Year: 1871

Oeudte VI virginia MS call made upon Z


would seem to demand, not only that 1 shou


make clear and plain statement of my viev


as to prospective questions, but also that


should render an account of my past stewar
ship as your representative in the last legisl


ture. La discharging this latter duty, I shs


necessarily have frequent occasion to speak


what have accomplished for you in my legi
| latlve career. These statements, under otht


circumstances would savor of egotism an
presumption ; but as the case stands, you HAY


right to demand, and | to make them, will
out the imputation of any such offensive charg


| shall therefore as freely speak of and canvas
my own acts as those of another, holding M,
self, at all times, ready to substantiate 10
statements, either by record or other proof.


TAXATION.


On entering public life, as your representa-
tive at Richmond, found the State possessc
of great manufacturing and agricultural resoul
ces, as also mineral wealth far surpassin
that of Great Britain. 1t was apparent, toe
that the State, 10 respect to its geographical
position, held very superior advantages-aris
Ing from its genial climate, proximity to tn
sea, and unrivaled harbor, forming base Q
commercial enterprise, reaching back over on
half of the West


On the other hand, owing to disastrou





State abroad, was so far impaired as to rende
1t hopeless for us to expect, in her then condi
ton, either foreign capital or immigration
the two very things absolutely needed for hel
development. In point of fact, our State
with boundless, undeveloped wealth, stood up.
on the very verge of immediate and utter ruin
unless upon an improved credit, capital and la.
Dor could be brought forward to develop oul
resources, which, would not only meet our en-
gagements and sustain our cherished State
honor, but would eventually make us the most
wealthy and prosperous Commonwealth in the
United States.


1t was with this view, and while inspired
with hopeful and bright prospects for Virginia,
which | still cherish, that |, as chairman Of the
Finance Committee, gave in my adhesion to
the Funding Bill upon the express assurance,
however, OF the State Auditor, that tax of
fifty cents on the one hundred dollars was
amply sufficient to meet the current expenses
OF the Government-pay the interest on the
public debt, and provide a sinking fund for its
eventual liquidation. [ stated at the time,
that this was the utmost limit to which would
go, and that | would at all times and under all
thereafter, to the whole extent
Of my influence, oppose any increase whatever
on that amount, which was as much as, in my
judgment, the people could possibly bear A
was afterwards made in the Gene
raj Assembly to raise the tax from so to 60
cents on the 500, which l promptly opposed
on the floor of the House, and the motion was
10 this extent, and thus far only
am committed to the Funding Bill.


1t is true that the recent assessments of real
and personal property, In most of the counties
of the Commonwealth, have fallen under the
estimate made by the Auditor at the time the
Finance Committee was considering the Fund
ing Bill-but this deficiency, in my judgment,
can be met by a rigorous retrenchment of the
expenditures of the State. and rather than re-
pudiate the obligations of the State, and bring
discredit upon her hitherto unblemished repu-
tation, as we'll as disaster and ruin upon all Der
mighty resources, l shall favor, if it becomes
in order to meet her obligations, a
reduction of the salaries of all State officials
and employees, to mere living rate, and the
per. diem of members OF the Legislature In
ike proportion. l shall also favor reduction
Of expenses attending the punishment of crime,
which heretofore have been an enormous drain
upon the treasury, and in my opinion, are
double what they ought to be. At the same
time it will be my purpose and endeavor to en-
hance the State revenue by causing a repeal of
the chartered exemptions from taxation, now
held by four ffths of the railroad and other
wealthy corporations of this State-among the
number, the Chesapeake & Ohio Railroad
which exemptions have been held in other
States to be illegal and unconsttutional-in this,
that State cannot divest herself perpetually
of the inherent right Of taxation; and should
this position prove to be true, there will result
from this source revenue of many thousands of
dollars which the people are now compelled to
make up from their hard earnings, while the
corporations revel in wealth and defy the tax
collector with their chartered immunity from
taxation. If the reforms and reductions that
[ have indicated are carried out, [ am thor
oughly satisfied that the faith of the State can
be preserved without imposing any further bur-
dens on the people. At any rate, will not
consent to an increase of taxation, but on the
contrary, will do all in my power, compatible
with the public faith, to reduce rather than in
crease the present rate.


succeeded near the close of the last session
of the Legislature, after a long and obstinate
struggle with the Bankers and Brokers Of
Richmond, In getting the Finance Committee
to report two bills which became laws and
greatly enhanced the revenue of the Common
wealth. One was bill imposing taxes upon
the National Banks, that had hitherto escaped
all State and Corporation taxation this bill
has already brought into the State Treasury
twelve thousand dollars, and into the Treasury
of the town of Staunton, fourteen hundred dol
lars. The other was bill requiring the Rich.
mond Banks to pay interest on the public de-
posts this bill has already brought into the
Treasury of the State ten or twelve thousand
dollars, and will, before the 1st of April next
the close of the first year of its passage, yield
thirty-fve or forty thousand dollars revenue tc
the State. [ am satisfied that other subjects
h. 1oot, ,oA IL I
revenue, and to some extent, relieve the peo
pie of the burden Of taxation.


TWELVE PER CENT INTEREST


Another cause that has operated against The
development of the resources of the State, anC
the utter prostration of its agricultural interest
is the II per cent interest clause of the consti
tuition of Virginia This has prevented tht
investment of capital in real estate, from th'
fact that the money lenders find it greatly tt
their interest to lend you money at II per cent
and take mortgages upon your property, rathe
than to purchase your lands at fair prices =
This state of things is doubtless a harvest tt
the moneyed Shilocks of the country, but dis
aster and death to those that are compelled t.
borrow money at such ruinous rates.


During the sessions of the Legislature | use,
my utmost endeavors to cause the expunge
ment of this Objectionable constitutional pro
vision, and in accordance with the XII articl
of the constitution, authorizing FUTURE CHAN
GEs, the matter is now in train Tor repeal, S
that if the Lext Legislature concur in the pro
priety of the change, the question of chang
will then be submitted to the people, as pre-
vided by said article, and should they concur


the constitution as changed in this particula


will then become the law of the land. Man


members of the Legislature expressed th


opinion that this end was only attained by a


assault which l made upoE bill practical
ahnlishinp all nSurv laws that had nassed III