Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1852-09-07
Z, 1852.
Che Dailp nireinian.
ton THE VIRgINIAN,


Internal provement convention held at Union,
IN Monroe county, on the 10Th. Goth and 21st
of August, they ovince more liberal and on.
hghtened views of the great question of inter-
communication and the internal commerce Of
the country, than have ever before been mani
Tested by any convention, assembled for similar
purposes.
None Of the great lines ofInternal Improve
ment seem to have been overlooked in tho re-
Communications of the Convention, and all W ere
placed upon the same financial platform. This
sexnctly as it should have been; because it
had become perfectly obvious. that the joint
stock system was no longer available, for the
extension of our lines of Observation-Disclosures
that the people were unwilling To subscribe;
but because they were actually unable: ihat is,
they had not the ready money, tie cash. with
which TO meet the reauisitions which would
be made on them.
This state of things is not peculiar with the
people OF Virginia; 1t is true with all agticoltu
raj communities Nay so well are the peo-
pie of the Northern and Eastern States con-
vinced ofthe utter hopelessness of procuring
capital in agricultural districts, to construct
works OF lnternal Improvement, except they be
merely local in their Character, that the thing
is never attempted, but resort is always had
10 the great reservoirs OF money the large Cit
ies-Baltimore, Philadelphia, New York and
Boston. for capital. We have no such resource,
and hence The necessity and great proprety Of
devlsing some financial system by which capi-
tai can be procured, and yet each section Of
the State be made to pay the cost of providing
this capital, and liable for It's ultimate relurn-
This end will be attained by the plan of the
Union Convention, if it shall be adopted by the
Legislature. ms can not doubt it will be.
The benefits to result to the State Mt large
from the completion of tho Alexandria md
Orange Railroad, the Manassa Gap, the Cen
tral, the Norfolk and Petersburg. tho Sonth-
Side, the Danvillc, and the Virginia md Ten
nessee Railroads, no man ca calculate. | n aan
literally what say: no nan can calculate H. |
say 30 because no man has ever yet been tble
fully to estimate tho advantages which have
resulted from the accomplishment of similar
works. For proof of what say, look to the
history ofthe Railroads of New England, \ New
York, Pennsy lvania, Mary land, Ohio and
Georgia and see what the most sangune of
their friends claimed for them when they wsre
like ouf roads, IN their infancy, and strugg ng
for n precarioue exlstanee, and compare their
estimates with actual results. You will then
See that J speak not In " lid anA extravaeint
terms-when | say we cannot ca, ulate with
an approximation to accuracy. the advantages
which will be enjoyed by our people, when
the Railways to which have particularly al
ludcd shall have reached their several termi-
nj. This they will do in from three to four
years. our Legislature shall adopt the recon-
nendations of the Union Convention,
But have referred only To the Railroads
embraced IN the recommend alton Of the Tn.
ion Convention. | have done so, because |
wished to call especial attention to the in.u-
once which the act Of that Convention must
have upon the James River and Kanaw ha
Company This Company, from causes not
worth while now TO comment upon, has been
compelled, after encounterng great financial
embarraesm To suspend the further prosecu-
lion ofits works. In this company the State
is The largest Slockhoder, owning 3 millions
ofthe capital and besides this, is the cndorser
on the bonds OF the Corporation for al mil
lions more This condition Of The finances Of
the Company did indeed seem an utterly
hopeless state of affairs for the individual
Stockholders, the Banks Of Virginia, and the
Corporations of Richm md and Lynchburg, SO
far as they had invested their funds in the cap
ital stock ofthe Company; but, if the recon.
mendation ofihe Union Conve shall re-
Cel't tIit eduClioh vi Lne ibeSlsIhtufe, lhihh u
reasonable to anticipate that on the completion
of the james River and Kanaw Ina Railroad to
the OHIO river and the Virginia and Tennes see
Road, to the point of connexon with the Ten
nessee Roads. having their termin at Memphi,
the stock of the James River Company viii
be completely re-establlshcd in public IA
vor. The grounds of this expectation | will
stale as concsely possible.
The business of three of the great roufes nj
Western travel in 1850 and 1851, was as fol-
| lows:
LENGTH COST. EARNINGS.
1850 1851.
Erie Canal $50 ms s2076s $40 81 933 l25 SO 00l 4ss
Erie r. X. 327 $23.380.000 81 .063 $50 81 2.776.9l9
| Central line
R.R in N.Y46 SIG 100 $50 So s06 O42 %. l57 COG