Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1831-02-07

'"it oe 'o'",'f inadequate, but that IT woul
exclude the Just ,leims OF the community in
participation IN the Fund for other Improve
menis fof an indefinite period. The Boar,
perceives no other alternative than r..ott /,
a loan. 10 complete the Improvement or /,
submit TO most injurious suspension II no, ,
virtual abandonment of il. The effect ,h,
.he ia'ter would have upon the wide ant
important interests involved in il, /, no, 10,
The Board 10 anticipate. Alter having bestowed
lis best attention upon the subject u does no,
perceive any sufficient reason, compared will
The oeJeci To bo attained, against the expedi-
ehcy OF authorizing loan OF the sum required
10 Complete the Improve ment more can, c,allv
AS the surplus income of the Fund will furnish
an amount more than suticieullo pa, the ae.
cruihg interest upon the loan. Nor indeed
does the Board perceive any objection 10 the
loan OF sum sufficient 10 construct all the i'm,
propemeas Of primary importance required by
the State, provided that a guarantee exists
Tor the payment 81 the interest upon the loau
Out oil the revenue 10 be derived IRON the
improvements. Ia that event, tue amount Dor
fowed WI | IN somo degree lose It's character
OF debt, the interest on il being converted
into an annuity chargeabe upon the income
oil The Improvement besides, should u perma-
nent income accrue iIom the improvements,
sufficient to pay the Interest upon The loans
the capital thus invested could readily be con.
yeried into stock Tor which there would be a
ready market, and ia that way exring uish
the debt. That an income more than sufficient
Tor Jthe purpose vi paying the interest upon the
loan, required to complete the James river, and
such other improvements as are OF primary
Importance, is IN part demonstrated by the
resepue now derived from he James river ia.
prosement for we see, that Notwithstanding
The incomplete state VI The Improvement anu
the nnsklllul aud Improsidrnt expenditure
tut has taken place, nett income is now re-
ceiyed oil five per ceatam, equal to the maxi
mum rate OF interest ior which IA loan eau nov
be obtained. From these facts, the Boaid
feels Justified IN the conclusion, tnat when The
navIg alton Of tho James river shall be comple
ted 10 the eII"ot contemplated, a revenue not
oaly sufficient 10 ie-pay the interest upon the
amount OF expenditure, but that Il surplus
greatly beyond II, will be realized. In TIN,
opinion, the Board is justified by estimates 81
tue sarous Public Euslneers and others Itch
have been at different pei DDS lad beior. II
ohosld the e1pejIent oil a loan De approved
by the Leg ,iaurs, tIe Board !, OF opinion tnai
an annual expenditure should mol he made OF
more than on -tlih vi tue amounI required !,
for, Notwithstanding 1t Is desirable That the
lnp1 O, emeuI should be oompie,ed as speedily
as PRACTICABLE, yet The prices OF labour anu
provision, wouId be materially enhanced by
the demand that IA large expenditure ~ould
create. Assuming thal $4,000 dDllais will
lie sufficient 10 delfay all ine ctst OF conn leiing
tue James IIVer Improvement, il wnl Tequne
On expenditure annually oil 3UJ,UUJ dollars "
five years aud consequen > interest would
accrue from the pe,iod al w.ich each In5tai.
meni WAS o0taluad and II is believed that a
loan eau be obtained at an interest ranging
from four TO five per csntum. Taking the max
imum rate, each iastament would create all IN
terest debt OF 1000 dollars chargeable upon
the income Of the Fund Tor Internal Improve.
ment aud il il shcwn, that on the 3Olh OF No
vember, 1881, there will be OF surplus revenue
the SIN of $75 COS "a, and thai there will
be all annual revenue thereafter, OF S4l llg
50. Independent oil any accession to II by tue
inerease OF tolls upon the James rNer. or other
improvements aud the pay menl OF the detail
cation OF the late treasurer. The ability,
therefore, vi Tho Fund OF Internal lin.
proyemenl 10 deiray ths interest Of the loan
which may be required for the James river
Improvement, without encroaching upon ii.
capital funds, is demonstrated; aud its abili
o drlray the interest upon SUCH additional loan
as may be necessary To construct such other
works oil Internal Improvement as the interest
OF the Commonwealth may require, aud which
the BoMd have estma,ed not 10 exceed tue
same amount, VIZ l,o91,o0O dollars, l. demon.
sfrated 10y the same process.
ne VI ItsDtilHb u N IOHn 10 con
struci other improvements, aiIses Us well iiom
the Justice O giyog TO the dhir rent portions Of
the Slate directly Interested In the Improve
nienis the advantages OF the earliest parlIcIpa-
ton in the benefits Of their comp.etiOu, and
which must DC postponed to hopeless period,
if no other dependence exits thsn that fur
nished by the surplds income of The Fund Tor
Internal Improvement; and especially II lhal
Fund i, 10 Ue charged WITH The interest upon
an additional Loan lor the Jdnes river improve
ment lie great INJUSTICE to many pottious
of the Commonwealth, and the great iaJury
that would result to some of ITS best interests
from such IA policy, furnish the Arguments
against IT. In addaon 10 which. it is proper
10 remark, that whilst the expenditure On the
James river Improvement has already amo1 NJ
ed 10 | ,235 900 dollars. exclusive of the IN
teIesf, the otal expenditure upod all the various
other objects OF Improvement through the
S,ae has only amounted 10 the sum OF $3.50
600 80, presenting striking inequality Ia the
patronage OF tue und.
The Board, III pursuance of the policy indi-
Gated by It. will respectfully suggest such
additional objects OF improvement, as seem
10 II enlIted To the attention OF the Legislature,
and for the construction OF which, provision
ought TO be uiade and III doing SO, the Board
deems il eIpedIent TO distinguish between such
i'm proyements, which from their mag ultuds,
aud The combination oil various interests, be
come State concern, depending solely upon
State patronage. aud eKclauing individual
participation IN their construction, aud such
other improvements, Ms Tor their limited extent
and local operations, become the object OF
indi yidual interest, and Tor the construction oil
which, individual eaterpiize ana capital may
be combined with Inc aid OF the State. Tins
classification the Board believes IS a tar deduc-
linn from and arises out OF the policy Of The
law creating the Fdnd tor Internal In.
proyement. or tina, class OF improvements
Depending upon State pauo mage solely ioi its
execution,
A railway from New river, or Upper ka-
nawha, in the county of Montgomery, 10 oa-
LEM ~ the county of Botetourt. aud from
thence 10 some point on the James river holds
gu, advantages OF the most interesting and
extensive character. This Improvement, be-