Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-08


ration when first reportcdbut when in its progress
through provision engraitcd upon IT, giving to
the company the exclusive privilege of this line of
muncaon, for thirty years and prohibiting the ncorpo
ration during that period of any other company for the
construction of parallel road through that section of the
State, monopoly which had never, TO that time, been
granted TO any other company the STATE his opposi-
ton to the scheme commenced He did not ut that time.
however make any open opposition TO the BILL as il was
stated that unless privilege granted il
would not be in the power the company hold
encouragement To capitalists. would induce them to
subscribe 10 its stock. The bill passed the House.
tanning this odious feature. but with an UNDERSTANDING
his part least that the subscription by the
Commonwealth wns not to be asked for This impress
sion he derived from the frequent declarations of the adj
vocates of the Company on this floor The conclusion
natural one from the exclusive privilege granted
by the BILL which could only have been obtained under
supposition that the Company intended prosecute
the work independently of the aid of the State. But.
for n moment supposng that this understanding had
not existed. If we advert to the arguments made use
of TO sdsain the application for a charter and the
reiterated statements that this improvement promised
to be immensely profitable. he commended that il would
be highly impolitic in the Commonwealth to subscribe
to the stock of this Company, after having grant
ed to it this exclusive privilege. Should she do So
her participation in the work would assume stock. Job
bling character entirely derogatory the dignity OF the
State. IL for Virginia participate in any such
scheme II money making principle Besides
should the State participate in the stock of this Compa
NY after extending TO monopoly of the line the State
would thereby become sharer in the exclusive privilege
and the odium her would be greatly worcestershire
would stand erecting monopoly for her
benefit The fund for Internal improvements was not Gre
such objects 1t established
of applying the funds of the State to tie increase of ac
tics TO the farmer and the planter in the ransporta
ton of their produce to market, and for the more
convenient carriage of merchandise The construction
of roads for the of travellers formed
part of the object in view when the fund first had
its BIRTH If we look TO the route proposed for this Rail
Road could believe that the transportation Of
duce merchandise along its linz could he object
with the company, that il wo1A produce two per
cent. on the capital TO be invested No would pre-
tend that this road intended for the faeaton of
such business that the transportation of commodities
entered into the calculations of profit made by its pro-
jectors This being the admitted fact subscription hy
the State would operate diversion of the fund for
Internal Improvement from its legitimate perpose, which
to afford all the bcrefir within the means of the
State 10 its agricultural and mercantile interests
Mr. Gregory aware, that it said by the advo-
Gates Of the BILL that this Road would be employed
for the conveyance of travellers alone but ID could
be supposed that its D6ts from any other would
be worth the computation
II urged that tlas worla lie peculiarly profitable
investment OF the public money and that the State by
engaging in 1T, would make handsome profit the
amount investedtat ~ 10 say, tat the State would
gage in money making business Such was not the
object for which the State first engaged take part
such schemes. He from divcrting any part
of the Fund for internal Improvement from the purpo
for which it originally intended apply TO n
stock jobbing speculation.
But said Mr. G., if the stock of this company pronai-
TO be so uncorninoLly profitable, why not allow it
be taken up by individuals In reply this, il has
been said, that the States subscription necessary
to the welfare of the company order TO encourage
confirm the private Stockholders in their confidence i'm
its IL also Sold that if tie State refused the
solicited assistance it would cast doubt the pros-
poets of the work, which wod prevent any further sub
scriptions from being mnc. He did think this rea-
soning sound. There within sight Of Richmond,
work of some importance the entire stock of which had
been subscribed by individuals having other induce
ment than the prospect of its being profitable TN all
would be- sowbesever il is obviOas to the com
munty that work of the kind will produce a prof,
the investment, its stock would bc eagerly taken u
by moncd men. When the immense profits anticipated
from this enterprise and the monopoly by which those
profits were 10 be secured 10 the company for thirty
into
subscription by the State, doubtful qsstion
Surely work, promising such brilliant results cannot
require the aid of the Commonwealth to sustain ii ia
the confidence of capitalists who good Judges OF
their interests and understand making proitable
investments Of their funds. An argument hike this is
scarcely worthy @ reply.
lie had already observed that no suck monopoly as
this had before been granted in Virginia And on
what ground cold lis have been asked and bestowed
but the implied consideration that the State should
not be asked for contribution the stock of the Com
pany Although lie felt assured that ssch was the lEn-
derstanding it proper strengthen that impression
by reference 10 she proceedings of the House. when
charter before it, An amendment to the bill was
it seems, offered distinctly Plcdging the company that
1t would moi claim the State subscription IFS stock
Mr.. G. had indistiTst recollection of sueh a
motion, but I've believed was taken upon it.
If he recoceed rightly, the proposition was made
by the gentleman who then represented Elizabeth
City, and Withdrawn by its mover. The feature of
the BILL Which then engrossed the Chief attention OF
the House, the last section eohtdng the exclu-
sve privilege Mr.. G. ha,b been opposed TO that fea-
ture, at time when he supposed it settled that this sub
scrptOn not TO be asked for from the State but
still more odous when tho aid ofthe Commonwealth
sought for The Legislature had, avowedy for the
purpose ofinducing individual capitalists subscribe TO
the stock of tins company, declared that other paral
lei work should be made 60 interfere with it's profits
for thirty years-and now when by this privilege
the stock has been rendered ncommonly valuable il is
proposed that the State shall become slarcr in
the profits OF the speculation for which she had thns
paved the way The dignity Of Virginia would be com
promised by acquiescence in snsh manaasre. Tie
gentleman from Richmond, IN his remarks of yesterday,
anticipated the objections TO be made tbe bill
before any member had atcrapce TO them Hs had
doubtless drawn the eoneHon that they would be offered
from consideration Of the nature of this application
circumstances of the case, would these obiec-
tons he, with much adrOncss took occasion attack
them in advance. But how did be succeed? Did he
shew that this work would bs beneficial to e Common
wealth in any other than financial point Of view? lie
did but ct to rest its claims chiefly on that
consideration. Viewed ia this light. Mr. Gregory was
srcnuousy opposed 80 IT, and would have voted against
IL had he not other reasons which ne had already stated
lie concurred entirely with the remarks Of the gentle
man from Goochland this poIt, GAY as he bad
heard them II the State is to borrow funds for works
Of this kind, they ought 60 be spCh would prove
beneficial to the agricultural and commercial interests
Of the State and not merely such as would bring a
revenue into the Treasury This work promised no other
benefit to the Commonw than this II was true
that it would enable individuals TO travel from Rich.
nond 20 Fredericksburg, IN four, perhaps
eight hours less than the loagney Is performed But
this would yield no benefit to hc State far its arri
cultural and commercial interests were concerned The
facility would be enjoyed by the birds Of passage on
their way from section of to country 30 another
bat their migration would leave solid benefit 10 tho
country through which they would pass with such vclo
city. That travelling would be facilitated by these
MEANS hc did not deny, did he contend that II wal
not desirable object bat he question was, would tie
Legislature, merely for the sake Of aaording facilities Ia
travellers saddle tho State with an additional debt who
1 titf had moi dol IN