Economics -- Early works to 1800; Finance -- Great Britain; Great Britain -- Economic conditions -- 18th century
Eight years’ assessment at £30,000 per annum is enough to afford to
borrow the money by way of anticipation, if need be; the fund being
secured by Parliament, and appropriated to that use and no other.
4. As to _What security for performance_.
The lands which are inclosed may be appropriated by the same Act of
Parliament to the bank and undertakers, upon condition of performance,
and to be forfeit to the use of the several parishes to which they
belong, in case upon presentation by the grand juries, and reasonable
time given, any part of the roads in such and such parishes be not kept
and maintained in that posture they are proposed to be. Now the lands
thus settled are an eternal security to the country for the keeping the
roads in repair; because, they will always be of so much value over the
needful charge as will make it worth while to the undertakers to preserve
their title to them; and the tenure of them being so precarious as to be
liable to forfeiture on default, they will always be careful to uphold
the causeways.
Lastly, _What profit to the undertakers_. For we must allow them to
gain, and that considerably, or no man would undertake such a work.
To this I propose: first, during the work, allow them out of the stock
£3,000 per annum for management.
After the work is finished, so much of the £5,000 per annum as can be
saved, and the roads kept in good repair, let be their own; and if the
lands secured be not of the value of £5,000 a year, let so much of the
eight years’ tax be set apart as may purchase land to make them up; if
they come to more, let the benefit be to the adventurers.
It may be objected here that a tax of £30,000 for eight years will come
in as fast as it can well be laid out, and so no anticipations will be
requisite; for the whole work proposed cannot be probably finished in
less time; and, if so,
The charge of the county amounts to £240,000
The lands saved eight years’ revenue 40,000
£280,000
which is £13,000 more than the charge; and if the work be done so much
cheaper, as is mentioned, the profit to the undertaker will be
unreasonable.
To this I say I would have the undertakers bound to accept the salary of
£3,000 per annum for management, and if a whole year’s tax can be spared,
either leave it unraised upon the country, or put it in bank to be
improved against any occasion—of building, perhaps, a great bridge; or
some very wet season or frost may so damnify the works as to make them
require more than ordinary repair. But the undertakers should make no
private advantage of such an overplus; there might be ways enough found
for it.
Another objection lies against the possibility of inclosing the lands
upon the waste, which generally belongs to some manor, whose different
tenures may be so cross, and so otherwise encumbered, that even the lords
of those manors, though they were willing, could not convey them.
Public-domain text, read in full here on John Shaqi.
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