Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-14

| rHliGns can be per$,N erred in, compatible
uith tie dGOue principles, iIey may sairi,
, be undertaken: if they caanui, lie scale
ut Improvement, to lac proceeded upon,
nuSt &c sednced 10 tia. Standard, and HE
! legislature have reserved Ilir POW er 10 10
so G"d so long as II IS kcp; subordinate 10
that standard, ii may Be prosecuted .'iih PER
feet safety to ali parties.
her can be nu danger that this prn
| cipic viii be departed from.
l, Viii be imperativcly the dnty Of The
| ,sisidlurr, ann their agents, dis ii viii be
the most essential interest ut The state. of
HE James River people, and Of The cons
pany, III short, Of all persons directly or
indirectly concerned. nercr tn e1ceea tie
standard dL0re proposed +; so that The faith
OF The state may be considered as inyo!v.
| cd III aust adherence 10 it.-Indeed the
state. by her original subscription 10
| The James River stock, bS The Interest of
'he Colleges therein, and by lhe purchas
es thereof made by the Board Of Public
W"rks, anu Literary Fund, holds five
seVenihS Oi The siOtk k Of the James River
Company. The pledge OF II, 900 per
| annun, makes her also virtually lender
10 The company, without interest, mill
the improvements reach Lynclbury, OF
300 900 and IL * well understood That
tI. B"ari Of Public Works and Liierar,
Fund. will, "a far as they have money
10 invest, seek this stock either in mar
ket or by original inan, SO that the inter
est at the state will thus be constantly
increasing.
The state is interested, say in five hun
drcd 0ui Of seven hundred original
shaTes.-1hev are wOrlI now 10 the state
400 each, which is equal 10 S 2UO, 0GO.
ILL., estimate OF their value arises from
The fact, that the original Shares of s 300
each, have now a dividend, insured 10
them by the act, Of ~ per cent for IL
| years, ana IL per cent forever afler-so
that The state herself is now embarked
as FAR as S 400, GOO in this undertaking.
he vital interests of vast portion of
The country hang on its successful pro,
seculion.-The whole peopls lake dccps
interest IN It.-lt cannot succeed though
unless prosecuted with the u,mos, at
tenlion TO good faith and punciuality, and
therefore consider the loan as well qua
Tanteed by public interest, and public
ialih as any the state could authorize, and
consequently perfectly safe.
one advantage attending this loan is,
that II Is irredeemaJfe for tuenty years
aud the probability is, that il will mol be
REDEEMED by cOmpntSion for a much longer
time, as the works may not be completed
within that Time. Ii is true, il al the end
OF 20 years there should be sum Of mo
ney, unemployed, belonging 10 the fund
Tor Internal Improvement, or the Literary
fnnd,in which II would be desirable 10 in
vest, and this stock, as is not improbable,
should he above par in market, the lr-
gisiainre would doubtless order redemp-
hon OF gwen portions OF The slork, from
ilme To time, by those bodies but If the
stock should not be above par, those bo-
dies viii he lett simply 10 purchase stock
III market AMER The ~ years, as They will
do before.
But II may possibly be objected by
| some, that there Is no explicit undertak
ing TO redeem the loan after % wears.
and that an irredeen,aLte loan is novelty
| IN the science of finance.
III there had been nothing said in the
law OH the subject of redemption except
| what IS contained in the 10Th section
whereby II Is provided that The surplus of
| tolls, after payment of the interest OIL the
debt, shall be applied by the Board of
Public Works 10 the purchase of such of
the certificates Of debt, as can be pro.
cured, the loan would have stood OH this
| foundation.
The money loaned would be virtually
| invested, under the faith of the state. AS
above detailed, in real property, TO vii
canals, locks, wafer rents, riyers, I&yc. i'm
proved In way To produce, forever, ciear
| y all expense, at least ne interest of the mo-
neg.
Ii those improvements should produce
no more, ihcnihe siOckholder would have
a hen foreper on improved real property
Tor Tie interest OF his debt; i'll other words,
| al IIix To 4
| forever.
But il will be the interest Of the State.
andof course the duly OF the l.. gislaiurp,
II II can be done without burtbeDipg The
use OF The river with unreasonable tolls,
to make II produce much more. The
above calculations go 10 shew, that The
hurihens imposed by the act, will proba-
bly, produce more, aitho' but Que third OF
The clear gain 10 the people is 70 be as,
Sessed upon them as additional tolls and
alilO' That cannot be diminished, as il
regards the stakeholder, il NAV be in
creased as IT regards those using The RI
yer. II will doubtless be so regulated as 10
produce much more than The Interest,"
ms SWptHS mi be tie property Of tie
Hdte, . IS. by the act, dpprOpridtedfO the p,A,-
| chase " the stock. The interest upon which
| sagaIn IN like manner appropriated by the
same section; so that when this principle
comes into operation il will aci, by regular
progression, until by that means, and 9th.
eF funds which The Legislature nay wise
ly provide for that purpose, the whole
debt Will belong 10 lie state, and wW af-
Jo'd a most 'PLc,1idreTenue for Mtcyuai I'm
proveme'ts. In The mean time too, as
before suggested, all other SURPRISES Of
| the fluid Tor Internal Improvement, aud
HE Literary Fund both of them very
large and productive, will be invested in