Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-12

cuar advantages. And yet opposed 10 this bill
gave the House understand that those OF the loan school
objected to its receiving the aid which was granted
10 other projects And the ground which this objection
was urged, that the fund Tor int rna
must be reserved for the payment Of interest upon Loan
lie had supposed that whatever might be the result the
project of loan this fund would never be applied to that
purpose. The operation OF such principle would be ex-
tremey complex 1t might be illustrated by supposng
that an individual possessing hundred dollars and wish
ing TO p, rchase horse with it, should go TO negbbor
and loan the hundred dollars. taking from him bond
per cent hterestraise hundred dollars the bond
paying the interest ON c money thus obtained with the
interest the bond and purchasing tire horse with the
money thus raised. Here would be four distinct trans
acons and it might well be asked whether it would not
have been better to have bought the horse at first with
out all this trouble This would be very absurd in an in
divdua and equally in a Legislature The principle
contendcd for by gentlemen, could only be sustained
by surprising that the improvements would not only
pay the interest," but redeem the capital of loan Had
they any reason TO anticipate such result? The State
oil Virginia had engaged in "a schemes internal iu
provement by means Of this fund, Of which Is were
entirely unproductye. And was il to be supposed that
similar projects would be profitable hereafter Had
they any better prospect for the future! Other States had
reaped the same experience. He need only to cite the
States OF New York and Pennsylvania. In the former
the receipts from the Grand Canal had i'm the wear 1890
fallen one hundred thousand dollars short of PAVING
the interest upon the cost Of its construction: and in
e iaer had been necessary to resort loan two
millions to pay the interest the debt Of thirteen millions
contracted for Internal Improvement The trainers of
tue law oil 1876 displayed more wisdom in its provisions
than was now exhibited. They intended that act, by
which the State engages to aid Internal Improv
by subscriptions TO Joint Stock companies as an encour
agemen to individual enterprise, and for the improve
ment oil the condition of the community The truth of this
remark would be sustained by reference to the 18th Sec
ton othe law oflsl6, by which il provided that any
stock or loan upon improvements might be sold and the
money applied TO any other Improvement The object of
this provision to enable the State by these subscrp.
tons to extend her aid to the various sections the coun
Try, thus besowing important benefits by the application
OF comparatively small fund Even on the score of nte
rest beloved the State in the present to advance
its quota of the funds possible because the
Tho fl,a 4
be completed, and the also, would profit be re-
ceved increasing the fund, and enlargng the ability of
the Legislature TO aid other objects which might be pre-
sented As to the interest the $4,000 per annum the
avaiis would be unimportant But if sum of $50 600
were subscribed at once, the improvement would he
brought into speedy operation produce fund which
might be applied 10 other works.
The question being taken the substitute it was re-
80 Noes SIS.
Mr.. Brown moved that the bill be laid rpon tho ,,,
out Withdrew his motion at the suggestion of Mr. Gholson
who proposed substitute authorizing the board of public
works to expose to sale at public auction portion of the
dsposaole funds either in stocks loans belonging the
fund Tor internal improvement, which they may deem il
most exPedent to sell, for the purpose of paying the
amount oil $4,000 of the subscribed by the conmon
wealth to the stock of the Petersburg Rail Road COMPANY
10 be applied as other monies applied similar cases
Mr. u SAID that the people of his section of the State
were deeply Interested in this work. and anxious that il
should progress He was very DESTROYS that their wishes
should be graed but he could acquicse in the prin
cipie oil loan He had therefore presented the House
proposition which he thought entitled favor 1t was
well known that the state had loaned TO the Dismal Swami
Canal Company, and the Richmond Dock Company large
sums OF money, which were now producing some a per
cent, some per cent interest There existed no obec
uon TO the sale OF these stocks. 1t maered not To those
companies whether they owed this money and paid inter
est on TO the State or TO individual Such sales were
provided for by the 18th Section OF the law of 1916 and
they would not interfere with the of any other i'm
provement.
Mr. Boiling moved TO lay the bill and substitute ON tho
table The House acting on this subject without
having established the principle which they would
make internal improvements: He thought now as he
did the other day, that the question loan should first
be passed upon II loan provided for, he would
present 'hey were iegislang in the dark.
Mr.. Williams presumed the gentleman would allow the
House TO decide between the two propositions That ques-
non did not involve the subjecof loan.
MIR. Boiling was understood to withdraw his motion
Mr. Brown thoughtn would be economy of time 10
decide the question now.
Mr. Williams said, that the gentleman from Bruins
wick had referred to the 18th section of the law of 1916
he would make few remarks. He considered the provi
sion Tor the sale OF stocks be intended solely for cases
oil emergency. He did not think the substitute of the
gentleman new proposition 1t brought back the ques-
ton which had just been decided plan of the gen
ueman from Petersburg The gentleman from Brunswick
SAID, That was toolishness TO borrow when we have the
money on hand, and illustrated the position by supposin
to loan $780, and take bond on which to raise he
same sum But suppose the man has but sS25--he can
raise Sioo on interest, which he pay with the $25
and purchase his horse giving him opportunity of pay
ing the loan from the labor of the animal The PROPOSE
uon now before ,he House was an attack upon the
sources oil the iund for internal improvement If loan
were granted, he would go with the gentleman; but if
they absorbed the whole fund for this one
Tue est could never expect its share of aid He drew
different conclusion from In: 18th section of the law of
1916 from that of the gentleman from Brunswick IL an
Peareu 10 MN evident from that section that loan was
contemplated, at the time that law was passed and he
could not see the objection which gentlemen saw TO rails
ing loan and applying the fund for internal
to the payment of the interest He trusted this
would be rejected.
Mr.. Gholson begged to assure the House that tbs
amendment was offered in good faith and he made this
assurance because il whispered around him that il
seemed TO be attack integrity of the fund for in
ternal improvement. His substitute referred only 10 tbe
dsposabe funds in stocks and set down as cb in the
report oil the Second Auditor This proposition was NOT
the same as that OF the gentleman from PETERSBURG The
gentleman from Brooke had objected TO the former amend
ment, that would take from the fund for Internal I'm
pfoVeinent the ability TO encourage other works He
tnouSht mat TINS objection by the promo
so winch takes from the fund for Internal Improvement
only the interest upon $50 0O0 without interfering win
any other project. lie would illustrate this position Inv
citing the loan made to the Richmond Dock COMPANY or
SoOVOO dollars, which invested in bank stock and
yielded per cent interest This stock would be mt I'M
Tor sale at Lynchs and it would sell for am advance on
the principal because money was not worth per cent
III the market Ii would be the same thing TO the Com
pany whether this loan held by an individual or the
State. The gentleman from Harrison and himself diff
lered entirely as to the Interpretation of the law of 1916
Mr. g. wished to confnc the Legislature TO the shirt
OF that law while the gentleman frankly confessed that
II did not suit the views of his section of tho country and
mat he was in favor Of departing from its principles The
gentleman had thought proper 10 make him say that he
considered the opinions of others "foosh" But he bce-
ged leave to dsclaiIn any such sentiment He never
treated the opinions OF gentlemen such subject with
dsresPect Opinions would differ on every subject of
state policy without implying any feeling like that Srbu
a