Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-01-29

OF WanspOftsUon
mni-hsd. the facilities Of navig alien Increased. tr
the degree that nigh have reascnably been expected
It's believed be within the scope OF the dutes
Of this Board would il be pros abb, so enqnrs in
TO the ra0.es that produced this failure ia the v- en-
vect, ions OF the public p |. the duty however, of
he Board TO state, that the expenditure wac made
when The construction o. such works not az we'll
understood as at present. The sub equent cu,ivaon
OF the science of Civil En- gineeriny, and the hts
that experience has shed upon The subject. together
wi h The dimnutoh that has taken place Ia the phi.
of labour and provisions. give that u.
ure operations will be coDdut ted in more profitable g.
satisfactory mannsr. IL j. gratifying. however to he
Board 10 state, that nowiths landing the benefits from
the expenditure upon the James river and Kanawhs
Improvement have not equalied the expectations that
had been created yet that profitable income has been
realized from il, indicating in the cearest the
importance that should be attached 10 its completion
IL appears from report of the Second Auditor in rela
ton to investments made by the state IN works OF
internal improvement, already before the Legislature
that the income from this improvement has decreased
fifty per centum within the last FIVE years. that the
income oil the last year equal TO per centum
the total expenditure upon it, IL the trade of the river
should increase in the same ratio with the last FIVE
years. an income will speedily be realized sufficient to
meet the interest upon the expenditure, and hberato
the Fund of Internal Improvement from that charge.
To compare the other navigation Improvements in the
State to which the patronage OF the State has been
tended, with the James river aed Kanawha improve
ment, by the income upon the Investments the great
superiority of the latter is maintained; for whilst the
latter improvement as is shewn, nes an income upon
its expenditure OF vo per centum, OF the joint
stock ndp CATION companies has yet realized any Income
TO the Fund.
The Board has gone Into the preceding view Of tho
subject, account Of the on1ny that naturally auG
orcbly presents Itself rs To the expedency OF com
ping III Improvement OF IN" navSatioo a HE JAules
river to Covi"g ton, aud it, copnec'0n with tie Great
Kanawha The importance Of this Improvement. the
objects 10 be attained BY IT, and is liencs tpon the
moral and physical condition o. the State. require no H.
ustri,iou from this Board lts is sufficient state;
that II f7es the strongest conviction OF the eYped
OF proceeding speedily practicable in s completion
The best means eectins tn. he sirable end con-
9 he q u \,
report Of the Principal ENginssr. tn 1t to complete the
navigation Of the James river to Coving on by sys-
tenn of dams and locks, will reur- expenditure of
i29o 954 tar and VI ni""cn' canal pre- erred,
or canal in connection with railway along the
per section, IL believed that the expenditure will be
about the The Board has under i,s
10 which OF the several inprovem- MS preference
should he given bnth not as yet been en,bled to
arrive at Satisfactory conc,usion. Assuming howe
the of SOC, 600 dollars sufficient cover
the total expense OF completing the improvement on
either plan, it is obvious, from The nuds of the
mount required, that application OF the accruing
venue rom the Fund would not only be totsily mad
eqIaa, bu, ,ha' it would exclude the Just claims OF
thu community in participation Ia the Fund for other
impTevem su's for Indefinite psriol. The Board per-
ceives no oher alternative than a 10 loan, 10
compets the improvement to submit TO a most In
furious suspenson if virtual abandonment of it,
| The effect that the latter would have upon ths wids
aud important interests involved in H. il for the
Board 10 anticipate After having bestowe ed its best
attention upon the subject does perceive any suG
hcien reason, compared with the obi ct {, be attained
against the expe liency OF auhorisng loan of the SUN
required to jlets the Improvement; Especial
ly as the surplus Dcome OF the Fund will farnish an
amount more than suffice o pay the accrning int.
rest upon the loan. Nor indeed dos The BoarG pr.
cevs any objection 10 the loan of sufficient t.
