Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1848-01-12

conclusion. referring toso ne oi tn, principil
advantages that will, or may, result from the
measure.
Tue absolute certainty it wives of the com.
p'cuon oil the work, wlt,iuat any CONTINGENT
reliance. IN little more than half AMI. in all
reasonable probability, in less than half. the
period prescribed bs the law. and the effects
that certainty must have. not only upon the
value nj IN stock. but the credit of the com
pany; the encouragement it must hold out 10
ladi' lddJl aud other capital III our own com
manliy To come TO tllcassistanCe OF the work
aud The confidence it must inspire in all the
great interests dependent upon the enterprise,
ought, OF themselves, to be conclusive in
idVor ul the measure. On the same ground
1t could not Tail, more than any other induce-
ment that could be presented. 10 encourage
and insure the early prosecution AMI ultimate
connection of the Western improvements
with the terminus on the Ohio: aud elfactu-
ally discourage and prevent their tendency to
any other point; and This | cannot but regard
as an obligation imperative upon the Board,
1t is scarcely of less importance that. by
the measures now suggested, he completion
ut the road will b, insured with the Comma
ny own money, uployed in most dssird-
ole Investment. without incurriug any per-
manenl deoi; AMI. when we look to many
Other Companies who's enterprises have been
completed with the aid OF borrowing IN ,ney
at high prices, or the sale OF new stock at
great loss, AMI consider the embarrassment
which such an accumulation Of debt has en-
tailed not only upon the operation OF their
works, but upon he profits Of their Stock
holders, In: possession OF an uniucunbered
road on which all that it may earn, beyond
its ordinary expenses, would b. clear gain.
cannot be too lightly appreciated. These and
other considerations presented in The course
ol this letter, aud perhaps others of more
weight here omitted, might W Il justify
preference OF the plan now proposed even it
loans, or the capital OF Others, were inInedi-
atrly accessible to the Bo1rl
The nrasiire. however, would not only
preserve to t'e Stockholders. aud their as
sigas. The exclusive fruits Of their future opr-
raiions; IL would tso diSpeus. with assistance
either lfon The General Government, OF the
State OF Virginia /; and by rendering the work
independent Of both, leave ii less rcstrailed
AM more lree il il, future m III cement; aud
it would relieve tn, community, here, rom
any appfene isl0H, 1t any such exist. OF an
application t,r rermtEeut all to die citf
uuthuGtlts. While, however, | present. tn
last consideration as one oil the advantages Of
The medsufe, deem II og,y irnk to state.
that. inf the sake Ut aCcunp .i>hng thr " TX
within 81 saoft period as 'iree or lour Yeas,
the city auhurll should not hesitate to
lend h"r credit, at short dates. upon the sect
rites OF the Company, il such resort should
prove to be necessary.
hope 10 be excused for adding, as another
ground Tor recommendation. that the measurc
now suggested wouid rel1.e the Board from
he necessity ol premature sale. at incon-
venent loss, OF the State Bonds al pr sent i'll
our possession, and II, III any quarter, it. be
desirable to effect such an arrange ,nent, ena.
be the Stockholders. upon equitable terms,
TO consent to IA withdrawal Of Tie entire sub
scrlptloa of the State in the stock oil the
Alda Sem Of thu roil
Ian quite aware That such measure could
only b. cohsutuin ted With the consent IT
the Stockholders nclu ling The St,te but at
the same time, am not sensible OF anf fea-
SON wig should conceal IN iadivi Ina opin,
ION have long entertained. that it wouId
not be difficult to mature terms mutually
satisfactory, upon which the entire interest
OF the State ia the q IN Stem OF the road
might be Withdraw with advnulag- TO both
paI'leS. | have aiready stated the i1uti.ity
ut the bonds now in our p session iur any
immediate purpose and The mischief that
Would attend any attempt 10 dispose oi them,
IN Whole or In pd:t
am HNdar the impression, moreover. that
Niuioul soehil connection with the Sta!e as
now exists Inc troptrty anil resources of the
company would Dc t+s5 tattered-its general
credit rendered. souader and moro ayaiIah!a-
and the public eoatidynce in irslutue-,aan
aSement and operations malj rally increas d.
All, han of
immediate or unjust Introduction into the
market OF SO large an amount ul State bonds,
Tor any purpose Whatever being entirely re-
moved, the pubic creditor would feel more
secure and place greater reliance upon the ell
flcacy OF the meas Tres and ability OF the Leg
l5ature. CJnhdeuce IN the securities aireo(ty
dli"at would sooner revive. and the present
amount OF the State debt being reduced in
The sun OF So 40 ,0OO the I Ill restoration OF
the pullir credit would BE- earlier establish d..
In such stale OF things believe that, inde
| pfhdeht OF any other cause, the credit of all
companies, public or private, within The
State, would be materially benefited and
l should also entertain the hope that, hen
there would no longer remain anv apprehen-
sion, or even he possibility that, through its
agency, the Treasury mi sht be involved in
further bdrrass'nents, and the people expo
sed to higher taxes, the public authorities and
the people at large would entertain juster
and higher appreciation OF the enterprise. and
literally afford 1t such privileges as might be
necessary 10 enable il TO accomplish The great
objects OF lis charter, and which the State
would teel ii a duty, upon the grounds OF
| general policy, 10 foster.
leel, gentlemen, that have discharged,
to the best ol my ability, tie whole duty
wticil, IN the present conjuncture, is devol-
we'd upon me. have frankly presented the
only means By which, in my opinion, the
road cdh be eHecludIty prosecuted within the
time that all the interests committed to our
management demand; and now cheerutly
submit the 'ubJect TO the decision Of those
VINO alone can lnally decide.
| am, gentlemen, most respectfully,
Your ubeditnt ser"aut,
LOUIS NJ IA NJ, praSi Iant