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


dend will accrue until
after tAe list day May
1918. 100000 90
1884 Shares of the Stock
Of the Farmers Bank
of Virginia, sss,4oo 90
$50 Shares of the Stock of
the James River Com
pany, also estimated at
par, $4,000 so
125 Shares Of the Stock of
the Appomattox Compa-
ny, 1850 co
70 Shares of the Stock of
the Dismal Swamp Can
al Company, 1850 90
20 Shares of the Stock of
the Potomac Company. 31,II1 IL 1-9
100 Shares of the Stock of
the Little River Turn
pike Company 10000 90
Making total value of l.249,2l1 IL 10
Ofwhich the sum of 959,iOO dollars is
now productive of an annual revenue ex-
ceeding niaety eight thousand dollars and
two hundred and forty Thousand dollars
will become alike productive after the first
day of May 1918.
In the present state ofthe fund, the pro-
gress ct the public works to which it nav
be expected to give rise, will = until the
first day OF May, 1918, at the rate of 245.-
600 dollars per annuIn. After that peri
cd, it will be further augmented by the adj
diuon of sixty thousand dollars. So that
the total value Of the Internal Improve
ments OF ten years will be S2,777, 500
and this calculation is grounded ON a sup
position, that the portion OF the stock which
is now unproductive, will continue to be so
and that no augmentation of the fund will
have been made b. the creation OF new
Banks.
But your committee confidently anti
cipate considerable increase OF the fund
from the premium of future charters, with
out impairing the productiveness of the
stock of the existing Banks.
A very large proportion of the paper
medium of Virginia is, at present, derived
from the Banks of the District of Colu,nbi
a, and tthe adjacent states. 4 Banking
capital might be created which would sun.
ply that medium, and yielding to the state
premium in stock, Of 100000 dollars.
would add to the revenue of the fund for
Internal improvement, at least fifty thou
sand dollars, to the annual disbursements
tor internal improvements SI25, 600. and 70
the total value of the works ACCOMPLISHED
IN the period of tenyears, 81 ,125 900. Nor
doyour committee consider the expectation
too sanguine, provided this fund receive
the application which is here proposed.
that the present Banking capital Of the
Common wealth may be doubled in peri
oo OF ten years, and, consequently, the re-
venue arising from that portion of the fand.
1t the latter calculation be admitted IN
be correct, continued application of this
fund tor second period of ten years. will
defray the cost of public works, of the va
lue Of $40, 452 soc, exclusive of anv allow
ance. whatever, for the dividends uDop the
shares acquired by the Commensurate in
the stock OF any public work which NAV
DC hereafter commenced, and of any est
mate OF the value OF such works, as shall
owe their existence to the sale and re in
yestment of any part of the public stock.
Finally, your committee beg leave to sub
JON, that, OF the whole fund thus usefulIv
| applied, very inconsiderabIe part, if any.
will have been derived from the pockets Of
the people, by the imposition of taxes. If
an allowance be made for the dividends ON
the state shares of the stock of the BANK
OF Virginia, down to the period at which
the last lnstalment of the sum subscribed
by the Commonwealth for that stock. was
paid to the Bank, this amount Will be found
not TO exceed the subsequent dividends
on the state shares in the stock of both
Banks.
The General Assembly has an absolute
and unques ionable right to make any other
disposition of this fund, which, to its wis
dom, may seem best /; but your committee
are assured that the institution of the
Farmers Bank of Virginia, and the unex-
ampled premiums for Bankingin this Com
| monwealth, are ascrlbable to the confident
| expectation Of the Legislature and the
people, that the profits Of this novel tho
productive system of finance, were to
be turned into the channel of public i'm
provemcnt. BY giving to these premiums,
this direction, the stock of the naton viii
be retributed for the reduction which thew
| occasion of its amount, and the constraint
which they put on It's activity.
BE IL therefore ResoiUed. That a fund
be created by law, to be denominated
The Fund for Internal Improvement, -
and to be exclusively applied to the pur-
pose of rendering navigabe the principal
| rivers gilmore intimately connecting, by
public highways, the Eastern and We stern
waters, and the market towns Of the Com
monwealth.
2. That this fund shall consist of the
shares now held by the Commonwealth in
tine stock Of the Little River Turnpike
Company, Of the Dismal Swamp, Appo-
mattox, Potomac and James River Canal
Companies; of tie Bank Of Virginia, and
Farmers Bank Of Virginia, gether with
such dividends as may, from time 80 time,
accrue OH such shares Of stock, and such