Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-04
Virginia legislature.

virginia Legislature.
Remarks maae dy Mr. W FLOOR IN the Senate Of Vir.
sW,d ~ me Deoase upon making appropriation
"e portsmouth and Weldon Roll ,cay.
MR. SPEAKER: Had the subject now under cousi.
deration been one of strictly u local character.
should have pursued my usual course by s,,bmttinc
ITO such discussion as those Immediately interest
ed might have thought it their DUTY or their plea
sure, TO have engaged in: but, embracing matters of
general and deep interest to the whole State have
10 ask your attention, sir, to arguments by which
nave neen convinced that this bill ought not 10 pass
mat TINS loan ought not to be made | discaim nj
once and forever, partially Petersburg at the ey
pence of Norfolk and Portsmouth,. On the contrary
they all have my best wishes for their prospective SO
lar as this be attained and Justice dome IN o,o
sections of our State.
The fund for Internal Improvement is estimated
to amount to S24l55S6 so; of which there is in
permanent funds 81 ,423,66l IL, aud in disposable
funds in stocks S966,S47 So To the amount of
S2,4I5,5S6 81, may be added 100000 invested in
The Petersburg Railway stock; and S25O,OOO sub
scrioed TO the Chesapeake and Ohio Canal with
Jew other small sums-makng altogether more than
SS,o2oooo, that has been drawn from the pockets of
the people, or 10 pay the interest upon which they
are taxed. The first named sum was set apart as
luna from which Improvements were to be made
throughout our State, and, until the substitution IN
Tue Petersburg railway, not exceeded in max
ing appropriation TO schemes of Internal Improye-
ment, except in few instances when small Sums
were granted, directly from the Treasury TO aid in
making road where the country was too tbinly in.
huoteu, or TOO poor TO make q road for its own mr.
communications: but these contributions TO eeen,osv
nary schemes do not vary the general correctness of
tue position, that the grant Petersburg i'm takng
her stock, is the first efficient and importunt denar
lure from the limits which the fund for Internal I'm
provement had prescribed as the sphere of eg;sI,
tive action upon this subject-a depa,ture ,yI,ich
hPprehend, VIII lead to "a burdensome and ruinous
termination unless speedily arrested. IL is per-
maps, IN eXtenuatlon of the sin committed by Pc
tersburg, that her exertons have led to successful
and the issue of which was problenaticaI and by
thus acting as pioneer, pointed to n system of In
ternal improvement that may, if prudently resored
to, lead to happy results. But even this successful
termination OF her railway cannot completely ex-
cupate her from the churge of having snned against
the balance OF the labour and property Of the State
I'm being The first to overeap tile bounds of the fund
Tor Internal Improvement, by drawing directly nm
on the credit of the State 10 furnish the money 10
make her Improvement
Ihe Iabour and property of good old Virginia
together with that intelligence and virtue i'm her LIE.
gsiatures, which kept her free from contracts, by
winch both abour and property would be pledged
has secured to her public contracts SO desirable a,
character, that any sum be raised which her
probable exlgencies may call for. To this credit The
appeal has been made at an improper time and for
an improper purpose. Public credit of this high
grade, should he considered treasure too sacred Ia
De touched for ordinary purposes, and only TO be
drawn upon, when the productive labour of our State
was paraiyZed. The circumstances connected with
a
pay the States subscription to the Petersburg Rail
way, may furnish proof of this high state of ere
dit. The sale of State stock to furnish money to
pay her subscription TO the Chesapeake and Ohio
Canal, may be also cited, TO prove, if proofs were
wanting, the high grade of public credit ia virginia
for, by this SALE about 1888 900 was given for claim
upon the State of S250000 But recollect sir, that
that S25OO00 is borrowed money, aud is now nj in
tcres as is the 100000 subscribed to the Peters
burg Railway; and the people are taxed to pay the
interest," as they will have to be taxed pay the in
terest upon the $4,000 proposed to be subscribed
TO the Portsmouth and Weldon Railway, fthis bill
should now pass and the of subscription 10 the
stock of each and every such subscriptions is mort
gage upon the whole property and labour of the
State.
The S250,000 subscribed to the Chesapeake and
Ohio Canal, was the second instance of Overlapping
the limits of the fund for internal improyement il,
resortng to loan 10y the sale of State stock: men
sure, sir, that had the honor to oppose here--I
should be pleased to say successfully, but the re-
verse of the proposition is true, and furnishes ano-
ther unfortunate proof of our high public credit: n
similar proof that of the credit Of prodipol young
man, who has inherited fine estate from his ances2
tor, and who can command money I'm large sums Inv
mortgagiDg his pairlmony and squander IL freely-
The cunning and cupidty of dealers i'm MONEY will
not fail to furnish funds to this fne h-sp;,tted Il.
berdt Jeio,o, as long his patrnony lastsbu when
mat IS gone, they have no farther use for him. and
these hne fellows are generally good boys the ba-
iaDce Oh iheir llves-they will never do so again no.
L
cannot consent that this shall be the termination Of
our public credit ! caunot agree to see individual
freedom thus disturbed NY certain aud heavy toxes
imposed upon by those legislative morto3oes
To prevent such catastrophe, voted ansnst tbe
Chesapeake sin of last session, and one 9C s;nI,r
grade and character, with the one now con,ennIa,
ed and upon the same subject, which am bannv
70 have oeed to defeat but, sir, il seems most in
communicative fair beatings will not suffice.
Connected with this branch of the subject the
further reason may be adduced, that aho' the Pc
tersburg railway subscription was improperly OBJ
tained IL is donc and the work yields something and
furnishes pass way to market, which the ueo1Ie in
that section OF the State have long been accustomed
70 frequent, to the mall and to travellers; and its
friends say it promises TO make far return for ,Io
money invested, viz that its stock is not more ,I,on
10 per cent. belowpar value, and this Discount n en-
much less than the losses upon some other appro
Protions to schemes Of internal improvement lin,
the return IS thought to be praisewortIy one The
annual dividend is the general mode Of estimating
Tue VaIueof stocks, md, suppose, has been resort
Cd 70 IN this case In late expose Of the par va.