Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-24
VOLUME xXXay.---No. 9S.

tries that supposed 10 understand their true interest
in the management Of their improvements Look a,
Great Britain. As far as learn the Joint stock sys
TEN prevails in that highly improved country, the 10.
yernment there tnkes interest in such improvements
but leaves to the citizen under well restricted charters
But we are tod that under the present system the State
has bren brought under large contingent liabilities, by
taking Two hhs in various works which have been
begun My answer 10 this is, that SUCH subscriptions
are not worth the paper which they written
less the private stockholders be found; and Sir
should not regard 100000 COO of such contingent ex-
penses Tor here the joint stock system beautifully
IN To our relief and serves lest Of the value Of the
proposed works. But The example Of Pennsyiya is
urged 10 excite Us onward in this great underasing-in
which The leaders cry is: Go Cn-no Come on-in
which THEY are 10 share large portion OF benefits but
none ct tho burdens. Pennsylvania has been misie.
presented in the newspapers of IN. day; il has been
sac, That her works. which cost her 500 GOO GEO. pay
per cent. Her own returns show that this is not the
case Her nett profits clear Of The charges of colIec.
lon and repairs, were in 1896 about per cent and in
1897, about ! = per cent. The gross profits Of 1887
were Sy75250 49, This, every one sees, is not per
cent On S22U0OOOO deduct charges from this amount
and you leave about l2 per cent. And wha, has she
got Tor this immense debt; Some good canals il Is true
that yield nearly all The prosbut gcy of
rottng wooden railroads, that annually average
Of 900 per mile, according our own experience 10
keep them IN repair The property consists largely in
roIllng wood. Except in peculiar situations, am dis
posed to doubt The value OF railroad property. ii il said
far greater than Of Pennsy lvnnia and believe it; and
know enuugh about the wealth Of the good old Sale
To be very unwilling 10 her saddied with such debt
as that OF PennSy vanla even though she had along with
1t all her internal improvements New York is also
pointed out as an example which ought to induce 10
take This rash slep and To change system. 1t is by
means similar New York had certainty be-
fore herewith rich Western country Of her own, per-
haps fine wheat country any in the United States
The lands producing from twenty 10 forty bushels per
acrelhIs, together with the fact of favorable line for
her great canal, sufficient Inducements 10 the work
but this was not all, she saw 10 her Northwest the Me
hilerranean of America, whose shores peopng with
hundreds OF thousands OF the CnllvatOrs ct rich and
virgin soil whose commerce, both export and import she
could tax in the Of her improvements. There
another difference. New York, when she undertook
this great work. which required extensive loans pledged
adequate fund to pay the interest, and redeem the
debt and interest mean the auction tax-iaX on her
saiiurs. THIS she did IN pursuance Of proper system
of hnance-ihc only system that preserve the credit
Of Slate. New York, by her Industry and her ener
prize, had become The great importer for the United
States, and through means of her auction tax lrvyed
contributions the whole country. for the benefit OF
her canals. wish that Virginia could avail herself of
such resource, and would adopt such system Ut
finance. On locking al her official returns, ind that
New ok eren has not dlsCnunlenanCed the JOINT stock
system bm, that she has actually "p"raed companies
lc2U, 10 the amount OF SiJ, GOD 0OO and more,
while her investments Stale account, amount 10 less
than $1,000, OD0and Of this ass amount, only about
egnt aud halt millions the cost Of The Erie and CHAM
plain Canals produce any profit Another difference is
the important fact that New York had acquired the
wealth before the expense incurred-her lorei gn
commerce had enriched her. Tina, means must prcceds
expenditure, is good rule for Individuals and States
This rule has but few exceptions AS regards our own
improvements leading the West, they encounter the
great obstacles Of extensive, mountainous districts,
whose wealth is certainly not on the surface, whatever
may be hereafter Developed By the operation of the SEM
buwr!ling rage Of the times. aude to this as eau
ting Tie the ends in the year lc2J those who
preferred that public works Should be done on State ac
Count got ascendancy in the councils OF the State,
and the James River and kanawha Work was begun on
State account: by purchasing the charter OF the old
James River Company The work continued for three
years and aba ndoned It's unfinished state nolwltstand
ing This then the only work in which the State was
engaged. Such the speculation. and pecuation, and
cnGrupnn and wasteu ness, and loss, and failure 1t
abandoned in disgust aud for years the spirit Of In
erna improvement seemed 10 have received fatal blow
This experimental was number Of years before the
greatest eXsrlioDs of the friends Of Internal Improve
ment could get joint stock Charter Tor the improve
men with the pledge of the Slate 10 take share in it.
MIR Speaker this Stale system will not do the whole civil
list, and oil the ordinary schemes of Government are
tre compared to the expenditures aud patronage that
will be thrown into the hands of the Board OF Pubhc
Wurks-a board made up of exuiiicIo members, whose
time is occupied fully by the ordinary duties Of their Of!
fee, and who cannot be expected 10 know anything
about Internal improvement in practical point OF
vIcw than you myself Sir. and which must look 10
the principal Engineer, chosen either in or out OF this
House for all information necessary for the action OF The
board Sir, this system would make your Chief Engi.
neer perfect Autocrat-wlth more al his control than
The whole Government besides with corps Of Engl.
in the pay ot the Sate-a standing army OF ofii-
Sir, will this House consent thus 10 deliver
people, bound hand and foot, be placed al the
cy of public contractors? This liberal spirit of provd
ing for tic general welfare, will not do, Sir. am un.
willing for Congress 10 undertake at general expense,
tenn is unequal; not represented there as TO such
interests The same reasons Of expediency will canse
me to 90 against system Of Stale Improvements, which
will enable bare majority to becunie the yant OF The
minority and TO possess the power 10 vote away Their pro-
pety To forward their own views Such system OF
oppression may grow up under Stale system, as TO do
any thing but make the people haPPy will drive them
from the Commonwealth. But, SIR, will not rest the
case on such arguments as have presented much more
pulent weigh upon my mind; arguments hat cam
not be gotten rid arrangements of necessity, Sir Our
Treasury is enpty-large demands for the interest
our loans unpovided fos unless vow call the system
of borrowing opay the interest OF our debt, provision
and are we not doing that; Yes more than borrow
ing for we are using the principal sacred deposile to
pay the interest looms, instead u plncIag that de-
posile in some convertible security. Look at our mo.
neyed institutions, all in state Of quasi bankruptcy
and The State receiving It's dues and paying It's creditors
in the proissory PAPER of these institutions: The very
interest of our debt paid to the fregn holders Of
stock in medium which TO them mere trash, or al
least deprecated paper.
MI Speaker feel that stand in humiIiatng silua-
ton when reeoIIect that provision made al the
called session Of this Assembly for the proper payment
Of the interest Of debt. When vas proposed ny
member of Ibis House from The county oil AlormaI'e,
was one that discounienanced his saissmanlke V!e"s
The wan, of this has wounded the credit OF
this good old Common enlth-un argument which WIZ
be felt through every county in ibis sale presses itself
u,on d. We must raise the taxes as onr Auditor tells
us to meet presen, expenses. How will our constlu
cns Stand it. when we add what will be necessary TO base
the new loon upon For hold it 10 be the great frs;
n,;pcnle in Finance that if 200 make loan, you either
oledps something hand lay new tax to meet the
n,etss and sink the princpa-and all Of fands
already shinged over with pledges.
But great loan must be negotiated. This will be the
cure for sH our diicules-I ask Of this House. would
any prudent individual, in times Of such general embar.
rassnent 90 about looking for loan 10 engage in new
enterprises hen he found it difficult even to pay the