Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-02-01

on with the work, aud thal Hhe" "ie D
capital had no: been subscribed o., ru.,
VIVA, does oil this prove Either thnt Tue ''A' "l
. - ,be onnones in which the State ia 30 largely io'et
w. ho,h ,bs State and the private stockholders
-, . s,hro;t ~ n ruinous rate OF usury IL no''hs
horld no done than enlarge the capitai s'ocA u Wv
| .,,e comnauics upon the three ana t"o-n'''' ~
| r,a m, inevitable consequence VIII DC '"as 80.
bonds will DO Immediately thrown upon mo '"D
ms,ter. already Hooded with such secnri'eS' a'u ''"
! -, ,;Gco Such has already been the fate OF 'h
oo ord Alexandria road and Notwithstanding 'hc 'o'
of i,denendence assumed by the Delegate from
hs sn.cch his brother the President, who oush. -
does no, seem TO expect much relief from mere
oiI ,cr For he told u.s. month or two since IN ~
no s,cokinp of tho 'resources'' OF his Company A
anncaon OF the stockholders is now pending
,l ,soenblv for an increase of the capital stoch
the Company in sum sufficient to complete 'ho ''"'
tho ,e,ns If The charter Whether il successful Tue
bscr;,ion Of stock necessary for such increase c ~
,;ned ia ,rremely uncertain [are there no ""eai'"S
holders In that region7 no monied men, no caP''aN'
other n;ons of rslieffto wit another sale Oh oo'u
mar ron, might be substituted to meet coming e'
| 70 be hoped that the LEGISLATURE WIN e'',' i,
Tonly lend us half million or SOL 70 ,,,ise,
which the State is largely interested ana .n n
10 be OF so much utility to its cll'zen' ,,o .,ock
failure in that quarter, II will be question ,oxite
holders 10 decide what course shan % 80; ,o,k
49, ss,,v moan, for The final construction Vi 'uei ~
The Board would suggest that they % So ,ho e,
| bond, of tho Company amount ae'u"'.N -oa,o
pencies of the case and TO pledge seP -, nbe
the payn,en, of the debt thus incurred IN
memberl speaks of the State and Pri'o'e
,hao oo,,r,ns as pu,tncrs" and says tha Inc os'nu
''''' ,.,,ne,shin should be preserved What "'u'u
he though, Of three -hs partner in an ofun'
| ndpd
aaos.s,v :, ,oiue money should allow the oono' u
,h orlv .;qhtv dollars to be issued, "heh oi s
a., h,ds h. coud obtain one hundred anu t"e''e'
o, ba snh.,isson 10 such shaving opela'ioh ~
| ed the height OF iolyI ,rroyinply
Mr. BAppouR is progressive" He speaks app'o'nsn
of the general law which once eSo'cu au,' ,o,,
rhscro,ion of t,ro ffths any WORK "h'c' 'ou'1
| ...,,i,n of three ifths. He found no o'neu''
in nropressng from tlco Ia three Minis. no u'' .
/ t;oo,a himself TO charge of outrageous e3''
whv7 Because such progress was DEMANDED os "'' ,
e,ioeneis, OF the country. Neither Inc Orange ''io
| ,,' other great rail road would have osen coh
,,ruc,ed, upon The ro 6lths principle. May "o' u".'
