Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-04

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portion OF the sum of S402 Ill III invested in
stocks, belonging the fund for internal improve
ment, aud TO which no quotation ofmarket value were
affixed, valuable to certain extent" &C. &C.
The probability that some market value is affixed
| or may be fixed, upon this Immense SUN of SlO2-
III III, but that this sogacious officer knows of
none, is strong testimony that these stocks are worth
very, very little. Again. the same officer says in
ms report Tor the year ending the Both OF Septem-
Der last: "The aggregate p,ypen,s made since the
establishment of the fund out Of its revenue, on ac-
count oil subscriptions TO Improvements carried on
ny JOINT STOCK companies, amounted on the Both of
September last, to S73l,474 "a cens-ond when all
'le Instruments payable on the subscriptions alrea-
dy made are discharged, the aggregate will he SS0l
996 30 cents The total receipts from dividends ON
| the aforementioned subscriptions during the last
year, amounted to $500 GA cents, including div-
dend of five dollars per share, or 625 dollars de-
clared by the Upper Apponatox Company, not vet
| received" Compared with this, n dividend that
would not reduce the stock below 10 per cent dis.
count, may be, with some justice, claimed as be-
ing praiseworthy but whit system mus, that be.
10 i'cit such results But, sir the bill now in your
hand requires the State subscribe $4,000 to the
portsmouth aud Weldon rail way, with the perfect
ana undeniabic understanding, that if that work is
successful 1t will be so in the direct ratio of its
'esscnmg the profits of the road, already finish
ed and paid for by the Suite and private stock
holders, from point i'm the immediate neigh
borhood of Weldon, on the Roanoke, to Peters
burg and, rs far as agency can go by this
".Pp'opio'oh, IcuuCc ING STOCK Oh tie PETERSBURG
Railway toa point greatly below ten per cent
discount, and in proportion to the reduction. in
crease the draft upon the Treasury to make up the
aencit IN It's ability to pay into the Treasury much
as Is taken out TO pay the interest Of the money bor-
rowed to make the subscription to its stock: and
this $4,000 10 be borrowed by sale of State stock
and furnish another unfortunate and sinful proof
OF the high state of public credit have but little
to do with the detail of small differences in the pro
babie cost of transportation of produce upon one mr.
tue other oil these I
| to us who are not connected with tho work, and
cannot be very important TO those who are. 1t is
sufficient to the Roanoke people, that they have
TWO artificial communications with markets con-
nected with the Chesapeake made at an enormous
expenditure Of public money,-and with these /
am disposed to think the people of Norfolk and
retersourg bound by every principle of equity, to
remain satisfied, until other portions of the St,te
have been accommodated by as large sums as have
been expended for their accommodation
There has been expended on tho South side of
James River, from the Petersburg railway TO the
ocean, from the State Treasury S13J 500 and from
the Treasury of the United States 100000: which.
taken together, makes the prodigious sum of s635
5OO, expended for the sole purpose of increos;nu
the commercial sphere of action of these two Cities
ana the country that will seek them as markets for
'her produce pass over, sir, the large sums of
money from the Treasury of the United States that
mas Deen expended in the immediate vicinity of
Norfolk. have been pleased to see H. Ms teniing
TO defend our eastern frontier, and make a naval
NN'h w ous i>"Ny, convenient 10 the NAVY. md
beneficial to u.s. by increasing the importance of mn
OLD VTginIa town. 1t has been our due too nv ,
iT RUE OF distribution of the funds of the Nation
al uoVerhment-consitutiona in its character and
ooiensurate win our character and importance
III the Union. There, too the very position have
commended Tor, of fair equality of claim and dis,r;
pu'lon according to taxaiion is distinctly recopniz
ed Now, sir, ought not our feow-citizens of Nor
ioiK ana portsmouth TO he satisfied, nay, exurnrly
Pleased or otherwise, hope they are pleased and
VIII contenedly await, until they see other nors Of
the State, gradually, tho slowly arrive at that state o
Improvement, which fair distribution of the funds
Tor internal Improvement will give TO each, by n
gradual, well revised and corrected mode of onv,,
ing It's proceeds 10 their benefit. This is moi The
time nor the place to discuss the propriety of est,
pushing that fundit is DONE and it comDorts with
my creed to submit as cheerfully | may to evils
cannot correct or avoid. Norfolk and it's vicnage
Petersburg and It's vicinage having received LARGE
sum from the public purse arc bound TO remain =, :
isted until other sections of State Ina We been f,r
nished Proporuonae sum according TO their popula
ton and taxation: as, for example the countrv nm
the south side OF james river, from the PETERSBURG
railway down, contains about oneeirhtb of the
state, estimating by its Senatorial representation.
which suppose will be sufficiently accurate for INV
present purpose; ana having received $685., 800 or
somewhat over 100000 to Senatorial district.
should wait until other portions of the State have
received at the rate of 100000 to a Senatorial dis
uIct, IN some advantageous works which thew mov
conformity or separately fix upon. But, sir how
"i'' ."O "CCou"t III olIIeT SECTIONS OF the State? i
nave, sr IN pursuing this subject, ascertained that
IN the whole country from Culpeper to the South.
as far as the North Carolina line and from the
mountains TO range of Senatorial districts, touch
ing the head OF tide water, that the whole amount
expended does not much, if at all, exceed SS96OS
rms tract OF country embraces seven Senatorial dis
trcts and have no doubt embraces n f;,ir propor
ton OF wealth, taxable property, and population-
ana would compare with any other part of the State
vi equai extent IN those respects, and therefore
should receive, hy this rule Of computation obo,,
2,l0O,OOO dollars, before these two districts can
again call tor more from the common purse There
Is another advantage in this plan: for by it we shnl
necessarily proceed with less runous haste than
heretofore; and more good will result from an
equal expenditure so that by tie time the urn of
the two districts that have received shall again come
round, we shall be probably wise i'm CONSTRUCTING
works of Improvements.
The consideration of what is dine In tho c,;,, sc
the State in her connection will, these COMPANIES
constitutes another objection to this BILL The ;o;ni
stock plan of Improvement is the successor of ,bnt
which terminated in the disastrous and abortive ar
Temps at improvement, which gave us injury in
Stead OF benefit and large expenditure with an in
crease OF tax, in the form of tolls, with rather
INJURY tIan benefit TO our former powers of trans
p0riauon ana conveDIeDce-one of the largest
OF which operates upon the whole, or nearly The
Whole tobacco-growiDg region in middle Virginio :.
Tor, by the fiithless tariff Of tolls upon the new
canal, the tax Is increased TO near 100 Der cent
upon its legal sale, without cent of adyantooe =
We have hoped rather than Jeii,ped that the ioin,
stock plan of Improvement would eventually reliove
u.s. Shall this hope be destroyed by the passn 90 oc
n bill, which will distinctly say to capitalists Won
can nave no assurance that the investment which