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

Ont 90 NOT permit u 10 81 youu wat
Even education itself may be purchas-
ed at too high price, especially when
that price must impoverish honest in
dustry, and increasethe difficulty of &C.
quiring its hard earned means ofsupport.
Another great Corporation connect
ed with the fiscal concerns of the Com
monweslth, is ",he Board of Public
Works." This institution was estab-
lished in 1876, and endowed with all
stocks then held by the State in differ
eut Turnpike and Canal Companies, in
the Bank Of Virginia and the Farmers
Bank of Virginia, and with all the ln'
,erest the State might acquire thereafter
as bonus or premium for the incor-
poration of other Banks, or for the TO-
crease of their capital, or the renewal
OF their charters. These funds and
their proceeds, although nomnaliy
much greater, cannot be justly estimate
ed, in money, at more than about two
millions of dollars, which may now,
therefore, be considered as constituting
the capital stock of the Corporation.
The receipts from this capital are equal
to about $l15,ooo annually.
The object of this institution was to
invest its annual profits, and the pro,
ceeds of such part of its capital as it
might be though, jndicious so to in
vest, in any work If Internal Improve
ment, promising when completed, to be
of advantage to the Commonwealth,
and profitable TO the other proprietors
Of il. But aware of the difficulties that
would attend the judicious selection Of
such works, the authors of the Corpo.
ration established rule, BY which it
should be governed in every case.-
When any work of Internal Improves
ment was proposed, if after the requi-
site surveys Of il had been made, and
its cost estimated by officers, and at the
expense Of the Corporation, shree'fiflhs
of the capital deemed necessary for the
of such work was sub
scribed by individuals, the residue was
to be taken by the Corporation, and
paid for by i, ralsably With the sums
advanced by the private stockholder.
If this scheme had been carried into
full effect according to the original
plan, it seems quite obvious, that all
the funds ofthe Corporation would have
been ultimately invested in the stocks
ofcompara,ively small undertakings, TO
The completion of which the enterprise
and unaided capital Of individuals
would have been perfectly adequate
while great works, the very magnitude
Of which would prevent the combina-
lion of sufficient number of individu.
ais to subscribe the proportion Deces-
sary to secure the cooperation OF the
State, would never have been carried
INTO effect. Thus, while some partial
might have been made,
no work Of general and permanent utll-
ly would have been accomplished, and
he great object Of the Corporation
must have been defeated. The dis
.overy Of this was at las, made /; but
not until more than 100000 of the
capital of the institution had been in.
vested in undertakings since abandon
ed, or 10 those the profits of which are
quite inconsiderable, or much less than
he average rate Of profit in the country
generally.
To remedy this defect, modifica-
ion of the original plan was adopted.
The Commonwealth assumed upon it.
self, exclusively, the completion ofcer-
ain great Internal Improvements, in
which, from their very nature, the CO.
operation ola sufficient number ofindi-
viduals could not be expected, leaving all
others deemed of less general utility, TO
The support of the Board of Public
Works. Thus The subject of Internal
Improvement has become divided into
parts--in one of which the State is
exclusively while in the
other, the Board Of Public Works is
but co-partner with Individuals.
The effect of This division of the pub
lie interests, has been attended with
some hazard all eady, and unless much
discretion is used hereafter, will be ru.
nous to the Board of Public Works,
and seriously oppressive to the State
itself. The funds OF the Corporation
not being equal 10 the immediate ac-
Of all The great objects
10 which the Commonwealth was con-
cerned exclusively, and TO the advance
ment, at the same time, of,he others
in which the Board of Public Works
was interested as co'rartner with in.
to supply the deficiency, re-
sort was had to loans. The payment