Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-03-08
VIRGINIA LEGISLATURE.
JANUARY t2rH, 1880.
MR. BROWNS SPEECH.
TcoNcLUpeD.l


crease OF Taxation for against that, the common fec
ling Of the country would revolt. II Is true, you
might raise money by excessive taxation, and wsc-
w expended. the profits accruiug from the work,
would ro 20 cfray the current expenses of the gov
crnmeh, and thus lead to gradual reduction OF tho
taxes sgaiu.-But that docs not prove 1t to DO expe-
don't. You might levy ten millions 6y TAXATION anu
loan Il out or eXpend roads, and the interest or
annual profit, would meet all the charges OF govern
ruent. But you would ruin the people in the process
of cnaction II would be draining all the blood from
the veins of the patient, and then inising it again
by drops while in the mean time, your victim would
expire under the operation. 1t is by loan that the
object is 10 be effected Let examine the ration
ale of this much dreaded process. The government
borrows an adequate sum, and pledges its credit for the
payment of the interest. 1t invests the money in
works which yield profit. in the shape Of tolls, suf
cient to discharge the interest, while such excess as
may remain. will 10 the cxtinguishment of the prin
cipaI. Here it is manifest that the object is attained
without the necessity of taking cent from the
pockets Of the people. The money is borrowed from
those Who lend il marketable commodity. 1t is
expended. in the making of road. which ccasnrs a
valuable bructit on th0sc who 1t, and for which
they arc able and willing to pay the interest the
expenditure. 1t is in theory and effect loan made
by the people of the commonwealth, collectively to
the citizens of particular section, terms advanta
geous to both parties. The former, do not even fur
nsh the money, but it H. only transmitted through
their hands. bearing their joint endorsement. In
due time the loan TO the State disch rged by the
plus profits of the work by such funds may be for
tutousy placed at their disposal. The State thus be-
comes the owner of all the public works within its bor
ders free Of all iDoumbrance The price, at which tho
accommodation is afforded to the different quarters
Of the State, may then be adjusted to ensure
the greatest possible extension and equality of ben
CIT. The profits derived from the tolls, will dciray
all the expenses of the government, without the
cessty of resortiDg to taxation. Those burthens
which had hitherto, rested oil alikc-rich and
poor-the thrifty and cmbarussed--will then be sup
ported by those who bear them ccetiilly and volun
unfairly, and think themselves benefited in doing
1t would seem to me to be the contamination OF good
polcv-the beau ideal of socnl happiness, to place
the government on such basis. Do we want a
cheering proof of its practicabllity. Look TO New
York In few years, the tolls on her canal, will
have paid off the debt contracted for its construction
and will then be nbundaDty sufficient to support her
government, forever after. Is there any fallacy in
this reasoning3 There can be none, except on the
supposition that the money s to be inudciously ap
piled. No man can vouch for the unerring wisdom
and sleepcss vigilance of all future, successive, le
gisatures Wild and impracticablc schemes, may be
attempted, and the public treasure may, again. as
heretofore, be squandered on works of extravaganza
and folly But an apprehension of this kisd, is, most
ussuredly, not just rule of action, for wise govern
ment. No one doubts, that there public improve
ments, which would yield the interest on the cxpen
diture, and it is such, that the energies of the
State should be exertcd' Far be it from me to
commend, a profuse and Improbable expenditure,
which would load The Commonwealth with debt
beyond lis ability to pay, and without equivalent
benefit. only insist, there works which may be
safely constructed, by the state
exclusively, and that the operation by loan, is the
most convenient | dread debt, both public and
private, much as any man. but have the less
pie, in mourning it, when remember, that the in
como of the fund for Internal improvements will
furnish ready resource for any niscalcuations in
regard to the profits of public works. which tho goy-
eminent in the fallacy and wca kness OF human judg
ment, may make. If the amount of tolls be fuctu-
ating from any of error accident, should
be insufficient to pay the interest the loan the in
of the fund.- the fund itselfay be rcsor;ed
If there be no surplus tolls to redeem the principal
of the lpan the income Of this fund, will furnish q
sinking fund for the purpose. But few governments
are SO fortunate TO have such fund-In general
it only be procured, by anticipating the ordinary
revcEuc, and increasing the taxes beyond the i'm
mediate necessities OF the State. But Sc
RES of accidental and fortu,ous circumstances
have raised up for fund of more than two mil.
lions, yielding annual income Of more than one
hundred thousand dollars, which will shortly be freed
from all incumbrance, and entirely at our control
The ready that furnishes, viii fully Justify
the government in venturing on the system which
advocate.
II, however, gentlemen still think that it would be
best to adhere to the joint-stock system, must, in
candor declare TINT there is hope Of obtaining the
road in question that plan. It must be made, if
made at all, By the State. We are too poor TO pay
three 1hs. We have money 10 spare, for any
purpose, beyond that ofimmediatc subsistence. The
people interested in it, know that il s of great general
Importance to them but it is reasonable to expect
plain farmers residing in the interior, embark their
little all n work, the actual and immediate profits
of which they cannot satisfactorily estimate. Such
a can Judge Of the benefits ofopenin. road or
ditch through his farm his neighborbood but very
few can calculate the probable per centaZe that may
he expected from an investment in a road Of great
length, stretching large tracts Of country and
involving consideration circumstances, that in the
nsture Of things, can be known only to the expert
enced and capacious mind of the statesman. In
wealthy, commercial communities, where there is a
floating, uninvested capital, and men are accustomed
nazo he,
who willing to embark in such enterprise But
IN the interior, back country, 1t is impossible. Even
under tho most favorable circumstances, it is with
groat caution that submit to present sacrifice
for the cake of remote aud contingent benefit
Let mo remind you too, sir, that the repeal of the
18th section Of the act creating the fund for internal
Improvement, at the session of 929 has very mate
rally cssened the inducements before offered TO ndi-
viduaIs. That section provided, that where indiyi-
6uals paid three ffths. and the State two-ffhs in
Joint stock company that the State should receive no
part of the profits, until the individual stockholders
had first realized profit their stock from the time
OF payment, equal to per ceDtum per anDum. Every