Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1852-06-14


Yours, PRENTICE.
We transfer the above extract from the mo-
ney article of'The Union" of the I'd instant,
that we may call the attention of our readers 10
this fact; that never before in the history of
American commerce, has money been lent in
any Of the great marts Of our country. at per
cent, per annum. Yet this is the period, select
ed by the Legislature Of Virginia, TO suspend
all aid to her lines Of internal Improvements
In 1s47- 8, when the principal enterprises in
the internal improvement Of the State were pro-
jected. and in 1S49. 80. when they were ac-
tually commenced. capital commanded in New
York from eight to nine per cent, and could
not be procured at all. for any Southern or
Southwestern Railways, but at great sacrifices.
The people of this State were urged by Leg
islative arguments and popular addresses. to
embark their funds in enterprises to restore the
Old Dominion to her former position in the
confederation. These appeals were not made
without effect Hundreds Of thousands, nay
millions. were promptly subscribed and in
great part have been promptly paid. But now,
the scene is changed: money will! not command
more than, half the price it did 1S46-'7-s-'9
and-'50, consequently capitalists are seeking in
vestment, and this is the time when the wise
and patriotic law makers Of Virginia step
forth TO arrest the progress Of the State by de-
nying to the people the poor privilege of SUBJ
scribing their own money to construct rail-
ways.
| Was ever such an outrage upon common
sense and ordinary prudence. to say nothing
Of State. pride. perpetrated BY any Sc, Of men
who claimed for themselves the respect Of the
countryl Never. in the history of our country
we venture to pronounce.
The annexed extract from the Railroad Jour.
nal of the 9Th will throw additional light upon
this subject:
| Stock and Money Markets.
! Money continues in the abundance thut have
noted for time past with great activity in the var
kinds of railroad securities. The demand for Unrest
men for the best kind of railroad bonds Continues
rapidly absorb all that offered, and the supply Of
these previous rates is by equal to the de
mand.
The leading sales since last issue, Of the India
va Central bonds. These brought average 954
which is the highest price paid tor western bonds oil
an unfinished road.
Below a list of the successful bids
The advices from London regard American
stocks favorable The demand is fair and the
dency of prices upward. The extremely low rate OF
in London still greater attention
securities.
This surely is the period when all enter
prises requiring large amounts of money to
conduct them should be arrested! 1t is un
questonably the period to arrest pro- gross; be-
cause it is in exact keeping with every thing
the old fogies Of Virginia have ever done in re-
gard to internal Improvement! The great and
distinctive feature of their system has been.
to make all the public works of the State
cost The greatest possible sum of money,
that she might have good excuse for
imposing the most enormous taxation on
her citizens in the shape of transit charges
There seemed to be a fair prospect that this
system would be changed; our various Rail-
road companies were prosecuting their under
takings with great energy and economy. and
every thing bid fair for speedy relief to labor
and capital from the burthens they now sustain
in the taxes exacted at the dollhouse. and by
theowners Of stages. wagons and other ancient
carriagcs.used for the transportation Of persons
and products. Such revolution was intolera-