Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-04-04

for The benefit Of iae officers ana settlers OF Tue
Virginia regimen. cl volunteers in Mexico was
passed;
A bill concerning %pilolage, &C., was laid on The
table.
The House, on motion OF Mir. FLOYD, dis
pensed with the recess Today.
The House agreed that when they adjourn TO-
day, they adjourn until 10 o'clock tomorrow.
A report of a select committee IN relation 10
naming Goae ON the Capitol by john NJ. See!y
was ad"pled. .
Mr.. STEWART reported 4 bill increasing Inc
pay If lhe pages OF Inc House, and the oill was
passed.
On motion of MI. LANIER,
The House ad%jonrned.
SUBSTANCE OF THE REMARKS OF MR.. DANIEL,
OF PRINCE GEORGE,
In the Virginia Senate, on the 18Th Of February,
ls4S, in opposition TO The further prosecution oil
the Internal improvement policy, and in sup
port OF his motion 10 amend the Bill 10 pro-
vice for the completion OF the Hardy and Win
chester Turnpike Road" by adding thereto the
two following sections:
BE it further enacted, That the Board Of Pub
lie works be, and they are hereby instructed 10
borrow no more money tor Internal Improve
ment purposes, by virtue of any act OF the Gene
raj Assembly, than with The surplus in The Trea-
sufy on The 20 h September last, together with the
revenue ofthe Commonwealth for the present ifs
Cal year, after deducling thefetfom the usual ex-
penses of the Government, the direct apPropria-
lions out Of The Treasury, and The other existing
Liabilities. will be sufficient 10 pay the interest
thereon: Provided, however, thai nothing herein
contained shall be so construed as 10 prohibit The
Board Of Public Works from borrowing money
TO meet any appropriation made before This ses-
sion OF the Legislature, in which individuals or
corporations have acquired vested rights.
2. Be il / ur;herenacted That in order TO pre-
! vent any misconslfuction OF The foregoing seclion,
The Board OF Public WORKS shall make a pro rata
division OF such amouny as may be borrowed, or
be in The Treasury noS otherwise appropriated,
amongst the various companies and works, ac-
cording 10 the amounts called for by the respec-
tive acts establishing them.
Mr. Daniel said: The amendment, Mr.. Speak
er, which has just been read, and which was
laid on the liable on Saturday last when | offered
il, IN order 10 be printed, and 10 give m to he
Senate to consider il in all lis bearings. is a rro-
position, resulting mol only from my convictions
OF a duty | owe TO a generous and conhding
constituency, whom ] have The honor 10 re.
present upon this floor; but il is one which, IN
my opinion, considerations OF Stale policy sue-
gesl and demand, 10 prevent a recurrence oil that
sad and disastrous stale Of things from which We
nave 50 lately emerged, and which is sill fresh 10
The minds OF Inc community. Who, sir, does not
recollecl The scenes OF the session Of lSl2-3i :
Who, sir, has forgotten he gloomy account Of
our financial concerns depicted by the message
and reports OF the Governor, Auditcr and Treasu-
rer TO that session. Whodoes not remember the
almost unparalleled condition Of our fiscal affairs,
and The 6narcial gloom which hung over our old
Common Seal,h al that lime1 Pubic, private,
and commercial credit seemed 10 be sinking IN
one common vortex. Our State bonds were ha@ i.
ed about The streets, and selling Tor only IS 10 gu
dollars. Yes, sir, The bonds II this proud old
Commonwealth were selling al IS per cent. below
their par value, and only a lew were ionnd vii.
ling TO lake Them, even al that deprecated price
Was not that a condition OF things revolving and
humilialins 10 The pride Of every Virsinian?
Nor was this alive were in tented 10 the
Banks $3.50, 900; and for what For money bor-
rowed 10 pay The principal OF our Sta'e debit
No, sir, bu! absolutely 10 pay The interest. And,
Mr. Speaker, it needs no Argus eyes or prophetic
vision 10 see, Thai such, and by tar much worse,
condition Of things, will soon arrive, unless that
wild and ~rninous spirit Of Internal Improvement,
which reiened so lIiumphanlly during The last
session, and is doing so again the present one,
be checked in its career.
