Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-03-16

Spteeh Of Mr.. STOVALL II Halifar, deiir,red
IN he Hynsc ~ Uciesates March Sd, ls47,
on ue BIZ 10 ciead ne Louisa RoilrooG
Mr. SPEAKER. regret that am under he II.
cessiiy ii asking The Indulgence o! lhe llonse
that may briefly review The Arguments II The
gentleman from pit;sylyania, tMr Lanier,) as
well as that OF the gentleman from Rappaian-
mock, (Mr. Slrother) The member from Pitisyl
vania has favored The House with qniie an am
mated speech in which he has endcavured 10
Prove as a reason why the bill now undcr cun-
sideration should pass, las well IS that The Stale
should persist in works oil in'crnai lnprovemens,l
that The liabilities Of lle State are small when
compared with her available means; and in or
der 10 make his argument more concusiy, he
has made an exhibit 10 the House of The indebted
ness, as well as The resources OF he State
now propose, with the indulgence Of The HcUse
10 examine The EXHIBITS If that genileman and
incline 10 The opinion, that An impartial examna
ton OF The liabilities and resources ol the Str
(such as would he given by prudent anG p!ac-
llcal MANI would lead Ia very different conc u
sion from the one The member seems T. have ar-
rived al, The gentleman tom Pihs:ivar.a las
informed The House that the liablhies ci Ne
Stale were only 1894 100 collar; and, 10 IL
rive al this conclusion, The gentleman la>
assur ell that The debt 10 The Literary Funi is 40
conccde this. In nv Judgment there i m liza
billy Of The State that ought and ever will hr
more promptly provided tor thar lhs LiicFarv
Fund debt which amounts Ia The sam q! 30
O05 to- There is mol a member Oi this HoGS"
who, in nv opinion, would venture 10 roc 10
abolish tins fund which i,as been most sacTedly
and wisely pledged Tor The education OF the poor
and INDECENT children o; This Commonwealth
Then, sir, il no one would think Of such 4 po-
licy, | think il but fair 10 estimate this amount
as a liability, as much 50 IS any teti the State
is owing. Now, Sii, il Ibis he really llabillv
OF The State, which presume M one viii sainsay,
the State is indebted, on accoun; oi Liabilities IN
CURED prior 10 The present session q the Gene
raj Assembly, the sum oil 100000. Yes, sir,
$1,000 900, instead Of The amount as stated hs
The member from PusylyaHia. And 10 This,
Mr. Speaker, we may add The guaranteed bonds
OF the James River and kanawha Company, say
3 400 900, as well as the appropriations ut the
present session, which will b. ii. Tho BIZ! now
under considera ion should pass. y 10000
Yes, sir, The pretty little sum Of - ~ 0nO.-
Thus II will be seen, iha, the amount chafgcah'r
upon The treasury is 80 $50 0G0, exclusive OF
the 100000 guaranteed Ia The Chcsapea axe and
Ohio Canal, which am inclined 10 think will
ultimately tall upon the treasury. The House,
Mr.. Speaker, will thus see that The liabilities Of
the State are Swollen To the enormous sum Of
slO, 800, 000 instead OF So 934 10, rs Tie mem
Der from Pusylvana supro>es Mr.. Speaker,
IN lie name OF common s.nsc IN lie name oil
justice and good policy, j. there to De no end 70
these appropriations1 VIII gentlemen persist
in this system Of legislation, until The Stale is in
voved in bankruptcy and ruin 7 Ny imaeina-
lion cannot conceive what members can be
thinking Of The member from PnlSyvana
however, in order 10 extfcate himsel; from The
enormity If his c1lrava sahce, h-a niaGc an ex
hibil 10 The House OF The aval'ahc means al The
State, in which he has been, ia nv opinion
equally unfortunate. He has informed The House
that The State holds stocks 10 the amount Of So
S63, l20, which is sufficient 10 meet all the liza
biilits Of The State which, nbis opinion, are on
" IS 1874, l20.-Now, sir, have come 10 very
different conclusion, from The investigation 1
have made Of the resources Of The STATE, that
could, by any probable contingency, be made
available
Mr. Speaker: VI gentlemen will give me their
attention Tor a few moments, | will examine the
statistics Of the gentleman from Pii,syivania; and
II am not mistaken, | will b. able to show 10
the House, instead Of the sum OF 10, SOB .503 dol
lars OF available stocks held BY The State as The
member supposes, Tie amount Is lar short oi hall
that sum. admit that the stocks held by the
State are, in the aggregate, correctly stated by the
gent, man, but, sir, cannot conceive how any
man in his proper mine could assume this amount
10 be available. or lie 1868, JOB dollars held
by the State We NAV cl down as available 4 0SJ,-
TO dollars III Bank Stock. This amount *,
however, subject 10 reduction Of near 100000
dollars held b. The Literary Fund, ard cannot IL
good faith be diverted from Inc purpose Of prima-
re- education. Therefore, The true amount OF
Bank Stock that should be estimated as availa-
bic mean, is 357S, go dollars; We may add 50.
