Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-02-02

tim con-c ouCnrr OF uu profitable 1nv,s tineniS
ruda IN some instances, bat IN greater degree
from, the unproduciiveness Of some oil the
stocks, acquired by Subscriptions 10 ssVefai
Ccm,;anies, whose Improvements are moi YET
completed.
"The mex, subject isays the RePort) 10
which The Gene raj Assembly is invited to turn
It's attention, is one standing in different rela-
zion to the fund, from those just mentioned
The in, provement Of the James River has been
and is pi osecuted on the credit OF the ota'e'
while thr interrs, on the money borrowed Is
charged on the fund for internal Improvement;
and however complete the success OF the enter
prize NAV be, and however great the receipts,
the fund can only be Ii Grated from the pay
ment Of the interest. and can receive no acces,
sion of capital 10 consideration oil the large re-
QUESTIONS made upon il.
"The interest on this account, charged on
the income Of this year, will be 81 ,673 So,
but this charge should have credit tor the
amount Of surplus tolls, included IN the est'>
mate of receipts S2S,49s 70, which will leave
S4s, 263 IS more to be paid 10 this improve
mrnt than is received from il. As The surplus
of tolls however forms part at the gross
amount Of receipts, Slo6,i9i II, the "hoie
amour, Of interest, on the James River LoanS'
S7l67S so is 10 be Subtrdcted from inc III
come, Of the fund, which leaves apPneao'r 10
other objects OF improvement the sum oi So4'
5l8 81. From this statement II APPEARS 'ha'
the interest on the James River Loans ahsoFbs
nearly two thirds Of the income OF the fund.
This heavy burthea under which the fund la
bors, deprivcs il in great degree Of the pow
err of eifsciing any important improvement III
a reasonable time, and It is rather hoped that
in the prosecution Of the James River Im-
movements measures may ne devised by which
that important object may be accomplished, &
the fund ,rleiyei, than tx pectcd hat any addl-
,ional bu, then will be imposed upon il. This
subject being under the exclusive control oil
the General Assembly, i, ONLY adrcrtcd TO as
afftc ting the income OF the fuad. The con'tl-
m ton made 10 Other improvement hts, on the
other hand, be, ONE part Of he capital stock
OF the fund. And at the Same time that the
fun contributes To the Improvement and amr>
Iteration Of many sections oil The country, II
acquires strength and substance whereWlth 10
extend its aid in the Accomplishment Of the
deslgn for which il WAS created. -No"with-
standing the burihrus by which thu fund is at
presen, oppressed, il will in few years be re-
lieved from existing engage M nts. a. The ipl-
lowing compressed view will shew-ID 1929
the charges upon The Income amount to S33.-
254 10, IN 1850 Is o 500, in 1881 10 $4,000,
TO The amount ) pay able On each year is
10 BE- added the Interest on the James River
Company loans, which after reducing hr SUR.
Plus o! tolls may be estimated at 846,oooi and
exp, nsrs of surveys AND incidental ohargss,
$4,000, making Si6,Doo The amount Ply
able in each wear enumerated, u"dei present
engage meets, will ht in 1929 S79,254 so in
1880 Sos 900 III 1891, S6o,ooo.
"After the last named period the income OF
the funl will br exonerated from al charges
upon il. There arrerai comp MICS, how
ever. incorporatedii'v he Gen, raj Assembly
which will be entitled under their charters 10
Subscriptions in propo ion to their capital
stocks, and which will be ohargeable upon the
income of each Of these years l. such amounts
as the estimated receipts viii warrant