Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-03-12

SOUTH SIDE RAILROAD LOAN BILL.
Delperedin the House of Delegates of Virginia,
January, tSth and 18Th. 1858.
(coNcLuDED.)
Sir, what tale is this my friend from Northamp-
ton tells! What tribute is he paying 10 the ca
paclties of that mighty thing, the railroad "I
thank thee, Jew, for that word" Here, to his
own confession, there is one railroad, if no more,
to which loans haze been made. Here is one rail-
ROAD company at least, that, the moment its works
are completed, has its credit so advanced, its re-
sources so augmented, 10 be able to take in its
bonds before they are duel Will my friend from
northampton inform me why our railroads, when
finished, will not also be able to liquidate the
loans that may he made them2
And look, sir, at the vast amount of capital
which has sought and is still seeking railroad i'll
vestment. There are in the United States, 1891
miles OF completed railway, which cost S40S, 000,-
OOu, ami there are i'll course of construction more
than l2,OOO miles, at near the same cost. Now,
these statistics demonstrate, beyond the reach OF
question, the profitable character of railroad in
vestment. Constituted, man is, with strong
money-loving instincts, he would long since have
ceased TO trust his money in railroad stocks, if the
| investment had not made the usual return on in
vested capital. But the investment is going
| cry day and increasing. Human logic can soon
| uproot the hills as set aside this simple argument
| in favor of railroad profit.
| But, sir, we need not trayel to other States for
| evidence of the revenue capacities of railroads.
Our own, unfinished as they are, present results
not only satisfactory but wonderful.
The Fredericksburg and Potomac road pays per
cent. 49,.
The Central road received, for tIavel and traf-
| fic the past year. one hundred and seventy-sx
| thousand doIlars,-7 per cent on the capital ex-
pended from Richmond to Mechum's river, in AL
| bemarle, TO which point 1t is in operation.
The Virginia and Tennessee, bsectng Of
the richest regions on the earth, and destined by
irresistible causes to be one of the greatest thor
oughtareS IN the Union, both for travel and trade,
| ,ta1l
$4,000 per month. Already the accumulation of
produce at Salem is so great, that the means oft
| company are inadequate 10 its transportation, and
few days since, single arrival OF burden train
brought from Salem to Lynchburg ,00l barrels of
| flour, besides other freight.
The Danville road in It's inception, was the
very sport of the acknowledgements par
ty.-"Whit. TunstalPs fol!y'' it used to be Called
| is classifying most gloriously the doefu pCeic
tons of its enemies; and those that were its rev-
lerS are willing enough, now that its fortunes are
rising, to have the evidences OF their host ty oh
liberated, and 10 be ranked among its friends. Of
| ten sir, when have been vinGicating the preteu-
SonS of this improvement, have been told that it
would never ray silver. And when have poin
ed outfits gennI bearing the fortunes of this
city, in bringing 10 its warehouses the varied con-
ributions Of the valley of the Roanoke, often, Of
ten, have been told that nine the airy Wis
ions of the misguided enthusiast. Happily, how
ever, for this lty, the spirit of its gallant founder
stood undaunted, amid difficulties and enbarraSs.
| quail. Indifference not rdicule, oft-repeat-
| ed defeat, could dim his eagle eye to the glorieS
| which he saw in the distance, or shake his finn
purpose TO make his native valley pour out its IN
told riches into the lap OF his State. Onward,
| and onward he pressed gathering zeal aud strength
| from obstacle, until, almost i'll the hour of de.
spar, he was made to realize that lnsprIting
i'm of chlvalry's code-thnt "fortune ravors tue
| brare.' Sir. for his gal ant efforts for a noble
| cause, he deserves monument, though he will
need none; for in the future history of Virginla's
beneiactorS lis name will figure, wien the memory
of those who have stood ever in the way of her
grandeur and her honor, will have departed for
| ever.
Well, sir, let us see what ''Whit. Tunstalrs fol
ly'' has done.
Completed only 10 miles, it is yielding 800 per
/ day! Let my friend from Northampton dwell for
a while on this remarkable and most cheering fact!
-Four hundred dollars per day for 10 miles of fin.
iShed railroad! Sir, what danger is there in ma
king loan to this company to complete It's works?
| w here, oh! where is the risk!
| The Orange and Alexandra road, in running
order 10 Culpeppe' Courthouse, assistance OF sixty
miles, is taking 1000 per mimth, or S366 per
| day.
And the Manassas Gap-ltie Manassa, as vet
only 80 miles i'll length-that every body was run
ming after with sharp STICK" and that could
scarcely get a charter, and that vi th great diff
Guilty, afterwards squeezed throu h to two -ffths
State subscription. What is little Manassa doing?
| Carrying TO Alexandria thousands upon thousands
of barrels of flour, and thousands upon thousands
of other TONNAGE and realizing the littlerev-
ence OF S24O per day! Now, sir, this road, ira
verSng as 1t does all uncommonly rich country,
| upon whose cash resources but little daft has
been heretofore made, does not, am told, need or
ask for loan of State bonds. But, sir, what risk
would there be IN loaning our bonds to such Il
Company as the Manassas, if it required them.
And now, sir, 10 make the application Of all
these cheering facts: If railroads, in their un-
| finished state, do what they have DONE what Will
they not do, when carried out in all their lateral
a n n RnI nov
If the Danvle road i'll running order 10 miles,
receive per day $500, what will it take IN when it
reaches its terminus on the Roanoke!
| Ii the Virginia and Tennessee take in S12, 600
per month between Lynchburs AMI Salem, what
must be its earnings when continued, as it will
be. to the "great fatIernf waers?"
If the Orange and Alexandria pay 500 per day
from Alexandra TO Cupepper Courthouse, what
Will It pay when 1t connects with the stem of the
| great Central?
If the South Side road, whose works thus far
consist principally of completed grading. realize
$4,000 per month, what will be taken in when,
with its peculiarly light grades, and consequent
cheap transportation, it forms junction with the
greet South western thorougfare at Lynchburg?
If Manassas Gap take into its isc S240 per
day for only 81 miles, what will be the condition
oil Its finances when it shall have crossed the
mountain 10 the teeming valley beyond?
And now for the conclusion to which this rea-
sonng has been directed. May now ask, not
with triumph only, but with defance-WW not
the pirg railroads, ,1hen fnshed, Pug at least
| Z per cent net upon their cost?
| Sir, it does seem to me that no rational being
| would controvert the conclusion.
Well, sir, if they shall pay per cent, where,
in Gods name, is the risk Of furnishing q loan Of
State bonds Tor their early completion?
Remember, sir, that il does not require per
cent net income to make the State safe III the loan
Seven per cent. will pay the interest and sinking
fund quota her lrhoie Investment, but it will re
quire net revenue of only about "a per cent. TO
give her ample security for the loans proposed,
the amount of those loans being only one-thir
part of her entire subscription.
Mr.. Speaker, not only believe, most solemnly
believe that our roads will pay per cent, but