Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-24
EOR TIE ENOuIRER

On looking over the Report Of the President Of the
James River and Kanawha Company, was not pre-
pared to find it's condition desperately bad as it is
although expected to see "beggary account ofemply
boxes" The liabilities of the Company amount te
500 COG l6 and its to S6S5, 0e9 25-shaw
ing an excess Of liabilities its resources of S24
COG 81. The figures look pretty well but, when The
details are looked into it will be found that the resour
Of the company altogether unsuJstaniat, and
in many instances, visionary while the indebtedness
the company is increasing above $4,000 year II
interest alone, there is hope of lis being able
pay the interest," any part oft, long the receipts
fall short of the Company's expenses.
From the present sirangle condition ofthe Company
and the embarrassed condition of the State trust tina
the Legislature will not, under any circumstances binl
the State for another dollar holster up this enormou.
incubus, which, if not cut off, will, beyond doubt
bring reputation, or later, upon The State.
II Virginia would look around her, with that sober
ness which marked her character, before she drawn
into the destructive whirlpool Of Internal improvement
she would see, with unerng certainty that increase
her present heavy Indebtedness for this Company and
also, others of less magnitude would be but 10 lay the
foundation OF practical reputation.
Unfortunately, for the interest CT the State, too much
confidence has been placed by the legislature from
time to time, in the plausible statements made by those
who controlled the different works OF Internal Improve
ment.
| Sufficient allowance has never been made for the
very sanguine character, in which the views of those
who had The management OF the works, submitted
This will be seen by contrasting The present OF
the works with The very able reports which from year
year. have been handed in aud all of which presented
the most laterng prospects imaginable. Experience
has shown u.s. that the judgment Of those able nancers
and learned engineers has been mastered by their ZEAL
that they have been vastly deficient in good judy
ment
| would particularly call the attention of the people
this State to the Report ofthe President of the James
River and Kanawha Company and also to the Repor,
Of the Finance Committee. The length of the former
may deter some from reading it but every tax payer
ought TO make himself quainted with both Internal
improvement has proven 10 be the fruitful parent OF
reputation, in several of our Sister States, and 10
plunge this State deeper in debt FOR this syste
would be the contamination Of madness and folly.
truly tired of the Boosting of Slate honesty
Unless we take such steps as will pay our debts in
good earnest and stop making them larger by borrow
ing topsy, arge discourse about honesty, will
bring but little better prices than the quotation for gas
conade was sorry 10 see that the Finance Commit
lee should have shown disposition to dodge the true
issue. They say, that taxes should not be raised
10 pay The interest which is past due, by the differ
ent works which The State has lent its credit to /;
but that the different works should increase their
rate of tolls sufficiently to the amount OF
their interest debt to the State. hold, that it is but
reasonable 10 suppose, that if the tolls should be in.