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

init TO be true. The State subscribed $COOO0 to that
enterprise, $4,000 Of which she had 10 borrow at an
annual charge Of 900 Interest," but the other $50 900
she paid without interest out of the annual income of
her Internal Improvement fund Now, although the
State pad no interest $oDOOO yet and it cquiva
lent TO the same thing she loses interest upon
IT. The result Of the matter then is that the Strte pays
per cent on her investment in that work. and receives
THIS year, 10 per cent in dividends making her p,iner
TO the amount OF $4,000, and not $4,000 c gentle
man supposed.
When the bill Incorporating this Company, to which
two-iths oil the capital sum is asked behalf of
the State before the last Legislature il was not
challenged, that MIR. McD recollectcd by any one in
the House of Delegates, on the of its II
passed THIS House with general acquicscencc and was
returned to it from the Senate with an amendment
which prohibited the State for 30 years from
any other rail road, two specified ones excep;cd the
probable effect of which would be- to diminish The
profits of this This amendment odious To him
both from the exclusive principle which involved and
te peculiar circumstances under which il proposed
To be enacted He had therefore, resisted the time
with carncstncss fnot with vigor and amcntcd that he
had been left to encounter single handed and alone
much OF the active intellect of the House which had
been arrayed in its defence The General Assembly had
Just passed the Portsmouth and Roanoke Bill and had
thereby forfeited, IT said out of the House. and
perhaps IN IT. the public confidence in the stability and
integrity of its legislation. 1t this moment and
with this charge ringing in its ears that guarantee
against any similar act Of alleged violation of faith
was sought to- be cxactcd The Legislature was call
cd upon TO ratify this nnputation upon itsef-ds-
claimed indeed, but nevertheless substan italy implied
and submit its hands to be tied that it might be efectu-
ally prevented, for 80 years come from incrcrinu
VAIN ie profits OF tins Company, by exercise
Oh its awcss and ibcrtinc discretion. lie did feel
guilty of any transgrcsson whatsoever in the natter
charged, and could not and did consent to the pro-
position which inferred it.
Upon principle, he had also objected to this guaran-
tee He did not believe, that it competent to the
Legislature, Professionally to suspend its guardianship
over large part OF the public domain for 30 years or
Tor any other period whatsoever If State constituted
only for the general welfare of its citizens part with
her power IN any one case TO provide for that welfare
necessity justice may demand part with in
other cases also; and may thus progressively surren
der her entire sovereignty by parcclng amongst
railroad and canal corporations. Mr. Nc d. said that he
would not enlarge upon this matter of the guarantee
hc had resisted il when offered and still protested
IT. as unsusaincd by any just admissible principle of
cssation 1t was, however, carried his opposition
was part of an existing law-active operations were
gong ON under itand there nothing in it, which in
his Judgment, ought practically prejudice the present
application Indeed this application TO make the State
partner in the Company, is, perhaps. the only mode
lett by which the State alleviate any i'll result which
may arse from the monopoly she has granted She may
do this, by participating in the government OF the conf
pany and in its dividends of profit
Mr. AlcD. said, that the results of this enterprise as
they would probably be- had been foIcby exhibited
by the gentleman from Richmond City, on Yesterday
that little need be added He did not concur with the
whole argument by which that gentleman supported the
proposition for the State 10 subscribe for twos of
Stock, bat lac did entirely with that portion of IL in
which lie illustrated the expected proftabencss of the
work itself lie had given attention the esti-
mates and believed that they would be realized Per
haps railroad South of Washington could promise n
hope for any equal portion of that travel and of
of that profit which this may expect AS to the
sum now asked for, ($25OOOo3 it is undoubtedly
very considerable; but his examinations had led him
to the conclusion, that, if granted it would be only
nominal charge upon the State. BY the Bill $ll0,-
900 asked for this year, and the residue would
be payable about the last of year Now il was
well known that if the State borrowed this $50 900
dollars, and issued her certificates for it, irredccmabe
for 20 years. that she could sell those certificates of debt
at premium of from . TO per cent. This premium
therefore, would pay the interest upon the whole sum
borrowed tor one year. or upon any portions of that
Tor the year within which such portions were borrowed
As the work IS expected to be completed in November
twelve months, the premium will pay the whole charge
upon the loan up to that time and the dividends of the
company after that, will be forthcoming and available
for relief Should the dividends equal the Peters
burg Company. and there is every believe that
they WILD the State will be gamer by the invest.
ment, and viii have done in borrowing the mo-
ncy Tor the work than to advance the credit her good
nameAlr. Med. said that he would coniinc himself TO
this general view, and not fatigue the House with the
\ particulars which it rested
Mr.. Brown said that the gentleman from Rockbridec
and himself mainly agreed in their estimates. 1t was
but Justice TO himself however, remind the House
that lie had stated III assuming that the tolls of the
James River Company would be received hereafter by
the fund tor Internal improvements, that was contn
gent and uncertain He had said that if the new COM
pSny went into operation half Of those tolls would
be diverted from the fund.- and that other means of sus-
tanning the fund must be devised.
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