Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1840-12-10


Of the federal surplus, to the Richmond and Peters
burg railroad company reserving the right,o adopt
certain precautionary measures 10 ensure The pay
ment Of interest, &c. The attention OF this com
pany was called during the past year 20 the amount
Ii srfear. when proposition was made tor the eh-
ecutiye 10 accept draft on the board OF pubic
work.. for the amount OF 800 600, that sum being
the balance OF loan Of GOO, authorized " the
act OF March 20, 1888, to be made IRON the poato
Of public works TO this company THIS arrange
n,ent was acceded TO by this department, which
leaves J balance OF Sll 1913 &C., still due TO the
common wealth from the compsns, and gives the
commonwealth her own bonds 10 the amount OF
$500 900.
The advantages Of on energetic and jadicious
.ystem OF internal improvement baye been too long
and TOO extensively felt throughout the Common
wealth 10 require any speculative recommendation
TO your attention This may be regarded as part
of the settled policy Of Virginia and u only remains
for us 10 reap the fruits Of experience, aud rem
der our futufe Efforts more practical, by supplying
those defects which have become apparent either in
The design OF tie execution Of plans The large
fund. which at an early period was set apart and
dedicated 10 THIS purpose, though II has fecsived
considerable accossons from time to Tune has been
found nadpaaate 10 the demands ol our state, ana
n series Of loans have been authorized, TO enable
the State 10 meet its engagements as stockhoider
in joint stock companies, or d. sole proprietor OF
these works. The aggregate u these loans no"
negotiated ia one form or otter, amounts to 80,
2s6 284. Authority has been given 10 negotiate
loans TO the amount Of S1787, $40 IL, which hos
not been applied for, and considerable part OF
which will probably never be required The actual
fund for internal Improvement now productive,
may be estimated at s2i7l4278 al, The interest
paid during the last fiscal year on loans for various
objects Of internal improvement was s341 I92 3D.
The actual product Of internal Improvement COM
panies during that period Sl9,327 Us, or about
four per cent. on the sum Of 40 662, held by the
State in thirteen companies. The act of April .,
1888, provides that the stock procured by the State
in any company by means of loans, with the diyi-
bends on H. and the income from State works exc
cn,ed by means Of loans shall he considered iund
for the payment of interest on the loan, and Tor its
ultimate redemption. And if the income IRON these
sources, together with the income of the fund tor
internal improvement, should be inadequate TO pay
the interest on such loans, the auditor 10 directed
on the application of the board of public works, TO
SUNNY the deficiency from the treasury. And 1t
the treasury should be insufficient at the time to
meet the demand the board of public works are
authorized to borrow The necessary amount from
the banks. II will be perceived that our pubic
works and the general fund have not been sufficient
productive to the interest on these loans, ana
that the sum Of $239 200 has been required from
the treasury for that purpose.
While a wise and benlfcent government would
never engage in system vi intetnal Improvement
with an exclusive view TO its profit stakeholder,
and while the State frequently SERVES more from
the multiplied Of sgeneral revenue through
its treasury than from its property in these works,
it is still proper that every effort should be made 10
render the system sufficiently productive at least to
sustain itself Though tits the same thing to the
commonwealth whether its revenue Is derived IN the
form OF dividends irJm a turnpike or as tax on
lands the value OF which has been enhanced by It's
construction. there is difference to the citizen who
lives remote from the line of the Improvement
With the exception of some portions OF The state,
where the lands are fertile and the population, for
want of access to market, is still sparse, II is UNI
doubtedly true that those works for which there Is
really necessity, will, when properly constructed
and managed, always sustain themselves In Ca
ses where these exceptions occur IL Is often sound
policy, even in a fiscal point OF view, TO augment The
means of general revenue by appropriations where
no return is expected In the form oil tolls or divi.
dends But il is otherwise on great lines OF
improyement. Justice to the stockholders and to
the citizens Of the State large requires that these
should sustain themselves. No argument against
the general policy of internal Improvement Is fairly
inferrbe from the unpTodactiye character OF some
of our public works. This fact may show that En-
rors have been committed in the original plan, in the
execution or the management OF particular works
but it shows no more. II is sometimes the result
of fallacous estimates either TO the cost or the
product of the work; sometimes ii proceeds from
want of proper economy and Vigor IN It's manage
ment, or from The want of adequate tolls where the
tonnage is sufficient. The business Of joint stock
companies is apt to fall eventually into the bands
Of a few persons, who from inatenton 10 the mass
Of ockholders acquire, by means of proxies or 9th
erwise, the control Of the corporation. The dnec-
tors themselves, especially in smaller companies,
frequently neglect to comply with the acquisitions
of tic law and reasonable public expectation IN su-
pernrending and stimulating the interests cOufded
to their care
The present is a favorable period fof an exami-
nation into the defects of system, and correct
ing them by the aid OF experience winch VIII
not have been dearly bought, if it imparts more
successful energy, aud more judicious discInna
tiun to our future plans 1t Would be unjGs; to ex-
pect from some Of these companies more than they
could have accomplished in the short time OF Their
existence, particularly many of them are yet
struggling with diiic ultes incident to new expert
ments. 1t is gratifying to perceive that many Of
them are increasing their usefulness and their pro
fits and we may hope that with additional zeal, they
will yet realize the expectations they have excited,
when the various links are complete which VIII con-
meet the Chain Of our northern and southern, and
our eastern aud western commerce. The large
amount OF stock held by the State in these compa-
MES and the heavy liabilities incurred ON THEN ac-
count, suggest the necessity of lending them all the
in % .cnce and aid in our power, 10 sustain and
render them productive. In financial point Of
view alone, this would be proper, where there Is
reasonable ground to expect that works whchyeld
nothing now, could be made productive by the fos-
ering care Of the State. Though it is time that
should look clo'ely to the productive capacities
of stocks, still the general effects of the system
OF Improvement cannot be estimated in dollars and
cents These lues Of communication serve to
strengthen every tie which un'es "a as citizens OF
the same State, and as citizens of the Union. Tney
are calculated only convert the rude wilder
ness into cultivated farms aud beautiful hamles,
but to temper the unsocai passions which solitude
and secIusion too apt to cherish in the human
bosom. Every highway is school, where man