Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1850-12-03

any rivalry between the two modes of improvement :
The system OF railroads in New York, is prosecute
with much energY, and the extent OF them is create
than that of the Massachusetts roads. The aggregate
length Of them is about 1872 miles, and the cost O
them over foriy-sx and halt millions of dollars at al
| average cost of $44 900 per mile. The Information
have been enable to procure relative to these roads, ha
not been detailed as desirable but is enough to shev
that the travel upon them is prodgous, the freight ver
considerable, and the profits about the those
the Massachusetts roads.
Ihe Baltimore and Ohio railroad is prosperous ant
holds out the brightest promises the public spirited
enterprlslng company who control it. 1t has paid {
DIVIDEND curing the past year OF more than ten pei
cent And such has been the effect produced by it al
ready upon the commercial prosperity of Baltimore
tat II sag she IS now compensated for her subscrp-
| ton OF $3,oO0OO0 to the work
| Nothing can be more encouraging to Virginia than
| these iaes. They afford demonstration perfectly
conclusive, before her works more than begun thai
| they VIII prove immensely profitable TO the stockho
| ders, and beneficial to the commonwealth The coun
try proposed TO be reached by those great Western
lines. .the canal, "the Tennessee and Virginia. anc
| "the Central railroads." is more extensive and by ta
more fertlle than that region penetrated by the works
OF New England and New York, put together; and
tn ink it plain to we-inormed man that the induce
mens held out TO us for the construction of worxs
are very much greater than those which have stimua
ted ourneighbors to their enterprises.
The Virginia aud Tennessee railroad will, when com
| peted, form one link in chain OF road from New
| DIRK 10 Mobile and New Orleans most of which is
already determined upon, and over which will pass
greater amount of travel than this country has ever
witnessed. 1t is the great line which must convey
the travel to and from California from the Northern
Middle and part OF the Southern states, and which
much of the commerce intended for the Pacific by the
| Tehuautepec will be likewise transported 1t is
worthy of all aid from the commonwealth. When
it shall be completed to the Tennessee line it will have
penetrated a country of higher capabilities and
| greater extent than that through which the Bat-
more and Ohio railroad now passes to Cumberland
And should the Central Railroad decide to go to Gin
cinnati by Guyandote instead of to Louisville, then
| the Virginia and Tennessee railroad will form COM
mon stem for branch either from New river through
Giles, Mercer and TaZewell to Lexington Kentucky,
or from Abingdon through the county OF Russell the
same city. The advantages of this connection l de-
veoped sufficiently at length in my last annual mes
sage and therefore deem unnecessary to repeat them
here. There was mistake made in the states sub
scption to this work which ought to be rected, and
| which earnes thy recommend to be done at once
Should the Central railroad reach Cincinnati, it will
form the shortest line of road between that great city
and tide-water, and will OF course command an i'm
mense amount both of trade ana travel 1t is truly
great work and will be ultimately productive Of great
benefits to the state.
That section OF this road, put under the conduct OF
the Board public works. is progressing well. The
ground which passes the face of the Blue Ridge
is excessively rugged and difficult interseced every-
where with abrupt ridges and deep, precpitous ho
lows But such is the extraordinary skill and precision
it'll which the work has been located by that highly
accomplished engineer, Col Crozet, shat the cuts and
fills need scarcely any earth to be wasted borrowed
at any point. When completed, it will be work of
which the state may be justly proud
To the report OF the Board OF public works, herewith
transmitted, refer you Tor detailed information touch
ing all the works in which the state is interested.
cannot dismiss this part of the Subject, however,
without bringing to the notice of the legislature,
prominently than in the report referred to- the subj
of plank roads, they are an invention OF compare
lively recent date, and deservedly supersedmg all
Other roads travelled by horses and carriages Their
capacities for heavy draught and rapid travel very
surprising The cost of them is scarcely so much
as the macadamized road. l would recommend
general law authorizing the Board of public works
to substitute plank roads for the ordinary turnpike,
wherever itcan be done without augmenting the cost
already fixed by law Plank roads at the North pay
from ten to thirty per cent upon the money expended in
their construction.
