Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-11-05

Again the charter provides, that no new tolls shall bo
charged on The canal until reaches Lynchburg; and
until IL reaches the mouth Of the North River in Rock
bridge, not than per per mile, such
articles shall have paid toll the present canal the
mountain &c., but the synopsis already the vic
iaton of the above provisions by charging the tolls
soon as the canal reaches Scotsvie And in this respect
there is no reciprocity between the public and the
pany The assembly only change tho charter with
the consent OF the community; which very likely 10
consent 10 toll gates oi their benrit and tho
the latter.
The charter, aer designating the average rate Of tolss
provides that the annual nett profits OF the company shalf
not exceed fifteen per cent? and requires the tolls be-
regulated from time TO Time to restrain the profits
within that limit. Although capital spoken o in the
charter five millions, yet the privilege is given IN.
crease TO the amount necessary to execute the work
and il seems be generally admitted that it will require
about eight millions, inclusive Of the million to be allowed
the state Tor the present works Fifteen eight
millions is million and two hundred thousand dollars,
whilst hive per cent Uhe interest of loan) is tour hun
dred Thousand dollars Now the estimate OF the guam
u'y OF transportation presented in Mr. C.'s synopsis
cannot Tail TO satisfy the mind, that the toll
allowed in the charter, the nett profits
to hfteen per cent per annum from the completion of
the work So that the tolls be reduced from time
TO time TO bring the nett profits witn the abcye limit
In the event of the profits being continued that rate tho
public will pay TO the company Twelve hundred thousand
d. liars aDnum alter the capital exped
ed and legal interest thereon have been again and again
refunded TO the comPany which exceeds, by eight
hundred thousand doars, the of loans
contracted by the State in behalf OF herself the dis
uict. Was the work done by the State aud District this
line could present great yliare tree ire m tolls as
soon as the debt contracted or the work had been dig
Charged much TO the advantage OF own .eaports.
But in the case of the conpany of
the most favorable view presents annual charge OF
ST. 600 for all time TO This would be heavy
bnrlhen The productions OF the country, the PRESSURE
OF which would be aggravated by the fact that much Of
il would be paid to foreign Stockholders, the deraDge@
ment OF currency
MIR. C. has kened one feature Of the plan in the Me-
mortal to the local land tax authorised in New York for
the benefit OF the canal fund But with deierence
cases are quite dissimar In New York, the canal be-
longed to the State and local proposed to be
laid not for the benefit OF the district paying it, but for
the State at large. la New York. the canal created
channel OF trade here propose improve old
one hence assessments have had reference To-
cality.
For reasons tina, must be obvious TO Mr. c. the writer
will enquire further whether the subscriptions
the joint stock scheme have failed: few weeks will
move all doubt on that point But he will again suggest
the proprey, in the time, Of examining the advan<
tages OF the plan presented in the Memorial and Of pre-
pairing to adopt thai other, alternative tho
event oil failure in the for time before the pubs
Mr.. c. thinks, however, that the counties along the
line will not be disposed adop, tue plan proposed in the
MemoTiai Absolute unanimiiy on great public mear
has yet been found, aud eXpt rienced do
not expecit But let look TO the interest of the Dig
trct and rely IT, that the people have sufficient intel
gence 10 adopt the plan which will be beneficial to-
themselves, and sufficient public spirit and patriotism
do their part towards the promotion Of the geneI good
and the exa,aon of the character of Virginia
BY the joint stock schemes the work will progress so
srdy. that there 10 anticipating when il ever tbs
whole line is be completed IL may be ten twenty or
more years: the company after obtaining existence with
the utmost diff uIty commence with lille more than halls
The sum necessary TO do the work. and has cHtdr
ed point out the by which the balance to be sis
ed The company will, all questions, whether regards
interest, and regard public accommodation only IL may
affect them. Hence in their "average" (worJ OF much
meanng) OF the tolls, injustice may he done that poIor
OF those using the canal, who have other
ket, for the purpose OF afoing greater inducements to-
those who have other routes; and the works then se
may tie on too limited scale. With the community,
pable OF commanding any sum, preference = pecu-
mary view, may be due to less scale; but cempsny OF
limited may be compelled, thereby, TO reject r.
bera plan OF works even though promising greater profit.
The company will be receiving forever from those using
their works the of one million two hundred thousand
dollars per annum which, arising chiefly from tolls
cles transported is as much tax If collected by the
sheriff constable charge tobacco wheat, for
its transportation TO marker is lax 10 the producer and in
this instance will be perpetual, hremediahe and re-
movable tax Our currency be SAFE Whilst there
an annual drain from the country 10 pay foreigners
large portion OF the above they will be entitled io
as stockholders. Wehave little capital in State, and
surplus capital II the little have be relied on 10
meet the nstaments the stock, where is the captSI
carry present business aud engage all that new
! and more enlarged business which the Improvement
should INTRODUCED This last considerati should convince
the rejecting that the joint stock mode Of executing this
work. does not eOmport ,oifh present
Virginia has not the capital Let her do New
York has done; execute great leading work, which
will bring capital business and experience into the
! open avenues of trade all through her territory.
On the other hand the plan in the Memorial with
fiscal preparation made for the whole work and the
rapidly the work is done the greater the economy m
the item OF interest Herein il combines, with ade qnats
means, the strongest inducements TO vgor and energy in
OF tolls will remain under the control OF the public,
well the adoption OF scaie of Improvement ad
The accommodation OF the present and future OF the
country In this is sufficient guarantee that the former
viii be equal and just and the latter liberal and enlarged
The interest the expended in the work will
10 four hundred thousand dollars II il be deemed bemeF
10 continue The debt, the tolls eed not be higher than
produce the above sum- but IL the wiser policy prevail OF
paying off the debt, il may be done by ate OF tolls
exceeding fifteen cent per annum in small fraction
more than eight years; after which, the tolls may be
duved TO amos, nothing; or if continued the money will
belong TO the State and District; in either kept
among which will sustain and inv goate
; and add 10 our circulating medium.
What have the people Of the District 10 fear from The
plan II brings 10 their Doghborhood, TO be expended
among them for labor Of and beast and food Tor each
the muni6cent OF seven eight millions which will
give impulse TO business and furnish market for their
produce beyond any thing experienced by them. IL
promises the speedy aud almost immediate execution
work. which will afford them cheap, safe, certain md
speedy channel TO market which will enhance the value
Of land and reward the exerlons Of labor permanently
II places them line Of communication between the
Atlantic and the West, which must he OF the greatest
thOrougares in the Unisn Are they likely be called
on TO pay cent for their ultimate liability, and II any
thing, what IL surely is not doubted that Virginia
borrow money at per cen-She has done within The
present years aud get IL for less Nor be doubt
ed that she can obtain premium OF than bve per
cent five per cent stock for she has obtained that
within the present year. So that the premium on The loan
pay four per cent and The tolls may be obtained with
in two years. Where then is there danger OF taxation ~
confidently believed none whatever But " the calculation
10 the Uranium fail what B the highest taxation tho
district for this liability IL simply raise three. 6hs
of the loan while the work u progressing and whilst IN