Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-08
Virginia Legislature.
HOUSE OF DELEGATES.
SATURDAY.. Jan. 3.
mcmMoNp ANp rnnnrnlcKsnunc RAlL.noA

without making sale of the fund for Internal Improve
ment and the moment she commenced the sale of the
principal of that fund.- would il be the high road
bankruptcy. With view of ascertainng capacity
at present to make the subscription now asked for he
had drawn from the public documents statement of the
sums already borrowed and those authorized be bor
rowed-as also the of the fund pay the ine-
rest charged upon il, as follows:
Loans already made 81 .6S0,500
Do authorized, and TO be Dor
rowed lsi7,5OO-s So ,52s, 900
Items of the Loans authorized and to be made:
Winchester and Potomac Rail Road 10000
James River Company $500
Portsmouth Rail Road $4,000
James River and Kanawha Company 100000
Prices Mountain 100000
81 .s47, 500
The resources of the fund for Internal Improvement
and the charges upon it, (acual and contcmpated)
in gross, as follows:
Interest on loans $1I5G63 80
Do. sums to be borrowed 90, AS 90
Interest on Fredericksburg loan
Expenses of Board of Public
Works 10000 O0-S254, 1873 80
To provide for which, have the following resources
Bank dividends, interest on loans
ofhe Board of Public Works
the dividends of Joint Stock
Companies, together with the
bonuses given for Bank char
Surplus of james River tolls $4,000 OO-Sl474s7 so
Showing deficiency for the payment of
the interest of loans already made and
Mr. Watkins said he was disposed to 90 as far as any
one in favor of Internal improvements but he could
not consent that the State should incur obligations to
make further loans the interest of which would be made
chargeabe upon fund.- which undeniably incapable
OF meeting the increased charge The interest upon the
loans hitherto made had been chargeabe the fund for
Internal Improvement, because its had been
known to be sufficient for its payment But when we
know this fund is unable pay the interest further
loans, 1t would be compromise of the integrity of the
State, to make them, and charge the interest this
fund-a compromise which he should be very unwilling
10 Itf rsl.o T.
the payment oil the interest on such sums as 1t might
be found cxpedent to borrow the credit of the State
for the prosecution of Internal improvements He
disposed to extend the public patronage to all works
having for their object the improvement of the Com
monwealth, far it could be done without resort
to oppressive taxation. If the demands of all sections
of the State could not be met and gratfed as fast as
they presented, seectonnus necessarily be made
and preference ought to be given to such works as
best calculated to dcveopc the of the
country. The work, TO the stock of which now
asked to subscribe contempates merely the accommo-
daton of Travellers and great reliance is placed upon
it for the transportation of the produce the country or
mercantile commodities and il did not, therefore. in
the opinion of Mr. W., rank among those which
entitled TO the primary attention of the Legislature
Mr.. w observed, that from the estimates which he
had presented of the of the fund.- and the
charges to which 1T was already liable, to meet the
payment of interest all the obligations of the State
this account, other be rcsorted TO
besides this fund To create fund for this purpose the
Treasury must be directly applied to- If the Legislature
unwilling to do this, they pause where they
and decline authorizing the loan requisite for
before u.s. in the Second Auditors report the most con-
vincing proof that the fund for Internal Improvement
WILL during the year 1885, be insufficient meet the
unavoidable demands upon it. Under such crcumstan-
he could not give his any which should
authorize the borrowing money from foreign capitalists
contracting pay the interest out Of fund wen known
to us TO be inadequate to the charge thus placed
upon it. The uniform punctuality of Virginia in her
former transactions. had given her a high credit
among capitalists, so that she had been obtaining her
loans at five per cent. with premium But this would
no longer be the case, if the Legislature should shake
the credit of the State by authorizing loans, charging
the payment OF interest on fund.- whose entire
preengagcd. BY such n course the character of
the Common wealth would be tarnshcd and her pros
pcry seriously impaired result, which all should de-
prccac, and which their duty prevent if posi-
Bile. Should loan be authorized provide for the
States subscription to this stock, the interest made
chargeablc upon the fund, and that fund being we
have by the estimates unable to pay that interest
the two semiannual instaments which viii have become
due before Legislative action could again be had upon the
SUBJECT must remain unpaid, and the credit of the Com
monwealth thereby be sacrificed
Mr.. w. had further objection to this subscriptions
arising out OF the uncertainty TO what would be the
cost Of the work. The estimate of the Engineer made
last year, stated the of its construction at about
$763000. But another estimate had been made This
year, by the Engineer by which we are informed
that the improvement will cost as much by about
100000 last year estimated His present esti-
mate fixes the whole cost at about $700000 Mr. Wat
kins understood this calculated to carry the road
from Richmond to Fredericksburg only The title of the
Company; however, seemed to contemplate the extern
sion of the work TO Potomac Creek. The improve
ment is called, in this BILL the Richmond Fredercks-
burg and Potomac Rail Road and if it were TO be ex
tended to the last mentioned point it would be done at
an additional cost Of about 100000 dollars making
aggregate of 100000 dollars IL then becomes a
question of some import, to know how far we are TO
GO Are we, by the passage of this BILL TO be required
to subscribe o-fths of this additional $20OOOO
and even then, shall be required TO 90 further
lie had detailed statement Of those estmatcg
and lac DID not place implicit confidence in their
Tacy In doubling their correctness, he ncwhat
aCtuated by the recollection of the discrepancy which
occurred between the first estimates of the cost of the
Petersburg Rail Road and the ultimate of the work
The first estimate of the Engineer that Improvement
was, that the cost would be $3.50 600 including en-
other item ofexpcndurc. That Rail Road had however
actually cost mp the present time the If 1856 600
hen allowed to Judge Of the correctness Of the
estimates in this by those which were made at
the outset Of the Petersburg Railroad there was reason
TO opprchcnd that tho estimates Of the fredericksburg
Road would fall far short Of the real COST and that the
work would in reality, cost upwards Of a million He
was therefore in doubt, TO the which il would
ultimately be required Of the State to subscribe and as
IT would, should the subscription be made be necessary
to resort TO The Treasury for the payment Of the interest
upon the loan proposed be authorized he was avcrse
to making the subscription until lac informed of the
full extent to which he involving his constituents
Had tic advocates Of the BILL been able convince him
that the legitimate fund in condition To nav the
interest on the subscription, he should have opposed
It, But the contrary having been shown be the case
/ ne must give his vote against its passage.
/ Mr. Gregory said that he had come into the House
intending to vote against the bill under consdera-
ton and having bat just taken his scat he had heard
none OF the remarks upon the subject with the cxcep
ton Of the closing observations Of the gentleman from
Goochond lie would now briefly state his reasons fo
opposing the subscription the stock Of this Company
first presented TO this House he entertained no OBJ