Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-12-14

eoapsny VS. equivalent 10 ID. atsirSeiiaa fsom
iis capital u lbles buhcsed sad dllY lhcesaud.
= that sum beng necessary 10 produce 4 81 six per
cent interest that . hundred ihnusand dollars,
CT more have been LOST b Gtlrqneni sgbsefi-
hers. and that he work has bsgua, AID has heen
PROSECUTED uatef ma kelable rate fer later, for
professional wages and Tor every description OK
material 50 exlrarsEant beyoud ell ioFmer ey-
ample as 10 have added, in al prtb1blay.
hail millios d dollars extra, to is cost When
these items are eombiset, Vhaityef : he light
IN uhich the operations AMI expeadiiuFes Of he
compsEy are siili considered. il must yet Be adj
uiied that they have been conducted under bar
dens and al disadvantages. uhchihafe lost 10 Il
many mile Of additional inprovemsnl.
Leaving these views. however. il i matter Of
deeper interest 70 The public 70 know Whether the
work and II il i not in what way and 70 what ex-
tent Il will be aided By The General Assembly, That
the company IS in no present condition 10 % forward
with is undertaking IS painfully apparent With lis
capitaI exhausted. with per cent debt upon more
than million ana half Of dollars and with no 5r-
fducuve means but is tolls and water rents 70 rely
upon. il IS eFiaefth what ever its receipts from
ffhese sources nfhy amount TO, fhes cannot be sui-
lcieni. after providing for current expenditures 10
make any considerable impression upon the great
work whic his still 10 be done. Thus situated, The
company has no internal power Of replenishing is
funds except By augmenting its capital Is provided
for in its charter, or By borrowing The FIRST Of
these expedienls II has never yet tried and could
try even successfully, (Which Is extremely dobtfl)
bui az the positive disadvantage of much and inju-
rious DELAY. The other one also Il has never tried
upon its owl responsibility, nor Otherwise tried
than when the credit OF the state was employed 70
support and guarantee that Of the company and,
even Ia these eases, the conioined credit OF both
has not been sufficient, at all times, 70 protect the
loans negotiated upon il from rigorous and hanla-
ting terms which hayoSneyer been demanded Of the
state itself and which no regular Of business
Operations could continue TO afford. II would thus
aopear that the credit Of the company, separately
from that of the slate would rot be sufficient for
state separate from The company better than when
associated with H. The union therefore which is in
dispensable TO the company, is cleat loss 10 the
commonwealth and resutingly, loss p both, Il IS
the 10 the state, on point Of Obligation whether
money IS raised upon one Of the company'A bonds
which she guarantees to pay, but as her own Is in
better credit in the market and will bring the most
il would be any thing bat wise 10 use The other,
which costing the same would produce less In this
situation Of things 50 critical and embarrassing to
the company what win the legislature do for lis
liefs Or to speak c0mp-eheasiYely and llstly,
what will il do for the relief OF that broad aud produc
tive interior which depends upon this work, The e-
gislature in deciding upon this question: VIII a. once
perceive that besides the considerations Of policy up
Ga which this work begpa and which urge 70 It's
prosecution as powerful ever, there other cons
alterations arishg out OF the operations Of the com
many which make the further prosecution Of Il, 70
some extent at least and that by aid Of the state, an
act Of the clearcst economy and duty II this WORK
should be stopped in its present condition, andno I'M
mediate and vigorous measures be taken to preserve
from utter ruin the expensive and unfinished section
Through the Blue Ridge combination OF disastrous
effects must inevitably follow The whole seven
hundred and forty or Fifty thousand dollars, which,
from first 10 BY the state Of the company, has all
1.-The whole Of that trade which cannot reach mar
ket without il will be loshe whole Of that distant
and disheartencd class Of our citizens whom fresh and
accumulaiing disappontments IN the means q COM
merce viii drive into emigration, viii be LOST
the vast difference between wide ard bounteops do
main rendered commercially active under the inhu-
ence Of cheapened and prosperous trade, or left com
mercially barren without il, will also be ost-and to
crown al, the whole expenses OF repair the whole
interest upon the outstanding debt OF the company,
and finally the principal itself, viii be throwh as
ipermanent and crushing tax upon the commerce OF
the cana-that is, upon the private property Of the
contiguous and surrounding counirytius concentra-
ting tax which was meant 10 Be dilflsed, and con-
serting commercial highway into an actual and
Srieyous mortage upon priyats estates.
These ruinous consequences the company is.inho
respect whatsoever able 20 prevent so that the State
music suffer them unless she interferes 10 prevent
/ them for herself. She indeed IS the true /aud real
sufferer at last and whichever, in this matter the
larger the perpetRa obligation to interests
and her people non every injury which the duties
OF state can extend Acting Upon This principle.
the supporting hand Of the legislature should be given
at once TO the improyementIn question Theirs is no
other that could require IL more which could better
demand uPbn the gron1d Of sectional and legislative
faith where eHecIaal aid could so surely deliver
from present evil and widely operate for future
good Possessing an amper tributary eonnexion
than any othercommerciaf line in TIE stite Tiers is
IL 7
which genial an influences could BE- EXTENDED to the
labor, the progress, and the education Of 50 large
poEion Of our people mo one by which so much
sdld be done 10 check emigration-to oblitcrate a.
mongst Us all causes and pretexts of sectional bitter
ness-to bring our various ana scattered neople info
intercourse and brotherhood with each other--to
substitute societies Of with all the faculties Of
numbers in the place of solitary and separated fami-
les and thus 70 consolidate the power, the interests
and unity Of the State. Looking aLths improvement
in the light Of these and kindred considerations Hi
could not, without conscious abandonment of duty,
omit TO recommend 10 the Legislature most sreni-
opsly, I'll and proper subject for its prompt and
generous assistance. Should the Legislature agree
in the propriety Of this reconmeadson, the neces-
sary funds could be raised upon the credit Of the
State, and might be given up to the company upon
such conditions as il should consider prudent to inn
pose.
The form or that assistance should ans be granted
is competent only 70 the legislature % decide but
WOulu respectfully Suggest as the most eXpedtent,
under existing circumstances that the legislature
shall assist the company by loan which shall, at
least be Sufficient in amount to complete the section
which is partially finished, and thereby to save it
from early and entire ruin. To those who object
for wha.everreason TO the Organization oethe copa
ny as not suited TO this work. Of as no snicient for
it, and who are unwilling, on that account TO subject
10 its administration the funds OF Ehe stlse but Who
at the time are most anxious 10 uphold and pro-
mote the work itself-to such il vii be rendered ap
parent BY reflection, that whilst ehermoaes ofreief
could be proposed than the one recbiHmenied, vet
thai there is no one, all points considered which
would, perhaps, be more suitable in itself, of more
free from external obi scti ShoId theilessat ire
think proper 10 make the loan recommended, 1t is
proposed as an accompanying coaditi II, that il sho I'D
reserve for the State power in the acts Of the COM
pany more proportionate TO her intersst than that
which is now established by law. fhe pswer now
held by the Stale IS that of giving at 4 the general
meetings Of lhestockhol1ers, vote (which shall be
eq1al1o fourth of all the votes Yen by Others.
and Eve hundred ia addition. This ii might be expe
dent 10 continue it, as in the caserof ether ioint
stock companiss three ths Of the stack we're Fl The
hands Of individuals. But as in - crse he shares
Of individuals amount u about one seventh oalx ~
fhn xrhnie stock and ra,n5f a~1 "A,