Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-21


a FORMING pat oil that great lne e tide " ate inland n
yga'on Tor sea.vessels, drawing feet FROM Boston hsr-
pour 10 the ST. Marys River, Of which he Is urging
practicsbility and importance This canal was r., mil
the Chesapeake Bay with Beaufort harbour in N tsroi
IA through the Abemare, Panlieo, Cove, ami Borne
sounds IL was entirely as national work that he ,c.
gar,ied IT, 1916. the stock the company was ncreas
ed 500 Ooo Of w'c, the State took 10 800 inivdu-
ais Sl3,5OO. The object this increase was 10 d.en.
aud widen the canal In order to add ia the Language. of
the act, to Its national usefulness The petition TO
Congress Tor aid to the work. following the Idle. Of Mr.
Oaliai, says mo-, word Of the upper Roanoke trade ut
urges that ''he completion OF this desirable work, will
open an inland navigation from the Chesapeake to Beau
'or, IN N Caroina and is therefore .'ohiect OF "
national uterest"ln 1917 incorporated the Roam.
oke navigation company, Ito which the State subscribed
Sooooo' and whose works ore benefited by the Peters
oufg road which terminates below them) and then Tor
tue hrs time, was conceived the idea Of cutting a canal
around the Falls enable the produce the upper river
70 get to Norfolk Ii had been favorile object ON thu
Hoanoke ever since. Blu, the fact which ne wished 10
drect attention that the Dismal Swami canal WAS
opened with no view TO that trade which was now the
support oil the Petersburg road aud that had be
subscribed by individuals since 1877 when CONNIE ,on
with the upper Roanoke FIRST thought Of OF course
ne expectations entertained by individuals at the time
hey subscribed, could not be ihwsred by the diverng
o' trade they did not enjoy or calculate upon
. nr. sad' with whatever views the canal was made
was easy TO shows that although had been in
OPERATION on enlarged scale, Tor five or six wears il
had not attracted considerable extent the ade OF the
upper Roanoke and hence the Petersburg road could no,
nave any serious injury either the Dismal Swami
Canal or to Norfolk. All the trade Of the upner r;ver
Mneh went 10 Norfolk he presumed passed through the
eanai al The Falls, and the report OF the Directors OF the
Roanoke Company, showed what the quantity was Tho
amount had been about the for several years and in
1858 was 22S hogsheads OF tobacco $50 bales of cot,
ton, and IL 400 barrels Of flour The nett amount nj toll,
ON these and all other articles during the year was "a
enjoyed with The upper river The tolls dn9 S
same year on the Dismal Swamp Canal anG its tribuarv
n. Nor Canal were $ss 2sO of which absa,
Sls0oO accrued the article of lumber alone-abon,
$3oS4 on outward bound cargoes-and the balance from
commodities, including $40 bales Of cotton
OF which he had shown only $50 came from sbovs tbs
of he
Lanai arose from the trade OF the upper Roanoke and If
ne whole were suotracted neither Norfolk nor her canal
could be much injured
But IT 1t were still believed that the trade of Norfo,k
would be materially essened by the Petersburg road n.
retropecions. and advert fact that this trade
nay belonged to Petersburg and that the first aggression
was ON the part Of Norfolk in drawing off through her
In short he said there view of the subject which
impaired me meritoous attitude in which the
road stood before the country claiming not even proter
ton but merely not TO be broken down by the
oil the government The question for decision wasoand
II could not be shunned-wheher il just or wise in
the Sa'e 10 encourage competition between road and
canal companies, whether such fair and pro
teefon always guarding against monopoly and exortion,
shoud oe extended as TO realize the of the
stockholders, and thus encourage others 10 ,h
money in similar enterprises 1t had been tho ancien, 80
oil Tue State TO afford all the inducements in her pow.
er 10 such investments; and since the of the
Tor internal Improvement in 1876 up to very late
she had operated under the 18th section Of that act (an
pl'cabe to nearly all past which
mat the stockholders should have the or III
state who was to receive dividends until her
mao oeen reimbursed their principal and interest Was il
not obvious mat the most striking was
cessary to induce capitalists their in
OF internal improvement The of such
rendered them hazardous at best and accordingly there
were lew who were willing to make them For Inerev
local purposes II might be done on account of 3
interest put Tor extended works, there be pros.
