Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1846-12-17

600 10 l35 COO 900 Of dollars, IN the short
period Of four years.
The extraordinary results tina. have fol-
lowed the completion Of the great New
York Canal, and OF The great railway OF
Massachusetts, are well calculated 10 ex-
cite our establishment and awaken iucre-
dulity. In ten years after the canal is
opened, New York CITY more than doubles
her wealth and in four years only after
the opening of the Western railway, Bos-
ton has increased her population about %
per cent, and her wealth over forty per
cent. And after deducting from these
amounts a sum sufficient TO cover their
average previous progress. a balance will
be found in those respective cities much
more than sufficient TO cover the whole
outlay in the construction Of those great
works, and that, without any regard 10 the
increase of wealth and population on the
line Of the Improvements. And it estab-
fishes the soundness Of the opinion which
| have often expressed, and here repeat,
that Eastern is more interested than Wes-
tern Virginia in the speedy construction
of our great works.
To briefly re-state my plans | propose
and recommend a railroad TO commence
at Buchanan, and to proceed to the Ten
nessee line OF course, supersedIug all in
ferior Improvements on the route. And
| propose and recommend that the Louisa
Railroad from Gordonsville be pushed in
the Shenandoah valley without delay, and
that a critical. instrumental survey Of the
Northern route, which | have designated,
be forthwith made. | cannot doubt its
prac;icabiiity. The great Massachusetts,
railroad overcame, in the distance of about
two hundred miles, an elevation of about
400 feet and | am encouraged 10 be-
lieve that more serious difficulties will not
have TO be overcome IN the accomplish
ment Of this great design.
In the construction of these works. the
s~trictest economy should prevail. Ex-
penditure should not be large enough to
disturb the prices of labor and provisions.
Any expenditure will stimulate industry,
and increase its productive powers. This
excess OF production will supply the un-
usual demand, ifihe proper limit on ex-
pendlture be adopted, and these improve
ments will then progress under advantages
unknown 10 similar works.
| propose an expenditure of half a mil
lion a year, only, 10 be divided between
the two works. This divided expenditure
will powerful y tend to prevent an upward
tendency in prices, and secure the con-
struction of the roads upon terms much
below the experience of the country. In
two years the Improvement from Gordons-
vile viii have reached the valley of the
Shenandoah and in the same time the
Southwest Railroad will have passed the
coal and iron regions of Boteiourt; and
IN the increasing revenues Of the James
River Canal, aud the Louisa and Frede.
rlcksbnrg Railroads, We should begin to
reap some OF the fruits of our enterprise.
| give it as my opinion, that the increase
of revenue which these Improvements
would in different ways produce, would,
after the outlay Of two years, pay the in
terest upon all the loans required for their
prosecution.
! propose 10 provide for the expenditure
which | have suggested by an annual ap-
preparation from the Treasury oftwo humid
red thousand dollars, and an issue Of State
bonds for The balance, The Treasury can
easily be put into condition 10 meet this
demand upon it. Without some exiraor.
binary charge upon the Treasury. we shall
have asurplus, on the first OF Octeber next,
of upwards Of Sl5O,00O, which a slight
increase OF taxation on certain subjects,
which | have heretofore mentioned.
would swell TO S2e0, 600, and thus place
our Treasury in condition to meet this new
requisition. The bonds would present no
difficulty. Our State credit is in the best
condition, and our bonds could be easily
disposed Of at par, and under favorable
circumstances at a premium, TO foreign
purchasers. But ! have no idea Of giving
them that destination. They are a favo-
rite investment with our fellow citizens,
who already " more than half of our
present debt. ! believe that we have a
floating money capital among US which
would greedily absorb the whole issue
AHd as this money would not be destroy
ed by being used, but would heal,hily
stimulate production, it would perform The
same effective function, absorbing the
same amount Of bonds from year 10 year,
and thus building these important railways
exclusively from our resources.
1t may be objected that these improve
ments would advance too slowly TO their
completion. | think that their progress
will be fast enough to give us the advan,a-
ges with which experience and science are
daily ~beneftting mankind. The Bali.
more company, which ambitiously aspires
to penetrate Virginia in different direc-
lions, was Is years in reaching Cumber-
and a progress much slower than that
which | propose. But this objection may
be obvia'ed whenever the Legislature may
in its wisdom direct.
The James River and Kanawha Com
pany will be before you, asking a loan for
the payment Of their current dues. The
necessity of this application arises from
the shortness of four crops, and the payment
of certain outstanding claims which could
no longer be deferred. As long as this
improvement has TO depend upon the val
lev oflhe James River alone, its revenues
must be unsettled and precarious. 1t is
only when it shall be extended to the
Moth Diva and ehoU he Gad bv tho