Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-16

the.
Under l..
times sanctI-
had once accede.
was sought tn be eticr.
This section proposes ihG
two millions -four hundred thou.
shall guarantee the payment OF prl. ...
The 10Th section makes the State subst.
so that of the additional capital Of 81 000U>
10 be raised the Stale actually subscrIbes three III.
stands security tor the other two hlths. 1t is vrtua
making the Stale take the hole Of the increased capital
necessary TO complete the work. How gentlemen who
progressed support the joint stock SYSTEM could re-
concile these Inconsistencies, he was at loss TO con.
celvc. The State not only bound for the whole ad
dirional capila but is bound under the most objec.
onable form. This loan for which the State IS to guar.
an,ee, is charge upon The dividends oil The Com
pany, and Of conceivable benefit to the State
There will accrue an annual loss 10 the Stale OF up.
wards OF 800 900 by this transaction II Is estimated
BY the president Of the Company, that the tolls derived
fon the Canal soons III completed to Lynchburg,
will be Sill 900. Three 6hs Of this, or SlO20UO, vii!
he The States proportion, which would come into the
Treasury lessen the bulhens of taxation But pass
this BILL and charge the interest of the So 4OOOU upon
the dividends of the canal end it will absorb the whole
Of the tolls The State gets remuneration for this
loss for the stock 10 be sold out when gets at par
value AS long it is under par value there is an an
nual loss the State Of upwards of $lGOOOO tie would
illustrate this in another The capital OF the Com
pany present is So 900 GOO This bill proposes to in
Sc 900 COO king The total capital $l 900 600
State subscription HE Sc GOO GOO and private subscrp
ton 81 400 QUO The State would then hnve 10 bear The
ineres, its subscription, and private individuals on
their portion, while each would share It's own proportion
of the dividends. But this bill provides that The Stale
shall subscribe only the Sc G00,0OO but shall also
guarantee the 50 4000 u0, the proper share OF private
Subscribers, and that the interest Of that sum shall be
paid out o. the dividends Of the Company The
State would be bound for $90GOO00 out of the 81 Ooo
oOo, and private individuals would only hold S2OOnuOO
in the Company This is not only unjust towards the
State, IN making an absolute gralu,y of 100000, but
il is and destroying the JUN, stock system en-
tirely. IL is throwing the whole work upon the State;
and he warned gentlemen now, ha, the principle es
tablishcd by this bill could no, be regarded as soil
tary exception to general rule, bu, every other work
will be thrown upon the State for complelnn There
is nothing that entities this TO peculiar favor All
other companies will make the same demands, aud with
the same propriey. He was fully convinced that The
company could never pay the interest from tolls until
the work was fully completed. if even then. He chal.
lenged any gentleman upon that h9or TO say when he
had ever heard of president who reported
,ha, an improvement would he unprcfteye There was
no such record in the whole history oil canal
ling or making roads and yet there was not solitary
ono in Virginia tina, had paid the interest on It's cost