Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1823-12-06

Of hay ing Two buildings, one III he w.
ern secrion of this extensive state, I
which The expenses OF transporiat'""
guards. and other things ""1'n OF
nough diminished 10 justify amply tha' I"
addition keepers, aud all other neceS>"
ry arrangements
Soon alter the adjournment of the last
Assembly, the Jampr River Company a.
newly organized. convened, and 90 aD-H
animation of their powers under the law,
tounl that The princlpa part OF their duly
consisted in raising fund, fol. The prosecu
ZION Of the works Alter deliberatIng on
the subject, thew determined to apply Tor
a loan 10 the banks in this CITY. proposing
to borrow of each the sum OF htty thousand
dollars and To issue certificates OF stock
for ,ne different amounts AS they might
be advanced from time to time. The two
state banks agreed each to lend the aohve-
ne nliOned sup, bu' &" Uid no. loan IN Inc
way proposed By he company, whose 90
iect was to save The Interest acciWnS on
money which might be unemployed. A.
the directions TO the company 10 provide
finds As far az practicable wI;nm The law
we're supposed TO ne peremptnry. ana u
| was kno. n that considerable amount
would be Immediately called tor. acrve
pre- paratIons beng IN iorwsrdness 10 pro-
secu,e th- work with v,gour, and 1t being
! doubtful whether money could be obtain
ed on bet,. terms, the proposal OF the
banks was seeded to
The further sum OF sixty thousand dollars
was borrowed of he literary fund IN the
month of May, and twenty ive ihous mi
dollars of thu same fund 10 October which
together W In ten thousand borrowed OF
the Bank OF Virginia under an arrange
ment with the directors at ihs former
company, anG three thousand borrowed
OF an individual. make the aggregate sum
OF | 900 ;olIars, the whole amount re
ceveG by tn company.
Tnese loans were made at per cent
interest, 1t was found on ezim'nation,
tina, OF The original sum OF three hundred
and fifty thou and dollars which the forms
er company ad been authorised TO Dor
row, they had received and nearly or qul'e
expended l6l 900 dollars-leavlng ct Tie
$50, 900 do ,.rs the balance OF 1873 400, To
be borrowe by the present company -
The alnnun actually received by them
being 1873 900, has exceeded thai balance
by 9 500 which constitutes rart OF The
addi,ruual um of 80 600 dollars which the
company we're authorised to borrow
should !, tr found necessary TO complete
thu three fir, sections As they re termel
ny the Ia that is, the James River Cana
TO Pleasant islands the kenawha ROAD
and thu K, nawha navigation from The gres
fails TO the Ohio Proposals Tor tprlhe
loan OF ~, 600 dollars have been made Il
he Bank ct the United States, which !
obtained will complete be amount auho
rised TO ne borrowed by the company -
As the commissioners are directed to max
full reports on the state ut the works, AM
are alone competent 10 do 30, deem
unnecessary o say any thing on this sub
iect, the d., Ellis Of expenses and every
thing else concerned IN carrying on I'd
works coming immediately within thei
provlnce
vprsity from The literary fund, D4U OUI
J only have been drawn Tor during the pre-
sem year; the receipt OF The remaInlng 60
. QUO beng postponed 10 The next year -
The report OF the Rector and Visitors wi
lufnisb view OF the progress and actua
state OF The buildings, and WHEN the -ltua
tIon OF them will authorize the Commence
ment OF the operations OF the institution -
he interests OF The loans made by III
stale TO this establishment absorb BIS al this
time Dc GOO, leaving free Of the annuit,
OF Dlo,uOo granted TO 1t from the literary
iuDd, only the sum OF D5 400 This en-
numbered state OF The annuity must r.tart
the commencement OF operations, even i
The buildings were now ready for that pur
pose. ] he probable nett income OF the Ii
terary lund thr succeeding year, indepen
dent OF Il e interest OF the loans TO the =,
niversIlJ vii. amour; 10 the sum Of D55 :,
cOO, le wing ample provision for The an.
nuiIy the primary schools, which hope
viii be held sacred. and a surplus OF % >.
coo after pay my the expenses charged or
the fund. think II matter OF much mo.
ment, that the University, after the isrge
sums expended IN erecting The buildings
should gtI 20 operation as soon as prac
ucaoe. Greater funds will probably be
| necessary TO commence than 10 continue II
after the different proiessor.hips shall be
fully attended. Might il not then, as tal
as the income Of the fund vii authorize It
without enc reaching on that part OF j. al.
lotted to The pr'msry schools, eompor with
the true interests of the state, TO Olsen.
cunber the annuity in such way, as 10
| enable To. institution 10 commence It's u
ptralons 10 The greatest advantage?
know the lIberality OF the Assembly will
d" justice 10 my motives tor recommend
ing this subject to their deliberate consi-
deTaioD. From causes which fear lie
neyond our control, the physical power OF
this, compared with some of the other
states, is much reduced The preserya.
ton of our iDtelecius! power and conse.
quen,ly our moral and political influence
| III The Union, where we have hitherto ELL
Joyed our proportion, is considered by all
attentive observers, as depending in no