Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-27

per mile, the annual interest which sum is about
al OoOthe annual interest the cost OF these wofhs
will be 81 600 per mile, $375 900 for The whole length
Adding this sum tn the annual expenses on Inc foaoS
would have $3.50 QUO, the annual expenses ano Ine
rest on the cost of construction The estimate OF the
Cost Of construction is the same made by MT; Mwy,
the engineer who surveyed the Evansham and DanVi'e
part which is said To be more favorable route tnan ~
Lynchburp and Tennessee line.
But there has come into this House, report from ''e
Principal Engineer of the Sinte, containing tne me-
grossly eHtravagnnt estimates OF revenue ifnni ."e "
stem of The contemplated roads. SPEAKING Vi .ne
of travel and transportation upon the main stem VINE"
i, has been extended South through Tennessee the re-
port says: "Yet although almost aosufoy mooeio"'
will limit it, for the sake of argument at loV"oo per-
sons year; this at cents per mile, wonio oe coec
ton Of ct 900 per me--40 per cent on Inc COST Anu
If we allow only mn average Of cents per ton per NUE.
for heavy articles (Which profits from travel wi enane
US to dol we shall have from the low amount OF loUoVo
tons assumed above, revenue OF 4ouo pc. m''e, WIZ
with that obtained from passengers, Will be lotal
SIO OlD per uile-two thirds OF the actual cost ana
this at the most moderate estimate. Yes, DIT, re-
venue of l00UO dollars per mile, at "mosl moue,a
estimate! Counting The main stem al one hunu':u
miles and the revenue from one hundred miles OF ran
road he estimates at 81 900 000 than the gross
receipts from oil the State works Of Pennsylvania whicn
cos, SD 900 900, and twothrds as much as Is def'ru
from all The Stale works of New York And yet he ca's
this almost absurdy moderate II this estimate were
re there would be no necessity for the calculations Of
the gentleman from Augusta, nor would thste pe a'y
necessity for The State 10 subscribe single cent Is
there solitary individual in this House, who places The
schies, confidence in the estimate! do nope, VIII
J an instructive lesson Of the faith TO be reposed in
Enginecrs' estimates Of cost and revenue OF railroads
So lar from aording such revenue, or reimbursng The
principal and interest," believe they would be an annual
charge upon the Treasury Nor is this assertion lightly
bazarded We have seen that the Penney vana State
Works pay about per cent; the Works OF Virginia
about one per cent Almost every rail road in the State
has made application to borrow money from the Snte
that the State would borrow for the m-and where are
their dividends?
Frequent reference has been made The Petersburg and
Roanoke Railroad having reimbursed the interest on
the State subscription and accumulated large sinking
fund for The redemption of the principal This great
mistake. The Sale subscription to that Work was
Si6G 600 and the interest upon the State subscription
to the present time, is So 900 The total amount Of
dividends which the State has received to the present
time is S464U0 aud if you include The next seminar
nua dividend sand estimate that per cent the total
amount Of dividends received by the State will he
S34 400 The Slate has sunk S3,2lO even upon thal
work, including its next dividend al per cent lhcre
are great advantages which that railroad enjoys over all
others. II was constructed a time when labor and
iron chrap- is located in level country, requr-
ing expensive cuttings brdges-it is on the great
line Of travel 10 The Souh-the whole produce ut The
Roanoke region, that down the river is stopped
by the falls of the Roanoke, and almost The whole oil II
takes the Petersburg road. TO give some idea OF the
o,iany Of produce cenered there will only state that
10 1896 thousand hngsheads Of tobacco went down
the Ruan"ke that ruud a!sn receives from The United
States SS O0U per for carrying the mails. which
item alone is three per cent. its capital. IL Is under
equal il not superior management, to any road IN The
Slate: wisely, safely, economically managed; yet with
all of these advantages, it has not paid to The State the
interest upnn lie State subscription
Commence lhese great works, while so many others
are IN prnuress-whie there is such demand Tor labor,
and great scarcity, aud you will increase the cost OF
the whole Of them 10 what extent is not easily fore.
told; but raise ompction IN demand Tor labor against
the James river canal and you mus, enhance the price
one f,uh This may he avoided by finishing one great
work before another is commenced.
Much has been said about the public spirit Of Virginia,
She has been taun,ingly compared to New York and
rennsy lvnnn, and have listened 10 the comparison Ivy
Virginia sons with any feelings but those OF gratIfca
ton Before they ready 10 cast reflections upon
their nave Stale, They should have nscertaned what
she has done, and what were her resources Since the
year $780, she has completed, or has in progress, and
nearly completed by Joint stock companies, about three
hundred miles of rairuad, costing about 81 OOOOGO
She has in progress hundred and sixty miles OF ca
nal one hundred and fifty OF which is nearly completed
The James river and Kama Tha improvement, when COM
pe,ed. will cost about SlOUO0,OOO There are lew, II
any, States in the Unlun which have undertaken SO
much with the same resources-with little foreign trade,
little accumulated capital and no great commercial city
They tell US oil New York--but, with all her sources of
that Virginia has not, New York from leI7 10
1897 incurred State debt Of only 81 6727s TOR her
State system while the committee recommend Fir.
gina with far limited resources to incur debt,
which with present liabilities will amount to Sl2,sOO,
QUO They point to Pennsy lvania-and have shewn that
she has debt for Internal improvement of S22 0OO OOO
which yield than per cent dividends, and
annually sink 81 100000 OF interest over dividends
We have seem too Of The mlschefs sprnglng
from her State system, nordinale augmentation Of
banking capital until the whole capilal swsrd To $685.
600 900; the bonuses Of which have been sunk in this
great State system. Is such state OF things desirable
in Virginia. 1t could not be too strongly deprecated
The public spirit Of Virginia requires to be checked not
stimulated. Stimulate the spirit Of enterprise in this
State while the mania for Internal improvements rag
ing and wise and sau,nry spirit OF enterprise Is driven
into wild and needless speculation and extravaganza
But above n is this The time 10 incur great Puoiic
debt, When the revenue from your fund tor Internal
Improvement does not meet The charges upon toy SlUO
O00 and the deficit constantly increasing there
deficit in your treasury, increase OF taxes already
recommended nnd your subjects Of taxation annually
decreasing the recent revuson has spread rum
and bankruptcy every portion Of our counry-when
the late Developments in The Northern cities give strong
indications that this revulsion has not yet reached the
extent Of its sevety-when oil Of these weighty con-
sderalons press upon my mind, cunnot Teruin from
begging The Legislature TO pause before 1t adopts such
system.
hc number taxable slaves in Virginia reduced in the
wear usdng Of October 1857 upwards Of oO md the
dininuion the 1896, compared with the preceding ye"'
was G6S-mkn2 the member taxable tho s VI Oco.
bc 1877 number October 1885, lOCs hive
per decrease in Two years.
TweEty-GftEa sonsress---2d sess.
rrea@.sd@y, re!,na.5g, q, 1888.
The Chair presented from the War Department, in
pursuance of n resolution offered by MIR Sewer a re.