Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-02-03


pursued by this State, avoids the objections which
have been raised undertaking works upon public
accounts that to the public facilities for raising money
1t unitcs the sogacity of private interest Let US then
sir take the suppositon true upon which this theory
proceeds let suppose that any work thus undertaken
affords profitable pccuniory investment otherwise
individuals would adventure their capital; or
cover the whole ground proceed let take that
the work would add its cost TO the aggrpate wealth The
nation lsmoniiest then, that upon either of these sup
positions, If have reasoned correctly the conclusion
to which have sought TO lead this House, that private
enterprise, either individually in corporations would
be adequate and willing to the task. Why leave TO
thcm Docs trade constitute any part oftc functions
government Are to constitute ourselves into great
stockobeing corpora ton and set about the task of
KING money for the peopc' Sir will not pause 20 con-
side the absurdty of svch idca but myself
with the conclusion, that if the work be- profitable in
national point of view, the better mode of executing IT,
by private enterprise; and that if will add its cost to
the sum OF national wealth. in pecuniary point of view,
itwould be lmpolitic to make any investment. But
shall be met with the reply that from the things
IT Is impossible that work undertaken upon these prn-
ciples, can be improbable i'll national point of view
unless individuals have egregously mistaken their nc-
rests Sir think am prepared TO demonstrate the oppo-
site II there be any truth i'll figures by Illustration
only possible but probable Let suppose that the
ket rate OF interest is per ccntum-thlt given work
will yield profit OF per cent upon its cost that TO
the property of individuals affected BY the work il adds
the value of $40 for three hs of every 500 invest
ed in the work. 1t is obvious then upon an inspection
OF the results, that if the individuals just to- sub.
scribe the threcfhs each of them receives upon the
share OF $780, the profit of the share, which ST. and
81 40 upon the increment in the value of his property
whilst the State receives but per cent and the work
ITSELF viewed in all its relations, yields something less
than per cent, which ought TO have produced in or
der TO have been equal in value the money expended
on its execution. Why then, sir should the govern
men run this risk by interference which, for reasons
given before, can effect no good But MIR Speaker
here is another point of view in which the comparison
between the public and private systems presents the ud
vanages of the latter i'll still more striking form Sir
1t VIII almost always happen, i'll relation to any parti
cular trade, that there two rival interests contend
ing Tor it. We have seen an illustration Of this in the
Legislation of the last session of body. mean sir
the case of the Petersburg and Portsmouth, Rail Road
public investment had already been made in them
and IT was admitted that the trade would suffice for
Two III was obvious that the second investment would
either be thrown away, else that its effect would be TO
destroy the first But the other hand it was equally
manifest that unjust after having forced the Nor
folk interest to contribute TO the rival work refuse it
an equally pacrna assistance, because the rival work
was now in existence. The moral sense revced ut the
idea OF making that section of the country like the Ate
man OF DID, pay the price of the very poison which was
to destroy It, Placed in this demma-forced TO be either
chose the latter alternative And so, sir will ever be-
until we have established double and suicidal sy stem of
internal mprovemen-until we have established sys-
c arising not out of the necessities of trade real
wants OF the country but looking chiefly TO pro rata
distribution of all tho money which can be borrow
ed upon the public credit, amongst the different
sections of our country, laying claim to lust pro-
portion OF the Treasury spolls. Yes, sir, it must
result IN the establishment of system, which, look
ing to other than its legitimate ends, and having been
executed without just reference to economy will be
unable TO enter into successful competitions with the
viii
nave been completed by the more efficient and economi-
cal processes of private enterprise Let us look now
Mr. Speaker, to the other side of the picture and view
the more simple and beautiful process through which the
natural laws of trade would lead We should see
corporations sprngng up which, with unity of purpose
would concentrate their energies upon one object and
thus effect, in public affairs all those advantageous re-
suits which arise from division of labor in private
workshop. We should see them proceeding not with
heterogeneous ends and conflicting purposes but with
perfect steadness of aim, hc from the operation of dis
turning causes and true TO the law of their creation
Ana tins result would be system of internal improve
men sprnging from the necessities of the country and
regulated by the interests of its people As the rivers
which gladden. the face of the earth ebb and flow under
the impulses of gravitaton too will the streams f
commerce, if left themselves take their direction of
interest; Tor as gravitation the mighty principle which
gSSsESi tba shy seal SaS.se SO interest the great
~ governments will n2t be conten0to wait
until time matured the necessities which demand pr
vate associations for works of this kind if they will n
dertake them under the vain hope of egisating nation
nj wealth into existence, the result viii probably he
that whilst they themselves before the necessities
which require such action, their execution will be bc
hind the spirit of that age which will really need them
and instead Of system of improvement gradually arising
out of and regulated by the real of trade they
viii establish one upon visionary speculation and
cripple the exertions of posterity, by the burhens
which it imposes Of all the illusions which have pre-
vailed in governments, verify believe that none has
been so pernicous that which supposes that national
wealth may be legsated iato existence Sir it would
be happy for mankind flegisators could be taught
TO believe that when they have secured to labor its Just
rewards and left industry free follow the promptinps
OF its interests they have done all which can do To-
wards increasing the prosperity of their Comm wealth
But alas for the welfare of the human species the
political alchemstis still abroad, filing the world with
his vain concets and fantastic invasons--the fruit
full parent of restrictive systems and trading leas
ation. He is ready with some schemes for
transmitting paper regulations into national wealth
SIR would be the last in the world disturb the
high and holy magnings OF the patriot or to break the
golden thread OF those visions which wrap his spirit in
ITS dream OF s countrys glory. And if he would be
content to cOntnc himself to his land of shadows could
take pleasure in contemplating the spectacle of mind
thus engaged. But he will undertake to regulate the
concerns Of real life, by his impraccabe dreans if he
VIII insist upon ordering the motion of the great springs
OF human industry, he must ALLOW ate him. that
eer the aws which Nature has ordained for the rcgu-
laon Of trade to any which he make for Inc and
that as must move, would with the machinery
Of NatUre-not against it.
Somuch, Mr. Speaker, for the first position which took
IN the commencement of the argument. We come
TO the second branch of the enquiry and shall
endcavor to show, that there are no moral effects
flowing from this system of expenditure which would
justify It, upon the supposon that IT will add it's
cost to the OF national wealth IL is common TO say
that the moral advantages arising out of the system
IN question, than compensate for the pccuniary
loss and III this form the position whether or false
is impregEablc for this simple reason-that we can
not institute comparison between pccuniary losses
and moral advantages-Thcrc is no measure Gf value
common to both they not homogeneous quaint.
ties cannot add subtract them. Ii is false
issue in which | cannot Join; but this I can do
can compare the moral evils with the moral advantages
flowing out Of such expenditure; and if I shall
show prcpondcrance of the former shall then have
demonstrated the inexpcdency Of such expenditure
even in n moral point of view. If work which will
not add its cost 20 the of national wealth! nay more
stl1t frslI In. tho Gsf.f. IL