Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-12-14

OF virginia, the town of Lynchburg. aud Washing, 10,
Coilege, who hold the residue. The Company thus
stituted, was charged with the which State
1871 had purchased out the rights of the first Jane
River Company, amounting TO perpetual annuity o
twenty ono thousand dollars; and il further chargct
with the duty Of completing the whole line from tide
water at Richmond, TO the Ohio river, upwards of 100
"nd.r within . Twelve years from its first organization
having been effected December 1894 the I,on,n,ny
at once to the execution OF the immense
winch was committed TO their hands and. since tina,
time have finished the existing Improvement between
Richmond and Lynchburg-havc expended heavy suos
IN executing detached but, yet, incomplete parts oil
the line, between Lynchburg and the mouth of IN,
North river, in the county of Rockbridge-haYc proyd.
ed at great trouble and expense surveys and sti
mates which requisite both TO udicious selection
and location of the routchavc paid large damages "a
property holders for the right of wavbSyc a,ld M.
purchase, the Richmond dock to their chartered limit,
aud have improved this fit become useful
aPpendage not only TO the commerce. OF the city, but
the final profits Of the canal
In these various operations and expenditures per-
haps others conneced with them, the capital stock of
been expended, nearly if altogether the additional
sum oil one million six hundred and fifty thousand dol
lars, OF which million four hundred thousand were
borrowed by the company under guar the State
and two hundred and fifty thousand directly adv by
Tue State as loan Looking at these expenditures and
tnen at results 1t is proper TO rccoect, that million
of the five consisted of works which have awaited but
little for actual bcnefhat the annuity of twenty ono
thousand dollars charged upon the company cquiva-
lent 10 the abstraction from its capital of three hundred
and fifty thousand that being necessary produce
II a; six cent. inercst-that hundred dol
lars or more, have been lost by delinquent subscribers
and that the work has bcgun and has
under marketable rate for labor for prof. ssonal WAGES
and for every description of material asant be-
fond all former example TO have added in all proba-
bility, hal: million of dollars extra TO its dost
w hen these items combined whatever is the light
IN which the operations and expenditures of the com,
pany are still considered must yot be admitted that
hcy have been conducted under burdens and at dsad
vanages which have lost to il many mile OF additional
improvement.
CIR interest TO the public know whether the company
rs IN any present condition to go with its work. and il
is not in what way and to hat will be aided
by the General Assembly, That the company is in no
present condition TO 90 forward with its undertaking.
painfully apparent. With its capital exhausted with
percent debt upon more than million and half OF
dollars and with productive but tolls and
water rents to rely upon evident that whatever
rcceipts from these sources they cannot
De sufficient after providing for expenditures
make any considerable impression upon tn, great work
which is still TO be done. Thus situated, the Company
has no internal power of rcpcnshng its funds except by
augmsntng its capital as provided for in its charter
yer yet tried, and could try, succcssiuliy
(Which is extremely doubtful but positive dis,
advantage of much and injurious DELAY The other one
also IT has tried upon responsibility nor
otherwise tried than when the credit of the State was
employed support guarantee that nf the COMPANY:
ana even IN these cases. the cononed credit of both has
not been sufficient at all times protect loans ncgo.
atcd upon 1t from rigorous and humating which
nave never been demanded of the State itself which
no regular of business operations could continue 20
afford II would thus appear, that the credit of
Pany separately from that OF the State, would be
suiccnt Tor aprotable loan, if sufficient for any whilst
that OF the State, separate from the Company,
H.
which indispensable to the Company clear loss to
the Commonwealth, and resultingly loss to both Ii is
money raised upon one OF her own bonds, upon
OF the Companys bonds which she guarantees to pay
put as her own is in better credit in the market and will
bring the most 1t would be any thing but the
other which, costing the same, wonld produce less In
TINS situation OF things critical and embarrassing
e company what Will the Legislature do for its relief
Or TO speak more comprchensvcly ard Justly what will
do for the relief of that broad productive interior
which depends upon this work? The Legislature in de-
c!dng upon this question: will perceive that
sides the considerations of policy upon which work
was begun and which urge its prosecution as power.
July as ever, there other crations arising out
OF the operations OF the Company which AXE the fur
Their prosecution Of it, extent at least aud tha,
by and OF the State of the cearest economy and
duty Ii this work should be stopped its cond
on and immediate and vigorous measures be to
preserve from utter ruin the expensive and unfinished
section through the Blue Ridge combination of dsas
trous effects must newt aby follow. The whole seven
hundred and forty fifty thousand dollars, which, from
rSt to last by the State the Company has already
been expended upon this section, Will be los, the
Whole OF that trade which reach mark CT with
out 1t, VIII be losthc whole of that distant and dis
hearcncd class OF our citizens whom fresh accun
lating dsappointmcnts the means of commerce will
arVc INTO emigration, will BE- lostthc difference
between awidc aad bountcous domain, rendered com
uerciaiy active under the influence OF chcapencd and
prosperous trade, left lrciay barren without
II, VIII also be ost-and, TO all, the whole ex
Pcnses OF repair the whole interest upon the ousand-
ing debt OF The Company, and finally the principal it,
sell, VIII be thrown permanent and crushing tax
upon the commerce. OF the Cana,hat is upon the pr
vatc property OF the contiguous and surround ing coun
! try-tius concentrating tax which meant be
dIiinscd, and converting commercial highway into an
/ actual and gricvous mortgage upon private estates
These ruinous consequences the Company no res
poet whatsoever able prevent the State must
! suffer them, unless she intCrfvrcs
herself She, indeed, is the true and real sufferer
last and whatever this matter contract obliga-
ZION OF the company may be, the company at bcst is
only her agent; whilst is the prior the larger the
perpetual obligation protect her and pco
pie from every injury TO which the duties of State
extend Acting upon this principle, the supporting
OF the Legislature should b. given once, the i'm.
provcmcnt in question There is other that could
quirc more, which could better demand it upon the
ground of sectional and legislative faith where cc-
tual aid could osurel deliver from present evil and
widely operate for future good. Possessing amp.r
tributary conncxon than any other commercial line in
the State, there is accessible the Icgis
latnrc through which genial influence could be
tended to the labor the progress and the education,
so large portion OF our peopc-no one by which so
much could be done TO check emigration-to obcratc
amongst us all causes and prctcxts Of sectional bitter
ncSS-to bring various aud scattered people into
crcoursc and brotherhood will, each othcrto
societies of with all the faculties numbers the
place OF solitary and separated families and thus
soidac the power the interests and unity of the State
Looking at this Improvement in the light Of these and
kindred considerations, could not without conscious
abandonment OF duty, omit to recommend it to the Lc
gIsatuTc most strcnrous!y fit and proper subject for
its prompt and generous assistance. Should the Igis
latuTc agree in the propricty of this recommendation.
the necessary funds could be raised upon the credit
the state, and might tc given up company upon
such conditions 1t should consider prudent impose.
The form OF that assistance should any be granted it
Is competent only to The Legislature to decide but
"oud respectfully suggest the most CNpcdicnt,
der existing circumstances, that the Legislature shall
assist the company by loan which shall, at least
be sufficient iii amount to complete the section which
is partially finished, and thereby it from early
and entire ruin. TO those who object for whatever
son, TO the organization Of the company suited
this great work, not sufficient for IT, and who
unwilling, on that account to subject TO its administration
the funds OF the State but who, at the time,
most anxious TO uphold ard promote the work scliiC
y sich il will tc rendered apparent by reflection thai
N ffl gNr 8 81 IL.