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

IN ike manb'Tj upoh ult CofpVie'N
funds, in the first instance : but should
these prove insufficient, The Treasury
itself, as before, is made chargeable
with any deficiency.
Thus it has happened, that while a
considerable portion Of the capital Of
this Corporation has been invested in
stocks absolutely unproductive, or very
! nearly SO, the whole Of this capital is
now charged with the payment of the
interest and reimbursement of The prin'
cipal of large debls, for which The TFea-
sury ilselfis ultimately liable. Asyet,
the income o.the Corporation is equal
to the satisfaction Of all its expenses,
and to the payment of all the interest
charged upon it. 1t is believed also,
that the capital is sufficient to discharge
the principal of all these debts. But
SHOULD any additional burthen be impos-
ed upon this Corporation, at this time,
it is probable that its means would no,
suffice TO meet all its engagements,
without impairing this capital. In that
event, il is obvious that, ere long, the
whole weight oftbese engagements must
fall upon the Treasury, when 10 pre-.
serve the credit Of the State, new and
burlhensome taxes must be imposed
upon the people.
To prevent such result, | recon-
mend to you most earnestly, that no
new charge be imposed upon this Cor
poration, at present. 10 few years,
ii is expected very confidently, that all
the works in which it is concerned, and
which are now in progress, will be
completed. Unless individuals have
been greatly deceived in their estimates
of the effects Of these works, the funds
invested in them will then become pro.
duclive. The profits of ibis capital,
or its proceeds, will then enable the ca
sy and speedy reimbursement Of the
debts with which the Corporation is
now charged. The whole funds Of the
Board will then become applicable to
other undertakings; and the work of
Internal Improvement may again pro-
coed with increased vigor and advan-
tage. But if different course is pur-
sued, the ruin Of this Corporation may
be the too probable consequence
grievous taxation must follow as the
necessary effect of its ruin and the
work of Internal Improvement will re-
ceive shock from which it will not
recover for long period.
AS fiscal agent, the Board Of Pub
lie Works has been, and under judi
cious management will continue to be,
OF great advantage to the Common.
wealth. SO long as IFS plans meet
public appreciation, it will call into
useful action the unemployed capital OF
individuals, making this productive TO
its proprietors, and beneficial to the
community. The,very debts which it
may be compelled to coatract occa-
sionaIy, will effec: all the beneficial
results, without producing any of the
evils attendant on a public debt-pro'
vided they are confined to limit,
within which the income Of the Corpo-
ration, after satisfying its expenses,
will certainly pay the interest, and its
capital surely reimburse the principal.
But if different course is adopted, this
Institution, instead Of being an useful
fiscal agent, will be worse than useless.
1t will then become positively mischie-
vous, acting as perpetual drain ofthe
Treasury and exhausting its funds,
repIeled often, as lis Golfers must be,
by heavy exactions from the people.
One of the great corporations created
for purposes of Internal Improvement, in
which the Commonwealth is now con-
cerned exclusively is "the James River
Company" The origin oe this must be
sought for 80 far back as the year 1881.
In tina! year the General Assembly pass
ed an Act. whereby they Incorporated a
Company under this name, with a capital
of SlOo, 900, divided into 500 shares, of
5000 each, for the purpose OF clearing
and extending the navigation OF James
River from Underwater upwards to the
highest parts practicable on the main
branch thereof. BY several other acts
passed afterwards, 1t was declared, that
the highest place practicable within the
meaning of the FIRST act, was Crows
Ferry at the mouth of Looneys creek in
the county of Botetourt and the capital
stock of the Company was increased to
700 shares. Of these shares, the State
became subscriber for $50, with which
the Board of Public Works was after
wards endowed, as part of its capital,
when this Institution was created IN 1876.
After the work for the acconpl Ishment
of which this charter was granted, had
been completed, or very nearly SO, it was
thought beneficial to the State, to i'm
prove the navigation of James River be-