Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1834-12-04

po'ot ~ n. objects Of the COOPERATION but do
eieni'o ;. :, 20 beyond tnat. Even ejacaiion
moi perm. :. narchased at too high a price, espe-
r's' NO. ~ that price must inpoverish honest in
si'hy I'd increase the difficulty of acquiring lis
o'''!..,nea means of support.
haiae -, ,,eat Corporation connected with the
hn''.,as of the Commonwealth, is '' the
.fa' - nnblic Work." This institution was
Boar" in 1916, and endowed with all the stocks
esao. III hv tho State, in dife rent Turnpike and
ths' comnanies, in the Bank Of Vreinit and Of
Gan" r.sncrs' Bank Of Virginia, and with all the IN
D iva State might a'qulrc thereafter as a bonus
o 'e' for The incorporation OF other Banks. or
"Pr Increase Of their capital, or the renewal of
tar,c,. These funds AMI their proceeds,
.,ab nom;nally much greater, cannot be Justly
a '"oa in money, at more than about two mil
=" # dollars, which may now, therefore, be con-
"J. os constituting the capital stock of the Cor
",;on The receipts fcom This capital are equal
.h,u, slI5 900 annually. -
srho object of this institution. was TO invest It's an.
n,os,s.. g. the proceeds Of such part oft capt
IT," might be thou st'i judlcious so 10 invest, IN
. wo,k of Intern ii Improvement, promising,
'py., completed, 10 be of advantage 10 the Com
"""sn.ol,h. and profitable to the other proprietors
Nv. g,t aware of the difficulties that would at
"a tho ;,,icious selection OF such works, the au-
IT,. Of the Corpo alton established a rule, by
'"ro, r should be governed in every case. When
w. uok of Internal Improvement was proposed,
= ,tcr the requisite surveys OF II had been made,
I'd ;s cost est mated h. %"fi;ers, ana at The expense
IN. Corporallon, three ftths of the capital deem
"A n.cessa,y TO- the completion ofsuch Il wo'k WAS
s,tscrihnd by inJ,vidia's, the residue was 10 &c
,.to, Inv the Corporation, and pad for by 1t ra,ea-
,J1 wi,b The slls advanced Ivy the private 10y
holders.
IF this scheme had been carried into full effect,
according to the original plan, II seems quite OBJ
yious. that all the funds of the Corporation would
have been ultima ely invested IN the stocks of com
porauveIy small undertakings, to the completion OF
with The cn,efarizs anl unardeA cJpItol If lnliyi-
dll, xo,li have been pcfe:.y adequate, waile
great works, the very magnitude Of which would
nrryen; the cnnbiaatioa of a sufficient M 1tGe, OF
Individuals to subscribe The proportion necessary TO
secure the cooperation of the State, would never
Lave been carried into effect. Thus, while some
p,rial Improvements might have been mad, no
work of general and permanent uiili,y woili
have been accomplished and the great OBJ c
Of The corporation must have been defeated, The
discovery Ct this was at last made, but not until
more than 5000 900 of the caoitsl of the institution
nu uctu iISts'-d III u'i'S' M S''N<
Cd, o. in tnose the proii S Of which are qliic inc)as
siderable, or much less tn n the ayeraec rate Of
pof, in the country generally.
TO remedy this deflct II N l.h ,alion of the org
rl an was a iop,cd. The Conn1awetih asst
med upon itself, exclusively, the completion OF cer-
tain great Thermal Improvements, in wlic =, fon
their very nature, the corporation Of Il s%uiiiciena
Of individuals could not BE- expected, leav-
all others, dcem3d oflcss gan,r1l utIlIty, TO
he support ofthe 3 ,nld Of Public Works. Flas
Nc subj ct Of in;ctnal improvement has become
Iylcd into ~parts-in one OF which the State is con.
tunad exclusively, wh.ls u the Other, ia 5ot.dot
Phil. Works is bat a co-plstner with ial,yilhals.
The effect o fthis division OF the pablo Inte,cs's,
h been attcn led with some hazari already, and
,nless much discretion is used hereafter, will be
,ainous to the Board OF Public Works, and serious
" ennressiye u the State itself. The flnds OF TIE
not being equal to the im MEDIATE ac-
co II, lisim nj OF all he g, AZ "tJefts IN which fht
CommonWel In was concerned exclusively, and 10
the advanccal n, Al the san: tn, pl the . hers ii
when the Balr OF Puhic Works @as Interested a
a co-parinerw With Id Vdat. 10 SUP. ~ HE dSl-
eicn,y, resort was tai To loans. Ihe payments o.
II. interest and the rrtlEA Irsea,enl ct tle Frtnei1ti f
ofthcse loans wcra charged, IN tie first las'anec
upon the stock for the ba0ei Of winch the loans
la been # -oted bI' should this prove INSULT
cent, the funds al tue Board Of Puolc Works were
Saadc subject 10 these payments aud should a do
acirrcy sill exist, the Treasury itself was made
u'roun'ablc for il.
The example OF relying upon loaas Cor the ac-
complishment OF such public works beins once set,
was soon followed in the case of works TO be con-
sructcd at the joint charge of the State and of IN
~diyiduaIs. Large sums have been borrowed II en-
aMe The payment of III, Subscription of the Corpo
ration to these works also. The payment of the
interest and the reimbursement of the principal OF
these loans were charged, IN like manner, upon the
0rlor,tc funds, in INC first instance BAT should
these prove Insufficient, tue Treasury itself, as DC,
tre, is made chargeoble with any deficiency.
Thus II has happened. that wh,!c a co"sijcfa9ie
potion of The capital Of This Curporui'on has been
invested in stocks absolutely %unproil i've, o. 'ety
nearly so, the whole of this capital Is now charged
with the payment of the interest aud reIinDafseiheh'
Of the principal of large deb's, and for when inc
Treasury i'salf is ultimately halle. AS !e, nc
,n'ome Of the Corporation IS tgaal 10 inc sa'lsiac'
lion OF all its expenses, an to the payment Vi ne
interest charged upon II. II IS believed also, 'ha'
The col ltal is sufficient TO discharge The pr'ncIpal OF
all lhcse debts. But should airy ADDITIONAL bnrthen
be imposed upon THIS Corr Grafton, al this time, II Is
pfooaDie that lis means "ou'u hot l IL " N :
is engagements, without lnipalriig ms c"P'a'. IN
-sat event, it ia obvious that, ere long me whoie
Weigh, Of al! these engagements mast iNI upoa Sio
Treasury, when to preserve The crea't OF We o'''e'
new and burthcnsomc taxes must tc IMPOSED upon
.he people.
II prevent such ii result, | recommend to you
nos earnestly, that no new charge 81 'h'loseu
.pon this corporation, at present. In " few years
/ sovnar,od % ,,n6J ,ntlv th Il all the works
inwh,ch it is concerned, and which are now IN
progress, will be completed. Unless individuals
have been greatly deceived in tn If estimates OF
the az ncts oc H. u.n.ls thn finds invested LII