Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-02-01
spEEcn or THOMAS WALLACE. ESQ,


n tr !,rain:,td
.s& SPEECH OF THOMAS WALLACE, ESQ,
. M Iu l.e House Of Delegates, Jan II, 1853.
GA The bill authorizing loan The part Of the Common.
ES s3ih. The South Side Rail Company and chlngng it's
. s4 hmr hrin. under consideration
. @I Mr. WALLACE said:
@ lir SPEAKER Before entering upon the discussion OF
@ he question under considerations of such deep and vital i'm
krtance the bes, interests of the State desire briefly
E an,f al the history of internal Improvements for few
ea.s yast. In The late Reform Convention minority
ec,loe numbers and talent, eudeavored enga
he Constitution mandatory clause coecing the Leelsa
finish certain great works Of Internal Improvement
1he majority resisted the pro'isionit formed no part pro-
3ey the Fundamental law, and compelled the reform
The State purchase rights and powers claimed as
ul!gh great desire was then cSlnccd by all for the
&rmpl, ton of some Leading lines
In The late subernatoral canvass, Judge Summers ana
sGnv Johnson both svowcd themselves favorable 70 The
Comp!lon Of the great works Of improvement IN which the
had embarked 50 much capitals and In every loIon oil
Sshc Common wealth avUwal was led with satstac hon
a message the present Legislature IN January, 1884,
Eti1v Johnson in and emphatic language, recum
inened the completion of certain ies OF improvement
Smung South Side Rail Roadwi'h as lille delay
as practical frs, par, Of his sess"n thai road
9cou,d moi oh,an md three ffths subscription Ap
Slic.rn was ,cp made this body, bv its friends, for
,pe Of tho capital stock without State suosctip
4 ion II was refused They then asked that The
SHpany should be permitted sell lis bonds: and The
Lcyisl ure anar refused 10 entertain the proposition
I An angry quarrel hGd arisen, sir, upon III; taxes
~ nout maney; and the House, much against my wishes
dju.ned leaving al IN chacs and the internal improvement
sacfices been incurred in many instances 10 prevent
ths tnpage of and in the meantime iron labor
arfals Of Ill kinds have advanced enormously in value.
"a million U dollars wouli mol indemnify the Stale for her
Nr,cl .uss.
.A In November last Mr. Speaker wien assembled
ether better feeling apparently cxscd-lhc sky appeared
Ecaf no cloud upon load
Ang lines OF Improvement presented bills for loans and not
Sah Betc: long, however, sir, IL apparent that
Sere "n sail upon summer sea-. Different companies
pr seated arg claims public hvor-schenes pro-
rcira which s.nuousy resisted and portion OF
sne internal Improvement parry huve united with its old
,.tn"unce what they term "lhG system of
me snea Va sir to 'he subject under discussion Dr.
"a 4, not Mr. SPEAKER. advocate system OF loans; oh
iha con;rn.v system arpicabie u all improvements u
g3s absurd and would not n;.e my favor DO nor oase
ane pas o proposition upon that OF another; and
shrn scGteuan from culpeper ttnounces those VINO
suppur, lan in any Instance. as great hbusefing par
tdv he m'-!:kes in my udgmen drnnn'h1ioh iof afsu-
anent
InGe hs occasion 10 say air. that have participated in
Emo crmsn ,in< Iia have given sought from any
S,nuiul Il a->urances support and have solicited IN no
oh.r ,ian ny aranmeh ia'" "r the OH und'i uscuS
slon The pos;ion sir, that 50" w' III no case 'oah 'he
stunt -, The S,a. internal Improvement company
necessary for advancement OF her interests
ahat you will have an iron rule OF eNc'usion-s
asimry absurd The advocates and opponents oil loan
snt alike recorded In favor OF loan 10 ."e 'dc ,'o
ssnd anaw Company at the fret part OF TINS session
Fiji, rue n,- involved in the motion OF inc gentleman
Srmn nason (M LswIs) is between lEdsctiiinate ap.
ropatpn- the one hand lhee.h h'ths SUBSCRIPTION !"
