Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-06

cipal of this debt will remain as charge upon
the State exclusively. Although the payment
of the perpetual annuity to the original stock
holders in this company, as well as annual in
terests due to the lenders of the large sums oor-
rowed to carry on this great work, is well and
amply provided for already, no provision has
ever been made for the reimbursement OF the
debt itself is true, that no part OF THIS Is YET
payable nor will become due for many years;
but sound policy requires, that whenever dept
is contracted funds adequate to the extinction
! of it. at some time other, should be seasonal
blv appropriated to that object Should this be
omitted, there is always hazard, that the debt
will not only become permanent, but that It's a.
mount will constantly augment; and while TINS
tends, by its nf&nce, 10 generate great Unequal
tiles in State, it must in time, disturb It's leSls-
| laton. impair its credit, and produce eIfects up
! on its currency which cannot be foreSeen or pre-
vented.
AS a fiscal agent, the James River Company
has been of no benefit as yet. The income OF
this Corporation has not sufficed to satisfy It's
own expenses the perpetual annuity due to the
original stockholders, and the interest Oh the
! sums borrowed to carry on It's work. owing 10
this cause, the ability Of the Board OF PUBIC
! Works has been much cramped, of late, by the
| necessity imposed upon that body to provide Tor
the deficiency. out Of It's funds. But the re-
sources of the James River Company have been
much influenced for several years last past, oy
the shortneSS of the crops usually transported TO
market by the works of that Company; by the
reduction of the rate of its tolls; as well as ny
various casualtles-whch it is to be hoped will
not again occur. When these causes shall cease
| to operate the income OF this Company Will be
augmented, of course; and il ever its annual
resources shall suffice to meet all It's annual en-
gagements, it must become most valuable IN
stituon not only TO all those who may then be
directly interested in it, but to this public and TO
81, IDH 40
liable to the reimbursement Of the principal, and
! to the payment Of the interest of the debt due
by the Company, for which debt the Common
wealth is ultimately bound.
Another great Corporation in which the Com
monweath is exclusively concerned, 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 road from the town OF
| Winchester i'm the county of Frederick, to some
point on the Ohio River to be thereafter select
ed and the Corporation was authorized to Dor
row, on the credit OF the State, sum or sums OF
money not exceeding S125,000, for the accom-
pshmcnt Of the object of It's creation. During
! The last session Of the General Assembly, an act
was passed, empowering the Corporation 10
borrow on the credit Of the Commonwealth, for
the purposes Of the road, further sum moi eX
ceeding $4,000.
| Under the authority given to il by these seve-
raj acts, the Corporation has borrowed the sum
! of $l21 ZOO only, as yet which may be COnsi-
dered DIS the present capital stock OF this instl-
tuition. For the payment oil the interest, and
the final redemption of the principal Of all the
sums borrowed, the nett proceeds and surplus
tolls which may arise from the road, after keep
ing the same in repairs, were pledged and APP
propraed, 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 much Of the revenue Of the
Board Of Public Works, not otherwise appro-
priated, is pledged, as may be necessary to sup
ply the deficiency.
Although great progress has been made to-
wards the completion of this work, it is not yet
| finished. No profits, therefore, have been de-
rived from it; but il has hitherto acted as a
drain of the income of the Board Of Public
| Works, whose revenue is bound TO provide
for the payment of the interest on the capt.
| tai borrowed. Ii is expected, however, that
this improvement will be far completed dur
ing the next year, that it may then be produc-
tive; and when finished, but little doubt is enter
tanned, that the income derived from its tolls, |
will not only keep il in repair. and satisfy the
interest on the capital borrowed to construct
the work, but will suffice, in time, to reimburse
the lenders of this capital. 1t will then become
a valuable fiscal agent.
AS the stocks of all the four great Corpora
tons have mentioned belong to the Common
wealth exclusively; they were created for
the sole use and benefit of the community; are
managed by directory appointed by the As
sembIy, bound by its Instructions, and account
able to it; the whole property Of all these in |
stitutons may be truly regarded as the pro- !
perry Of the State, and subject to its abso- |
lutte control, except so far as others may have
acquired vested rights in the same. OF this |
character are the creditors of the State, the
payment Of tie interest, and the reimbursement
of the principal OF whose debts, are charged
primarily, upon the funds Of some of these Cor.
porations; but for the satisfaction of the same
the Treasury itself is bound, ultimately. Hence
in order to obtain correct information as to the
true financial condition of the Commonwealth
it was necessary to take view of the situation of
each of these institutions, whose debts may
well be considered as the debts of the State, to
which all their stocks belong
Having done so, annex hereto a statement,
designed to exhibit at one view the general re-
suits, at the end of the fiscal year terminating
with the 30h of September last Such do