Richmond Enquirer

WESTERN COMMUNICATION.

While the Eastern States are turning their attention to a communication with the west; while N. York in particular is making such bold and rapid strides to join together the Hudson and the Lakes, it is pleasing to remark the efforts that are making by the Legislature of Virginia to bind together the interests of the James and the Kanawha rivers. Every consideration of self love or of public spirit, as we humbly think, should prompt us to push on the enterprise. The bill, now before the Senate, springs from these motives, and promises a "consummation so devoutly to be wished for."

A few days since, while this bill was before the House of Delegates, a motion was made by a most respectable member to strike out the 9th section, which goes to increase the annuity (towards guaranteeing the interest on the loans) from 12,000 to 18,000 dollars—Our attention was arrested by the argument then presented to the House by Mr. Lovell of Kanawha on its 2d reading—we were struck with the brilliant prospects which he sketched of the scheme itself, and still more of the Fund for Internal Improvement; and willing that others should share with us the information we had received, we requested him to sketch the remarks which he then presented. The following is the brief report which he has been obliging enough to make for us:

MR. LOVELL'S REMARKS UPON THE JAMES RIVER BILL,

MR. SPEAKER—I lament that the proposition to strike this clause from the Bill, has been made, at this stage of it, and that the gentleman from Jefferson has not withheld his opposition, to the further grant of money for this specific object, until the same question had presented itself, on the proposition to fill the blank, with that sum, which the friends of the measure meant to ask at the hands of this house; but, sir, gentlemen having selected this course, I shall be compelled, in resisting it, to go much more at length, than I had intended, into the reasons, which will induce me, not only to vote against this proposition, but ultimately to give my most hearty assent to the passage of the whole bill. In this course, I shall be excused by the House, because without the clause in question, the Bill is not worth our acceptance. We seek then, Sir, an increase of the annual grant of $12,000 to the James River Company, who by this name are the mere agents of the commonwealth, for the carrying into effect a great, and most important project, involving in my opinion much of the future prosperity of Virginia: one, upon which perhaps, her fate hangs; upon the success of which, I have no doubt, will in a very great degree depend, what shall be her future history. With a view to meet the question, and decide at once upon it, I must inform the House, that the friends of the Bill intend to ask for a contingent grant of $18,000, per annum, in lieu of the $12,000 given by the law of last year, for the payment of interest, which sum, together with the surplus tolls, arising from the present trade upon James River, after the payment of interest upon the stock of the James River Company, and the new tolls, which will accrue from coal and salt, when the facilities contemplated by the act, shall be afforded to that trade, will be sufficient for the payment of interest, upon the sums, authorised to be borrowed, and also upon much larger sums, as they shall hereafter be required, in the progress of the great work of connecting the Eastern and Western waters. This pledge is required at the hands of the commonwealth, to satisfy those who would be disposed to lend their money upon good security; but who at the same time, without this pledge, have not the means of satisfying themselves, of the sufficiency of the securities offered by the Bill passed during the last session of the Legislature. By this Bill, instead of the long details of the last law, and the reasoning, and calculations, upon it necessary to be gone into, to shew the sufficiency of the fund, for the payment of interest, the amount of that interest is solemnly pledged, and the state for her security is now called upon, to rely upon the same means which she offered to the public and which every gentleman of this House, who has examined the subject, will perceive to be sufficient for her ultimate indemnity. In making appropriations of the fund for internal improvement, it has too frequently happened here, that gentlemen have been supposed to seek "every thing for the counties they may chance to represent: but let me assure the House, that upon this question, I certainly am not influenced by any such motives. It is true, Sir, that the improvement will pass through the county I have the honour to represent here: Would to God! at this moment, I came from any other quarter of the commonwealth; from some remote corner where I might be supposed to regard this project with disinterestedness, with no other feelings or views, than those, which ought to influence a Virginian, and one who loved his country. I have said this, Mr. Speaker, not because I can ever harbour, other than feelings of the warmest gratitude and affection, for the people