Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-16

hirse was cOn!ounGlng ether propositions With that
before the lluu>c What rkc proposition Ui the
Delegate from Halifax Was II that the State should
hot subscribe lhrte-iii!hs; That motion did not
up for the decision VI his body. But, the question was.
whether should strike out that clause in the bill
which gave guarantee 10 pay the interest and utl'
masly The principal, If not fixed by the company ~ he
company having limited crcdit-not being known IN
the European markets, and wishing In become bor'
rover OF money, and finding II could not become SO,
asks the credit of The State of Virginia 10 endorse It's
paper, 10 enable it 10 obtain the funds 1t required Now,
this mere of ordinary prudence, and such as
one friend would do for another lie having the prudence
TO say TO him" Show me that you can indemnify me
against any loss for the endorsement which you propose
shall make II you do go, shall befriend you-l shall
not withhold the ruaFantee Now he (Nr would
ask gentlemen 10 take This view Of the case and see
whether The State of Virginia The slightest hazard in
aiding This Company. What the proposition ut the
Company; They proposed TO pledge oil the individual
STOCK Of the Company, amounting TO about two millions
OF dollars Int he would concede to the gentleman that
II was 81 600, deductlng the two thousand in the
Bank Of Va. Well, the proposition was 10 pledge
81 100000 for the ultimate redemption Of The two
millions and the payment Of the arcrung interest They
also proposed pledge the tolls and Ike stock for the
redemption of the principal That, he admitted. might
MOI be sufficient guarantee But, what more did they
propose 10 do' They proposed to SELL not merely the
whole subscription but also, to pledge the s"rk upon
funds abroad They proposed to borrow So 100000
and 10 pledge that in addition that had ptd Ged for
this loan 81 400 600, and also 81 100 900, and have two
millions paid oil. The stock besides. If he mistaken
he wished TO be- corrected
Here MIR. EUMUSDS read two or three OF the sections
oil the Blll, by way of explanation
Mr.. STUART resumed, and remarked that the 50 400
600 formed part Of the corporate uEtsthat IL was
subscription Of part at the company lie repeated,
that under the terms of The act this pledged
in addition 10 81 100 900 for the loan. MI s went
on 10 chow that it the stock shond depreciae
20 per cent in The market and tina. if sold for only AZ
dollars, the sum that could be raised would prove amply
sufficient 10 pay the whole OF The interest, and to redeem
the principal lie referred To The fact that the bonds Of
the Bank OF the U. S could be sold par in London
without the guarantee Of the Government of The u. 5
This information he learnt from speech OF Mr.. Wright,
III The u. 5 Senate, luslIiyGg the Secretary OF The
Treasury Tor the he had thought proper adopt
How, then, lie asked. could b. expected that this
pany, whose work in unfinished condition. could
raise funds abroad: No prudent capitalist would invest
money without having some guarantee for il. lie
cludrd byr1pressng his hope that the amendment would
mol be adopted
Sir Epwu Eps made further remarks Of a stats.
teal character defence of the position lie had assumed,
and then asked Cor the ayes and
Mir SMITH of Isle Of WIGHT SAID tina, he would vote
in favor of the amendment His opinion was that &C
cadng the principles Of the bill then before the louse,
The Slate might lose but could not gain any thing, aud
that the stockholders might realize Something but could
lose nothing Now, he did not consider this aitogr-
iher fair game and therefore lie opposed to 1t -
Ii the canal. when completed ageeahy 10 the principles
o. the bill should never yield dividends enough 10 pay
lie interest this debt, and mol, too, sufficient 10 dis
charge thu principal, the sockhudrrs could be called
upon ur money lhln what they had advanced.
but lac be l'evpd that the Common wealth could lie
entirely opposed 10 The principles proposed 10 be carried
in lhIs bill. He would, therefore, vote against the
bill He wished the Company could be got nd Of ard
h,! The Stale would take The work into It's hands,
80 that If any thing be realized ii nigh; avail! II
self uf The advantage, it would have to run the risk
OF loss. Ii OF the few improvements he was
in favor of and lie thought it should be carried on 10y
the State without the aid OF any Company.