nris eouirinp vet another step, In the way Oh pro-
gress i., mia Time
ma : ,,oh,u,o and Tennessee Company, ak loan OF
ooo nan hc added 10 the present capital socR s'oooooo
,Lo 3. nm oO-lhe present private capital 'i-oooo0 =
mo- .,,bs Of 81 900 OOO that il The loan DC gun'eu
the Stote will have furnished seren-!enms o. "e way
meons 10 make the road instead OF sl1ten'ns OF
her original quota Having progressed 0Ee''" uoou N'
time the Orange und Alexandria road was chartered "a
soua should find difficulty in progressing one''e "o"
= u bo aeon from similar calculations that he WIN nav
10 nroyress little farther in favor OF me a
| DanvilIe roads-bu not 10 the extent oil on'.hi'h
N, B.pporR is never seized with the horrors un'i UT
"a q
his s,ounent tina, by The Lonn bills the State will become
nvo,vcd IN system of "indiscrninate and extarasah
exnsndures" Mr. BARRouR does not condemn the poNcS
nv which these companies chartered upon Inc he
- ,,,o 6nbs principIs Yet how very much more orcnI
o,h his argument on the of eSravance have oeen
,yoinst the original three hfths subscriptions men, III
Of the great companies asking loans was ~ho
ly matter of calculation and conlectue no' " iac' a
eyn,riauce Then the State was asked 10 suoscfoe upo
uncertain and conectura estimates now 10 se'a uPo" "
security OF certain and constantly and rapidly increasing
venues Then stock Of these works could scarcely DC o
for any prices nop has nearly reached It's par 'aue ~"
was certain that the State would receive no returns ON "
invested for five or ten years. for almost nvaT'
bv takes thai length of time construct long hne
rail road uou it is equally certain that with the means pro
vIded by these loans years al the iarthest vi" sot
for their completion What TuSsTAlts toby men,
hs ..o,a, Daoyille rail road" nou IT, MIR. BARBoua
,sgoo piece of extravaganza TO lend sbOo "
n the Danvc road, tho gross fecerp,- ..-" mo-
on,v half. finished amount 10 Sl4OOUo year. ""u ,o
Of which is worth $50 share in the MARKET W."
a;,,,e npst hnan ihnse, who at the na'e u
public ago) Invested 100000 of the publ
money in road tho stock of which, not long aerwnrd
yas offered for sale by wealthy gentleman Of Rchmon
at ten dollars shareI and it almost equally
ton Of the public funds in the Legislature three yea
ago to 100000 more when only twenty-five doa
t share could be gotten for The stock
Mr. BARBOUR is man Of facts and figures and can read
y understand the following calculations The Southwes
ern, South.Side and Danvlle roads ask the State
50 400 000 about sufficient 10 finish their works.
the shape OF loan OF tina, Dir. BARBOUR is wir
for the State subscribe others will make the csidu
100000 As State bonds worth per cent, nbov
pa the would in fact have provide only So 60 0G
raise six per cent that amount by axaon-in tn
one 81 900 in the other the difference ben
1864 000 Now suppose the State should refuse the oans
if we IRE Judge from the experience Of Mr. BARBOUR
twealthy" constituents Qt very unfortunate Tor d
BARBoUR's argument that the last annual report OF Ii
Board of Public Works was laid upon the members table
few days after devercd) these three companies lib
the Central and the Orange and Alexandria, would have
resort to sale OF their bonds; and would often
Mr. BARBOUR by supposng hom in any better credit tina
his Company, and especially there would be such
Bual number oil Bucn securities thrown suddenly into ma
ket they would hardly realize than eighty per cent
To raise 81 000 !hen they would have to SELL 0C
of bonds while 10 raise the the State wou
sc Of her bonds only $2l6U0OO less than wha
In it's character of three 6hs sockholder, il would have
SELL oy S72O O00 Thus there would DO dead loss III
State and the stockholders of very nearly the difference b.
tween what the three companies ask, and what Mr. BAL
noun ia willing 10 give.
/, was hardly TO be expected that gentleman Of M
BARsougs fairness and beraty would have uttered
plant like the following II had proceeded from voic
from Northampton, II would be entitled all that weigh
and respect, which should give rernonstranc
against inusce and oppression whether well foundes
But when Mr. BARBOUR tells tho Speaker "yoar conslill
snts and mine contribute from lhei7 mean, until hi
necessary is obtained build up the private estate
In pttsy and Halifax the member from Psyvan nj
nigh, very properly have replied your constituents
mine hare contributed from their build up the pr
estates in Cupeper and Oranges to furnish their
with railroads to seapos when mine have yet ha
the benefit OF one"
The subject BIO dismissed without noticing one
poet OF the question, which this complaint suggests