Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-03-08

Win heavy o a. The s,orfpses Cease, and the incident
losses ,e,,,hor re,son /, nro,ccts thu.
- , The con.eouences Of the various shifts 10 wnicf
h n Improvement companies are someuhes u!'s
in ,h,r extremity in order to onain me means ~ eaiY -.
~ :; ",ts These shifts as for example, the requiring o.
10 take stock in the roads are awaysto NE as
advantage Of S!a but under the loan pIrcipe inc!
cease absolutely. -. ,oos,, En-,
some ca use or other perhaps the depreciation OF money re-
sutipu from the immense contributions OF Inc eo' i'
nf Australia and California the currency oil the world nv
price Of labor and OF all the materials that enter p lux
construction of railroads. is every day advancing ms az
vance will inevitably add greatly 10 The cost OF our
essen of course, the chance of Proi, ana increase me nv
.rnal Improvement tax Ny strong fear s mat Pis
rise u price VIII reach point that VIII SO Augment e o"s'
Of The works Us to make abandonment our Ponsy ims
speeaics possible completion OF gu! improvements IS our
safety Far better can be mace nov" 1sn can DC
made lew years hence. - a.,
And il is more econ?mcal for still another reason the
cret ~ The S.lc il At the highest point. Our bonds are
premium of 10 10 II per cent? that L. Tor every nu9eu
dollars OF bonds, get from one huhoiea anu "' ~
one hundred and twelve dollars OF money-hearY enough
in ,hs wov oi urenu TO pay the interest for TWO years On
the sums be borrowed. Nor do dcuo'-to his" WI
c.edit-lhat by Gespuchng agent to Europe we hsn'
borrow anv amount may need al per cent NOV" l'n
Mr. Speak is The happy uncture for pushing on vigorous
| y our public works. snow is the accepted .tae .'
day and not anohor-not to.mFfo"' out Quay. .sU,
no,p is the precious moment "!hee 10 ue IN ie H''
of men m poet tells us) which laken al INC oon saas q"
10 fortune" ind that tide is now "od'n2 lar us Lel ua
cast bark upon it, and DC waited on ~ .e s
is calm: propouS Zepiyrs US. >lf lei w taAe us
tide III. flood L.. Us bleak and break nav" h'se Grains
nI apa.hy have long and n2oT!"hsV nus2cd. L.'
Us dash away now and forever TIM SPIRIT o. PL'cias'inI,
lion which has long incuts ~ me fortunes 81
Virginia. and which q! this TINE, do"ns hef 10 lsg"'h
c.nce. :, :. ;..,,;.. ;,
retain the luan p!lGclpo OF Inc Ol Hiu " o"'p W "
crs OF similar character.
The ONLY re,ini:g inquiry Ia can me otaie sa!eiy mat
| The proposed loan q! her h"ndsl
Tp. Gentlemen from Northampton and the gentleman
from Mrcklrnbur. say not that tne 'ans VIII DC n,h
loss Sir, my Judgment So" may "uh c;'r 'ac'y must
the iunr and bcc.i... the security = ad;'c
r.r gentleman from Northampton ami ihass VINO a9ia.
with him d-ay Irauho'e iureh1n- rom NE n%si i!:p,S
Of loans 70 "frahi.n ny tom our r"pre'x 'hcy tas ~ -
frs, III. II he Old Portsmouth road. True SIR me "fot
n rest Of the state in lha road both stock AMI oln ho:
been sunk though s ruins oac :" The oe7' rail- toaas u
the cDnnY has been cnIcd, without a"!o:ai cst :" nv
State; IN, 1t is equally ira" 'hai c"nsNur'c" u la %
originally was i bound 10 he fnlu:r IL nae NJ
western terminus trade give ii hustness Had IL Deer
extended 10 CASTOR the falls Of the Roanoke there 10 com
r. ,T t.u descending and ascending Trade OF ta' ver
and !, f, connection, by the kaieish ana 'as'Hh ia
Ro.d with Carolina, this road had never o'th al
abortion Oicn, sir have urged, "'aly ana co"i" "i'r
rollmr H. HE S,r:an IHcs have n!sd win me o"si i"
gmg.rr.ls cuu! usr ur2,nS ~" conrx'"n. our ,s co
was hrre'; he TOAD "~en to tie dor-; md '
y not Il !,,le helped hy the constant uiSScaohS Nc
,w,ru RI. Giles ~ Nn,!Glk ard Portsmouth, Besides IN:
u,; wrs constructed il the lncy 81 The raj r"Hh system
,hpr mil ,.ts were 81 nd'eeny constructed, thonai
~ rreaI us require Tn vi the REVENUES ID Hsny tx
p,ns. F;un ROADS constructed under circumstances" g
unavo:lhIr no argument can be lnstIy dfhuced ash'0
those CONSTRUCTING combining Sicat eh'o'ieS
with greater durability. -
Gentlemen ,sx aing W ~ unfortunate examples OF tht
loan system the RapplhAnnnck Canal C9np'ny, the Css
anr,k- and lnio Claa Company, tie Winchester and Po
rruac RAJ. Hard Company. and the Janss tI'er asa "a
| M yvh. 20 uracy.