who have honoured me with their confidence, and have given me a place upon this floor, as their representative: not because I do not delight in the little valley of Kanawha, in my opinion, Mr. Speaker, the loveliest land the sun shines upon; on that spot I expect to pass my life, and there to lay down my bones; but because under other circumstances, I might perhaps be enabled to press this subject more successfully upon the House. Some gentlemen, notwithstanding the extreme caution, with which this subject has been gone into, the many examinations and surveys which have been made, all resulting in the most flattering reports of the practicability of the project, still continue sceptical, and alarmed at the magnitude of the undertaking, set it down as wild, Utopian and extravagant. I confess, Sir, that I once thought so too; but I cannot help believing, if they will bestow a proper attention upon the subject, it will result in a perfect conviction of its practicability. It has been said too, that it will absorb the whole revenues arising from the fund for internal improvement, and that nothing will be left for other objects. Gentlemen will excuse me, if before I give my consent to this proposition, I should require them to bestow a few moments attention, upon that fund, its amount, its capacity for increase, and its sufficiency in a very short period to accomplish every desirable work within the commonwealth, and finally, to pay all the ordinary charges of the state government. At present this fund amounts to the sum of $1,623,461, vested in numerous stocks; of this the sum of $267,511 is unproductive and consists of the stock of companies which have not completed their works and consequently make no dividend. The average income, from the productive part of the fund, for the two last years has been $85,500, rather more than six per cent. upon the productive capital. In one and two years, the whole fund will be productive: much will pay eight, ten, and even twelve per cent. per annum. I would particularly mention the James River, which now pays 12 pr. ct. pr. ann. the Dismal Swamp Canal, and Roanoke Stocks, each of which, it is thought by those best informed upon the subject, will pay as well as the James River Stock. If the data thus assumed should be correct, and I believe the reports of the board of public works will prove them to be so, it will furnish us with the basis of a calculation: which for my amusement and information, I have heretofore been induced to make. Money at a compound interest of 6 per cent. rather more than doubles itself in 12 years.—This fund then now amounting to $1,623,461 at 6 per cent compound interest in 12 years will be $3,246,922; in 24 years will be $6,493,844: in 36 years $12,987,688, in round numbers say $13,000,000: yielding annually a revenue of $780,000. But, Sir, if 7 or 8 percent. be assumed, which I believe must be done, this desirable result would be arrived at much earlier. Who in this House, who, Sir, that delights in the prosperity of the country, but must look forward with satisfaction to the mighty achievements of which this fund is capable: and who, Mr. Speaker, I emphatically ask, would deny the humble pittance sought by this bill, to aid in the accomplishment of a work, certainly of the highest political importance to the country? The more this subject has been examined, the greater has been its popularity; and when it shall come to be perceived, by this easy process, that the state capital will receive an augmentation of $13,000,000, not in money, it is true, Sir; but in positive labor, bestowed upon the face of the country, liable to no accidents or losses, but remaining with it, permanently, and forever, constituting in fact a part of the country itself, this institution will be identified, with her political existence: Virginia will never abandon it. I believe too, Sir, I may say she will not abandon the work now under discussion. It already constitutes a part of her political system. She will pursue it, steadily and perseveringly. She will accomplish it if I am not mistaken in supposing so. You will not strike this clause from the bill. If you do, Sir, I would advise that the whole work should be abandoned. It would be idle, a waste of time and money, to sit here discussing its value, and importance, while you withhold the means of effecting it. This subject might be presented to the House in many other shapes. I might shew that in the organization of the fund, it was principally in view: that in the numerous reports of the Board of Public Works, and of the standing committees of this house, your attention has always been called to this object first: but, Sir, I shall reserve any thing further I have to say on this subject, until the occasion shall perhaps more properly present itself, on the passage of the bill. I fear, Sir, that on this proposition, I have been too prolix already, and will conclude by begging the House that they will not strike out this clause, but will meet the question fairly on the passage of the bill, when an opportunity will be afforded to its friends of vindicating all its principles.