Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-13
The cost of construction alone, according

The cost of construction alone according
the estimate of the Eng,neer viii be 1885,, 90 q
To which add for engineering, land da-
images, and all other incidental but e-
gmate charges, per estimate $4,000 90
Ahd you have aggregate Of All $40 81
10 winch add Tor repairs ($S,3IS IL Of
when has been expended) l0,o5o G3
And YOU have tie exac; sum made up $4,000 90
by IN increase of capital and the loan which is asks
for by this BILL that the argument falls at once to the
ground short history of the Valley Turnpike Ro. d
VIII place the grounds of the application fairly before
the House and cne II TO the favorable consideration
Of this House. The act Of incorporation passed in 1885
and the company was organized in the month of June
The capital stock S3G0, 00-two.tflhs Of which
was subscribed by ndvldnals and the remaining three
fhs BY the State. The State was bound to pay pari
paSsn with the stockholders, which was not done
owing to the mpraccab,iity in obtaining a loan until
$4,000 had been drawn in monthly instruments from
the private ockholders and when the State did At
tempt to comply OH her part 1t was by issuing SCRIP
upon which the company sustained loss by neuo
ciating the Of $500. Owing 10 the pressure Of
The times the high price Of labour and produce il was
ascertaned that 1t necessary TO increase the stock
which done hy angmen;ing the capital 10 $50 930
This have shewn, still not sufficient 10 complete the
road and the company ask that the capital NAV
be enlarged to the sum Of i0ao and the State as
sist further, by loanng 10 the company the sum Of
SO 900 State scrip; for the payment of which, well
the interest the company will pledge the road, the
profits arising thererom, and give such other additional
security as the Board Of Public Works may require.
There yet be completed two important bridges and
the company Indebted, 10 considerable sum, for
pairs done upon that part Of the road which has been
thrown open for travel and balance due on account Of
land damages &c. As to the oan the legislature ought
not to hesitate because full and ample security is Of
ercd, and the necessities of the road required this
commodation. As 10 the subscription 70 tie capital
stock the part Of the State, there might be some
doubt as to lis propriety, but brief statement will dis
sipate all doubts upon TINT question. The Company
cannot collec, tolls upon miles Of this road for the
want Of bridges and the States proportion Of The cost
of constructing said ten miles 81 OG0 exclusive u.
any estimate for The bridges, the road having cost
$500 per nile Tue loss the State in interest upon
the 7 600 would be : 600 annually. But it grave
argued that the State subscribe, the taxes must he
increased THIS cannot result account Of the sub
scripton TO this road, the investment will be profi,a
ble as shall clearly demonstrate. Tolls collect
ed for about FIVE months preceding the first day OF Oc
ober twenty-five niles o! the road, the cost Of con
st:uctng which, At - 80 per mile, IS $685. 90
The interest upon that o7 five months is a,G7 II
The amount Of tolls collected during same
period is 2,2-S %
Falling short Of the interest only the Of l9 o.
Ths positive demonstration that the stock viii be
Profitable, and especially tina tolls collect
ed when the road newly iaadc, and during tie
months, when the wagons avoid the turnp. aes
than at any other season. There vc. Of the
case, which should induce this House extend this
boon to this Turnpike Company. The revenue arising
from the taxes upon the land lying contiguous 10 TINS
road has been increased 10 considerable amount,
will b. b. reference 10 the late assessment, 50
That If the stock slioud not be productive, tie State
would lose nothing il the en! For these reasons the
House ought . entertain the notion but ought 10
pass the bill. and afford the relief asked for.