Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-07

That the products Of he Western Country. ,rhieh are
nearly the toih those Of the Lo,cer, ,o by means
Of these Improvements, be easily brought into
petition tch o,cn; and la consequence Of the cheap
ness efic6or and abundance Of fertile land in the Vest
ia the price Of agricultural products tcH ensue;
consequently, that the agriculture Of The Lotcer Coun-
jsetions urged by the Lotcer Country propose exa-
length, and cndeavor TO show that they
founded in total misconcepion of its true interests
Before entering upon this discussion, however, beg
leave remark that although should be by
his interests yett should be enlarged enlightened
selfinteres which should govern the world one, that
should have reference 10 remote, well immediate
good; one that should comprehend the future, well
the present How many hundreds OF missionaries and
thousands odoars Off the the
world, TO propagate the Christian Religion through the
eathen land? And the liberal contributor is not aca
ted by the expectation oimmcdate advantage himself
but by the spirit OF bcneyoencc, united with the conf
dent expectation that the day will come how distant soc
yer it may be, when civilization and the pure spirit OF
Christianity shall spread over heather world dispelng
ignorance and superstition.
In every civilized community too, thousands of dollars
annually contributed for the diffusion of lights of
knowledge among the poor and INDECENT classcso
ciety At The public expense the primary school,
the College and the University erected; and yet the
contributor or the taxpayer looks not direct pecuniay
compensation for the expense thus incurred No his,
views of higher Character and directed a more
exalted mark He knows that theory practice too
in country at least all sovereignty resides in and
from, the peoples that the Legislatures of the land
10 but reflect the sentiments and opinions of their
tuentha the great mass of society must therefore, be
instructed in order that they may WELD the sovereign
power with prudence and honesty; all experience
proves that the abuse of power will be in proportions
to the ignorance of those who WELD it, Thus il often be-
comes us to sacrifice petty interest of our for
present where the welfare OF the world remote
interests may be more seriously concerned Even then
supposng portion fhc country should not receive
great benefit from the system of Internal Improve
of large State be wholly neglected; the tide of CT
vilization and wealth which rolling westward, be pre-
maturely stayed because equal advantages may
derived by all! The spirit OF phanhrophy and christi
anity would answer-No. But happily in the present
case not to call upon the charity of any
economy at hand, by which hope demonstrate the
entire unity Of interest between every part of the Sate
The lower country will lose OF its present
gcs Esau is not required to give up his birth-right
In order that may satisfactorily the first olec
ton, that Internal Improvement will operate direct
the lower country it is first necessary point
the elements of the cost and thereby lay down gem
eral rule by which at once we can determine the ad
vantages and disadvantages of every system OF improve
, ment in a purely economical point OF view.
"The cost of every public work construction, says
Say consists st Of the rent OF the surface whereon
erected, which rent what give
for it TO the propcor 2dy of the of the capital
expended the erection; 3dy OF the annual charge of
maintenance But the land over which the improve
mcnt is constructed is always purchased of the prope
tors evident the purchase money NAV be classed with
the capital expended So that the elements cost
may be reduced to two: lst, interest the capital
pended; I'd, the annual charge OF maintenance. These
the two items which the arising from tolls
should regularly pay If should fall short, the improve
ment in purely economical point OF view, is present
disadvantage at least the State; lift goes beyond then
becomes source oil proht equal to the excess When
the tolls sufficient pay the interest the capital and
the annual expense oil the Improvement
operate ordinary tax whether be effected by loans
contracted the credit Of the State by funds raised by
one ofthese cases, and shew by illustrations which
ceive amount to almost perfect demonstration, the truth of
! my assertion.
Is them let take the case where the money Dor
rowed the credit of the State Suppose Virginia, for
example, should borrow 000 for the purpose of
d completing the James River Improvement, per cent
interest and the money is invested she should
receive 100000 dividend her stock the State would
lose nothing evidently by this operations its money would
n a md mt
one cent IN the shape oil tax need be taken the pock
cts oil the people The State holds stock which can al
ways be sold at par MORE should it wish 10 regain its
capital; or which will always command the interest Should
n choose remain holder stock The debts and ere
d'tS so lar as the improvement concerned exactly ba
lance each other, thus: ' ~
IS Debts Of The State. Credits
Ds paid d ID i s,Ss 1884, SSS
y Debts due 50 100 600 Dno 60 ,,o s.,. - 100 go
You had as well suppose the individual carry on
Pernicious trade, when he loans his capital to re-
sponsibe undertaker who pays him yearly tie marker
rate Of interest as to suppose the State all injured by
II suGh improvements as those mentioned above.
But suppose the tolls should not long remain at mint
II barely sufficient TO pay the charges above enumerated
but should go on increasing from Year 70 wear as E l,
universally the case, with all profitable improvements
Under these circumstances then the State would be a
gamer 6ot by the excess oits dividend above the inte
resi- Pdd yearly, and by the rise in the price stock
If which would be ensue
mus, H. in the cases supposed, the dividend should cx-
annual gain of 800 OO0 should be two per cent
Sl0'ooo and so The stock, too, would become more
III proportion 10 thlS Of dividend
ABOVE interest; thus, if that were one per cent
eh every share, supposing each 500 originally would
DC worth SIG GO 23, for that is the required TO pro-
%, interest at SIX per cent. Suppose the two
per cent then each share would be worth l33 80 I3
ana II three per cent? $50. And the original 81 900 600
STOCK which the State holds in hands would according
10 inc last suppositon be worth $3,OOOOOO The State
u having made gain OF 81 000, 900 in rise of stock
'ut perhaps we may be met here by the assertion that
socS WIZ MOI rise III proportion TO the average annual
dividend Iois would answer, that in all countries il
mas been found whenever stock would permanently Weld
inc average rate OF interest," has generally risen above
par capitalists like TO invest portion of their capital
manner 10 afford revenue without risk and trouble The
great quantity OF capital seeking these safe investments
raises me price OF stocks much higher than proportion
the dividend upon them. Look for example, to the Co
Vernnent and United States Bank Stocks ia country
and you will see exemplcaion of the remark
The u s. Bank Stock would be still higher, If there could
be perfect assurance of the renewal Of the Bank Char
Ter nus, too you frequently find the stocks. upon which
,he smallest dividends are drawn selling highest because
.hey are perhaps uDredccmable unless dis
'aht PERIOD whereas the Others paying higher dividends
may be lower, because redcemabe in short time. IT,
men, the 2OOO,OO0 of stock which we have mentioned
should yield six per cent the probability would be- that
me STOCK would be far beyond 81 900 0OG in value Thus
nope have clearly shcwn that where the money 20 eff
iect gwen Improvement is borrowed by the State and
the stock yields the interest on the money il can
be no disadvantage the State or any portion of the State
in a pecuniary point Of view.
will now proceed examine the second case where
The State raises the requisite funds by taxation and bepe
shall here succeed in shewing too that the money thus
raised does not operate against the people like an ordna
nv tax. Let then. he g no