Pect OF dividends. Protection had been found neces.
sary In all past times for such minor as
ouses anu ienes and was expressly by the
coS, aIu ne less requisite in regard great and
in
trade was saluary, and also safe for if the enternr,
should fall the individual might sell out and employ
.spal III some o'her way. But. before could be
induced to lay down millions road or canal from
winch could not be Withdrawn, they mus, have
strong assurances OF the aid and of the
road had been made. ''us
presented in evidence OF the poicv al least of n, osc;
The subscription was Of character novel in Vireina O
e IN STOCK and in loans convertible into stock
heid oy oses than State, 700 was owned bv
pltas living out Of the State, or MOI. dent and
ing no property interest at Petersburg or this 700
ABOUT $35OOO OF the loan, (Which could ONLY a,e es
obtained from confidence great as that ybich w,
have induced subscription } and more than enn al
oI STOCK was held out Of the Stale Now it was some
'hng 10 retain the capital of own citizens much or
which was from time to time, invested in the roads and
canals OF The North, Of better promise thew
gave oil Proh But here was the dawn of more ausn;
cious state oil things Foreign capital hitherto who'll
stranger in our land, finding way into our own
internal Improvement stocks. Money was scarce j.; d.
South, and had much, he said to do ON the h;, s 70
improvement; but il the confidence of our we,I,h;o
neighbours could be secured all might be effected with
Out hs inconvenience 10 ourselves they did not sinh
scribe in the first instance, hong as the credit of rio
stocks was so lar sustained TO keen them AZ mar &C.
would md ready purchasers TO the North Was moi Ills
consideration OF much importance? Individual. had
taken TWO millions more of stock in the Janes nj;
yer anu kanawha Improvement; but they could not
pay II without Inconvenience nor did all of them
calculate on paying They relied on selling ont 70
others before the day of payment should arrive and ~
ENABLE them 10 do So indispensable that the credit
OF the stock should be kept Confidence was 49,
OF slow growth, and southern enterprise had b;hero
proved an uniriendy soi but il now taking root and
II remained for the House decide whether in The
tonness of legislation, should be rudev cut nm AMI
destroyed was only upon the joint stock plan that pr
Vae capital whether foreign domestic could be draw,
ou 'and unless The course OF legislation should he sc
as 10 encourage and sustain of this knd
the plan musial and the burthen OF all
upon the treasury Let this bill be passed and The ,r;n
cPle will be settled, that the Legislature for The fp;
oeneh OF The planter rival interest is always r.aJv
10 render assistance in establishing compeon
JOINT companies, for the purpose Of deptyng thsn
OF TAR Prohf Alter such declaration what cspi,aiisi
cou'u DE simple enough TO place his money at the mercy
OF 80 powerful an enemy as the State Government
There were some he believed, who thought tbs ro,J
would be made In any event, and, therefore subscro
uon oy be stale could not add TO the evil n su II
prove lie hoped no would be governed in bis vos
Sy so iai'acious consideration Without the helm of the
oate he work would be abandoned. The confidence of
capitalists could not be enlisted TO sufficient eYan, i;
favor Of work OF costly character and of .nnh |
doubtful prospects, But should the State enbarL - :,
the completion would be certain; for il cost her ;llons
having begun, she must go Whatever might he the
result OF u as an enterprise prosecuted on private resor
reler'ourg would not complain She had not oppos.
ed the granting charter, and had acquesced in The min
eipe SO long acted upon in legislation that where ini
ouals are Wiling TO make their improv ements mn |
obstacles snail be thrown in their way All that sbe ask