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

snouSh 10 Cres'e the nope OF private advantage
to those, whose enterprise can have no other
object; and that mitiinttu, which thccommuni-
~ haveso MUCH iRteres; IN reducing, NAV be
safely liked at lower amount, the magnitude
and conditions of public SUBSCRIPTION afford 10
private adventures, anindemnity against any ul-
innate loss. Is.
The principles laid down in,,ho preceding part
OF this Report, the committee have embodied in
the Resolutions which are subjo:ned to il, but
they would not have performed their duty TO the !
house, VI, before they recommended tbs applc:l-
tion to objects of internal improvement, of all
the public stock of the commonw ealth, rs well
rs Of tie premiums Mhich may be hereafter re-
ceived for the incorporation of new, the extens-
on of the capitals, the duration of charters of
existing Banks they had not enq,lired into the
actual state OF the debts, and OF the annual reye-
nue. and expenditure of the conmonw eal,h
That enquiry has resolved itself into the esta-
blshment of the following propositions
ist That tor hftecn years, prior to the COM
mencement of the late war, the Ordinary revenue
OF the commonwealth had not only been adequate
70 meet the ordinary expenditure charged upon
1t, but 10 enable the Commonwealth to arm from
time to time, large part of her miltia--to lay
the foundation of her Lteryry Fund, to erect sew
eral very costly public edifces, and to complete
the purchase Ofthe stock subscribed by the Com
monwealtl TO the Bank Of Virginia; objects
which occasioned disbursement from the orti-
nary revenue OF sum, exceeding one million of
dollars.
IDLY. That since the commencement of that
war, the revenue of the commonwealth more
than doubled, by additional taxes, and farther
augmented BY considerable loans from the banks,
has not only sufficed for the ordinary peace yx-
pendlttrre, but enabled the Legislature 10 assume
the state quota of the direct tax of 1914 and To
spPly to the defence of the United States, sum
exceeding eighteen hundred thousand dollars
exclusive OF the interest paid upon those loans
3diy. That the commonwealth has at present
claim upon the United States of unquestiona-
Bile justice, for more than seventeen hundred
thousand dollars of the above amount, together
with the interest en- such portions of it, at least
rs we're obtained on loan, which claim, when sa-
tlshed, will furnish sum competent Z discharge
all the debts Of the commonwealth, 10 provide
for the expenditure of the current fiscal years
and to leave at the end ofthat year balance in
the treasury of three hundred and fifty thousand
dollars TO beaPplied to any other object of inter-
nal interest.
4thly. That the present tax may be reduced
TO the amount levied before the late war; provit!
cd the United States shall reimburse the sums
sdysnc ed for the defence of the Commonwealth
and, even, should the payment Of these sums be
withheld, which ajust confidence in the good
faith OF the General Government forb. DIS your
committee to expect, repeal may yet be elect
ed of such portion of the war taxes as are not
absolutely pledged for the payment of the inter
est, and the redemption of the principal of the
public debt
From all which i evidently appears that the
fund which it 10 proposed to apply to the plrpo-
sss ofinternal improvement, may be spared from
therevenue ofthe Commonwealth, without any
embarrassment of her finances, any violation OF
her engagements, or pressure upon her citizens.
Should the appropriation recommended by he
committee receive the sanction of the Legisla-
tnre, the fund forinternal improvement, will con-
sist of the following stock
5547 shares of the Stock of the Bank of Virri-
MIA, on which dividend is now received, and
which computed at par is worth 554,7OOOo
2400 Shares of the Stock of the
Bank OF Virginia, whereupon
no dividend will accrue until
after the 1st day of May, 1918, 100000 90
1884 Shares of the Stock of the
Farmers Bank of Virginia, 333,4Oo 90
$50 Shares of the Stock of the
James RiyerCompany, also eE-
tlmated at rar, $4,000 90
lbs Shares of the Stock Of the
Appomattox Company, 1850 90
20 Shares of the Stock of the
Dismal Swamp Canal Company 1880 90
20 Shares Oft the Stock ofthe Pc
tomac Company, BILL IL 10 /
100 Shares of the Stock Of the
Little River Turnpike Com
pany, 1900 90
Making total value of I,94e,2lI II 10 |
of which the sum of e39. 100 dollars is now
productive of an annual revenue exceeding nine
ty-eght thousand dollars and two hundred and |
forty thousand dollars will become alike produc-
tive after the first day of May, 1873
In the present state ofthe fund the progress of
the public works to which it may be expected to
give rise, will be uutil the first day of May, 1878
At the rate OF 245, 900 dollars per anntim After
that period, 1t viii be further augmented by the
addition of sixty thousand dollars. So that the
total value of The Internal improvements of ten
years will be $ 2,777,5 500; and this calculation
is grounded on suppOsition, that the portion of
the stock which is now unproductiye, will con.
tinue 60 be so; and that no augmentation Of the
fund Will have been made by the creation of new
banks.
But your committee confidently anticipate
considerable increase Of tue fund from the preni
am to future charters, without inpairing the pro.
dactIveHess ofthe stock of the existing banks.
A very large portion Of the paper medium of
Virginia is, at present, derived from the Banks
OF the District of Columbia, and Of the adjacent
states. banking capital might be created
winch would supply chat medium, and Welding
to the state premium in stock, of 600, 600 dol.
lars, would add 10 the revenue Of the fund for
Internal Improvement, at least Fifty thousand dol.
aars, to the annual disbursements for internal
Improvements s $4,000, and to the total value
of the works accomplished in the period of ten
years, s i,125,0OO EOf do your committe e con.
slider the exDectation tho saorr,,;oe v,.ei II -