Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-05-23

ea,nn,av .Lonld be adequate to that object
81 ,h.t then the one million eight hundred
nd shonld be distributed between inc
counties that had been taxed. In proportion as
they bad paid interest, and sppfed 10 Tue To-
demption of the debtiiself
What vas the object Of such law ana
what would have been It's dliect ana intneoi-
ale influence Its object was 10 secure oe-
,ond all peradventure, the one million eisn'
hundred thousand dollars, without when the
Virginia and Tennessee railroad company
would never have made mile OF railway
track The immediate Influence oil such law
would have been to break up Log-rolllng;
and TO have set ND this principle: that
they who want railroads should pay Tor
Them; in other words, the people OF Campbell
Bedford, Roanoke and all the other counties
which will use the Virginia and Tennessee
,oad would have been taxed TO raise capital to
have built their road, but they would never
lave been taxed 10 build the Central railroad,
The Manassas Gap road. nor any other road
from which they could not derive any inmedi'
ate and direct benefit. This was my scheme
in 1889, 70 prevent excessive taxation Tor
even so good an object as internal improve
neni; and it was the result oil a conviction then
and ever since entertained that Legislation de.
pending upon one interest or one section of
the State, buying the votes of other interests
or other sections, and paying fer them by re-
cipIocating legislative favors must result in
grea: financial embarrassment. to the State
This opinion have never changed, AMI on all
proper occasions have expressed it; and when
| could, ! have endeavored to enforce it-as |
did in the Union Convention held in August
last.
| was sent TO that Convention by the people
OF Lvnchburg TO commune with the friends OF
j nte tnal Improvement throughout the State. to
devise some scheme by which the additional
c'ptal required to complete the many un-
finished lines of Improvement could be obtained.
| was member of committee raised by the
convention 10 prepare business for its action
This committee was composed OF gentlemen
representing nearly all the leading internal inn
provement corporations of the State. In the
committee much discussion occurred upon the
various schemes suggested to attain the objects
which had induced the Convention to assem-
be. After nine hours had been spent in de.
liberation and in discussion, to which | had
not made myself party, | proposed what has
h cen since called the Loan System as contra
distinguished from the joint stock system, for
raising capital. This proposition | will smc.
cinctly state. 1t was that the convention should
,nemorialize the Legislature to loan to the Vir
gina and Tennessee road, the Central road,
che Manassas Gap road, the Orange and Alex
andria road, the South side road, the DanviIle
road, and the James River and Kanawha
Canal Company, the capital required to com.
plete their several lines OF internal improve
ment, upon condition that each company should
secure, by mortgage of its entire corporate
property, the payment of the semi. annual in
terest on its loan and one per cent annually Of
the capital borrowed; SO that in thirty four
years the entire debt would be paid. Do you
not perceive in this proposition the same prn-
ciple governing my action as did in 1859,
when suggested the special tax law? What
IS that principle? | have before stated it, but
will repeat. 1t is to go as far as possible to
make the burthen of the internal improvement
schemes of the Stale fall upon those who are
to enjoy the greatest benefits from them.
have advocated State subscription TO works of
internal Improvement, but did so because had
to do that or continue to submit to what | re
garded the greatest Of all evils, a perpetuation
OF the commercial vassalage of the State
say this Is the greatest of evils. because
the history of our short lived IcI uh.ic confirms
the history OF all other countries, that political
dependence soon follows commercial vassa.
lage. When Virginia held her true CONNER
/ cial position among the States Of the Union,
she welded at least full share of the polit.
J cal power that could be exercised by any mem.
/ Der OF the confederation, and as she lost her
/ commerce, she lost her political position until
VIRGINIA and her policy are regarded every
| where else but in Virginia as belonging 10 the
,, things OF another age and generation
In the midst Of the canvass have no lime
! 10 go at length into these great questions
my only purpose In making this communca.
ton being to correct erroneous statements in
, regard to my advocacy of internal improve
/ ment. One word more and have done. 1t
has not been IN my power to commune as free
~ with you as could have desired, because
Of my unavoidable absence from the county for
a"eek after my nomination When return
ed, found it would be impossible for me to
visit even the Villages, and otherp places where
might expect to meet with the neonle nnlass