Gao dollars certilic lies Of debt held BY The Stale
IN various Railroad Companies There is Tar.
Their amount Of 2,292. LOO dollars 81 slocis, held
by The State in various works 81 Improvement.
which are paying small dividend, say from !
10 per cent, which may be estimated as avai!-
able al hall their par value. Then, sir, accord
ing IL my estimates, We have oil available stocks,
applicable TO the payment OF he public debt only
'S24 O20 doars-as the residue ofIhe 10, S63 500
dollars is totally worthless and cannot now, or
al any other time, be relied upon as source
from which money car be raised.
Mr.. Speaker, The House viii thus see that in
stead of the Stale having according 10 The show
ing Of The member from PitlsyvaEia) sl0,ob3,.
SOB 10 meet liability oil 1891 l20, we have
"A 1921, O2O 10 pay a debt, as have shown, Q!
Sl0,520 900. In the name oi ms constituents, is
there 10 he no end 10 these appropriations Are
all the bills that have been rejected 10 he recon
sillercd and passed, without regard 10 conse-
uuenceS, AMI thai, too. by system 81 Legislation
disgracelnl 10 this bcdy-los- rolilns-yeS, sill
oe-rolling, as il has been appropriately charac
erized -dssracefnl 10 the hands thai Pile them ~
50 unsy>temalically and without regard TO con-
sequences ! would ask again, sir, is this policy
Ia be persisted in Has The time come, wher
great questions of policy are not 10 be consider
ed TN their meTilsl Has the time come whci
thousands oil the money OF my constituents ale u
br lhus was;cd; or, will this House pause ana
lhink what they arc doing. II his policy IS L
lie persisted in where must the taxpayers lo"h
for rclei? II,fcre 1rM Mcp iool J? Does il r.
ouire prophet ~ tell (? No, STIFF this extra
VACANT policy is persisted in il will not require a
prophet to el--it gives me pain 10 think OF IT,
Nevertheless, il such policy Is persisted in, Iht
remedy will BE- applied. Yes sir, as certain a
the earth Ievovcs on It's axis, Or Tie sun IN is
natural system, j, will come.
Mir. Speaker, il is nanrai consequence, lha
follows such legislation. Sir, 1t Appeals 10 me
If was an advocate iJr ia,c!nal Improvement
or if he friends ul that policy would b. govern
cd hy prudence or The dictates ol common sehsf
thew would nc, force such quantities Of Stale
loans into The market al the same time, Tor ii mus
inevitably seriously affect the credit OF The Stale
and thereby reduce The bones bc'ow their Far va
lue. Mr.. Speaker, have no doubt il is within
The recollection Of members-l know, Sir, lhty
Lave moi lorgollen-ihat ii was hui lev year
since that The bonds Of The Slac, carrying pei
cent. interest, could be bought in The market ioI
SIS in the hundred; adiscount ol - per cent
DO members desire 10 see such condition d
things, agan2 No, Sir, know they do not.
therefore bescech them 10 stop before they strike
the fatal blow. think, il hal time 10 examine
the bill before the House on is merits, could
show that i, ought rot 10 pass. lear have al
ready weared The pa ieuce Of the House, and as
my intention was only 10 reply to what had been
said by The member from Ph>ylvanla and The
member IRON Rappahannock, | viii, therefore,
say nothing OF The merits oil The biIi now under
consideration.
The system OF legislation tina! We have wit
messed 50 often during this session, explains why
The fifty millions that have been authorized 10 be
expended on works Of internal Improvement
go oil which have been actually eSgehded,l have
been so unproli!ably applied as Iial only : ,ooO
OOu is paying dividends at all |, i, not passing
strange that members, with this evidence, Ia.
strong as holy writ iself) should persist IN theiI
delusion Tor | can call il nothing else
with he nefmi>sjon of The House, Mir. Speak