devoutly % be wished.
which we cannot cOnjure "by magic num-
/ bers ana persuasive sound
INCREASE OUR INDUSTRIES.
Elimination indicates tha, our trend
must be TO manufactures A further
/ analysis 0ll show that even under the
| general term manufactures the whole
| field Is not open 20 our choice. We mus.
! make special study Of our conditions
/ and our geographical location and select
| those industries I'm which we have an
equal. if not superior. chance for compe-
tlton.
The necessity Of this special study is
900 apparent If we but recall the special
| lines in which our labors were once re-
muuerative. but which have ceased of
| late years 10 be so. even in cases where
Z the Capitalization Of the plant has ~ %
reduced TO 4 basis Of 90 per cent OF
actual cost. Let IL DO conceded that our
main efforts for growth must be IN estab-
| fishing manufactories-wha theni
We must have capital united with eX-
pererce and educated labor. We have
no one Of these essentials with us, unless
10 be capital, and capital IS not on It's
| best footing unless united with eXpe-
Renee In one and the same person. We
incline 10 the opinion that the capital IS
not I'm our midst. for the want of it IN
these developments has long been known,
and still IL is.uOt forthcoming.
In this emergency there IS but one
course open 20 us. We must look 10
and solicit outside aid 20 come and dwell
with US, 20 build up and make glad the
waste places IN our heritage Capital and
expert knowledge demand and Justly de-
mand fun assurance of adequate returns
for the fisk undertaken I'm making new
ventures. The assurance usually de-
mandcd is exemption for a period OF
years from taxation until the Industry IS
well upon its feet. and the further as
sGrance. when this privilege Is lapsed'
that 1t win not be c0niscated under a
burdonsoma rate Of taxation Our law
making powers may see the way 10 grant
the exemption, but the assurance Of
Moderate taxation must be given by the
city OK Richmond. and the faith of such
an assurance must be I'm our present
condition, or what we may make it here
after.
OUR LARGE BONDED DEBT
Tho rate Of taxation and large bonded
debt are convertible terms. The CONNER
cal and Financial Chronicle Supplement
ISSUED IN October, 1896. enables us 20 make
the following comparison between our city
and seventeen others (NOrth. South. East,
and WesO. with which she IS approx
mately classed. our debt limit is fixed
by our charter at IS per cent of the
assessed value OF our real estate. and we
are close 90 the limit. Making the CONF
paris0n however. upon the basis of ac-
tIal yllue or both real and personal pro-
perty o. all these cities. we Ind the fol-
lowing percentage OF debt 90 fun value.
Richmond. about llb per cent; the next
highest. about Z per cent? th.ce at o.
percentage Of 81 per cent; seven at 3
10 az per cent; three at 3 per cent, four
&c 20 2iz per cent and one 20 i per
cent. When reference IS made to THIS high
percentage q well meaning optimism as
sures us that our debt is virtually re-
duced or cancelled by the value Of our
city property But the same reduction f.
true Of most Of The cities under con-
sideration. and the comparison. therefore
stands unchanged. Taxation and income
which is the question under cOnsidera-
ton. derive no increment from this
source, but rather additional charge, and
If We exclude our gas and water-works,
the property of the city is not available
for any purposes. save city uses, and is
not, therefore, available or usabie as an
asset.
The highest average Of assessed value
for tax purposes I'm these cities. save
four. is place. at CD per cent; In some at
50 per cent, and in some nc less than -
per cent Apparently a successful effort
has been made in these cities for many
years not TO let the assessed value get
beyond CD per cent OF the real value.
Some OF us I'm our city. who have daily
experience IN contrasting assessed value
with purchase value know that our best
experts I'm these matters are quite at
sea i'm passing upon the question Of
sound Investment. ANA frequently OF late
have had The opportunity TO purchase
store and dwelling property in al parts
Of the city 40 prices lO and ID per cent.
below the assessed value. Assuming cd
per CENT of tho tnll value MS the average
N. 81 N..
our city taX " 10 ana State tax at 40
combined becomes q tax of per cent.
We are assured from time 90 time that
persons visit our city seeking a location
n which 20 start manufacturing enter
prises; that they become enthusiastic over
orr natural advantages. and even imnart
enthusiasm to cur scepCcism. and stiil the
days go by and we hnd no materaliza-
dion of our hopes Snail we find no exc
tenuati0n for them I'm tho rate of taxa
ton we impose Is our bonded debt and
careless expenditure OF corporate funds
no imucliment in their estimate Of the
way and means TO success? The unem-
ployod capital iu our midst has been un-
wisely turned 10 the erection OF new
stores and DWELLINGS, until supply has
exceeded demand. We have filed the
new by creating vacancies I'm the Old; We
have destroyed values IN one place 20
transplant to- offers; we have borrowed
from Peter 20 pay Paul, and have created
no increment.
Tho casual observer may find these re-
suits tn the vacant stores on our main
thor0ughfares on our side streets in the
decline in improved property; the shrink
age n improved value, ana the hesira of
business interests 20 Manchester. under
the spur OF economy. to be followed by
others I'm the coming year. II IS obvious
that these evidences OF a decline IN pros
perity must have some relation TO the
lethargv which pervades the business OF
the whole ration for what s. true of
the whole ls equally true Of part; and
vet there are local causes which intensity