Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-15
.WRKGM rs, 1898.
VIRGINIA EEtSaSaATURE.
SPEECH OF Nix. SEGAR Of NuRTHAMPTaN.

commentator OF the Committee to construct spornn
of the proposed works Stale account. Mr.. S. said
he not only approved HEARTILY of this innovation
upon the past policy Of the State, but he though. it
might be safely extended much farther than the Com
niinee had recommended He considered, in fact, the
substitution OF the Stale principle for the Joint rtoCs
Two and thiee.fhs principle, question of Improve.
ment or no Improvement. lfe felt perfectly assured,
that, If the carrying out Of system of Improvement
depended upon the partnership plan hitherto pursued we
should accomplish nothing, He would assign his
sons, and shew thnt according the principles. of u
man nature, and the constitution of things the joint
stock system could not succeed and that experience had
most fully demonstrated lie nrliciency and weakaess
Firstly. individual capital and enlerprise are made
gnate to the construction of great lines of Ipfovesepl
There is no example in the whole counrgeef esien-
sya lns-of cnseIeed BY f6ssfuiansl
means There are casrs which works have been con-
srucled by those means but they those that from
their peculiar character and position promised certain
return upon the investment made These cases. the ga
gacily OF private Iute'Psl,w always discriminate md
even these individuals 10th embark their capital.
To expect System from this that will lead
TO general development Of the Of the State,
is TO expect an mpnssb'lity Aud this. sad Mr. 8, is
but in accordance with The Inyariabe laws OF human ma.
Men will not invest their capital, unless there is
absolute certainty of profit There must be doubt Of
success. Besides, few individuals willing make
any invest mPnt thai DOES make immediate return
ofnterps Capitalists lke no inierregnnm: They like
interest from the FIRST moment Of investment Now ii is
well known that the capitalist who vests in works o.
Internal lppro veppnt nst lie Of his until
tion and The knowledge of This fact will drive
pilal frnm investment of this character This is
particularly The when there many modes at
investment that will yield Immediate return. II these
positions correct said Mr. s the question is simply
whp her shall have a settled system Of Internal I'M
proyement, at ALI If wait for The tardy ope
ruon OF the Joint Stock principle, shall be fifty
years hence precisely where we now are-'n s.ntu quo
that is 10 say-we shall have done nothing. In i>i6,
adopted this policy OF twolhs by the State, aud
three fis by individuals and now in 1887, we are mt
much beyond The point at which we started twenty two
years ago And if live, said Mr.. S. until any great
work accomplished by the boosted system SO much
commended by the gentleman from Prince Edward
shall number the days of Methuseah himself
Secondly Public works cunno progress either rapidly
or regularly unless they conducted State account
The vicssitudes Of the times always affect individual
subscr ptions arrangement OF the curfency-a short
crop-a commercial rcyuIslon are each OF them suti
Gent TO arrest works which depend upon individual
means How many in llle u. States are now sl"pped
from the other of these causes: The great New
Orleans and Nashville Railroad is suspended in conse-
uuence of the pressure of the times which affects the
ability of stockholders 10 pay up their nsnlmens -
When on the other hand Internal Improvement be-
comes subject Of State policy, it need not lingpr for
any of the reasons just assigned The credit Of The
State is superior 10 all disorders Of the currency and
pressure Of the times, however much they may atec
The credit of individuals.
Tairdy The State can procure funds for the cnnstrnc
lion Of public works much better terms than indiv
dnals. The State borrow nj per cent, while indi
viduns cannot borrow no! willing 10 loan 10 any
except The State, at less than per cent.a saving DIT
once Of one third The annual interest TO be paid
This, said Mr. S., is small consideration. To borrow
six millions al per cent is just the same, IN point OF
interest and taxation, to borrow millions al b per
cent. And proof that the State, when onducting
her works on her account, can borrow the money
for constructing them belle! terms than when carry
ing them out the joint stuck principle, lrt reference
be made the Suites Of OHIO, Pennsylvania and New
York These States have borrowed generally at and
per cent while The State of Virginia has paid six per
cent and the u.s. the difference of their policy IN
relation their public works Capitalists who loan Ia
the State that operates her Internal
tenn on her own account know that iund is prhTiGrd
the earliest possible period for the regular eni "i
the interest, and The redemption Of The prlncipal and
this with .Iem is The main consideration Ana thou3h
said Mr. S. The expenditure may not be quite
ncaly made, as argued by the gentleman from Prince
Edward which, however, do not adm-'ihe advantage
am exhibiting far outweigs :he pretended waste
funess Of the State mode OF construction
Fourhlv II is the interest of the State 10 put down
the tolls The lowest sufficient to pay expenses,
and constitute moderate sinking fund, while 1t Is The
Opposite interest of Joint stock companies, or rather OF
Individuals to make them high rs the community can
possibly bear. The price of transportation ut barrel
Of flour from Buffalo Albany, hy the Erie canal, is
81 9 cents II this canal were owned by individuals
or jnn, stock companies. the toll inr transporting bar
rel of nnr would be probably twice that amount lie
State in fine acts up The prime object Of Internal I'm
proyements viz: bnunty /" production IN The cninuon
Of the charges Of transportation individuals do not
u lnPlr
trv or develnpe enterprise. IT, therefore, we would, as
statesmen we ought attain in the highest dpgree, The
great object of a system of Internal improvement, we
should conduct State account only; at least so lar
as leading lines of improvement are concerned.
The State policy too, discrimnaes between ludcinns
and inuGcious works Ii operates upon general llnes
not local wnrks, as is now The custom ut the State his
too an important consideration The energies OF The
Slate are cnnsodates Her resources are not spent on
improbable and local works, as is now The case under
the iont stock system The joint stock principle indeed
is only contract that operates throughout {" the d'sad
vantage of the State. The bargain is altogether against
her So soon as individuals subscribe three'bhs the
Common wealth must, in good faith, take the remaining
two.6(tbs 1t is said Mr.. s TO the atrong expos.
sion of my friend from Augusta a " silent, shevnE
principle which is gradually stealing away the hea'h
and strength Of the Sutr like the slow matady mat by
degrees consumes The human body-aggrapallng the
horrors of The disease by the certainty of ito ultimate IN
totv Gentlemen are unaware of The operation OF hs
Wanted joint stock principle Why, Sir, at the las 'es
sion Of the Legislature appropriately IN pursuance OF
this principle the SUM of 81 02G. 2G6-yet member of
tbe House when he went home To had the
least idea Of the amount for which he had given his vote
The gentleman from Augusta had very properly charac'
tersed il s.,he wing prnrp le-A thievish policy IS,
said Mr. S and though it may be ultimately detected
in it's ,hevs acs it will be perhaps after it shall have
leveled the Commonwealth in the dust AND dlssusled
the people Of Virginia with the whole policy OF Internal
Improvement. =,
Aoau-It will cause 10 be invested in works oil Internal
Improvement, much individual capital thai Otherwise
would never seek such direction 1t has already oeeh
shcwn that individual no sufficient fo the con-
strucon of ouch system; and that for Diner reasons IN
dyiduals will not risk their money IN works OF an extern
sive Expensive character that will require long tme
for their completion Blu, lei the State carry out the great
central lines and then individual capital VII! en.e nto
th construction of works Of this kind and in the best
possible form These great lines completed individual
interest enterprise will Be readily enlisted 10 engralt
upon them lateral Hillary works fhls their interest
will dictate and their means be adequate 10 eject
AZ = In mo tn n
the policy but peculiarly the duty OF the Stale TO under
take works Of general interest her own account That
WHICH is fos the good ought to be done at the
common expense. Upon The obvious principles! OF tho