Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1831-11-14

1
| appfon,ai,ns their funds 10 the stock, Be-
sides. the State Of Tennessee would dsrive but
| trivial advantage from railroad which would
| lead merely TO her margin, aud benefit only
one or two Of her counties. The Virginioos
were. therefore. willing To concur with the ma
| jority of the delegation from Tennessee, aud
| 10 permit them 10 choose how fhr the road
should be- conducted into their State. II was
eonside,cd an object Of high importance to go
on with the road ID point where II will meet
sleam-hoa, navigation. Tint poiat ia Knox
vile a. there can be no doubt, that the interests
of tennessee will be greatly promoted, by the
extension of the railroad thereto.
| The convention adopted the forms Of memo.
| rials, 10 be pre.enied TO The State Legislatures
OF Virginia aud Tennessee, asking from the for
mer the passage OF n law 10 enlarge the capt
| tnl stock OF the Lynchburg aud Ne" River ra'l-
road company, aud 10 authorize the company
| 10 extend their railway from New River 10 the
| eastern boundary of tennessee aud asking
from the latter the enactmeni of n Inv 20 extend
the said rail road, from the Virginia line, 10 the
town Of Knoxville, on nolslon river Bills
we're also prepared, To bs submitted to the
State Legislatures Aforesaid, continuing such
provisions as are adapud 10 the accomplish
ment Of the objects contemplated by the con-
sention,
public with the foregoing reonpitulaiion of the
proceedings OF the convention. lint the reasons
on which they have acted may he understood,
aud that subject, which has heretofore been
published IN detached ireg ments only, may he
laId before the community IN one Connected,
aud entire, but concise view.
| Internal Improvement IL an obi ct Of the first
mag niludc 10 the interests oil our oonntry. 10
accomplish II by the agency of the Federal
Government, would be. IN the opinion Of the
mass OF the people belonging 10 Virginia, aud
Tennessee, the exrrr'sa of n power, not vested
by the Constitution Of the Uniled States in that
government. and uf dangerous Consequence" to
the sovereignty aud rights Of thu individual
! 5tates.-But IN all the diversity OF opiuion on
constitutional questions, u has never been de
MED. that each State possesses the leg,,mnte
power OF drvlsng and calculating plans OF
improvement within iis own limits. AcCor
ding TO the purpose OF the Abingdon conyen-
tiou, our railroad Will be constructed, and
! completed, by the authority, aud by the means,
of the two States through whose territory u
will pass and without the slight 'st aid, or
| interference. on the part OF the General Gov
| ernment. There will not, therefore, DO tho
smallest prelence for objection, Oh constitution
al grounds
| But, the requisite funds rise TO n large gum
and constitute the chief difficulty 10 be subducd
in clfectine our scheme. Thee is good rna-
son. however, for tho prrsuaslon, that tins dllli'
Guilty is moi su alarming ma at appears on hrH
and unusitory view. Vnginia aud Tennessee
possess large pPcuniary resources and, II those
who can command them, do not, with per"
verse blindness TO their own pnipable interests.
| withhold their contributions, the full amount
which is necessary may be supplied from 'hes"
two States. But. should that be m's'aSeh
! calculation, there is u sufficient number OF
aluent capitalists, in the populous cities OF 9th
or States in the Union, who will eagerly snhfch
an occasion. by awaiting themselves OF which,
what would olherwisei be inactive aud bnpf"-
! fiable capital may be converted Into invest
mrnts, yielding such yearly proht. ms would
! go lar TO satisfy the desires OF ayar'c" uselt'
| There are lew appropriations, which can be
made of large suns, that will bring 10 the ow'
! nrI ten per cCntum, per annum, Tor an ihdrh'
| mite period. There - no reason to douht, tbht
such wl be the amount III proht on me sums
| expended IN this scheme aud the money 50
! laid out, viii not produce a mere temporary
| gam which viii terminate IN The course 81 a
| lew years bur. tho ,npebimeni, hnd tr PrOhH,
are to continue forever. Perhnps, ten per cen
tnm may be too high an esiimaie OF annual
| product. Reduce II 10 SIX. or even 10 bveI anu
IN ouled men will sill feel disposed 10 secure to
what's allowed as legal interest, IN most coun-
tries of EDToPe, aud exceeding what Govern
m.nis are IN fnaay Instances Accustomed to
pHy. for the large loans which they obtain. ~
| present, considerable suns are ~ tue hands OF
| those persons who are holders OF United otateS
stock, which will soon he called IN 10y the Gov
,rnmenr. For the discharge oil the National
DeDt is not a mere visionary prospect. II Is
! an event 1T hand, and will certhinly occur,
| within very few years, When u does, the
| mos, advantageous invcs' ment ofmouey, which
| large capitalists IN America have heretofore
made, will he taken from them. They will not
! then hcstae o embark IN nm adventure, which
promises 10 secure them nj least NJ great profits
/ "a they have, in past times. derived from Gov.
| eminent stock Let US, therefor, rest, quietly
| a.suI ed, that there is no danger oil wanting any
money, which the Accomplishment OF our work
may demand. But, we ought 20 bear IN mad,
the consequences OF permitting iorrigners, or
| the inhnbiiants Of other States, 10 take up the
| railroad stock. In that event the large annual
amount oil tolls will DO taken out of our casn
circulation, snd Will goto the pockets OF dis
! tsnt propr,ttors from whom not n dollar will
! return into our country. This result II strong
" TO be deprecated: AID there Is no mode al
avoiding u, but by calling forth all our own
| energies aud resources, and supply ing, IRON
! them, the whole funds winch shall be necessa-
| ~.
! We ask tho public attic ntion to some other
consider ations, which bear closely on the i'm
| portant topic before US.
The comparative advantages OF canals and
railroads. have been the subject OF much dis
cu.slon, am ongsi those who are most CONVEX
SAINT with such matters. We think il unnccrs-
sary to enter on that discussion because, II
wilt we presume, be conceded, that through II
great extent of mountainous country, such rs
! ours, the prompt aud decided preference must
| he Welded TO the rail-Toaj. One consideration
alone, IS conclusive. The water OF a canal,
moving sugg SHY across our cold hills aud val
lies, would be frozen, and, OF course impassa-
| BILE, for some time IA each winter. That time
would be long, IN a severe season, such as the
last. Blu, N much colder climates than ours,
railways are every day practicable from the
heginnlng TO the close, OF the year, aud are
never lisble to any obstruction, while Ihey are
| kept 10 repair.