Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-30

bly,, the facts and Information necessary to
cast upon every application for portion
of the fund. light enough, TO guide the sound
discretion of the Legislature in the selection
of subjects:
And these facts will be entitled to the
higher confidence, if reported under the
sanction of official responsibility.
To allay such local jealousies as might
obstruct an agreement in favor of any sim
gle object of internal Improvement, the
fund may be previously consecrated and
set apart for the accomplishment of all,
by one appropriation. If the terms of its
future application to any, be at the same
time prescribed. a like participation. in the
bencnt of the fund, will be assured to eve
ry interest which it is calculated to pro-
mote and the speedy enjoyment of that
benefit will be secured to each by proper
tioning the ma snitude Of the fund, so set
apart, to the member and Importance OF
the objects, for which it is designed to pro-
vide.
1t may be sound policy for the Common
wealth, in order to accomplish some great
commercial or political purpose. to throw
open to general use, without the charge
of tolls, particular canal or road but it
can never be its interest, for many reas-
ons, to become the sole proprietor of all
perience testifes that they VIII be more
economically made, and Better repaired, if
their management be left to the individu-
ais who subscribe to their stock with a
view TO private gain, than it confded to
public officers or agents. The Common
wealth should subscribe so much, to their
stock, and on such terms, as will suffice to
elicit individual wealth for public improve
ment-and the control which shs retains
over the conduct of the Individual subscri-
bers, should extend no farther, than to pre-
vent or correct such abuses upon the com
munity at large, as might be apprehended
from the two eager incentive of gain.
BY yielding to the individual subscribers
the profit OF the State OH its shares of the
Stock of any Company, where required to
secure such individuals against temporary
loss, much smaller subscription of public
money will suffice to draw forth private
enterprise.
The commonwealth can never be 4 To-
scr, if public work judiciously began, be
finally perfected--aud the public security
against such loss, vii be found in the discre-
ton which the Legislature retains over the
choice of the objects, for which its patron
age is sought.
As the market rate Of interest decreases
in every commercial country, with the
growth of its capital, the maximum profit
OF the stock of each company may be re-
duced, after the lapse of a limited period
OF time.
The least profit allowed by law should be
| great enough to create the hope of private
advantage in those whose enterprise can
have no other object and that minimum,
which the community have SO much in
| terest in reducing, may be safely fixed at
y -YlnOV
| magnitude and conditions of the public
subscription afford to private adventures,
an indemnity against any ultimate loss.
The principles Ja,ddowu in the proceed
| ing part of this Report, the committee
have embedded IN the Resolutions which
| are subjoined to it, but they would not have
| performed their duty to the house, if, be-
fore they recommended the application to
| objects Of internal Improvement, of all the
| public stock Of the Commonwealth, as well
| rs of the premiums which may be hereaf-
ter received for the incorporation of new,
| the extension of the capitals, or the dura-
ton of the charters of the existing Banks !;
they had not enquired into the actual state
| OF the debts, and of the annual Revenue s.
Expenditure OF the commonwealth.
| That enquiry has resolved itself into the
estabi shment Of the following propositions :
1st. That for fifteen years, prior to the
| commencement Of the late war, the ordin-
airy Revenue of the Commonwealth had
| not only been adequate TO meet the ordin-
airy expenditure charged upon it, but to
enable the Commonwealth to arm from
| time to time, large part of her Militia
to lay the foundation other Literary Fund
to erect several very costly public edit
ces, and to complete the purchase of the
| stock subscribed by the Commonwealth to
the Benk of Virginia objects which occa-
| stoned disbursement from the ordinary
revenue of sum, exceeding one million Of
dollars.
2diy. That since the commencement Of
that war, the revenue of the Common
wealth, more than doubled, by additional
taxes, and farther augmented by consider
able loans from the Banks, has not only
suticed for the ordinary peace expendi-
ture, but enabled the Legislature to assume
the state quota of the direct tax of 1914.
and to apply to the defence of the United
States, a sum exceeding eighteen hundred
thousand dollars, exclusive of the interest
| paid upon those loans.
3dly. That the Commonwealth has at
present a claim upon the United States of
uDquestionable justice, for more than Sc
venteen hundred thousand dollars of the
above amount, together with the inter
est on such portions of it, at least, as were
obtained on loan, which claim, when sat
ished, will furnish a sum competent to dis.
charge all the debts Of the Commonwealth.
toprogide for the expenditure of the cur