Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-29

hauscd fields and comparatively sterile and unproduc
tive ridges.
But The idea has been held OUT and ably maintained,
that experience and The results in other States where
improvements have been made almost entirely State
account Justify the inference, that upon this principle,
our public works would be prosecuted with energy and
economy, and yield profit sufficient TO keep down the
interest upon the cost OF construction and ultimately
reimburse the principal Sir it is TO attain this very
end, 10 this very result that desire the retention
of the joint stock twoth principle If you require
individual subscription before you pledge the funds OF the
State any work Of you have the strong
est assurance and the best guarantee that the conem
plated work will be judciously located and economically
construced that will be pied the wants. and con-
duciye to the interests Of The community, while at the
time will furnish profitable stock for the in
vesmen Of capital Past observation may have detect
ed and further experience may Perhaps furnish excep
tions 10 this rule, but only few and isolated cases.
which cannot be relied evidence 10 impugn the
truth and correctness of the general position But what
are the lessons that taught by the experience of
other STATES? What the results Of the State system
in New York and Pennsylvania where it has been in
operation for the last twenty years? speak in nan
cal point of view. The Erie Canal, it is true Yields
income of about eleven per cent on the apital in
vested but notwithstanding the immense trade and great
natural advantages Of The State uf New York appears
from the statistics that have been brought 10 the notice
OF The House by the gentleman from Halifax, (Mr Ed
munds0 that the nett profits Of the public works in that
State amount but FIVE per cent on the cost of consiruc
ton. How stands Pennsy yana with her twenty-five
millions of public debt: /, has been shown to you that
aer deducng the necessary charges Tor REPAIRS super
vision, and the collection Of tolls the income from the
public works in that State amounted in 1886 TO per
cent? and in 1887 to but three fourhs of per cent
upon the capital invested. But gentlemen maintain,
that these facts prove nothing; for is contended that
you ad OPP, the Stale principle in Virginia, and go on
10 extend your system of improvement, although alter
the lapse OF twenty years, your public works may
yield but per CENT it may be but threefoubs of
one per cent yet when in consequence OF this SYSTEM
your population has increased and industry has been s
ruulned 10 its utmost, when manufactures have been
established, and the resources of the State have been
fully developed, then your improvements will yield
profit sufficient u keep down the interest The cost of
construction and 10 establish sinking fund for the re-.
demplion Of the principal But while this prediction is
in its Of fu6lment, what provisions 10 be
made, how the demands upon your Treasury TO he
metz This question has already been answered.
Again, it is said that it you retain the joint stock
principle. you con6ne your Improvements entirely
those sections of the State where wealth and capital
have accumulated where alone it will be practicable 10
procure the individual subscriptions. But SURELY this