Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-06

point; and to pour over the unnecessary surplus
into the common Treasury, from whence the
capital itself first proceeded Fix the amount
of the capital to be acquired, at what point your
liberal discretion may indicate as sufficient tor
all the objects of the Corporation; but do not
permit it to go beyond that Even education
itself may be purchased at too high price, es-
pecially when that price must impoverlsh non
est industry, and increase the difficulty OF &C
quiring its hard earned means OF support.
Another great Corporation connected win
the fiscal concerns Of the Commonwealth, is
" the Board of Public Works" This institution
was established in 1916 and endowed with all
the stocks then held by the State, in different
Turnpike and Canal Companies, in the Bank of
Virginia and the Farmers Bank OF virginia,
and with all the interest the State might acquire
thereafter as bonus or premium for the incor-
poration of other Banks, or for the increase OF
their capital, or the renewal charters. These
funds and their proceeds, although nominaly
much greater cannot be justly estimated, in
money, at more than about two millions OF dol
lars, which may now therefore, be considered
as constituting the capital stock of the Corpora
ton. The receipts from this capital are equal
to about $4,000 annually.
The object of this institution, was to invest
its annual profits, and the proceeds of such part
of its capital as it mieh be thought udicous so
10 invest in any work of Internal Improvement,
promising when completed, to be Of advantage
to the Commonwealth, and profitable to the
other propretors of it, But aware of the diff
culties that would attend the judicious selection
of such works, the authors of the Corporation
established a rule, by which it should be govern
ed in every case. When any work o! Internal
Improvement was proposed, if after the requi-
site surveys Of it had been made and its cost es-
| timated, by officers and at the expense of the
Corporation, three-fflhs of the capital deemed
necessary for the completion of such work
! thecr iha1 Nv ipHi vi no
to be taken by the Corporation, and paid for by
! it rateably with the sums advanced by the pri-
vate stockholders.
If this scheme had been carried into full effect
according to the original plan, il seems quite OBJ
vious, that all the funds of the Corporation
would have been ultimately invested in the
stocks Of comparatively small undertakings, to
the completion of which the enterprise and I'M
aided capital of individuals would have been
! perfectly adequate: while great works, the very
magnitude of which would prevent the combi-
| nation of Il sufficient number of individuals to
subscribe the proportion necessary to secure the
| cooperation OF the State. would never have
been carried into effect Thus, while some par
ta improvements might have been made no
work OF general and permanent utility would
| have been accomplished, and the great object
of the corporation must have been defeated
| The discovery of this was at last made; but not
until more than 5000 900 of the capital OF the in
sttution had been invested in undertakings since
abandoned, or in those the profits of which are
quite inconsiderable, or much less than the
average rate of profit in the country generally.
To remedy this defect modification of the
original plan was adopted. The Common
wealth assumed upon ITSELF exclusively, the
completion of certain great Internal Improve
ments in which, from their very nature, cO-ope-
ration of sufficient number of individuals
could not be expected leaving all others, deem
ed 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 concerned
exclusively; while in the other, the Board of
Public Works is but co-partner with lndividu-
ais.
The effect Of this division Of the public inter-
ests, has been attended with some hazard alrea-
dy; and unless much discretion is used hereaf
ter, will be ruinous to the Board of Public
Works, and seriously oppressive TO the State it
self The funds of the Corporation not being
equal to the immediate accomplishment of all
the great objects in which the Commonwealth
was concerned exclusively, and to the advance
ment at the same time, of the others in which
the Board of Public Works was interested as
co-partner with Individuals to supply the def
cheney, resort was had to loans. The payment
of the interest and the reimbursement Of the
principal Of these loans were charged, in the
first instance, upon the stock for the benefit of
which the loans had been effected: but should
this prove insufficient, the funds of the Board Of
Public Works were made subject to these pay
ments: and should a deficiency still exist, the
Treasury itself was made accountable forit.
The example Of relying upon loans for the
accomplishment OF such public works being
once set, was soon followed in the case of works
TO be constructed at the joint charge OF the
State and Of individuals. Large sums have
been borrowed to enable the payment OF the
subscription Of the Corporation to these works
also. The payment Of the interest and the re-
endorsement of the principal of these loans,
were charged, in like manner, upon the corpo
rate 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 considera-
bic portion of the capital Of this Corporation
has been invested in stocks absolutely unpro-
ductive, or very nearly SO, the whole Of this ca
pital is now charged with the payment of the
interest and reimbursement of the principal of
large debts, for which the Treasury itself is ul-
timately liable. AS yet the income Of The Cor
poraton is equal to the satisfaction of all its
expenses, and to the payment of the interest
charged upon it. 1t is believed also, that the