Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-01-29
s5,772 a
$4,000
IT,227 81

Being ,aien iat6 the account, amounting. to the
exact difference between the two amounts ofdeti-
cheney as reported.
The estimates Of Receipts and Expenditures
tho last in order presented 20 the notice of the
General Assembly, is the first subject 10 which
their attention will be united. 1t win be seen,
that there exists deficiency OF funds TO meet the
engagements entered into, and which should be
complied with, within the year. II is the first
time has occurred since the establishment of the
Board of Public Works, and cannot be ascribed, to
want ofdue caution and circumspection in Gre
ahng charges payable out of the income of the
year, but has arisen entirely from the circumstance
~ material reduction in the dividends declared
by the Bank Of Virginia ana Farmers Bank OF
virginia, which was neither expected nor could be
torcSeen. The demands upon the funds payable
within the year consist Otnstainents Of subscrip-
tons made by authority OF law several years ago,
and exceed those of like kind paid last year, by
the sum of S7,767 81 only, whereas the reduc-
lion OF the income from the before mention
ed, amounts 10 upwards cf $4,000. The receipt
OF this last sum, which it was reasonable TO ex-
pect, but of which the fund has been deprived,
would have increased the income TO an amount
largely exceeding the expenditures chargeable
uponit, and after paying all demands would have
lett IN the Treasury TO the credit OF the Fund a
greater balance than has existed for many years.
his view of the subject, il is hoped will satisfac-
torily shew that the existing deficiency has arisen
from causes beyond the cOntroul of the Board:
And is in no degree 10 be ascrbed TO a disregard
OF the ability of the fund to meet the appropria-
tons charged upon IT, But from whatever cause
the deficiency may have arisen, it is important,
and much TO be desired, that the faith of the Board
should be preserved by strict compliance with its
engagements. The Inconvenience and detriment
to which improvements in progress, may be sub
Jectcd by disappointment in receiving the respec-
tive amounts due to each, and necessary to enable
them toprosecute and complete their labors within
the year, is expected OF several of them furnish
es another reason in favor OF compliance by the
Board with the engagements entered into. To ac-
complish this desirable object il is respectfully re-
commended, that the Board of Public Works be
authorised by an act ofthe Gen. Assembly to bor-
row, upon pledge of portion of the disposable
Stock OF the fund, sum OF money not exceeding
$4,000 upon conditions that il be paid as SOON nS
the income Of the fund.- under existin. enrape-
ments, VIII permit, and that no new subscriptions
be made, 10 be complied with, until the debt shall
be discharged. 1t may here be remarked and the
opinion is advanced with confidence that the debt
thus contracted, if it shall be authorised, may be
discharged within one year from this date
The exhibit Of the state of the fund herewith
submitted shews an increase, exceeding fifty per
cent. upon the Capital Stock originally assigned to
the object OF Internal Improvement. Great as this
increase, Is 1t would have been still greater but
for causes hereafter to be noticed The ability of
the fund has not however, increased in equal ratio
1t could not with reason be expected 10 be the case
but the dIsproportion IS greater than should exist
II Will readily he perceived that this arises from
the improbable investments made in some instan-
ccs, but In greater degree from the unproduc-
hveness of some of the stocks, acquired ty sub
scTiptiOns TO the several companies with which the
Board is connected, and whose improvements are
not yet completed. For the first no remedy is per-
celved; the last cause may, however, be expected
10 be removed by time, and the continued efforts
made to accomplish the improvements in progress
ne only Investment made, from which it is certain
that the Fund for Internal improvement will ne
derive any benefit, is substitution of 29 1870
to the capital stock otthe Monongalia Navigation
Company made by directions OF an act of the Gene
raj Assembly The Reports and Returns from the
several companies in the stock of which the Fund
participated, do not present favorable and en-
couTaSng prospects, as have been anticiuated or
could be desired. Until these improvements shall
be completed and reasonable time allowed 10 test
the Importance OF each and every one, it would not
be proper 10 express any opinion Of their probable
future utility compared with their cost 1t is an
pretended, however, that some of the improve
Inents undertaken may not be of the character and
Importance designed by the Legislature to be plo-
|Rnoted and assisted by the fund for Internal I'm
Tmovement, and may never become links in d chain
connecting remote parts OF the State under more
uniform system OF improvement rs was evidently
contemplated by the act creating the Fund In
support OF the opinions here advanced, reference is
made TO the first Sec OF that act. BE it enacted
by the General Assembly, 9 That a fund shall be
and the same is hereby created, to be denominat-
| cd, The fund for Internal Improvement" anJ
10 be applied exclusively 70 the purpose Of render
rivers, and OF more intimately cOnneCs5pr by pub
/ lie highways the different parts Of ilis Common
wealth"
/ The next subject to which the Gen. Assembly
Is invited TO turn is attention is one standing i'm a
! different relation to the Fund, from those lust
mentioned. The improvement ofthe James River
has been and is prosecuted the credit oil The State
while the interest the money borrowed is charo-
ed on the fund Tor Internal Improvement and how
ever complete the success Of the ENTERPRISE may
be, and however grcasthe receipts the Fund can
only De Liberated from the payment ofinerest, and
can receive accession OF capital in consideration
I OF the large acquisitions made upon IT,
/ The interest on this account CHARGED on The
income OF CHS year will be S7I.G73 30: but this
charge should have credit for the amount Of sur
/ plus tolls, included in the estimate of receipts
| $2340S ~ which viii leave SIS, 26f rs more To
be paid to this Improvement than is received from
It. AS the surplus Of tolls, however forms n part
! OF the gross amount Of receipts, SlO6I9l II. the
Wnoic amount Of inteFestOn the James River loans
81 ,613 80 is 90 be substracted from the income og
the fund, which leaves applicable to other objects
/ OF improvement the sum of $3i,5lS 81. From
tins statement IL appears TINT the interest on ;be
James tlyer loans absorBs nearly twO-thrts of the
income OF the fund. This heavy burthcn under
which the fund llbors, dcpriycs il in a great de-
gree OF the power OF elIccting any important i'm
proycmeut in a reasonable time. and It IS rather
/ hoped tbatin the prosecution Of the James River
I Improvements. measures may be devised bv
winch that important object may DC accomplished
and the fund relieved, than expected that any adj
diuonal burtheu viii De imposed upon IT, This
subject being under the exclusive control Of tho
| General Assembly is only aiyertcd 10 as affecting
I the income Of the fund. The contributions made
\ 10 other improvements, ON The other band become
/ part Of the capital stock OF the fund-and at
/ The same time, that tiio fund contributes TO the
Improvement and amclioration Of many sections of
ue country, It acquires strength and substance.