construct all the improvements OF primary importance
required by the State, provided that guafaiter
exists for the payment OF The interest urOn iha loan out
of the revenue to ne derived from me improv emens5
In that event, thu amodn borrowed wi in son,
degree Lore its character OF 'sb', thu interest i,
being converted into an annuity chargs bile upon the
income OF the improvement besides should a PARMA
n he mDrov eInen ,s rie
to paw the interest upon the loans, th- c-pta thus in
vested could readily BE- converted fnIo stock for which,
there would be ready market aud in that way .xtn-
gCsh tina debt That income more than sufficiep,
for the purpose OF paying the interest upon the loan
CURED to complete The James river, and such other
improvements as are Of primary importance Is in pert
demonstrated by the derived from the
James river improvement; for We see, tina Dotwhs
| standing the incomplete state OF the Improvement
and the unskiliu AMI improyiient expenditure that
has taken place. nett income il received OF five
per centnm equal TO the maximum rate OF interest Tor
which loan now be obtained. From these facts.
the Board feels Justified in the conclusion, that when
the navigation OF the James river shall he pleed
the extent contemplated, revenue not Snlv sufficient
10 the Interest upon the amount Of expenditure
but that "a surplus greatly beyond il will be realized.
In this opinion the Board is ius;is ed by estimates OF
the various Public Engineers and Others which have
been at different periods ai bsfore H. Should tbs ex
pedient OF loan bs approved by the Legislature, the
Board IL OF opinion that annual expenditure should
not be made Of than fifth Of the amount re-
CURED tJr no'whswn ling II il desirable that the m-
provsment should be completed speedy praciics-
BILE, ystthe prices Of lahcur and provisions would he
sterially enh need by the demand that larger tx.
penditnre would create Assuming thai 500 OOG
dollas i'll lie sufficient TO deiray all the ~ OF COM
ple'ing the jams rver improve rpsnt, IL viii require
expenditure annually Of 800, 900 dollar. for five
years; and consequently Interest would accrue irJm
the oil at which cash in'taluient was Obtained
and it is believed th't loan be obtained in
erest ranging from four Re five per cehtutn. TskinR
the maximum rate each instalnent would create an
interest dsb of Is 0G0 dollars, charge able upon the in
OF the Fund for uernsi npr ovsnen'; and il Is
shswn. that ths S0th IF Novemb.r. 1881. there
viii be surplus revenue the sun OF S75 sos Ga and
that there will be annual revenue thereafter of
Slo S5,indspendeni OF aceessoa to by the liz
crease OF tolls upon tho James river other improve
men,s, aud the payment Of the dssIca ion of the late
Treasurer The ability therefore. Of the Fund Ia.
,ernil Improvement 10 defiay tbs interest of the osu
which may be requlrsi foe the Jam@s river inpreve4
ment, without ichng upon its csri's funds IL
dem nstratsd AMI ABILITY TO dsfray the interest upon
such sd iliooal loan may be necessary 90 construct
such oiher works Of fGefnal Improvement the in
,efest OF the ConmoDw 'sitI may require, and which
the Board have estimated 10 syceed tbs
amount viz 500 900 dollars 10 demonstrated by
he slme process
The KIP .disucy Of rc'o-ng 10 loan "a construct O.
Their impr1vefnsn arises well om the iastice Of
giving IN dif rent portions OF the State directly in
ersstr,l in the improvements, te advantages OF he
eaie.t Anticipation ia the nei- of their comnlefon.
,nd which BE- postponed To hopeless period il no
her 6epsnience exisfs than that furnished by The sur
Plus income Of tn Fund iof Internal Improvement and
especially If that Fond l. to he charged with the in-
teres upon IN additional loan Tor the Js.ies river i'm
p.cvement. The great injustice 10 many portions OF
the C1mmonwesl h. and the great injury t1at would
result 10 Of is bssl nerssts tom suClf polcys