Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-01-17


pons'ble for u loan to be negotiated by the
Company The effect OF such loan being
TO uepreciate the value Of her stock, aud To-
expose II TO casualties without any cornuen.
eating advantage.
l regret that am unable 10 refer in de.
tail to the operations of the Company. and
lis future plans, for the want of the repor, o,
the Roard of Public Works; and 1 leave
the interesting subject TO you, with The ear
nest hope that i, may comport with your
views oil public policy TO devIso the means
OF completing the Improvement within au
early period.
Public opinion, as well as the advantages
oi The improvement, strongly recommend
the construction OF n Railroad Jrot, some
proper terminus in the East 10 tue Tennes-
see line. IL must bc regai ded az all i,npor-
tont to enable the State 10 participate in the
immense and growing trade Of the South.
west. IL would furnish 10 an extensive and
fertile district OF the State, rich in minerals
as well os fertile, that is now cut off from tho
Eastern markets by Its remo,epess and the
difficulties of access, facility ,ba, may be
SAID TO be almost Indispensable and would
al the same time command the TRANSFORMS
iicn OF the merchandise and The valuable
products of East Tennessee, and of Upper
Alabama and Niississippi.-W hereas, il the
gin'ar as fur as Wythe county, will be I'M
der the necessity of looking 10 The South :;
and its productions, along with those Of the
States referred 10, will find an oulle, in ,ha,
direction. improvements have been already
projected in other States, which will forever
deprive Virginia of the Invaluable TRADE that
would be commanded by q railroad 10 the
Tennessee line, il she surrsnders 10 their
superior enterprise and energy, ecTsn;acos
so worthy Of calling into exercise her own
10 the undispuied Utility and Importance a
Inc improvement in question, should he adj.
ded The Impressive consideration, tina, i
could not faii 10 yield directly an adequate
return upon the capital invested in Its con
struction. That should seem TO be The cor
tain result Of the travel, az well as ,ranspor
lion, OF which it would be The avenue: .
travel to which it would be difficult 10 az
sign Limit, as Will be perceived upon re-.
ierrIng 10 the lines OF Improvement now un.
dor way In the South and West, and TO suct
new WORKS on the part OF other States as i
would unavoidably call into existence.
Strongly impressed with these cnns,dera
iions, earnestly recommend again The i'm.
proTement TO be undertaken on State ac
count.
The completion Of works OF Internal lon
proVement now i'll progress, as we'll as lht
CONSTRUCTION OF such Others as The Genera
Assembly may desire to undertake On State
account, involves the necessity OF resor,ins
10 further loans. The sum needed will be-
80 large as 10 make il obviously proner I,
attend to the particulars that viii, secure Tic
ini benefit OF the high and undou bIed credit
CT the Common weaith. Our negotisIions
hitherto have not been conducted so "a &c
realize probably that result Instead OF re.
lying on the sale of certificates Of debt y,
the Treasury office. it would, think. hs
advisable to offer them in markets where
capital IS a5undAnt, and public securtie.
sought alter; aud to commit the negotiation
10 an agency that could be relied UPON &c
bring them advantageously into notice and
furthermore, when the terms would ius,if,
n, To make the interests payable abroad and
perhaps also the principal. The addi. ;onal
price that would be thereby obtained would
have no doubt, be more than an equiv,
lent for any risk from tho fluctuations 10 OK
change !he most ample provision, should
OF course, be made for the payment Of inter.
est as II may accrue.
Ebe State debt ia no,v S.. 255 $40 ,c
which may be aided the sun, of {, d48 400
that the Board of Public Works is raouircd
10 borrow, ana which may be eypected e.
be SOON obtained, To provide for suhscrin,
tons that are authorised 10 be N ils TO Ger
tam Improvements, il they ehaii tie made. q
loan OF $500 900 will be necessary 60
that The aggregate of actus, deb, and the
additions thereto contemplated nv exis.ing
laws, amounts 10 s9,G24, ITO.
The annual interest uiun the actual deb,
namely, $685. $50, amounts 10 1927 g3l
5o-oi which, after the application Of the
fund Tor Maternal Improvement, end Of GER
tain dividends and interest on loans toward
The pay ment thereof, there remains The s,rY
OF $3.50, l9l so TO I've prov iied tor on, O, ,,;f
Treasury.
refer 20 The report Of The Second Audi,o,
tor more detailed sta!emsu, Of HE SLATE
debt
The Improvements under way and other.
That are contemplated, are Of 80 eynenAiye a
nature, and imply the horronin g So large
mounts, thai the utmost caUti0n shouts be
observed 10 guard against undertaking any
Of eouo!iul general utility, and TO iniroiuce
the ,nost rigid economy INTO this branch n,
the public expenditure
The large payments required 10 he made
rom The Treasury 10 meet tho interest OF
The State debt will cause tho revenue 10 fail
short o! The sPproprjations-and sugresIs The
propriety OF an increase Of the taxes, 10 pro
vide tor the deficit, end 10 preseHt the r.
cuFrence thereof hereafter. The repot, &c
The First Auditor, which viii he laid before
you, will exhibit the state Of The Treasury
lay before you communication from
The Governor of Georgia, transmitting Tho
report and resolutions Of the Legislature Of
me Slate IN relation 70 an unsuccessful de.
mand made by ihe Executive thereof upeo
Tho Executive of Mo;oo for he surrepdo,
6f certain iugitivey from Justice.
The proceedings oi The Georgia i,egisl,
lure have relation 10 fhs authority Of tbe
Goyernnr Of The Sfafn tn dnmnrA IL ....I