Mr. GoruE said that he in favor Of the amcndmrn,
Of The gentleman from Halifax orr Ednunds lie
went into great number of calculations, in order to
prove that the tolls would not as had becn urged, pay
the interest So far frnn II, that the State would be the
loser OF more than SlOO0OO He ConendrG that the
security propoed 10 be given by the Company, vas far
from being sufficient Notwithstanding II was known
that there deficiency in the ncrna improvement
fund o! one hundred and eIEhy-hve ihousa dollars,
yet the General Assembly calcG upon at this time
10 increase the responsibility "i the Commonwealth
to enormous ,amounl. He would say, as had been
said by the member from Halifax, that there way
meeting this demand but by taxation; and every gen
tlenan who voted for this bill must vote to increase the
taxes of the people. he who prepared 10 go home
and tell his constituents that they must be further taxed
for the purpose Of aiding this Company-let him do H.
But those delegates who thought this Company ought
10 have the aid they asked, let them vote for this
amendment.
Mr DnEMAS gave statement in reference 10 the oh
iect which the Company had in view in asking eGisla
aid The security they proposed TO give for H. and the
means which they have Of fulfilling Their engagements
with the Commonwealth He cGnen,ed that the seCu
rIiy ample and more than enough 10 indemnify the
State against loss lie GdrCred 10 the fact that some
Delegates in opposing this bill, had spoken Of the IN
from tolls. as though were to remain stationary
ard not increase and hence attempted to show that the
security offered not sufficient He regarded this as
an unfair way OF treating the subject Now, lie would
ask tie gentleman (hlr Goode) whether he did rot sup
pose that there would be- an increase in the amount
Of toll between Richmond and Lynchburg, after the
Company should have succeeded in bOrrnwing the
81 100000; lie (Mr d. would venture to say that The
Company would not only be able To pay the interest on
the 81 AGO 900, but also the three millions proposed
10 be subscribed by tie Commonwealth. With regard
to all the predictions that had been made here against
the value Of the work and The advantages which would
result the State from its compction they were like
those made elsewhere, in New York, Pennsylvania and
other Safes TO their great schemes OF internal I'm
prnvement. 1t most curious act IN HE history oil
our country that not OF the predictions OF the OPP
poncns OF these works had been realized. On the con-
,rary the of the had far surpassed
the most sangulne expectations OF those vino favored
them. Mr.. ID. concluded his remarks with pointing
out several works OF internal improvement in the Stale
Of New York, which had yielded much larger income
than 1t was calculated they would do, by their b's
friends and entirely iasIted the predictions of those
who were opposed them. So in respect 10 the pre-
d.cons Of the opponents OF this work, experience would
prove them 10 be erroneous
Mr. GooDE replied He wholly dissen,cd from the
delegate the great Improvements he had referred Ia
were in prosperous condition Mr. & here enuHera'
ted several works in OHIO Pennsy vana, and y. York
as being IN a state OF great embarrassment He observ
cd that however his views might appear tn
some gentlemen they al least founded on the re-
mort Of the President Of the Company himself lie con"
planed that he friends Of This EI notwithstanding ms
c, upon lLPm 10 tell him where The money was TO come
(rnm To pay the interest 50 400 900. had not given
him the information he desired. All inancers were
bound to show whence the money was to be derived -
The statement which had been made by gentlemen, DID
no, satisfy bin: he wanted further information.
Mr. BAYLY replied IN the arguments ot Messrs
GocpE and EDMuHps, and said, that the difference be
tween tie spclI"n without the amendment ard with IL
was -" S24 600 per nnnum loss 10 the State, % the
cor, r-";.'n market without the
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