Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-03-08
MA. StNart's Speech.
SUBSTANCE OF THE REMARKS
OF MIR STUA RI OF AUGUSTA.

SUBSTANCE OF THE REMARKS
OF MR.. STUA OF AUGUSTA.
On the motion Of Mr. Segar OF Southampton,
to postpone indefinitely the consideration
Of the report of the Committee of Roads
and Internal Navigation, recommending
general system al improvement-deliv
ed in the House OF Delegates on Tuesday
the Sih day of February, 1888.
Concluded
But, Sir, let me address few words
to gentlemen who are such sticklers for
economy-Sir call upon all those gen
tlemen, as they value the interests OF the
State, and the principles which they
profess, TO pause and reflect before tfey
reject the report of the Committee; nay,
sir,l go farther-i call upon these gentle
men, as they regard their consistency
to sustain that report.-Yes sir, as they
value economy | call upon them to sup
port US In our system, for | maintain
that the effect of it will be to restrain ex>
pendltures. and to promote the cause of
economy.-Sir, | take the bold ground
that the partnership principle as now
practised upon in Virginia, must inevi-
am prepared to prove il.
The consideration of this topic natu-
rally leaves me to advert TO the history
at the internal improvement fund Ia
the year 1916, the Legislature being
sensible of the necessity Of making some
provision for the development of the re-
sources OF the State. chartered great
corporation called the Board of Public
Works. Ibis corporation was endowe d
with a large quantity Of Bank stocks
which the State then held, with all the
stocks which the State owned in turn
pixies, &c. then liz operation, and pros
peciyeIy with all the bonuses which tn e
State might thereafter receive upon the
grant of new or tbs renewal of old char,
tiers OF Banks in the Commonwealth
This fund originally amounted to about
two millions of dollars, which constitutes,
with the bonuses subsequently obtained
from banks the permanent fund of the
Board. This fund has since been in
creased by the dividends OIL the stocks,
and by theproEts GU the works constitute
ted, 20 the amount OF another million,
which constitutes the disposabie fund oil
the Board. All loans. too, made for the
purpose of improvement, enure to the
benefit of the board, but until they are
redeemed, they cannot be regarded as
adding any thing to the actual value oil
the fund.
The plan contemplated by the Legis,
lature at the time, and which has been
denominated 'rhe compromise" was
that two-fifths of the capital of every in.
cerporated company for purposes of in.
teFRal improvements should be subscribed
by this corporation, whenever three.
tilths were subscribed by individuals
No discretion was allowed to the board
The direction was mandotory-But in a
very short time it was found that thi.
principle operated most ruiuously. The
fund was FILTERED away or objects of :
local character, to the exclusion OF the
more important Improvements. Thi,
led in very short time to the repeal Of
the famous compromise act. The man
datory direction 10 the board was rescin
ded, and they were not even allowed
the discretion Of subscribing TO works o
Improvement. The whole subject wa.
thrown back upon the Legislature, ant
so the subject stands to the present day
A Legislative direction is always neces
sary TO enable the board of Public w ork,
to subscribe to any improvement.
At first the Legislature, admonishet
by the evils of the compromise system
exercised with much caution this pow
eE OF direction to the Board of Public
Works; they scrutinized the character o
the improvements narrowly, and looked
to the condition of the fund with zeal
Gus eye. But in a short time this eau
ton was relaxed; Legislative direc
tons became more and more frequent T.
the Board, until now we have in prac
tlce, though not by our laws, returned
to the system of 1916. In other words
SIT, 1T is now regarded universally as
matter OF right, that the State shall sub
scribe two-fifths, whenever individual
have fulfilled the condition precedeD
OF subscribing three-Gfths of the capita
stock OF any company. ! have neve
known an instance of such an application
having been successfully opposed
There may have been examples, but j
there have been, / ask gentlemen t
a. I