The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-01-06
East Tennesss- and Virginia Railroad.

We have received the annual report of this com
pany, and find that the energy of the ockholders
gives indications that this important section of the
southwestern National Road will be completed in
| good time. The road is only about one hundred
and twentry miles III length, and will extend from
the terminous OF the Virginia and Tennessee rail
road, upon the Tennessee line, 10 the town of Knox
Vile The capital stock subscribed is about $500
900, enough the directors think, provide for
grading the road. They then advert TO the pros
poets oi obtaining the iron and express the opinion
that the State will do in regard to this road what
she has done in regard 10 the Georgia and Tennos-
5ee railroads: issue her bonds sufficient amount
to purchase the iron. IT, however. they shall fail
In this reasonable expectation, the directors pro-
pose to obtain northern ad in this connex ion they
state:
But the queston viii be asked, how ia the suoer
structure oi wood and iron To be put upon III We
reply, that we rely much upon legislative aid
Having graded the road out of our own private
means, Tennessee will present monstrous anon
ally, when compared with any all other sister
States, should she persist in such a miserable no
versal pocy-alike hunbing to State pride, and
in opposition 10 the interests OF the State, should
che refuse her help. But let that be as il may we
need have no fears 10 the result after the grad
ing is finished. Already have Il proposition
from a house in the city Of New York TO furnish the
iron-a portion Of which TO be paid III the stock Of
the company. Now, suppose the grading done,
which Is near half the whole cost OF construc tom
and one fourth one fifth OF the iron say 1000
tons paid in stock of the company equal to s 00,-
600 cost and carriage included; leaving balance
tor iron 10 be provided Tor, $50, 900 Then say to
the capitalists: "The company will execute their
bonds, bearing interest for tins amount, and exc
cute mortgage upon the whole work, iron an d
Mi, after 1t Is laid down" Upon such security the
iron can be procured and the road finished and
furnished beyond a doubt.
This is the language of determination and ol re-
source. They will be successful in one Of the two
plans. The latter, however, is Objectionable this
that the New York will cost from s. 30 10 < 90
per ION, whilst WEIGH or English iron could be laid
down i'll the Atlantic ports for from s 80 To y 40
This would be paying premium for credit which
the State OF Tennessee should not permit; she will
doubt, consent to loan of her bonds to a auffi
Gent amount to iron the road, taking n lien upon
the road and its receipts for her indemnity There
many hscal devices by which the enterprise,
contributions, and obvious results of this important
section OF road command the capital for ita
complexion that we have doubt of its success
Let US suggest the ''last" improv veinent which
have seen IN this system. The precise location and
resources OF the East Tennessee and Virginia rail.
road may not be known to the foreign capitalist,
but the city OF Knoxville, a corporation is
known, and her responsibility be verified by the
valuation OF the taxable property OF her ctzensthe
amount OF her income, with the present charges up
on that income.
Ii Knoxville feel a sufficient interest in the sue
of this road, and havea sufficient ntdence in
its destnes, let her exchange bonds with it for a
sum sufficient for it's purposes Knowing nothing
OF the fiscal obligations of the city OF Knoxville.
OF the disposition of her citizens to aid in the
struetion Of this road of course only call the
tention OF those Interested in the very practical de
wise by which the credit ui corporal may be
safely substituted for that OF another, not we'll
known abroad, but regarded perfectly responsible
at home.
Some such plan, or the incor rporation of counties,
has been done III Ohio, for the purpose OF MAX
ing subscriptions to the stock, will be found,
have doubt, successful. =. Richmond Uhig