ll improvements, which Gun raise two hlths ~nnout re-
gard MERIT and, on The other, disc!m ha,ne
doans with deeds them 10 certain leading
snes in which The State Is already deeply Interested as
ana from speedy completion OF which she must
EIery pr.at direct and immense collateral advantages The
ts proosiun ny continuing The necessity WIN perpetnae
og the second by rendering me friends Oh 'he Sre"
Blnrs ini.l-nd"ni of combinations will destroy 1t
Hi ia qac>tlcn also Of nance-a question OF economy anu
spv>! against impr0vidence and delay
H. ti-c"sng the loan 10 The SouthSidc road ar SPEAK
Bpr rpp-e 10 gard purely question Of State pocy
- ~, my Ii above any ocal Interest in the oll and 10
.far plrinv il is beneficial or otherwise, 10 he
;vrrerwrah Before had reflected natnrely confess
,at yi,'d my support TO The loan now sought lor
mntrom obedience the wishes OF my constituents uah
ction of my own mind as TO lis general au'ah
4 Ny,ntancn sir is now satisfied 10 E propriey in
er,, ,-r The question before us is What course does
6l mi, 1 The looking that alone-demand In
al,, .r, il, The loan the SouihSide roadl In discus
#3snl ~ propose, in the argument when | shail oneI,
E3a L,ln over three ifths State subscription, or ls
3. Iavair,. the remission OF certain companies ~ ''i
#p'is"te re~"urces, in order To obtain oansi "r r L
st"ivrF show by tabular statements tha ai can "ue
81 'nt HE immense amount that tie otaic wi" "aho ~ "a
yea Tie companies prove solvent ana aoe 10 payanu
onc,tn. darkest aspect OF the case. ana granting
EH1h n. compancs do not payl assert that IL then
subscription Of the most favorable chatac
that wn ffhs OF ihc private stuck will be gwen 10 her
ior her nGnncn,iOn; that the State VIII men oe ln se
own upon foreclosure of the mortgages Tor SZaUuooo
.! " stretching from The extreme east TO- e lehnesste
connecting with the Mississippi river ana IN
3 all poh1b,v in lew years with The Pacific Ocean This
proposition simple that il will not require elaooa,on
And now mark the House will yet find mat those
who opur ~hn wcua be in lis aspecta State SUD
scriphon with nt'-nnus given for her subscription OF
session expires large sums 10 internal improvements on
S't'" "ct""n' Mfi"n' any Naturalization to The
my duty bring your Intention sir The collateral
advantages {" speedy completion our roads and 70 re-
u spond o the objections ISade 10 the loan ask
q Bu before proceed, beg leave say ha, s,ec,
usatnn because am acquainted with their
statistics and they constitute parts OF the entire line asking
EN for loans.
n sir these roads propose TO borrow OF the Common
wealth. for their completion as follows Inc virginia and
Tennessee 81 600 OO0 tho Danvle S60O0O0 and me South
q Side $500 600 making in the aggregate s240O.OOO They
tlnposc Iar 3 per scmanhuay 80 as 10 secure
&6 m ,e; 10 the Common wealth. and to provide the SINK
ing fund x per required by the Constitution aha "
age other the payment ot
pn"pai interest shall be deemed satisfactory oy me
4 Board "t Pnhic Works My first position takes Iof
grai'd that the roads will be able to meet ihef ooiga
n tris
Y In uing this position permit urs briefly advert to our
finances I" the Inunsaty affairs Of the world. he boaro
ofPnblc Works changing the old mbece mode oil dsposine
o. The public securities made contract with private oanS
ete thus advancing coupon bonds much ABOVE par.-
The cuoiinued prorcl of California and Aus.
a has cnnsed money 10 depreca'c IN vane aud laVoeo
! secu;i'ies such as Virenia Stale stock command O
peaium waving from 10 to u per The world is
gncd ~t n,cnry. aud The gnirn stream is still aug
meniins understand that is MOI denied that loan oy
the Stale cou b. readily made 10 per cent pemiumand by
proper believe far colld be obtained Calcu-
atns however, sir 10 per cent PREMIUM let us see iis
result upon the Of the State II the companies are
solvent
sued lin round aums) $2l60,0O0
Premium, 2l5000
The State receives per cent. on 2 400 600 loaned
sinking fund, 10y 'A'''t'' '"' p'''N' sl6s,oOO
| The State pays pays per cent. on 80 1870 900 10
pay Interest and provide sinking fund required
oy constitution, Sl52, 600
Excess received by Stale, from companies each
year more Than she pays out, SIS 400
The above paid for "a years until both
extin2ushed by sinking fund
3D. SUI multiplied by 81, is Sl23 600
ID original premium made above, 2l6 900
,ount made by State upon loan at theend Of
'irty four years, s74l 600
Us ~onii he sl more if the sl6 400 was compounded