Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-06

OeSt; your COTnnltlec
institution of the Farmers Bank af VIRGINIA ana, Z
tle unexamried premiums for Banking ia .,is
Commonwealth, are ascribabe to t,;e coai;,seai
expectation of the Legislature aud the people,
that the profits of this novel though productive
system OF finance, were 20 be turned into thcl
channel ct public Improvement. Nv giving To |
these premiums this direction, The stock OF the
nation VIII be retrbuied for tho reduction which
they occasion OF its amount, and the constraint
which they put on its activity.
Re 10 therefore Reso!ued, That a fund be crea.
ted by law, to be denompatcd sc The Fund for
Internal Improvements" and to be exclusively an
piled to the purposes ofrenlering navigable the
principal rivers; gilmore intimately connecting,
by public highways, the Eastern and Western
wa'erns and the market towns of the Common
wealth.
2. That this fund shall consist of the shares
now held BY the Commonwealth in the stool:
ct the Little River Turnpike Company, OF the
| Dismal Swamp, Appomattox, Potomac and James
River Canal Companies; of the Bank OF Virginia
and Farmers Bank of Virginia, together with
SUCH dividends as may, from time to time, ac-
crue on such shares of stock, and suci, bonus or
premiums as may be hereafter received for the
incorporation OF new, the augmentation Of the ca
pitais, or the extension of the charters the ex-
lsting Banks.
3. That for the purpose of preserving and nm
proving this fund, and of disbursing such por-
tons Oft as the General Assembly NAV l,ereafi er
direct to be applied 10 any object of internal inn
proveinent, it shall be vested in a corporate bo.
dy, 10 be styled-The President and Board of
\ Public Works.
| 4. That the Governor of the Commonwealth
shall be exuilicio, President of the Hoard of pub
lie Works; that the Board, majority OF the
members OF which, shall be competent 20 trans
| act any business devolv;ng ON the Corporation,
| shall consist of the Treasurer and the Attorney
| General far the time beintr anJ of
C'tlens ot the Commonwealth; whereof
| shall reside Westward of the A,leusny Mountain.
| between the Blue Ridge and Allie
| gany, and the residue between the Blue Ridge
| and the sea coast
D. The members of the board shall be chosen
annually by Joint ballot of tic Two houses of the
| Generai assembly, and receive such compensnti-
on for their services as may be allowed by law.
| b. That in the absence of the Governor the
board may elect President pro tempore, from
| their own body.
z. The President and Board of Public Works.
shall have power to appoint principal engineer
or surveyor OF Public Works, secretary and
| Treasurer, together with such other officers and
| assistants rs they shall find necessary, each of
whom shall receive for his services, such COM
pensation as the President and Board of Public
| Works may allow, to be paid out of the Revenue
(, OF the fund OF Internal Improvement, and 10 be
reimbursed the fund by an allowance of the Com.
| monwealth of so much of the stock of any Canal
| or turnpike company, as shall constitute, a rea
| sonabie compensation for the services rendered
such company, by the Surveyor and his assis.
| tants.
| D. lhatth President and Board of Pubrc
works shall be authorised to subscribe in bena,f
OF the Commonwealth, TO such public works as
the General Assembly may, from time TO time
| agree to patronize, such portions of the revenue
! OF the fund tor Internal Improvement as may be
III hxfl ht,t 81. n
shall ne subscribed towards the stock of any c..
| nal OF turnpike company, until three fiftlls Il
| least OF the whole stock necessary to Complete
such canal or turnpike, shall have been otherwise
| subscribed, nor until ofthe stock so subscribed.
one fifth part shall have been paid in by the res.
Pective subscribers, or the payment thereof eff
fectually secured. = :,
9. That the dividends upon the stocl. which
may be subscribed by the President and Ro,rd
OF Public Works, shall go exclusively TO other
subscribers than the said President and Board.
until such portion of the stock of those sub,cri
bers, shall have nett TO them six per centrum per
annum, from the specified time of such payment
lhat an increase OF profit after that nett income
has been assured to these subscribers, shall be-
long exclusively TO tIe fund for internal improve.
ment, until the nett annual income of the y-hoIe
stock actually expended by any company shall
reach SIX per centum per annum, after which the
President aud board OF public works, and the
other subscribers to the stock of tbs company
shall divide the nett profits on such stock, IN pro-
portion TO Their respective interests.
~. That whenever the nett income Of any com
pany shall be found for two succeeding years. or
upon an avarage off succeeding years, 10 sur
pass htteen per cent per snnum, the Gen .rAl Az
sembly may reduce the tolls from which such
income IS derived, so as 10 limit the nett reye.
nue. OF the company TO that amount Pro.jdsi
that should the tolls for any two succeeding
years tail TO yield a nett income to the COMPANY
often per cent per annum, tile President and
board OF public works on satisfactory evidence
being adduced thereof, may authorize the tolls to
be augmented so as to secure to the companv
such nett income .3Hd Pre7ided also that after
the lapse OF sixty years, the maximum profit of
the Company may be reduced to twelve per cent
and after the lapseof one hundred years to ten
per cent. per annum.
IL. That the President and Board of Public
works, shall have power to vest in any prod,icty..
fund, the Incorporated dividends accruing up-
ON anyof thej stock committed TO their charge
uh'il the same sbail be specially applied by law
20 some OBJECT OF internal Improvement thar
'hey may from time 10 tune, subject to tie con
trout OF the General Assembly, sell the whole or
any part OF the shares held By the commonwealth
IN the stock OF any Canal or turnpike Company.
for the purpose of reiyesting the proceeds Of
sale, in the stock Of some other similar pubiic
work.
II. That the President and board of public
works shall have power to appoint, in behalf of
the commonwealth, 50 many directors of ever
public work, as shall bear to the Whole number
f,ff ltfsn~ e., IL. Al