Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-12-02

over tins great institution To give complete effect
this policy the State had bound itself pay perpetual
annuity OF el 900 To the private Stockholders aud had
expended much than million and "a half OF dol
lars in completing the work But the 10th of March,
ls'2 joint stock company again Incorporated pro-
vlsionaly effect the great purpose the
Underwater Of James River with the navigabc waters
Ohio. The capital Of this company was to be five mil
lions of dollars divided into shares of hundred dol
lars each To this sock the State stipulated that she
would subscribe at ton thousand shares mil
hon oi dollars 10 be pad for by transfer of the whole
interest the Commonwealth held in the works and pro-
pcrty Of the James River Company; and when thee
fths, more Of the capital st ok should be taken by
Others the State agreed To- subscribe for the residue of the
five millions, be- this what it might. Time. until the
second Monday in December l:sl was allowed, for ma
king up the subscription Of the private Stockholders but
before that day. another Act was passed extending this
time To the third Monday in December, 1888; this
extended time again prolonged by another Act pass
cd by the last Assembly, until the is of December of
the present year The latter Act binds the Common
wealth to subscribe for the remainder of the capital stock
OF the contemplated Company, whenever noety of
it, should have been taken by other subscribers
In this state of things while the faith of the State
pledged to comply with the conditions proposed by itself
provided these conditions accepted by others | feel
myself restrained from offering single remark as TO the
Justice policy of the contemplated scheme. The
proiiecd be- carried into effect by the Com
nonwcalth be its effects what they may provided those
20 whom the proer has been made accept its terms
their part, within the time limited But, should these
terms not be accepted within the time prescribed would
recommend to your most serious consideration careful
revision of thcm if further extension Of the time is
hereafter proposed.
In any event it will be wise to provide some means
by which the debt due by Tic James River Compa
N.Y. may be ultimately cimbursed because whether the
proposed arrangement be completed not the payment
of the principal of this debt viii remain charge upon
the State exclusively Although the payment the per-
petua annuity TO the original stockholders in this com
pany, weli as of the annual interest due the lenders
the large borrowed carry on this grcat work
is well amply provided for already no provision has
been made for the of the debt itself
Iii true. that part of this is yet payable will be-
due for many years but sound policy requires that
whenever debt contractcd funds adequate the
tnction of it, at some time other, should be
bly, appropriated that object Should this be omitted
there is always hazard that the debt will only
permanent but that its amount will constantly augment
and while this tends, by its influence generate great
inequalities In State, 1T must IN time disturb its legisla
uon impair its credit and produce effects upon its cur
rency, which cannot be forcseen prevented
AS fiscal agent, the James River Company has been
ONO benefit yet The income of this Corporation has
Suced satisfy its expenses the perpetual an
nuty due to the orgna Stockholders and the interest
of the sums borrowed 10 carry its Works Owing TO
this cause, the ability of the Board of Pablo Works. has
been much cramped OF late, by the necessity imposed
upon that body to provide for the deficiency
funds. But the resources of the James River Company
have been much influenced for several years last past
by the shorness OF the crops usually transported to
market by the works of that Company, by the reduction
of the rate of tolls well by various casualties which
it is to be hoped, will not again When these
shall to operate the income of this conpa-
ny will be augmented, of course and if annual
engagements, II must become amos valuable institution
not only to all those who may then be directly
in it, but the public and the Treasury provided this
income be made liable to the reimbursement of the prn-
cpa and to the payment of the interest Of the debt due
ultimately bound.
Another great Corporation in which the Common
wealth is exclusively concerned that styled she Pre-
sident and Directors of the North Western Turnpike
Road This created by an Act passed in the year
1871 It's object was, to construct road from the
of Winchester in the county OF Frederick point
the Ohio river TO be thereafter secctcd and the Cor
poration authorised to borrow the credit Of the
State sum sums OF money not exceeding Sl25 900
for the accomplishment OF the object of its cretAion
During the last session of the General Assembly
passed, empowering the Corporation to borrow,
Tho al.
road, further sum, not exceeding $50 600.
Under the authority given to it by these several Acts,
the Corporation has borrowed the OF I2l 900 only
yet, which may he considered the present capital
Stock of this Institution For the payment of the nte
rest and the final redemption Of the principal of all the
borrowed the nett proceeds and surplus tolls which
may arise from the road after keeping the in
pair, pledged aud appropriated by the of the
Charter. But should these funds be found inadequate
the General Assembly has stipulated to provide others
and sufficient revenues, for these purposes and until
such other sufficient fund shall be provided bv law so
much of the of the Board of Public Works not
otherwise appropriated is Pledged may be necessary
to supply the deficiency.
completion Of this work. 1t is not yet finished. No pro-
fits therefore have been derived from H. but has htcr-
crto acted drain of the income of the Board of Pub-
lie Works, whose revenue is bound 10 provide for the
payment of the interest the Capital borrowed Ii is
expected however, that this improvement will be far
completed during the next year. that II may then be
made productive; and when finished, but little doubt is
entertained that the income derived from its tolls will
only keep il in repair and satisfy the interest on the
time reimburse the lenders of this capital 1t will
then become valuable fiscal agent.
As the stocks of all the four great corporations have
mentioned, belong to the Commonwealth exclusively
they created for the sole and benefit of the
community; managed by a Directory appointed by
the Assembly, bound by its Instructions and accounta
bic to it, the whole property of all these institutions may
be truly regarded the property of the State and sub
ect to ITS absolute control except far others may
have acquired vested rights III the OF this cha
racter the creditors OF the State the payment of the
interest and the reimbursement Of the principal Of whose
the of of
these corporations but for the satisfaction of the same the
Treasury itself is bound ultimately Hence in order TO
obtain correct information the true financial eondi-
ton of the Commonwealth il was necessary TO take a
separate view Of the situation Of each of these insttu.
tons, whose debts may well be considered the debts
of the State, to which all their stocks belong
Having done so, annex hereto a statement, designed
TO exhibit at view the general results as they APP
peared at the end of the fiscal year terminating the Both
OF September last Such document appeared to me
very necessary; because under the peculiar structure
of The different Executive Departments of this Govern
mcn these results cannot be found in any Of them;
and it would be a work Of much labour to you TO com-
pile all their facts from the particular exhibits of each
Of these departments.
Next TO the Finances, the subject Of most importance
to the State, and which, therefore, claims your special
attention, is its Military forcetl has been we'll said
chat well regulated Militia. composed Of the body OF
the people, trained to arms, the proper natural and
safe defence of free State. Notwithstanding this
salutnry admonition given in Bill of Rights the
Militia system has been suffered to sink into state of
confusion and disorganization from which il has been
found very difficult ~ bring it back The Act passed at
the last Scsson oft General Assembly, when il shall
begin To operate, Will doubt, aid much in rcestabs-
ing regularity. There very many defects how
ever in the provisions Of that Act, and many omissions