South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1834-12-20

these causes shall cease TO operate, the
income Of this Company will be aug
mented Of course /; and il ever its annu.
al resources shall suffice to meet all its
annual engagements, it must become
most valuable institution, not only to
all those who may be directly interested
in it, but to the public and tothe Trea-
sury provided this income be made
liable to the, reimbursement of the prin.
cipal, and to the payment Of the inter-
est Of the debt due by the company, for
which debt the Commonwealth is ulti-
mately bound.
Another great Corporation in which
the Commonwealth is exclusively con.
cerned, is that styled "The President
and Directors of the North Western
Turnpike Road" This was created
by an act passed in the year 1881.
Its object was, to construct a road
from the town Of Winchester in the
County Of Frederick, to some point on
the Ohio River to be thereafter selected,
and the Corporation was authorized to
borrow, on the credit Of the State,.
sum or sums of money not exceeding
| $125 900 for the accomplishment of
the object of its creation. During the
last session of the General Assembly,
an act was passed, empowering the
Corporation to borrow, on the credit
of the Commonwealth, for the purpose
of the road, further sum not exceed.
ing $4,000.
Under the authority given to it by
these several acts, the corporation has
borrowed the sum Of $12l,000 only,
as yet, which may be considered as the
present capital stock of this institution.
For the payment Of the interest, and
the final redemption Of the principal
of all the sums borrowed, the nett pro-
ceeds and surplus tolls which may arise
from the road, after keeping the same
in repair, were pledged and appropria-
ted, by the terms of the Charter. But
should these funds be found inadequate,
the General Assembly has stipulated to
provide other and sufficient revenues
for these purposes (; and until such
other sufficient funds shall be provided
by law, so much of the revenue Of the
Board Of Public Works, not otherwise
appropriated, is pledged, as may be
necessary to supply the deficiency.
Although great progress has been
made towards the completion of this
work, it is not yet finished. No pro-
fits, therefore, have been derived from
il but it has hitherto acted as drain
of the income of the Board of Public
Works, whose revenue is bound to
provide for the payment Of the interest
on the capital borrowed. 1t is expect-
ed, however, that this improvement
will be so far completed during the
next year, that it may then be made
productive and when finished, but
little doubt is entertained, that the in
come derived from its tolls, will not
only keep it in repair and satisfy the
interest on the capital borrowed to
construct the work, but will suffice, 10
time, to reimburse the lenders of this
capital. Ii will then become valuable
fiscal agent.
As the stocks of all the four great
Corporations have mentioned, belong
to the Commonwealth exclusively /; as
they were created for the sole use and
benefit of the community are manag-
ed by directory appointed by the
Assembly, bound BY its instructions,an
accountable 10 il; the whole property
of all these institutions may be truly
regarded as the property of the State,
and subject to it's absolute control, ex-
cep, so far as others may have acquired
vested rights in the same. Vi this
character are the creditors Of the State,
the payment of the interest, and the
reimbursement oflhe principal of whose
debts, are charged, primarily, upon the
funds of some Of these Corporations
but for the satisfaction of the same, the
Treasury itself is bound, ultimately.
Hence, in order to obtain correct IN
formation as to the true financial con.
dition of the Commonwealth, IT was
necessary to take separate view ct
the situation Of each of these inslltu-
tons, whose debts may well be cons'd-
cred as the debts of the State, to which
all their stocks belong.
Having done SO, | annex hereto
statement, designed to exhibit at one
view the general results, at the end OF
the fiscal year terminating withthe SON
September last. Such document APP.
peared to ME necessary because, UNI
der the peculiar structure OF the differ
IN, r. vacu,;ua DenartmenfS of this