The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1822-12-06

contain much OF The executive business OF
the past year, have little comment to
make, and as little willingness to excite
cavii by thrusting forward my own opin-
ions, now that it is no longer public du-
typ declare them.
fhe important enterprize in charge of
the James River company, advances slow
ly,but trust surely. The enormous ex-
pense, waste, and trouble, of the West
ham portage, was not got rid of entirely
in less than go years from tho commence.
ment of that necessary undertaking. Our
state csnnot call out those superfluors
thousands Of able bodied slaves, which
are sent forth, on such occasions,i in South
Carolina nor those numerous bands of
free labourers, which can be SO readily
engaged, by tho day, at low price, with
out expense for command, at risk Of
losing capital by deaths. in the state Of
New York. Time is an element as ne
cessary in all such calculations with Us,
as money or science the present def
cheney of which latter, the FIRST, it may DO
hoped, will abundantly supply.
Certificates Of the loan made by indivi-
duals to tho James River Company, at al.
interest of Ave and a half per cent, per
annum, guaranteed by the common
wealth, were offered by several holders,
within the year to the ex-officio directors
of the fund for internal improvement,and
their redemption at par demanded, pur-
suant to the act on that subject of the last
session. But the shares of stockholders
Of the bank oil. the Z. s. appropriated for
the purpose, could not, at the time. be
converted into money, at the value attri-
buted 10 them by the same act. My own
hesitation produced request that coun>
sci might be taken on the supposed pc.
remptory character of the provision made
for the benefit of tho holders, which vas
of course complied with; but an offer
was made, in the mean time, of the same
stock bearing six per cent. interest, al
though at par, to the full amount of the
appropriation, and the assent to the last
offerers of the postponement of the nego-
citation until the meeting Of the legisIa.
ture was readily obtained.
Two different acquisitions on their
stock have been made within the year, BY
the Monongalia navigation company, and
have been complied with by the presi-
dent Of the board of public works as re-
quired by law. But it has not been done
without considerable hesitation on nv
part. The law, strictly interpreted, re-
qulres that each instalment should be
trst wholly paid 10 the treasurer Of The
company, by every other stockholder, be-
lore a demand can be made upon the
commonwea But acknowledgements
OF payment made directly to contractor.
by stockholders, have been received as
moneys, and certified by the treasurer as
good fultilment Of that condition of tho
law, when perahps little or no money
has in fact been paid, except by the conn
monwealth. 1t 10 manifest that contract
prices must be enhanced by an arrange
ment which subjects the contractor to
the necessity of a negotiation with the in
dividuai stockholders, v no no doubt take
good care of their own interest in the
transaction. while they put it out of the
power OF the agents ofthe commonwealth
to procure for it any equalizing advantage.
But such a tribe would not have justified
the delay necessarily attendant on a refu-
sal to pay the instaIments claimed ofthe
commonwealth. The board of public
works have done their duty faithfully in
awakening the vigilance of the lesisla-
ture, and thereby sa ring the fund for in.
ternal improvement from far over pro.
portioned contribution to an extravaeant,
unnecessary and impracticable project
Their official president who claim. but
a secondary share ofthe merit, has as
thing Of course to bear all the vengeance
of the disappointed.
The sums requiring immediate Invest.
ment which accrued to the literary fund
early in the year, were in part loaned to
individuals, upon good personal and real
security united, at an interest Of six per
cent per annum, payable half yearly
The James river company, at that time,
gave only FIVE and a half per cent These
loans were made for one year only but it
was at the same time declared expedient,
by a resolution Of the board, that they
should be continued for FIVE years, iftha
interest were punctually paid on failure
OF which, at any time, the loan, in every
instance, Immediately ceases. The res
sons, on my part, for advocating this inca.
sure, can be given officially, only at this
time. The annual charges on the in.
come OF the fund demanded an immediate
investment, some where. In the admin.
istration OF public funds The main consid-
eratioDs are, good rate Of interest, and
perfect security for the principal. These
two objects combined have been far bet
in h. a.