Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-04-03


ITO miles while by the canal it is 30 miles When
state Of things should happen-ii evcr--and he by no
would, doubtless, be
waning fortunes with becoming philosophy But Tor the
present. twas but sheer justice her claims to the
Roanoke trade, which naturally and ghifuy belonged
10 her An ndsputable proof OF was that produce
brought in Wagons from beyond the Roanoke no,,,h-
standing the facilities offered by the canal 10 Norfolk The
OF IL was that Petersburg presented market ne
odnscif or better, and much the region from
which the produce cmanated. The former and the plan
ter could follow their crops to Pecburgse them theta
eeves anu purchase their supplies with the proceeds
Upon the railroad they would be able the
Noaoke and return home the days but they could
never accompany their crops through Allcma,c Sound
ana tho DISMAL Swamp Canal distance OF 20 miles, and
journey of about weeks This was the reason that
market towns were generally located a, the head OF nav
gauon The merchant must come up Far possible,
meet the farmer aud planter, and the must urge
his vessel on as'ong she will Goat, for the
OF the pfoducer, who has not the CO.
ing down over the deep waters in pursuit of market
re said IL was objected by some that the State ought
not TO patronizc work, which iii vere successful
would niure the Dismal Swamp Canal in which She held
stock and whchit therefore her interest encourage
III was true the State owned stock in the canal,
amount OF $4,000 aud there were any probability offs
being productive, under any circumstances the compile
ton OF tho railroad would certainly lessen its chances
But 1t should be recolloctcd that the held still
greater amount oi stock $4,000 worth. in the Roanoke
Navigation Conpanv aud tc ral-road beyond all other
means was best calculated TO render that stock valuable
and proiabe. Tho Dismal Swamp Company had made
an immense expenditures; largely in debt and there
was scarcely hope OF any profit TO the State; but the
Roanoke company had done their work well and econom
eay were out OF debit had money aud property on hand
aud were beginning TO declare dividends. Their improve
lie above Termination of the and ~
produce brought through should come TO Petersburg
Qn which event only, woud affect the canal company
would lac proof in itself that the outlet was de-
ssrable and gave additional to the works beyond
H. Hence, he concluded, that State would gain more
10y oenehtng the Roanoke company than she would by
abandoning the canal
hr ID. s1d he had now shown 10 the satisfaction of the
rouse as he trusted, that the road practicable use
m ana deserving the patronage of the governments and he
would next inquire into the condition The funds annie
tosucl purposes and explain the by which the sub
scf1pion could be conveniently paid The fund for In
teFna improvement amounted 10 about S2,I35 900 and
yielded an annual income of $l32,000 The paramount
annual charges on it, consisting of the interest due on the
James nveroans, the of surveys cre about
$4,000, leaving clear annual surplus of SIS 600 which
would be augmented after the year 1888 by the gradual
payment oil the bonuses, ($66so6) due from the Banks
mere was balance on hand TO the credit OF The fund of
about $4,000 The subscriptions 10 Joint stock conpa
hes auhouzed, and not yet paid, amount to 81 35s
exclusive OF that to the Petersburg rail. road The
unappropracd balance OF 500 900 together with Sls 900
the surplus OF the year would nearly discboroc
o wnole OF these subscriptions but then, would re-
Tre e whole oil the surplus income of three ensuing
years opny the 100000 the Railroad Company The
Rouse mad decided on former day. this Subscription
shouu not be placed entirely the income of the fInd
nasmuch as it would absorb il for too great length of
umo TO the exclusion of all other similar objects The
bill under consideration was so framed as 10 obvate Ills
oDeeuoh. III provided, that half of the States sub
scrpton should be paid whenever one half of e prvo
SUBSCRIPTION had been actually paid in and the other half
when the whole OF the private subscription of three lhs
had been paid. The two installnens of $50, 900 each
were payable out of the income of the fund; but if that
were authorized 10 borrow such sums not exceeding ESQ
uoo as might be necessary for making up the deficiency
ihey could not borrow than $50 O00-it might be
nathe would not borrow any-ahough he ANTICIPATED
hat IL would be necessary. If the sum of $50 900 should
DO borrowed the dividends on the stock appropriated
70 mo payment OF the interest," and the stock itself
pledged Tor the redemption the principal If the di
uends and stock should prove inadequate TO pay the in
erest and debt, the income the fund and the fund H.
SELL were Pledged upon the faith of the State for those
oDJectS III the stock should yield profit of per cent
it would be equal to IS 900 per yesrSt 00 Of which
N =
annual surplus sinking fund Of $4,000 per year would
DC ei appcabe TO the payment OF the debit which would
DO exungushed, at that rate, in thirteen wears If the
STOCK should stand at par, il would sell any moment for
$4,000 or twice the amount Of the debit even if
should fall 90 per cent would still produce $50 900
enough 10 discharge the loan Should the dvidcpds be
equal to only two and half per cent, or 600 il would
pay the interest on the loan There scarcely pro-
on the income of the fund.- much less the Treasury
and IN the worst possible exgency, could cucumber
ha lund only TO the extent OF $4,000 per year which
asess than the annual insalmen of SO 600 authorized
by the act oflast session.
He knew there strong opposition 10 loan in
any shape or in any purpose, and il be resorcd TO-
In this instance only lar absolutely IN
attain the object in view Under certain oscfio! w
entertained no objection, HIMSELF raising money bv law
For tire construction of useful and important works of in
ernal improvements he willing borrow as long as
the income OF the fund and the fund itself were sufficient
to pay the interest and redeem the principal. Nav he
was willing borrow long that fund and its
aided by the anticipated profits of work. were sui
Gent to the interest and pricipa OF the loan He
was not willing to raise money by taxation for internal inn
provemcnt and would not for any loan which he he
eved would lead TO increase OF the taxes Such had
always been his opinions this subject he was con-
sciousoi having beer perfectly consistent. When he had
the honor to represent western that floor and
was srenuously advocating appropriation a work in
which his then constituents vitality Interested he
had avOwed precisely the view he did now IN
the subject OF loans and taxaons and the record oC his
opinions still eXtant.
But whatever objections might be entertained 10 loans
In general the present proposition rested peculiar
grounds IL was not loan 10 works on state
accoune only kind OF loan which dreaded bv the
people OF the East-nor could ii be regarded as a
precedent for such loan. 1t was nothing more than an
anticipation of the income Of the fund for Internal I'm
provemen for the purpose of paying subscription of
two-iiths, TO the stock OF joint stock company where
individuals had contributed three-ifhs The State had
always held out promise, indeed pledge that if ndv-
duals would furnish three ffhs she would supply the
residue when necessary for the erection of useful i'm.
proyement,-which was actually begun He believed she
do nothing here than she had done for every comma
ny within her limits, that had applied to her The onIv
Innovation was that whereas she had always before had
money enough on hand; she now required 10 anci-
pate the income of the fund.- by a loan, If necessary
when was almost absolutely certain, that the speedy re-
ceip OF dividends from the stock would prevent this loan
from imposing any burden the fund. There " "a
no danger OF the precedent If the State should rbe
TO every joint stock company that applied borrow the
money TO pay her quota there would be danger of her
borrowing TO Since the foundation of the Com
Honwcalth TO the present moment she had subscribed
only $7Ol 900, and of drawn from the pockets of
individuals the proportional 81 ,070 600 And vet
during the greater part OF that time she had offered great