4. for me Eanoa,anaock Company, It's failure was una
yni,abr and By our own action benra inc Com
,anys works were In successful OPERATION We raised VI
Two rr, improvements. the Orange and Alexandra ans
Manassas Gap Rail Roads which share 0usiness ana pro-
GI which had been otherwise mOnppolised b. The Kappa
nannccs Canu and which, had they been nonop'l!sed
would have enabled the Company 10 meet ali lis engage
mens The failure in This was OF our own causing
one of the unfortunate examples Of the anaEoDsn e1sa
in our internal Improvement system 10 which
| advertUi. -. :, :, - ::
is enough 10 know tn its inability 10 meet ire January 10
slart .. lu.rest ~ bonds guaranteed ~ me oae
arose from extraordinary flood winch swept away 2o
tlon lis ..nrks and temporarily cipP'eu s esoucts Do
Inc consciousness this msap will be temporary only ant
no one can seriously entertain fear that We sa lose uo
Ia, by this company or pay !oI II even ahoie ns'ahe
WIKI :psc, 10 the case OF The Winchester rail road com
rany il proves more than is that wt'n me aG sm n
ou rs subscription Of 1920 0CO and IL loan OF sloooo0
for on aanniry s. 600 II made SHOCKING BAD nhi9a
for this company declared last yeur c'hrhd VI l. PEI
cent Where was my waich'n Trend from !Nofh.hi"on
ard WIN The Legislature ~as hhH1ue"en ahh n"uce" II
sal out The Sntcs interest in the stock Ut ms company, OF
the auctiic~7s say, 'siamcfn!ly below the value
Bur The. James River and ka,awGa Company, mat says
he ger I,un iru Northampton ir al cSsi.c oi it lear
policy melancholy that II should deter us 10 All i"Nft
time f.1n making loans 10 our internal Improvement coi-
panics -.
VOL sir The case melancholy confess, but not so me
ancoiy as ILLUSTRATION OF tho 'an policy Ia ~ 0 me
i'll advised ucnn this house II Is unfortunate mat 'h'
company has been compelled IN iis necessities W tau upon
mo Stale 10 nav the interest its guaranteed bonG ou
the case is ils;arrcd by half as gentlemen represent
81, no COMPANY On the cs!th circunstanccd this has
h. RI could vc escaped scriuus embarrassing III was
cculrct pay fron the start The interest IN me money Dor
yec or i.e construction OF ia works, hard and almost
r, accahe condition. which has been imposed on no OIL!
CT inc. improvement company. Il started in c'nbatsss
ment. Ere the first spade was stuck II was cncuhbtcc
with dch annuity Of s2l 600 (rsnresentl"g cash ca
IA Of $3.50 DtU 10 the old James flVer coPahvo DC paw
from nc r. VENUES work not begun Ana lis casf
resource; materially impaired by the illieai provision
oi s which PM III as part OF the States SUBSCRIPTION
the works Of The old company valued al million OF DOL
lars WIN in fact, they not worth Single holar u
m, new comn4nr So that the c~inpaa;. instead vi cfn
me- ncing works with cash capital Of IS OOU OUV, started
with only So $50 000 Under such circumstances meal
assnri., unavoidable, ana III" wonder ID i unue me
difficulties BIZ which il has been bcse', II has done so well
SIR j! The State had pu in really cash capital Vi - wv ooo
= her subscription instead me worthless and unavailable
works old comrany, the present c"apaay ~ouia ho
be now .ucking IL" GuIIp of The treasury "t interest," mo-
n,y and sic viii ~ what in generosity ami IN u=-
iic 10 M Stockholders, she ought 10 do MAJ" go"i
the 81 $50 000 wr her subscription reaiy deficient
should " i- iau'co ilIs company 10 re-
deem its obligations.
Bot sir have not fear that the State will eventually
lose dollar ,iR company. An all.ahine confidence
have that brighter desnas await H. When all a sources OF
revenue shall haya been unlocked and in full contributions
liG-watr coGneIUn completed giving - INC cothp'-
ny sc ~ augmented revenue $4,000 Per aunun; the
an maxim" contribution the business OF tbs canal when
he division from i.yrchbrg u Buchanan shall have
hrc1 sufficiently Ion. Orsraion 10 i'unt 20 i Surround
i,s cura,ry Is stimulating npnls and En,Iy, wi"n II
sa have ,Gaclcd Cnyngt1n forming continuous inc I"
riean transport that punt 10 III: waters " ~. lower
james r.er. ;h all ia auxiliary connexions N fE play,
have 10, Inst this cumruuy will hare -iTrc cacf !.
meet IT'S cYr!y obligation 10 liIr State.
This is cXlaTagunr expectation, mr. Speaker. &c
gross jnru,a c c"mJ2:y under the pr"sen, dsad+
iaseous circumstances, S2O0nQo a;d r,ly wcl
lrsur IT, with il auxiliary works Ill unfinished, and
= h ~ second division ur,linn, twelve InGnth II
ms r.aly,, revenue Gl s30utQ il xiii when EXTENDED 10
tpvrriun AZ: n rr; cca;:"n in all II part-, have sn
aamr7l ,':.,j,c ." ~ least half riiAn. And %hcE III.
ron. - Stall 81 reached, i! will d. fully abb" "a
,l,scha cc al a-rcarGn.s ard Inert al engagements
Aii if" IS ~ TIC shlhng OF the sun, ina
when ~. improvement sal roach the Ohio By rail road
tom Go .lr is will not unl. b. ample refund
10 he .i, Al. her the company bit furnish
large cr nue The treasury And gentlemen should look
e. ts ;nin They should not dc!nce from The present M
,eri.ct vrpsd condition Of this great work an ar
m"nt against The loan principle Let them look forward 10
IN. final concentration OF hr Improvement. when II shall
E continuous grand ,'urru.har" from tide waller 10 The
western walters and If then delinquency hede il, they may
;n>,lv rncr c ia unfortunate history, lesson of warn
,ar u. .il.s, The loaG system, not before,
IL fuh a. Speaker. the reasoning Z" gentlemen on this
pa,nr j. y.l !iy ;!"n.cai l. may b. nt loans hcreo