Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-12
$25O,00O
Total revenue,
$251,O0O

Total revenue, S25I 900
Thus, the revenue of the fund for internal inn
povement sufficient pay the interest debts accinr
on the money borowed and when take into consdera
ton the $4,000 defacaon of the late Treasurer which
will be recovered and the augmentation the revenue of
the James river improve but acknoyy
there would be sufficient accumulation Justify other
ioans Tor other Improvements to be carried forward
temporaneously. IL is probable, as l shall soon shcw
that so soon as the improvement effected Lynchburg
inc interest VIII be at once paid by the tolls the whole
amount expended the line Richmond. The fund for
internal improvement will then be liberated and in three
years the portion the James improvcmcnt
would be completed, which would likewise paw interest
IN all probability upon the expenditure OF 81 500 900
which we have supposed to be the of cost Then
the improvement TO the Kanawha and Ohio might be ef
tected-and, in this way, the whole line of communication
between the east and the west would be completed with
out one single dollar being extracted from the pockets of
inc people, ana leaving too the fund for internal improve
mcut in an infinitely better situation than at present
have supposed, in the above calculation, five per
cent to be the rate at which the should be bor
rowed to effect the improvements in the Sate-but
it is believed, money can be borrowed a much low
er rate, especially when large amounts required
Five per cent above the average ointcres i'm
Great Britain, Holland and perhaps France and is equal
to the marketable rate i'm many States in the Union Nov
the demand of Virginia should be for 80 or 800 900
she would obtain only the highest ate- would moi
be an object to the great capitalist of the North and the
tiers the money market for 49, 000 be advanced in
annual instaments, her demand only cxcites the at
tenton OF the northern capitalists, but is known upon
Change IN London in Amsterdam and in Paris. The
competition for the supply is thus enlarged and tn loan
Is effected on the cheapest and most advantageous terms
Tor The State And this certainly additional argu
mcnt OF slight weight in favor of vigorous action on the
part OF the State, in all where there high pro
6dbity OF the tolls being adequate pay the interest ON
the money expended.
There are some who, upon the subject Improvement
look only to amounts which may BIC required to affect
them, and care nothing for the final resuits-the future
value and productiveness of the invement-They will
willingly vote away thousands which be totally lost
10 the State but are terrified at the idea of appropriang
or 81 900, when il is well known fact that The
large amount can be obtained at greater comparative
cheapness than the small, making the great
much the cheapest when they secure in pro-
portion TO their length =
IDLY. will now proceed to shew the capacity of the
contemplated James river improvements TO paw rs
soon completed, interest the money expended and
consequently that they will not impose a tax or burhen
upon the State any portion OF the State but NAV be
expected in the course OF time to pay Off the whole debt
contracted by their own agency, and source
oil never failing wealth and prosperity.
IL appears that in 1880, the revenue arising from tolls
on the James river from Richmond TO Iynchburg amount
ed to $os77 co. which amount, according the estimate
oil the principal Engineer, was levied from
Produce and .Merchandi-e, about 80. 900 tons
Coal, very nearly 700 900 bushels
These amounts then, about which the most determined
obJecor cannot for moment cavl shall be assumed as
the basis OF our calculations; and from them think tbc
capacity OF the most costly improvement from Richmond
TO ynchbnrg TO pay the interest the money expcnd
ed has been clearly demonstrated by the principal Enp
neer Thus, by the canal which he supposes the most
costly, the real expense OF transportation from Ivncbbmrg
TO Richmond, Q5O miles) would be ST. so per ton re
the present Improvement tolls and of transportation
together amount to 81 SO per ton. Now. the whole
cost OF transportation the canal will only be 81 so il
IS evident 50 w per ton may be charged toll on the
canal which $4,000 TONS Zone half only from and to
Lynchburg0 would produce 1925 900.
The lower canal has S64O, OOO-the upper portion
has been estimated to cost 81 963 O00-toaI So 500 900
which should produce (says the Engineer) for dividends
and annual expenses, S20S 40 Subtract tbis ron
1925 000 the tolls which the mprovem NAV he made
to YIELD and we have $l6,760 To which add for tolls ON
the 100000 bushels of coal $1,000 water and ground rent
So,lII and we have 29,237 and above what is
necessary pay the interest the money expended and
the annual repairs applicable, of course to further re-
duction OF tolls TO the eXngusment the debt or to the
further prosecution of schemes of Internal Improvement
as the Legislature may in its wisdom direct Col Crozet
estimates the surplus upon railway greater STILL
equal TO S39,402.
Thus is il, in my opinion, conclusively proven
that the trade from Lynchburg Richmond will forth
with more than produce the interest ON the none, ,x
pended and consequently that will at at once be source
OF wealth instead of injury. With these brilliant pros
poets before us what is there TO make Legislature
pause The above calculation is based the actual trade
of 1880. ''''
But believes the business will remain stationary
In spite OF all the difficulties which the trade had TO en-
counter has been augmenng during the last years al
an average rate of 10 per cent per annum. A much
greater rapdity Of increase might safely be calculated on
after the completion oil the canal but will assume 10
per cent-thcn we have $22,500 the annual increase in
the tolls So that, during the I'd year. the surplus above
mentioned val; be augmented from S29237 TO s5I 737 !
and at the expiration OF the 9Th year, TO 4 1877 without
adding any increase which might take place in the auan
tity OF COAL or in the water and ground rents.
From Lynchburg, or TO point westward say Cow
ngton, believe there is doubt entertained of the s,-
Pcriorty Of the railroad the canal One advantage
Of the railway is, that you may lay single track when
the trade is not sufficient for double one lay the oer
at some future day, when the trade will Justify IT, Now
single track beyond Lynchburg would cost but $3.50 600
and double one, as we have before 81 ,26O 000-
The former, according TO the estimate of the Engineer
would require trade Of I7fOO TONS pay interest on tho
sum expended and annual repairs, and the latter % 400
allowing toll of 81 so on which would not be very
high There arc no data in my possession by which
can ascertain the amount Of produce which would at once
DC conveyed along the railroad. ] presume there are
iew however, at all acquainted with the subject who
would not readily agree that more than 1920 tons of
produce would be Immediately attracted the route and
consequently the single track might be laid with
out the slightest risk OF injury TO the State; but should
thnk the double one might be laid with the certainty Of
most abundant return upon the capital soon, at least az
the line OF Improvement had been projected beyond The
Aeghany tothe mouth Of the Kanawba and 70 The Ohio
river meeting heimprovements OF the State of Ohio and
thus forming one continued line Of communication from
Norfolk on the Chesapeake, Cleaveand and Portland
on Lake Erie have not in this estimate taken into ac
count the revenue which would arise from transportation
OF the mails and travellers along this route which would
evidently orma very considerable addition 10 the annual
revenue of these in,pr