Ii is for this reason hat | have offered the pro-
posed amendment 10 the bill-an amendmeh,
| which will not affecl The bill under consideration,
any more than il will all others Of a similar cha.
| racler, and therefore its peculiar patrons cannot
| complain. strike not al this bill particularly,
but, in justice 10 my own opinions OF a wise State
policy, and in behalf Of a constituency who have
honoTed me with the representation OF their IN
teresls upon this floor, and whose Interests II IS
my duly 10 protect wage war, no., as | sad
before, agains, This bill particularly, but against
all indisctiminately, which seek 10 procure pecu-
| MARY aid from The State. aim 10 arlcsl, if pos.
sibie, that spiri, I'll Internal improvement which
has been gotten NJ, and which, if not soon ar.
re>iei, he most casual observer can see, Will %
on until il reaches a debt 0! probably fifty Inii-
lions.
Defeat this amendment, sir, and pass The vari.
Gus Internal improvement bills now under con-
sideralion, in this and lie 0 her coordinate branch
oil the Legislature, and what, | ask, will be the
consequence The amount OF our State bonds
which vii be thrown into market in The present
and the next few years, will be SO great, and The
demand 10 inconsiderab be, that a great deprecia
lion in their value must inevitably take place
| ask il Senators are prepared 10 witness this
state Of things. Where, | desire TO know, do gen.
llemen expect 10 find capitalists To lend the large
amounts which may and will be called for, and
" ldhc Uul odN UUIIuS iUtlClUl Y ~ lIty lDDk
TO England or any other European countries a
If so, | refer Them 10 The report OF that excellent
officer, (2nd Auditory who says, I'll is MOI likely,
even were ii desirable, that any disposition o!
our stock could be advaniageou>ly made in that
country" This, | am glad 10 learn, and | regret
that any portion of our Stale deb, is held beyond
the Atlantic. But, sir, such is The fact. We find
that of our outstanding debt, there is held
In Great Britain, S2,I40,659
France and Germany, $1,000
Total amount held in Europe, 50, l9G, 059
All the remainder Of our outstanding debt, ex.
cep,ing S452,l77, (Which is held chiefly in Ma.
ryland and The District of Columbia is held
within our own State. And what, sir, is the pro.
liability that we Can negotiate in our own STATE
nr elsewhere, loans 10 The enormou amount
which may and will be called for, under acts
OF The last and present sessions.
Let me quote, sir, more fully from the Second
Auditors report on this subject. Hesay,:
every unimportant changes have taken place
during the last seven years in the amount heli in
England. In our own Stale, however, in The
same period. there has been an increase Of about
81, 400, 900, ~atfortins a strong indication that il,
has become a favoIiie mode OF investment. 10
he present condition Of affaiss in England, it is
not likely, even were il desirable that any dispo-
sition Of our stock could be advanlageouslv made
in that country. Dur sisier States, Maryland
excepted, have never manifested a disposition 10
own any Of it. II follows, therefore, hat our
great reliance Tor a demand for the new issues
which are 70 be made, must BE- confined TO citi-
gems OF our own Stale. as well those personal
" interested in her Internal Improvements and
therefore called npon 10 aid them according -
their ability, as those desiring 10 make permanent
investments"
We are told, il is true, in he cx;iac! which |
have just read, that investments in State stock or
STATE bonds have become a iayoti,e mole Of in.
slime But We are likewise told, hat in a
period Of seven years, there has been an increase Of
investments in Stale bonds, by tie citizens OF our
own State, OF only 81 ,400, 600. Now. sir, il there
has been ONLY an increase Of 81 400, 600 in seven
years, how LONG, | ask, will il take 10 get loans
for The enormous issues oil Stale STOCK required BY
ac,s already passed, tsome last session and some
thi>) and others pending before he legislature
why, sir, The amounts already called tor, and
- -.I L IL - At.,na- ~. s.NA