Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-04-14

The act of the Legislature, or,more correct.
ly, of its Democrctc majority, giving the State
controlling power in all Joint stock compa
MES wherein the interest of the State is great
er than that ofthe other stockholders, is looked
upon with most serious concern s. foreboding
by all well informed and right.ihnking men.
tits justly regarded as the most fatal blow TINT
could have been stricken at the cause ofinter.
nal Improvement, and the progress and nd
vancement OF the State. Leaving out of view
all party considcraions-and surprising the
commissioners of Public Works and the Boards
OF Directors to be unbiased in their action by
political preudices and preferences, it cannot
be supposed that the people will consent 10 in
vest their money in interests over which they
have no control.
The value of capital and The power it gives
are too well appreciated by its possessors, for
them to risk the one, and part with the other
for purposes which may or may not avail them
anything The very greatest difficulty has
beenexperienced already, in inducing individ
uals and corporations TO invest their means in
works ofimpro, ement, although it was known
that they might manage them according to
their own Judgment: it is easy to see how
that difficulty will be increased to impos-
sibilIty, under the inhibitions and disaayan-
tages this law imposes. The result will b,
that all works dependent ON private subscrp
tions for two 6fihs of the means necessary &c
construct then must be suspended, or look tc
the treasury of the State for funds Should
the latter expedient be resorted TO, and the
Legislature lend conserving ear TO the scores
of applications that will be made the already
enormous Indebtedness of the State will be in
vital energies ruin it by depopulation,o or dis
grace it by reputation,
Cherries and forbdding as is this prospect,
what is the effect of the law upon companies
already formed? We answer unhestatinely,
that as between the State and the stockholders
it fragrant breach of faith--a infracton of
The validity of contracts-and as such vic
lation of the constitutions las well as the princi.
pies of honesty. At the solicitation of the
State, and with the under landing that she
would exercise less than controlling interest,
individuals, counties and corporations have
freely contributed their means towards the
erection of these works. This they did, in full
faith that the measure of control then accord
ed them would be the condition of manage.
ment afterwards. Had they foreseen that the
other partner,after getting their funds in hand,
would have played them false, as this demo.
cratic majority has now contrved, does anv
one believe that they would have entered into
the partnership In the commercial world
such transactions are known as obtaining mo
ney by false pretences" and are regarded b,
honorable men as disgracefui. and by the Law
as punishable. Should they be less so whe
entered into by political intriguers, instead G
private swindlersf 4f
We have not seen the vote upon this pror
osi'ion' but there is no mistaking It as part
tnat system. by which the dominant party
seeking 10 m"nopolize all the power and pa