Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-03-08

circulation, diffusiug life and health, and ac.
/ ,ivity, through the whole social organization,
! come new, MIR. Speaker, 10 the consiJ
Grafton OF the last and most important point
Involved in this discussion. ! allude TO the
question, how Is the cost of the proposed
works 10 be betrayed? Here sir IS the STUN
bling block with many. All arc prepared
To admit the necessity of Intcrnal Improve
men's in some shape, but the difficulty is a.
bout pay ing for them. Many gentlemen say
remove this difficulty and we will unite
| heartily with you. l stand here, Mr..
! Speaker, prepared 10 meet the objections of
! gentlemen on this point, and whist claim
the fuliIment Of their promise il remove
their doubts, will surrender the scheme if
! fail 10 do so. Sir, have prepared some
tables on Ibis subject, which shall present.
| ~ submit 10 the House, and | invite the
most rigid scrutiny OF them. If there is any
inaccuracy in them, | wish il detected and
exposed. have no interest different from
that ot The Stale at large, and am therefore
as much concerned 10 avoid all error on this
subject, as any other man. All desire is,
that my views shall be fairly and candidly
considered. They may he erroneous, but /
have not yet been able 10 detect the error.
There are two aspects in which the ques-
ton of finance may be considerable upon
The supposiiion Of u direct appropriation Of
The principal OF the surplus revenue of the
United States now on Opposite with Virgins
Ia, TO The purposes OF Internal Improvement,
and secondly upon the hypothesis of loan
Upon the first supposilion, the subject is
easily adjusted. Let the two millions of sur
plus revenue be appropriated to the construc.
ton Of the works which are 10 he made on
State account, and let the charters of the
Danville and Junction, and the Lynchburg
and Tennessee Rail Roads, be modified, ia
accordance with the suggestions of the Com |
mttee, and the whole matter is settled-No
new Liabilities are incurred, but other and
smaller ones are substituted Tor those which
now exist, and no money need lie borrow ed
by the State until the individual capital is
subscribed under the modified charters.
But If gentlemen are unwilling To give us
the principal OF this fund but only the profits
upon ii, 10 be used in con junction with the
ordinary revenue OF the fund for Internal I'm
proVemenis and the profits on works that are
new, or hereafter may be, in operation, as an
interest paying fund, the following table will
shew how the interest on loan can be kept
down-the charges on the fund Tor Internal
Improvement eXiinguished, and the prinCi-
| pal Itself be ultimately reimbursed-The ell
ements of the calculation are few-The rev.
S"ue VI ihe idAu IHr internal improvement,
and the charges on il are derived iraIn off.
cial reports--The profits ON this surplus re-
venue are assumed 20 be but per cent
The estimates Of the probable profits on the
various improvements, are, of course, con-
Jectural, but ii have committed any error
on this point, ii cor sists in estimating them
too low. For example, have assumed the
prohl OF the James River canal 10 be only
per cent, or $50 900, near two years after il
will have been completed 10 Lynchhurg,
when ii is well known that the old canal
| which was but Is or 20 miles in length, and
I entirely insufficient for the purposes Of IFS
construction, yielded al annual revenue OF
| S3l 900.
An account showing the ability Of the State
Of Virginia 10 pay the interest on loan OF
$4,000, goo for the purpose Of internal Inns
provemeBi, by means Of the revenue Of the
fund for Internal Improvement, aud the
profits On the surplus revenue
Dr.
Internal Improvement Fund
lS3S-To charges per exhibit +,
ID Auditors report $4,000
Or.
BY revenue of fund lis 900
| BY estimated profits on
| surplus revenue $4,000
by appropriation at ex
ira session 100000
-269 900
! Balance in favor OF fund SIT 900