Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-07-04
TO THE EDITORS or THE EMO UJRER
JAMES RIVER AND KANAMHA

thank you for publishing in your paper OF the 7tj
June my project Tor raising the moncyiio the whole
the stock oil the James RIVER and Kanawha Company
GU say, you prefer awaiting the ci.io of the Stock.
holders OF the Farmers Bsnk the 22l July. You vii
perceive that my communication was written be fore t,
can oil the meeting could have been known to me.
presume this second call OF the Stockholders is sur, OF
iororn hope, and though deeds may be done at worthy
VI .he metropolis oil the Ancient Dominion and the sub.
'crpon may be agreed YET, possible the effort NAV
not succeed therefore think is high time to lake i'm
to the alternative to be rcsor,cd 10 in case
disappointment You 10 not like my plan: il is no,
easy TO present one that is entirely free from
MY pan as before stated, is 10 make the mproy nj
partnership concern between the State and a sec.
uoh Oh me Saie the State 10 have two ths Of the
stock and the section three-6Ghs: The State to bor.
row the portion TO he subscribed by The section pledge
TAX on tue lands within the section, supply any def
cheney in the tolls pay the interest OH the loan: The
tolls expected to be per cent on the
advanced from the commencement The loan would ,ro
oaoiy pe ~ per cent tax TO raise the additional ono
per cent on the amount, when halt the capital shall have
oeen paid IN, would amount to Sl5, O0O-iot one mill per
be sixteen millions Of acres. -
II ten years should be required 10 complete the work.
anu one per cent should have be raised every year to
make up The interest the oAn taking as the AVERAGE
The year when half the capital shall be paid in the whole
would amount 10 $3.50 600 This would be the yh hole cost
10 me secon OF stock TO the amount of three millions
In III or 10 years from the completion Of the work the
tolls would in all probability be sufficient to relieve the
STATE from the loan The tolls would then At ten percsnt
amount TO S3O0.OOO per annum; per cent per aunu
on the cost Of the stock the section The charter allows
dividend oil 10 per cent per annum; but this il is pre.
suned will never be exacted.
give below the substance of a conversation vliob
'ooh pace MOI long since between and one OF nv
neighbors. y my
T. How do you like the plan that hos lately annc,rd
IN the papers OF raising the money for the mp oveuen
ing the improvement!
N 1t will not do at all-hs people will not submit to
taxs'ion tax Of three millions would the country
But suppose 1T were paid in small portions say a
tenth part each year. would that be inolerable Especial
~, tho improvement would benefit estates more tina
double the amount expended and that is said will be the
case. Ii IL said the section confirms sixteen millions of
Of is cents per acre ON that would r;se
The whole sum; this should think, would not be yery
oppressive, called for in fls tenhs il might he
wanted.
n. IL would be high land tax
T. Ii could hardly truth he called tax; il would be
An investment OF capital ia valuable stock atorlng dyi-
ued oil per cent per annum according the OPT
mons ex,an' on the subject The only tax that need to he
expected, would be, raise per cent per aunu or
lew years, while the work is progress 10 make the Tolls
on The canal equal TO the interest the oan that is pro.
posed 10 he obtained TO carry the work. II not sun
posed that this would altogether TO more than
SloOOoO or O,OOO which would in truth be all the
oil stock would cost the sections for in 10 Is
years alter the work shall he completed the tolls will be
sufficient 10 pay oil the loan, aud then the section can use
The dividends 10 pay lis taxes.
N You have the subject in different light from
that in which viewed il think will do for our sec.
ton but what viii other portions OF the State say to M
Deags m ,n Il. objection ca" they have to Is not the
pay any thing do not see how they have any OBJ
lection TO it.
N. But had you not rather the Banks would subscribe
and go a c are
T. III the Banks had subscribed with free good will il
might have been well enough but you there is CD.
position the principle oil Banks subscribing to such
works, number OF the stockholders live out OF our
lion, and are no doubt opposed TO ii other grounds
Tear even II they do subscribe sharp opposition NAV
hereafter be kept up iat will parayze the work. regard
kke attempt to force them into subscription rather
rd'nary measure TO raise money aud calculated TO
o,ve a enpn, from the country, which is certainly
Sounu Po"ey f~e Banks might render fully as much
service 10 'ne proposed and he equally as
well entitled to increase their capital withoonus for
so doing, by loanng each hall million to The g., .
or s per cent interest TWO