Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-08
SI40,755 ~

,,,, Sl4o,755 az
account OF permanent fund To this may
be added II small sum arising from the pre-
MUM ON the Portsmouth loan and another
from the North Western Bank
The disbursements will be US follows
Total of interest on all loans made and au-
tlorizcd SlOIO:ts 80
Add for interest ON 100000 for s''' ~
Winchester Rail Road 3Oo0 90
made 1900 90
Expenecs of Board of Public '~'' "
Blue Ridge Canal Turnpike 1000 OIL
Si25,2ls 80
Leaving surplus of s2l5I6 90
The result of this shows that if every dol
lar authorized to be borrowed shall have boon c,l Ca
the interest would be paid by the fund with surplus OF
2OoO OF the sums in tins estimate of disbursements
INC hrd and last items are temporary, the other items
only are permanent, amounting 10 600; so that i'm
years subsequent 10 1886 the surplus may be calculated
at $40 COO, the difference between i49 0 and no OO0
winch, surprising other obligations were entered into
IN INC meanwhile, would pay the interest loan of
half million in 1887 1t ought to be Observed that this
caenauon was based on the superstition that the tolls
IRON the James River canal would still be received nv
The fund IL the James River and Kanawla Company
should go INTO operation, there must be subtraction of
$50 COO from the receipts of the fund in 1876 and therc
after Should tins be the case, the Legislature would
nave to supply other keep up the fund
but 1t would be time enough to consider how this was
TO be done when the exigcncy arrived If the estimates
which nc had offered correct fear need be enter
tanned that shall be able the interest of this
1
aud during the next year the fund would be capable of
sustaining very considerable additional charge He
ocneyed tins company would he clog upon the fund
ana that II would soon meet the interest the loan out
oil It's profits The result of the Petersburg Rail Road
was encouraging. The State received upon it's stock.
the sum of ,000 while the fund was p,v;ny a OO,
interest only the loan for that work-inakinS clear
gain ON the States stock of $4,000 The gentlemen
from Goochand and WILLIAMSBURG agree i'm oS;ec,in. q,
the commonwealth entering into enterprise which
should bear the character oa obbing concern But
there was, Mr. r. thought ovcrfastidousncss in this
fnn Parb kr.t m
poVcchtS aiohc Were proposed, and where the stock
was OF so small amount that ;wo-thirds were within
the means ct those individuals directly interested in the
works. was not so necessary that profit should be look
ed But IN large enterprises like this became alb
soueiy necessary to compute the prospect of profit
mat individual capitalists might be induced to take the
stock, and that the State by her subscription TO them
might not cripple the fund. Those works thcn MIR n
said, which promised yield a return upon the INJECT
ct, ought hrst to be prosecuted that the profits from
them might enable the wealth to rive aid 10 others
less profitable but having claims upon the public patron
aSe rom other considerations. lie had not always
been IN favor of the schemes presented to this Housc
some ought to have in his opinion, the precedence of
others--some were worthy and some unworthy of the
ala Oh inc state and on each scheme the Legislature
ought to exercise ITS judgment. Our resources ought
rst to be applied to those works which were most
important 1t YVES impossible that all the improvements
demanded by the various sections of the State can he
made IN day or year. Time an essential ole
ment in the completion all great works and we ought
10 use inc same prudence in the application of our means
that mn individual would exercise in the management of
ms recunary affairs that the of Internal Improve
|
ne SAID he did not advocate all the projects which were
presented TO the House. he did not mean TO saw t,t he
was not willing to do all fer the extension of Internal
improvements, which the means of the State would per-
mt But hc wished those means iudciousv an
pned the most important works to receive the aid
Oh the state rst, and each afterwards take its turn
re looked to the fund for Internal Improvement as
the sole means of ciiectng the Improvement of the
State This fund amounted to So S33 OOO of which
nearly two millions productive and Welded annual
~ an income of about 100000 Thus far that fund had
Seen Seen inl adequate to meet all the calls upon the
Slite ana wh Judicious management il would still be
suihclcnt, Notwithstanding the membranes ALREADY
resting upon it, But should it prove insufficient lei i
be augmented He had been willing and had
SO declared when representing Western county
on TINS floor, to draw funds Tor Internal Improve
neht from the treasury, and lay taxes the Peo-
| PIE annually Tor IT'S support. fund had been set
apart Tor the purpose the resources of whict
depend; and IT, from the number and magnitude
OF the schemes proposed soud prove inade0atc and
gentlemen would find any means enlarono il y;tbonf
an increase oftaxes he should be inclined to concur in
IT'S augmentation lfthey would propose species of
special taxation for the purpose, would deserve con-
sderaton But, for the very reason that he waynot will
ling to 90 beyond the resources of this fund he felt the
more anxiety that it should be judiciously and econom
cay managed so that 1t might produce the greatest
possible degree good The most important imnrovc
ments such as would return speedy and certain profit
DC the hrst to receive the aid ofour funds in order
mat the resources ofthc fund mig lcsscncd The
Ran Road in question of this description 1t would
impose small burthen the fund for years and
would then add to its income If they looked at the Pc
tersburg Rail Road, fair view might be taken of tho r
suits of this scheme The States subscrintion IN s,
work productive this moment of a laroer proG
than all the other improvements in the Common
wealth. The State holds stock in works other Than tho
fetersDurg Portsmouth, and Winchester Rail Roads TO
the amount of about $J47 600 which the income dur
during the last year 5,lG2 dollars or ont-third
OF the prot on the States Investment in the stock of
uie PETERSBURG Itaf Road Company, during the same
period 1t was than reasonable to anticpate 81
,nar results from similar inyestmentn the stock of the
Ffedcrlcksburg Company-Ile therefore trusted the
House would not permit application for the Common
wealth. ana To work important he defeated: lint
that they would apply the OF the State in aid of s
completion
MIR. Watkins to say few words in reply to the
remarks OF the gentleman from Petersburg lie had not
intended to make unfair statement as II the estimates
OF the cost of the Petersburg Rail Road In his former
observations lac had admitted that warehouses inclined
planes, dcpCts, &C. included he held the first rn
port OF the Engineer in his hand land found in il these
items.
| Mr. Brown said, that the gentleman admitted that
warehouses; depots, DC included in the report but
docs lac nd In 1T any estimate of the of locomotives
and cars! The first set Of locomotives &c cost so 600
dollars and he presumed the second had cost the
sum- which accounted for 800 900 excess of tho cost
over the first estimates.
Mr. Watkins said, he excepted locomotives and cars -
The hTst estimate Of the of the road WAC O O0O
Surprising the moving power have cost the additional
sum OF $lOOOOO, we have aggregate of $3.50 OOO--
but the last report that he had seen had stated the ult
mate cost Of the road at S5SG,000
Mr. Brown remarked that the last report of the Boar
OF Public Works had fixed tic of Tie road at 3 GOO
dollars. ''VV
Mr. Watkins said that his authority was letter from
donald Mckenzie, President of the PETERSBURG Comma
ny, addressed to the Board of Public Works and in that
etvT te enure cost OF the work stated at $3.50 GOO
Nr brown said he had not seen that document
DIT Natklns-Ihat IS no fault Of mine.