Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-09-21
.l5,OOO.OOO
100000
S20,000,0


fore included as part Of the Stale debt,
cot less than Observation-Disclosures. oUUU.OOO
S20000000
For the two last mentioned canals loans have been al
ready negotiated to the amount Of 81 0OO but the
proceeds, with the exception Of the S9092O) have not
yet been peHdeJ.
In addition 10 the amount abovs stated, il may be
observed that sundry projects for other canals OF smaller
extent, have been more or less enteItaned including
among others, an extension recommended IN the Go
sernoss message in 1886 of the Erie canal from Buffalo
westward point Lake Erie less obstucied by ice:
the extension of the Black River canal into the mineral
districts of St Lawrence county: the continuation Of
the Erie canal the construction Of branch from
TO SOME proper point below The Overssugh and some
other extensions OF existing works Ii any considera
Die portion of these projects should be carried into
cuon the coat will not probably fall short of 50 GOO
The connection which it is proposed TO effect BY
Of ship canal between Lake Erie aud Lake Ontarn,
hiss been excluded from the above estimate, under the
belief that work so interesting and important in mi
ltay point Of view, will be constructed at the expense
and under the authority Of The General Government.
II thus appears:
l. That the amount which the State expend under
existing laws, for the enlargement and construction
OF canals already commenced. Will be $4,000 GOO
9 That the amount 10 he paid from time
10 time, for taking railroads for public
use, Whenever the State shall find it be-
neicial 10 the public interests TO do so,
,aay be from ten to twenty millions,
cording TO the extent of the works 10 be
selected: say.....:. ............... si5oOo,oOO
3. That the amount to he hereafter autho.
rized for the extensions OF the present
canals, may be ...................... S500O;000
Making total of.................. $40 100000
Il is not however TO be inferred that the committee
intend by stating the above sums to recommend an
pendlure TO the Of forty millions upon pub.
lie works. /, is certain that under existing laws at
least one half of that must be expended but
whether any portion Of The revenue will be appropa.
ted will Of depend upon the views Of the present
and succeeding Legislatures They wish merely TO be
destood, that If the Legislature from time TO time shall
see 1T expend that sum- it may be safely borrowed,
without imposing any burihens upon the people; and
that If The views Of the Canal COMMISSIONERS the
future revenues Of the canal, correct the whole
amount within thirty years, may be reimbursed and add
ed to the productive property of the State. 1t is not
Improbable that those no the habit OF decrying
our public works, may assert that debt is 10 be in
cured to alarming amount, to be handed down as
a gr;evoos burthen to all future generations: and yet
in truth shall only hand down what our fathers have
transmitted US, public works paid for and free from
debt and themselves afiordng the of still further
au.men,ng the power and wealth Of those who TO
follow
Nor will this event be deemed of all improbable, when
We reflect that within the last twenty years the canals
have come down TO us free from debt and worth
than twenty millions Actual experience has thus ia
miiisrized with the certain operation Of Of
revenue extinrushng debt created Cor public works
but for the sake OF presenting the subject in
perspicuous form, an arithmetcal slle suhjOned-
exhibiting the progress of debt within the
wears 10 tho extent Of forty millions and then the sue
cessive stages by which it will reach It's final cxngush
ment.
In respect to that part OF the annual report Of the
COMPTROLLER Of this State the finances referred the
consideration Of the committee, which suggests the
psdency OF levyiDg tax for the purposes Of the Trea
curry they compelled TO state that in their Judgment
no necessity exists for that measure They that,
from the year 1927, when the port of Mr. Wright
.ofh he hat ny
only be sustained by direct taxation down the present
time our fiscal officers have habtuay urged upon the
Legsaturehe necessity Of resorng 10 that method OF
leyyipo money for the of the Stale is not without
dfidence that the committee feel themselves compelled
wholly dissent from the experienced individuals who
for the last ten years. have controlled our public AFFAIRS
but after lsborous and careful investigation they have
been unable TO discover any reason why such mode oil
raising money should have been recommended In the
opinion Of the committee there is possible ground
upon which could be justified. The treasury is full
and needs repsnshng: and ample means provdec
for meeting the-fnture engagements OF the State. I'm
der such circumstances 10 subject the people the bur
then of direct tax, would be equally unwse and un
necessary.
II is stated, however, by the Comptroller and the
fact has been repeatedly urged in other official com
nluncaons, that Mr. Jefferson lays down the rule, tia
government disposed to cherish It's credit ''shoud
yer borrow a dollar without laying tax in the same
instant for paying the interest annually, and the prn
cipsl in given time" But the maxim is sound
70 the extent which is thus attempted be applied
II will be recoected that Mr. Jefferson lived in period
of war and was,efu expenditure; and in speaking Of the
consequences Of public debt re doubtless intended
refer 10 expenditures upon objects not of themselves
yielding pecuniary return-such as the public defence
the projection Of commerce. the expenses Of the civil
administration. No possibly exist for extend
ing the rule 10 debts incurred for public works. them
selves producing income equivalent to the interest
nor is it absolutely requisite that such revenue shall be
received sin the instant in which the debt Is crea
ted provided that will be realized within reasonably
moderate period may, indeed, be admitted that when
such result is predetermined, only 10 be realized at
PERIOD the ought be laid when the work i.
eommenced provided always that the government pos
eesses other pecuniay Of paying the interest
But then it must be shown that such auxiliary re
sources possessed, for otherwise there could be
necessity for levying money by tax for the pur
pose Of preserving pecunary funds which could be
more directly and economically applied the object in
question And this is the view which the Legislature
has taken of this question, from the year 1896 when
ahe State tax was discontinued down 10 the present
moment. Although annually urged to levy tax, thcy
have annually refused: but have fit to rely the
revenues from the public works, TO meet the demands
on the Treasury The result has shown that they
right; for although the State since 1925 has expended
in constructing lateral canals the Of 3O4 i.
has still remaining annual surplus revenue OF nearly
$500 900; and its peopl; ale free from taxation.