must next invite your most earnest attention and
serious deliberation the present condition of the
finances of the state, and to the nature and amount OF
the public indebtedness 1t useless to deny or con-
cea the fact that the recent appropriations by the state
for extended works OF internal Improvement have been
otsuch magnitude as to demand further provision tor
their prompt payment at such peliods as they may
respectively fall DUE and especially for the regular
payment of the interest thereon. The credit of
the state has been hitherto fully sustained both
home and abroad but it should be reneoered that
public credit is tender and delicate plant which
qures constant care anG nurture, instantly and seriously
afecedb the slightest unfavorabe influences, and is
whered by the least breath OF suspicion. Some alarm
has been already expressed within own borders,
and, though it has been abundantly demonstrated in
another part OF this communication that the appropria
tons made up to this time do justify such fears.
while the system OF internal Improvements to which
they have been devoted has been productive of an i'm
mense accession to the taxable properly of Virginia
yet would be unwse entirely to disregard the appre
tensions which have been expressed, to postpone
that cautious examination of the whole subject which
such warning is calculated to suggest. There are
many Inducements to enforce the proprey and urgency
of this cautious consideration Of the financial condi-
ton of the state at the present time 1t is only by
maintaining the public credit wholly unimpaired that
the important works already commenced, and n fiat
terng progress, can be brought at an early day. to
their successful completion; and it not until their
completion that the rich harvest OF profits and benefits
anticipated from them can be fully realized and aug
ment materially the revenues OF the state Moreover,
any considerable change in the fundamental laws OF
state is calculated to give temporary shock to her
credit in foreign markets and when such changes
so extensive IN their character those liberal measures
which will probably meet with the sanction of the
vention, which is shortly to resume its deliberations,
there is reason to anticipate some uctuation depre
citation OF the value OF public stocks, unless such
casualty prevented by those of wise pecau
ton which may secure the undated and untatering
confidence of the monied interest in our and
foreign markets. Nor can this caution be more oppor-
timely exhibited, this foreseeng preparation for the
future be more efiicacously commenced, than at time
when panic exists to precipate your action or to
disturb your calm deliberations.
After the exposition OF the indebt 3dness OF the state
and OF her ability to meet all her engagements gwen in
my last annual message, do not deem it necessary at
this time to dwell at much length upon this part OF the
subject l would briefly remark that the present out
standing debt OF the commonwealth is $9O35 lS9 80,
and there remains TO be paid, account OF subscrp-
tons made to organized companies, but not yet called
for, 1852, S6S 40. Other appropriations, to the
amount of Ss44oO have been made to companies, of
whose organization information has been received
by the Board of public works. the greater portion Of
which will probably never be organized: Surprising
that the state will be called upon for 1867 1872 of this
latter amount, (Which much exceeds the probab de-
mand the public treasury will thus be liable tor $5,-
100000 upon subscriptions already authorized.
This sum of $500 900 will shortly require to be
raised by loans secured by the bonds Of the stale The
sudden the gradual sale OF large amount Of
state stocks can hardly be effected without depreca-
ton of their value, terms favorable to the state,
unless such precautionary measures adopted may
render them acceptable, than under present modes
procedure they likely to be- to the purchasers Of
public securities.
Under these circumstances, would recommend
complete reformation and reorganization OF the fnan-
c,al system of the The form which the public
debt now stands is liable to grave objections. The
transfer OF stock encountered with many
sary ormalites and techncaes as to impede the sale
of the bonds OF the state and to obstct their ready cir
culaon in the money Market yet the utmost facility
of transfer from hand to hand the necessary condition
to the permanent popularity and ready accep
lance at any public stock The evidences of state debt
should be impressed far possible with all the quail
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