Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-01-27


proposed road tiOm Roanoke 10 Lybchbnrg
would pass through well cultivated section
OF country, and not exceed sixty miles IN length
IL may IN the opinion Of the committee be
formed III tue most dataae manner and with
AN ihcoDsideraUie angie OF elevations, at an eN-
pen>e not exceeding ; ,O,D per mike.
Inc i"rmati"i OF Il turnpike tUad from
Stauhtoh tn some convenient point On James
river, H. also Intimately connected with the
principal Improvement proposed and ,si..
greatly tend TO the uuI~n o the interests OF ia,
several divisions Ut tIe commons ealth. - iii>
read would secure 20 the state, the benefits Of
the rich and rapidly increasing trade OF tie
country between the Blue Ridge aud North
mountain, large part or which now goes 10
the Hag'Gcniaiion of the commercial capital
oI oursiStcr states. This road would not ex.
cecd i0rty miles III length, aud its formation
a"h completion would probably cost less than
) ., cJo per mile.
To accomplish objects so important, and
which When completed will secure 10 the iIil,a
oitantS OF this state advantages OF iucalculaDie
value, mast be the ardent wisho all and YOUR
committee believe that the attempt ia effect
them eau only nc deferred hv "A suppoSitioD that
the funds necessary for the undertaking can
not be obtained blythe legislature, withOutre-
Sortng 10 lmpotItionS which might prove too
hHfihenSome TO the people. Fortunately the
augmentation OF tie banking capital of the
slate, the necessity OF which IS demonstrated
by numerous applications for bank charters,
and by the increased enterprise aud activity al
ready diluSed Throughout every part of the
state where hanks have been established, of
iers an oD"ioMs and adequate mode OF remov-
ing every difhCulty regarding finds. To give
NE 10 agriculture. and facilities TO commerce
foreign and domestic, will be the certain re-
SAT- oi tins work, and the commonwealth has
Tue option oi devUting 10 il either the bonus
acfivabie from granting a charter 10 a new
"dhhihs establishment, or portion of the fund
set apart Tor the purpose OF internal improve
ment.
Ia the first case the fund for internal i'm.
provement might be reserved Tor other objects
octtcr SITUATED by their locality 10 wealthy
aad well reopied districts, to obtain the indi-
viun1i support which the law requires i'll the
distfibniion of that fand. The committee
WIN difference 10 the opinion Of the legisla
lure, peg leave therefore IL recommend the
establishment al bank with sufficient Capi.
tai, 10 be located in the metropolis with power
10 extend lis eniiveuin. and iEvigoritiii. III
nucnce ny means Of branches TO the various
SecUoh' or The state where bank capital MAY
De wanting, and that the said banks Se charged
with such sum of money Is may be sufficient
Tor me accomplishment uf all the objects pro.
posed by tins report the stock TO be pad IN
the ilme, and manner, tllat may DC prescribed
by the legislature
In order, however, 30 exhibit to the General
Assembly more distinctly The views OF the
committee III relation 10 the objects otimprovc-
meat, ami the fuuds for their execution which
are proposed Ia I've derived, from banking
company, tie following estimates are given.
o improve the kanawha from its
mouth To the Great Eallsin tilat ri-
yer, so as 10 give good keel boat
navigation, is estimated by MIR.
Baldwin, the engineer, 1T ) % coo;
hui TO give depth OF watey at all
seasons OF the year sufficient tor
the use Of steam boats on that III
yer, it is believed would cost. 6 900
constructing a turnpike road from
the falls OF the Great KaDawha, 10
the mouth of DuriOp's creek, on
JackSoD's river, in the manner
proposed by MI Baldwin, is esti-
mated by BIN Observation-Disclosures. $500 600
10 render the navigation Of James
ana Jackson's rivers from Crows
Terry 10 the mouth OF DunOp's
creek, equal 10 tae present state of
thenavigation OF James river with
IN the company's limits, is estinat-
ed by the engineer al ) $1,000; but
from the data which his repoTttur-
nlshes, it is believed ihat COM
plete navigation in that part OFT the
river viii cost. .....................iC 0, 800
60 miles OF turnpike road between
The Roanoke river and Lynch5urg
at 5000 per mile. 300, 900
40 miles OF turnpike road between
Staunton and some convenient
point OF James river at S 5000 per
mile. ..................,.... zoe 900
The funds necessary To deiray the cxpence
OF the works just enumerated, the committee
believe may be procured by law authorizing
the establishing Off bank ia Richmond, To
cOntihiIe In operation twcnty-oue years, with
capital OF : 1000 900 the principal bank al
Itichmond 10 retain y $4,000 OF the capital,
the residue of tie funds constituting the bank
to be distributed in branches at the following
places, aud iii the following proportions:
branch at LyuchOurg with capital of
; 100000; branch at Abingdon with a CAPT
iai OF > 10000 Il branch at Charlestown, ia
handwba county, with a capital OF 5 I5O, OJe :;
a branch at Danvilic with capital of S $50 900
IA branch at stanton or Lexington with
capital OF ) 100, 000-and branch at either
Wheeling, Weidsburgh, Morgantowp, or
CIarksburgh with a capital OF s zoe, COO
"A Dranch thus constructed and organized,
with the IndemnlncatOn hereafter proposed
IN favor Gifts stockholders, might be charged
with the payment of ) Is 600 annually for the
term OF twenty years III lieu ola bonus or other
contribution TO the state, to be paid over to the
proper agents OF the several companies created
for, aud charged with the execution of the
several proposed improvements, in proportion
TO the estimated cost of each, and which funds
might he anticipated. and the work accelera.
ted, by authorizing loans to be made on the
credlt OF the annual payments by the bank,
and the receipt OF tolls by the several compa-
mes, as The progress OF the works shall afford
funds to reimburse such anticipations. In
proposing the establishment of bank the
committee contemplate suc;I regulations and
restrictions as will answer the constant paw
ment IN specie OF all the notes which may be
issued or debts contracted by the institution,
and OF giving to the commonwealth reasona-
bic control in the administration ofits affairs,
Oy reserVing to the state the appointment of a
suitable number Ofthe directors.
AS the sum proposed TO ne derived from the
bank viii much exceed the bonus heretofore
received by the state for the Chartering of any
company of like character, aud mast render
the STOCK less productive to the stockholders
tlIan in the other banking companies, the com
m'ttee propose as an Naturalization to the
stockholders, that one half OF the stock of the
road and river company, on the completion of
thOse works, shall be vested in the stockhOld.
ers OF the bank, and the other half in the COM
monwealth, in augmentation of the capitaI of
the fund tor internal Improvement.
lie IT therefore resolved-lst That itis-expe.