Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1852-02-05

Of the cost oftranspossat;on by water
Another fact 70 be taken mo considera-
ton is the injury sustained by all cereal
prodscts in their passage through the
vi arm and humid climate ofthe lower Mis-
ssssippi and the Gulf-a circumstance
foreibly tending to direct them Eastwardly.
instead Of Southwardiy to market. For
these articles of,onnage. the Virginia Rail
ways will furnish the shortest. safest and
cheapest outlets 10 market. Their extent
may be inferred from the productions of
Ohio in 1850. In that year the wheat
crop of that State was estimated to be 3d.
100000 of bushels, OF which she consum
ed but about 100000. Her produc-
ton Of Indian corn the same season was
81 ,00O, 600, Of which she fed to her stock
AZ, 900, 600, exported 100000 in bulk.
and fed to fat animals, which were driven
to market, 20 100000 So, therefore, but
for the cost of transportation. Ohio alone
would have exported in that year 10000
900 bushels Of wheat and Indian corn
The statistics of the New York and Ohio
canals exhibit the fact. tina, but very in
considerable portion of Indian corn is sent
to market from distance greater than the
eastern shores of Lake Erica fact which
demonstrates that our Virginia lines of
transportation and our Chesapeake ports
will monopolize the Indian corn trade Of
The Ohio valley.
In its discussion Of public topics the
Report comes next to lengthy and de-
tailed history Of the difficulties encounter
ed by the Board in providing for the de-
mapds upon the treasury-so greatly
augmented by the late heavy appropria-
tons Of the Legislature. These difficulties
arose mainly from the restrictions thrown
around their financial operations by law.and
the ignorance, out Of the Commonw ealth,
Of the real value Of its stocks. They were
overcome by resort to coupon bonds.
authorized by the Legislature at its last
session. The adoption of this form Of
bonds has been found to work admirably
IN giving them currency in markets beyond
our own borders, and in elevating their
value permanently above par.
In connection with The subject Of the
finances of the State, the Board takes occa-
SION earnestly to recommend the adoption
of the free banking system in Virginia
advising that no further special charters
for banking purposes be granted, but in
lieu thereof a general law be enacted, pre-
scribing the conditions and incidents Of
exercising the banking franchise, and au-
thorizing all associations whatever, that
might be disposed to encounter those Incl
dents. upon complying with those condi.
tons. iPso. tacto to become banking corpo-
rations. Among these incidents and con-
ditons, the more essential are the follow
ing:-Stockholders to be individually la
BILE for the obligations of the banks to the
extent Of their shares. The capital stock
of any bank to be not more than one
million or less than one hundred thousand
dollars. The number Of stockholders of
a bank to be not less than fifty. Banking
circulation to be based, dollar for dollar,
upon State stocks. and to be counrersign-
ed by State officer. Banks to redeem
their circulation at par in specie, not only
at their respective counters, but also at
such commercial central points in the State
as should be designated by law, rcspec-
lively, for the banks Of each section of the
State
This scheme is urged at great length by
the Board. If adopted it would operate
the extinction of all the Banks now in cx
istence-but our purpose is to give sy-
nops's OF the report aud not for the present
to dispute Its positions and conclusions.
The attention of the Legislature is call.
ed to the condition of the James River
and kanawha Company. as demanding
prompt aud efficient action If provision
be not made to relieve them from their en-
barrassments. so that they may pay the
interest accommodating upon their debt-rhc
Board are bound by the terms of the Com
pany's mortgage 10 the State to sell their
entire property and thus put stop to the
farther prosecution Of the enterprises
responsibility which the Board could not
willingly assume.
La conclusion the merits Of the old and
lew organization Of the Board of Public
Works. are compared and liberal provi-
sion is. recommended for Corps of Engi-
ncers to be at the service of the new
Board. In taking leave of the public ser
vice they refer to the arduous dates they
have been required to perform, and while
they do not claim exemption from errors in
the discharge Of those duties, they feel
consciousness of having acted according
to the best lights their judgements could
set before them. They earnestly wish
that the organization Of new Board may
result in the promotion of the great inter.
ests Of the Commonwealth and a more
energetic prosecution of the vital schemes
of Internal Improvement. in which she i.
engaged.
u The New Orleans papers contain the Cover
nor's Message and the first days proceedings Of
the Legislature. In the Senate J. b. Walton was
chosen Secretary, and in the House John L. King
OF OPeousas, was elected Speaker. and Jsan Lay-
ct. Chief Clerk. Gny Wnlker,s Mcssnr. rcIntcs