Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-01-21
The Loan system.
SPErcH OF Mn. ALEXANDER RIyr

Nh RIvEs. or ALBEMARiri made abe ahlesi
argument in fasos ofthe Loan System, in the
House Of Delegates, the sih inst. that has YET
fallen under cur observation To our oppre-
hension he rcfuies every objection that has been
raised, and suggests such urgent reasons iof
is adoption as to leave but one course open e
the Legislature. II would give Us much plea
eure, If our spacc would permit, 10 present thu
entire speech. Il Is marked by the sflnenoe
ard polish of diciion, and the classic copious.
ness Of metaphor and illustration that give 10
Mr.. Rvcs ora,ory, generally, so finished and
attractive a cast. The immediate position be.
fore The House was the motion of Mr.. Lewia,
of Harrison, TO reconsider the vote by v hich the
bill, granting loan 10 the Souihsidc railroad
Company bad passed 10 its engrossmcnr, with
a view 10 its recoinmitmcnt for the purpose Of
substituting for the loan subscription ofIhtee
fifhs After explaining at some length the
aniecedent circumstances connected with the
motion and the debate, and the reasons " hicb
rendered his participation in tho discussion
proper Mr. Rives said
IF the particular exigencies Of these com.
paues are such as To render three hfihs sub
eerIpton unavaing To them, the success Of
This motion is to deprive them of all other ID
md 10 abandon them in helplessness to all sorts
OF discredtable shifts in the discount OF then
bonds for the tardy accomplishment of their
works, or else tn the more probable fate Of
leading out crippled and profiless existence
in nm unfinished stnte---a shameful monument
OF the timidty and false economy Of the A.
Il
Its author, and thus understood by Ills House.
succeed, and the crne the needless, the dis
asifops fat is registered that every company,
no matter how glorious lis prospects nor how
certain its return, that has expended It's CAPT
tai and exhausted all hopes OF further private
contributions, Is 10 be permitted to languish or
eAist upon such mean and at the same time
westefrl shifts, Us its extremity may suggest
For ore, sir, ! enter my earnest rcmonsIrance
against such policy protest against this
unalterable prescriplion-one and the same in
ell cases--this three fifth subscription or moth
ing-something. perchance, ser,iceablo in one
case, but a mockery in another; in fine, sir
1has iron rule as il was apply denomnated by
my able friend from Pitts, yania, (Mr
Towncs."O
Mr.. Rives maintained that The people of yr.
GINA desired that the leading improvements,
now IN progress of construction, should be
completed. They wished the capital that now
lay dead in these investments TO BE- made ae-
tive aud productive, and they were willing to
bear the necessary taxation. Their brave
words he said, had been heard coming up to
them, declaring IRE 'eW bear he tdrcs, if you
pW gre us-the public uorks IN return; as you
proe'de us cheaper transportation, you sirtaai
ty adj TO tie prices Of or products and an
crease o~rdbiitytomeet augmented assessments;
leu not the 'corhs that IN their csry BEGINNINGS
gre sme earnest Of their ultimate profitable.
ness, tack The means q specify completion; -tar.
6orro'o, g'Dc, subscribe or Tend, IRE arc far The
energetic prosecution Of ercry ,ootk 10 accom-
"'odofe our trade, stimulate onr ttoduction dc
Tefope oar resources, and increase orr aoealh E"
Mr.. X then referred to the condition of the
Virginia and Tennessee, the Danvine and
Southside Roads He said
''By dint of a laborous canvass of solieita.
ton, and through all the agencies of county
meetings and county addresses, the first of these
companies has raised along the line OF its i'm.
proVement the surprising amount of 81 200
ooo OF individual and corporate subscriptions
This seems to me most striking proof of the
credltablo berality and public spirit of its
friends and stockholders; and renders it almost
certain that all has been effected in the wav Of
private subscriptions chat can he reasonably
hoped for. In confirmation of this, NAV be
excused Tor stating, that in visit during the
past summer to one of tho largest counties on
the llne one oil It's Directors man of strong
practical intelligence and having abundant
means OF knowing the circumstances and abili
ty of the people of that northumberland it
to DO idle TO hope for further private subscrip
tons, and that the prefer of State aid upon
such condition, wonld be vain and illusory"'
The constitutional difficulty which some
imagnsd to exist, Mr.. Rives disposed Of in the
following satisfactory manner:
The objection is twofold, and is based upon
the 2sth and Goth clauses of the Nth article
0, the constitution. The first of these two
Clauses Is relied upon by my friend from
;; '.h Mr.. YERBY,) who draws from
IL the inference that inasmo,h os ba C,o,o