Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-29


sembly. The subscriptions actually made by ihe 1os'
monweath on account of works of Internal Improve
ment and the interest of which is directly or narscy
payable out of the fund OF Internal ih'pso's"'"''
''h0u ,hs er on ,Te Isl Oh last 'a' l74Gl51 90
Amount already borrowed, 3ioo,nuoo w w
Amount remaining 10 be borrowed, looo,Vo w
The annual interest the amount borrowed, Is aoous
elm O0O 90 while the regular annual income Of The
fund of Internal Improvement is 1000 w. 60 men,
tn. annual income of the fund falls short Of paying the
annual interest now charged omit by $4,000 o. when
interest viii be $274,G6o 50
To which add interest at 5 per cent, on o,o ~
So $3.50, 100000, new loan, %Si 'o'" w
s5e5,7l9 SO
The aggregate debt on account Of Inter
nal Improvement, would then be $lO,576 loO w
The annual interest on the saine ooo,nS oo
How is this large amount Of interest to be pa'd: mol
bv the income Of the fund of Internal improvement
for that fund actually unable 10 pay the interest AREA
DIV charged upon it, and The House will remember lhal
al The opening of the present session. lhe Governor III
his message: called ouratleniion to The iact ana RECON-
mended for our consideration the pfopriely OF making
early provision for the payment OF The interest on the
debt of the Commonwealth. This suggestion was en-
forced the Report Of the LIST and Cd Auditory and The
former also advised increase OF two cents on tue ano
tax, and FIVE cents more each taxable slave. But,
difficult as ii is 10 show the ways and means by which
we shall be enabled to pay this annual interest OF more
than half a million, the gentleman from Augusta (Mr.
Stuari) thinks that the financial table which he exhl.
bltrd The House few days ago, is sufficiently clear 10
convince all unprpjudiced minds. His data are pausl.
Die and specous, but think TINT some Of The premises
from which he derives his conclusions radically er.
roneous, while in other instances, he draws conciu-
sion which cannot regard sound and legitimate.
The gentleman from Augusta, relies upon The an
nual revenue of the fund of Internal improvement,
of paying, IN part the interest on ihe
debt To this have no objection. Tie next takes that
portion Of the Federal revenue, which we received on
.,.L. ynC thu tn GDpa
more correctly that part Of this money, which we have
not already expended and which he considers fund,
the annual profits of which, should also be applied 10 the
payment of interest His financial table is based upon
the assumption that the money deposited with Virginia
by the Federal Government is not 10 be returned at ALL
if returned that it will not be Till the several works
recommended by the committee shall have been con.
struc,ed. The money received of the Government OF
the U. S. was not intended donation, nor was 1t &C
cepted az such by this Commonwealth. On the con
trary il was rendered and accepted bona dc loan
Virginia received $2195427 SO cents, for which she
executed her bonds for The payment when called on and
if upon such basis, you borrow money and attempt to
your grand superslrncture you may find when loo
late, that your edihce built upon sandy and un.
substantial foundation. We have guarantee that the
money will not be called for before lS40 and maintain
that is improper unsafe and unwise 10 borrow money
and rely upon the amount received of the Federal Co
vernment to furnish means wherewith may pay
portion Of the annua! interes, Of large debt
Again, the gentleman from Augusta (Alr Stuart) has
assumed as lar eSmNle, lIhl VIII
derive interest of two per cent upon her
in the James River and k1nawha improvement and IN
short time thereafter interest ct four per cent, and
that these revenues being appropriated to the payment
Of the interest the loan, will in operation with
other revenues enable the Commonwealth to keep down
The interest on The debt The calculation does not ap
pear extravaganza yet confess that have idea that
il can be realised. Notwithstanding the high eulogum
bestowed upon The improvements OF New York IN the
Report Of the Committee, happens that in N. York
FIVE out Of seven canals {made too on the State panD
are annual charge upon the Treasury of that State
The gentleman from Northampton (hlr. SegaI) was |
OF the fact, and endeavored to account Tor on
the ground that those FIVE unproduc,ve canals bad been
but few years in operation and therefore, large reve
could mol be expected from them. II then, five
canals in New York reproductive nr The reasons as
signed by the gentleman from Northampton. with what
ptoprie,y, ask, can we calculate deriving haad |
some income from the james River and Kama via i'm.
povement at early period The year lslO? II the
argument of The gentleman from Northampton be cor.
rect applied 10 York. is equally so when apPll-
ed 10 Virginia. and if correct here, prosiraes part OF
The financial data of the gentleman from Apgusls W.
less the works now IN scH bs nroabe and pro
duc,ive investments, Virginia cannot calculate on re.
ceving much from her works OF internal I'm.
proyement In 1887, Virginia had one million one hun !
bred and ninetyegh thousand dollars invested IN works
yielding dir.dends, and two m,lons e'ghl hunorec
and nlty thousand dollars yielding dividends The aver
age dividends for yeats, prior 10 1887 being $50,
600 co. which is equal TO about 2 per cent upon the
productive investments, and per cent. upon the 1etoe
in ves,rnents.
have endeavored to show that The existing liabilities
of the State SUCH that The profits Of The fund OF In
ternal improvement insufficient to pay the interest
already charged upon that fund, and that therefore, the
interest on new loan cuunol be paid by that fund; that
the financial estimates Of the genuemaa from Augusta
based upon data and the differences drawn
from them ncuncusve and unsatisfactory But, IL
the House should think that the and resources Of
the State will large lnan, contend, TINT this
ia fur npu loan
able In onence of The late Commercial re-
vulson, the confidence Of European capitalists in the
credit and securities of the several States Of the Union,
was much impaired; and surely there is nothing IN the
continued suspension of specie payments and deranged
currency calculated 10 revive and strengthen confidence
When the banks of the u S shall have resumed specie
ayIens geneIaily-when the diversified operations OF
shall again prc-ed in their accustomed ciaa
nes and confidence be restored hone and abroad then
and I'LL then, expect TO negotiate loan on
favorable terms.
Again; the Committee have informed the House, that
they consider the proposed scheme but the scum.
nenc men of an .'expanded system of Improvement
regard as tending to the creation OF an "e1Panded
and oveshadowing puLIic debit and therefore undeserv
ing the upprobution Of the Legislature. Should this
scheme pass, the public debt of Virginia will be thirteen
millions Of dollars How is This deb, to be paid: BY
profits arising from your works ofnerna improvements
No. never; nnly be paid by hard and grinding tax
alion such as the people uf this Commonwealth have
scarcely conceived, much less experienced The pay
.nent Of such debt will not, think, prove to be so
easy matter the Jealous friends of Internal Improve
men, here and elsewher', fulter themselves it will be.
And if this plan of the Committee prevails and it should
prove to be only the commencement Of great sys
,em the time is perhaps not tar distant when the sen.
eruI Assembly from an unwlingness TO impose taxes
sufficiently high 10 pay The annual interest Of the debt
may be induced to augment lb. banking capital of the
State, in proportion in reference to The wants of
but with view OF obtaining bonuses, which
would supersede, 10 extent, The necessity Of op
preksve taxation. Such event could not be- other
wise than deplored BY every friend Of his country.
Sir, otjrc, 10 the proposed scheme, because
scen,iousy believe that it is uncalled for by the vuce
and in Advance if in opposition the sentiments of
the people of Virginia upon This subject advance
exclusive claim know The opinions of the constituent
body take leave, however, to think for myself and