Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-03-05
rn,ToRs, CORRESPONDENTS.
RICHMOND. Feb. %. l5i0.

.,.J ,ba, VIC should not have been de.
10 be,ond to. morrow, but the prospect nov
i'"N .ession will continue al least two week.
SUI" ,rbs important IIank bill, seut to tie Sen.
""s'. ,so. has not, | am Informed, gel been take,
by that body. Why, | cannot tell and o'he'
~" but nevertheless of considerable in pof.
WV, re sill lying on lis table, or dragging theil
,.,,,b along in its committees. These bills
=. :, all probability, undergo vital changes in the
-. and must again therefore be pass II upon by
,su.,se. The consequence mus, be the prol,at.
-. n he session. | do not mean 10 say that the
e.. has been noic dilalory in its movements
.H..aeums,ances II qnired aud justified, because l
,.o, know tina, such is the case. Others, how
IA saw so, and attribute il TO the deep interest
..l, certain members ofthat body in the %etection
- orrane enentS for the Spring and Fall, by
,.h their attention and time are Withdrawn from
h. more appropriate business OF legislation, WI ich
ia, we're sent here 10 attend to. Whether this be so
/, moi. | repeat, ! pretend not TO say but it is Ger.
.I.l, remarkable, and TO be lamented, whatever be
,hs cause Of his delay, ~tlatilte important business OF
III. country is thus crowded into the few last days of
~, session, when many members will have returned
IyySSme, and when nearly all are impatient TO be gone.
fan.lher cause OF the pfOiraction OF The session is the
lat. pe,iod at which, the Report Of the Board of
Principal Assessors was ma e. and which has
DELAYED the action of the Committed on Finance.
There seems to be no doubt that the taxes will
have to be Iacree seJ, probably about 25 per cent. in
order to meet the extraordinary expenditures of the
States, (ofwhich the cost OF the new assessment,
learn. is about ninety thousand dollars aud To pay
the interest on The State debt. Nevertheless, the
condition Of the Treasary is more prosperous than
that OF u ost Of the States which lave engaged ex-
,fnsivcly in Internal Improvements. o r debt is
s6.599 3l7, to meet winch the State owns Bank
stock fSl, Loss, 46O) and other stocks aud properly
deemed available, TO the amount of sc, 1891, 965-
which is within 1910, 653 OF The amount OF her debt.
But the State owns, besides, about five millions Of
dollars worth Of stocks, which are for the present.
Unavailable !; AID there is no doubt that in a shot
time. the paying stock will be siilllarlher augmented
TO The amount of perhaps two or three millions of
dollars. The deficiency III the treasury is not fairly
attributable to tie policy of Internal Improvements,
but to the unfortunate manner in which the State
has acted in reference to IT.. The fatal int stock
systtm, so much lauded, even so late as last year
the two aud three. flllis' policy, by Which between
three and four millions ofdollars have been irretrieva-
Div lost, in the construction of focal t%urnpihcs and
canals, which never have paid and never will pay a
dollar into the ireasury,-a system, tie offspring Of
folly, ard lie huitiul parent Of is the origin
e the deficiencies against which we have now to pro-
vide. Look. for confirmation of this fact, to ia e mum.
betless Companies, scattered overthr Commonwealth.
in hich The State holds two-df'hs CT thrte. flths of,lc
sock, and which. we are told, year a!ler year, by the
Report Of the B oatd Of p lbllc Works, pay .'no diri.
dends.' The great argument relied upon by tie
advocates ofthis pernieious system was that he .'vigi-
lance Of pirate intercSt' would always Jro'ect the
Common ,ceath against loss-that when md ividuals,
residing IN The ntighborhood Of 4 PR jected improve
ncn,, were vii. ing to subscribe for three fhls If
its capital stock. the Commonwealth might safely rel,
upon their sagaoity, as conclusive evidence not only
Of the necessity Of The work, bot aflts Ultimately be
coming an interest paying fund. And SO, whenever
or wherever a road was projected, which could lurn-
isl THESE unerrinp evidences Of s,fely, the Legisla-
turc uniformly authorized a subsci iption to aid in lis
construction. The consequence is now felt, as ii
might easily, it seems 10 me, lave been foreseen. In
reference 10 many Of these improve rents, the lndl-
viduals most active in getting them up were Of course
j. teresied, rs land holders. in Heir completion; per
haps adding TO the value Of the estates, five or SIN
times the amount of The sock t.kcn BY ihem, besides
promoting thei, convenience aud comfort, in travel
ling and II transporting their produce to market.
They could, therefore, afford TO sink every dollar of
their subscription n, and be gamers by The again.
The State. however, as their partners in these profit
enterprises, had no such compromising adysn-
ages TO expect, and her loss therefore is final and
| do not mean To say that this iwo-and-
''rte-hihs system II ight not have operated advanta-
as wclito the treasury as to The Iocaliute,est
"h'ch II was designed 10 promote, ifa propet degree
discrimina ion could have been exercised in lis ~.
to the nunberless petitions (oI aid TO which
gave birth. But that was man {, stly, from he nature
The case, Impossible, IN consequence OF the entire
ignorance Of the great body Of the members of the
Legislature Of the local facts necessary to the for
OF a correct opinion. Depending entirely
upon those from whom TIC pelitions came. aud who
't course always ''pul the best leg foremost and
Ind the club foot behind some convenient screen, for
The Information by which their decision was govern
II is no wonder that the ''Sagacity and vigilance
Of individual interest,"" nron which they relied for
against imposture aud loss. was the very
agent Of their deception, and Of the deficiencies IN
he treasury to which il has led, aud which the peo-
pie mustnow be called upon I" supply. by increased
iixalion. Had the millions squandcred upon tn csc
deceptive schemes, which are now scatter
ed over the Commonwealth, the perpetul monu-
'nents of our folly, been concentrated, as were the
ovo,,.o Of NJ. vi -. .--. r.. r. r