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


The honorable the Speaker Of the
House Of Delegates.
REPORT.
In obedience TO the act, entitled can act create
Fund for Internal Improvement" the President and
Directors of the Board of Public Works, submit the
following Report To the General Assembly of Virginia.
The Fund for Internal Improvement, consisted, on
the seth November, $780, of stocks and money, the
description and amount of which has already been re-
ported to the General Assembly, by the Second Audi
Tor, in detail as by reference the statements of the
accounts of the Fund.- contained in the said report will
fully appear The following statements exhibit gem
erai view OF the Fund:
L. Permanent funds consisting of stocks, IiIS96I III
Disposable funds, consisting of stocks, 697,io6 80
Total amount in stocks, S2,II6,I57 ~
OF which $l,624,65o is productive of revenue,
And 9l,s07 ~ is unproducve.
2. The balance of money in the Trea-
sury, to the credit OF the Fund, on
the 30th day of November, 1929,
was 1920 81
The receipts from the productive
stocks OF the Fund, since that da.e,
have been:
From dividends and interest
stocks and loans 07,l2S 81
From surplus tolls of James
River Company, 29,I2s 81
Returned into the Treasury,
by the Principal Engineer, 1886 80
liO,s6s IL
The disbursements during the
same period have been:
For subscription TO stock of
companies, Is, $50 SO
Expenses of surveys, sala-
ries, and contingent
penses, 1925 so
Interest on James River
Company loans, II SOS SO
~~ os,7lo CD
Leaving in the Treasury,
the LIST December last
balance of s42,I52 4s
3. The probable state fthe receipts and
disbursements, during the year
which will end on the Both No
vember, 1881, may be stated as
Balance in the Treasury, LIST De-
cember $780, 42l53 4s
Probable receipts in the year 1891. I26,020 "a
I65,Is2 %
Probable disbursements for the
same period 02,576 So
Probable balance the lst De-
cember, 1881, S756O5 Ga
The foregoing expose not only discloses increas-
ed capacity in the Fund for Internal Improvement to
contribute TO the useful purposes of its creation, but
holds out assurances OF an augmentation in the extent
of its usefulness.
1t appears that on the 3oth day of November, 1880,
there remained of unappropriaed surplus income, the
of 81 063 So; and that this will be Increased
the 30th day OF November 1881, to the of 49,
COS Cd; and that the last instamens 10 the Lower APP
w,
will have been discharged during the current year. and
thus beratng the Fund from these charges, and leav-
ing nett annual income thereafter OF SH,ll9 S.
This annual income is exclusive oil the deialcaton of
the late Treasurer, amounting to Sl2 i05 80, which is
in train of recovery and of the increase which is
reasonable TO anticipate in the income of the James rv
Improvement, and other improvements that have
been about 10 be completed, and from which
income is expected TO be realized This prosperous
state of the Fund, combined with the increased solicit
tube OF the public the subject Of internal improve
mens, solcitude created by the real necessity that
exists for the construction OF various Improvements
throughout the State, and which has been heightened
by the example of OF the neighbouring States,
who have been guided by enlightened and liberal
policy this subject has urged upon the Board of Public
Works an enquiry into the capacity of the Fund of In
ternal Improvement to complete the works already
commenced, and TO construct such others the inter
est OF the public may render necessary In admins.
ering the Fund TO the wants of extensive country,
presenting great varieties OF situation soil and produc
tions with population in instances separated by
mountains and forests, any uniform rule founded upon
the principles of justice and equality, 10 be i'm
practicable. If the principle ory applying the funds
in combination with individuals, in the form OF joint
stock companies according TO the provisions of the llth
section of the creating the Fund.- should be adopt
ed and adhered to, the consequence will be that the
energies OF the Fund will be exhausted upon local OBJ
jects of partial benefit and extent, TO be found
generally in such parts OF the State where the popua-
ton has already acquired sufficient surplus wealth to
enable them TO embark in such enterprises, and where
the end TO be gained is the advancement of individual
rather than the public good On the other hand
if only the income that arises upon the capital stock
or investments OF the Fund, is to be applied it
ally accrues, the amount is totally insufficient to effect
any extended scheme of improvement, commensurate
with the great interests of the State.
The act creating the Fund.- contemplated the "ren-
dering navigabe, and uniting by canals, the principal
rivers, and of more intimately connecting by public
highways the different parts Of this Commonwealth.
Objects embraced by il, extensive and important
in their NATURE to be excluded from the reach Of in
dyidual enterprise and capital; besides. il may happen
that improvements required, essential to the best
interests Of the country, but from which direct in
come will be realized, although the State will be album
dainty remunerated by the stimulus il will give TO indus
try, by the development of of wealth, by
enhancing the value Of lands and by the increase OF
population thereby adding to the moral and physical
abiityol tho State sustain itself in and peace.
The Legislature, early after the creation of the Fund
for Internal Improvement, ioresaw the necessity Of not
the form of Joint stock companies, upon the limited
expenditure OF only the Income OF the Fund for the
execution of the more important improvements and i'm
the year 1920, acquired, by arrangement with the
James River Company the rights of that cOrnpsny toI
the Improvement of that river with the determination
to connect with II the improvement OF the Great Ka
nawha river, and thus create aconduuous line of inter-
communication from the Chesapeake Bay through the
heart OF the State to the Ohio river. For the accom-
pshment of this object the State became bound TO the
James River Company, for the payment OF an an
nuity Of $l6,s00 This sum constitutes permanent
charge upon the Fund of Internal Improvement; be.
sides which, loan authorised OF ,230 900 dol
lars TO be expended upon the improvement and which
has been go applied. The interest upon this loan,
amounting 10 S7I S03 So likewise constiluiesa charge
upon the IL come OF the Fund Tor Internal ovamrt
These charges have materially dmihi,hed The sspaci-
~ Of the Fund, iJr he immediate and extensive us'.