Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-02-01

propose and that Of lis opponents, Sl,2S5,5s
But let US carry this calculation farther and SUPPOSE
the ludicious inclined 10 admit that State bond
could by constituting proper European agency be dis
posed OF al 2 per premum and lei the results
To raise 81 400 000 bonds al premium OF II per cent
Amount bonds issued, lin round num-
! bersO SIl42U0U
Premium, y per cent, 257,O4O
/ The State receives from companies,
TO exnguish principal and paw in
tercst, per cent on 81 3UU,UOU, SlbS,UOU
The State pays 7 per cent. on
1000, TO ealinguisl, debt and
pay interest, sl4s,s4O
Annual excess In Treasury, sls.o6U
This for "a years when debt and
interest will both be paid is s1l4U4l
Add original premium above 25i Oil
Gain BY State from loan at end OF 81 years s97l OS(
This will be more il the sle060 Is compound
ed This, under operation Of sinking fund,
will be done every six months.
Add TO the above the amount lost by State IF the
companies borrow upon their resources,
per previous statement, so4l 9et
Total difference to State between loan by State,
and borrowing by companies from others, or
three hllhs subscription, which is scarcely It's
equivalent, when the wo.ffhs slowly and
with difficulty raised Sl5laUbt
have thus shown Mr.. Speaker that 10 per pre-
MUM for her bonds, the advantage TO the State from
loan of s240O000 TO the companies Is 81 S6-more
than so per cenand, again. II her bonds sell al II pei
cent. PREMIUM 81 5l3 O66-moc than 60 per cent OF the
loaned. These calculations made under the hrs
branch Of my argument in which said should aRo II r
granted that the companies would be able TO pay. Still pro
ceedng upon this concession M shall sh4" the enormous
advantages which have detailed are not all that will result
from the contemplated loan The Stale of Virginia is inln
rested in tho following companies which are connected with
the line under consideration aud will all be immensely hcne
fitted:
ln The Virginia and Tennessee Road near $4,000 o00
Sou,h Side over 900 UOC
Danyille 200 00e
sl,0OO,oOO
Besides these the Virginia and Tennessee Rail
Road is feeder TO the James River and ka-
nawha Canal, in which The Stale Is Interested,
as partner and creditor, more than s7,iOnnn"
sl2 400 900
The d,s,,uu, ,,s.., gentleman from Elizabeth c:.y A.
Segar has argued, with an ability, iorce anu run Wn"
know cannot be successfully met in this debate 10 prove
that subscription instead Of loan, would delay ic co-
petion Of leading works OF Internal ihree
v,ors could easily make Il manifest that this would as
sur,dlv he the result the Virginia and tennessee ltoac
whose carly completion has recently assumed ast inpof
lance (as may have occasion 10 show;) out sha,i n'
nr ipon the ground ably occupied by the gentleman
from Elizabeth CITY. shall assume, what no r"dsonane
man will deny that loan will expedite the period when the
State may reasonably hope for dividends upon Inc anuys
enumerated roads, year. shall soon snow lal lhcr
prols will be uee but take that they as much as me
Richmond and Fredericksburg Road and they must yield
far beyond IL and have State stock In Virginia mn
tennessee South Side and Danvllle Roads, 81 iOOOOOO
Dividend at per cent, S32OOUU
Swelling the gain OF the Sm.e ~ her nnnns m co are sou ~
her bonds should command II per cent premium, from
81 s3 O6 to the sum of 81 s33 066 than IS cent of
original loan Of 81 100000 II obvious me me gentle e.
man from Elizabeth City (Mr 81 be right, the sum oil
S640 900 must be added TO the aboVe naRing " ie oons
he sold Al the numed PREMIUM more lhan lne Original
loaned do not estimate e aaVamages ,t t"I:
Canal although its through tonnage must oe g'e''S m
creased. - ,
nd the accuing profits the State sell her oonnS
az a premium. shu nnw sir taGe anoner VIC" oi u.
have before adverted 10 the immense inux OF god
In
cyporra,on and including that brought IN by emf
grants The resduum left for circuia on was more lah
s250OOO00 The German Central oHee'S 10 an a ,no his
reports that German emglans bring annLaly ino mo a,s
country SIS O00 000 II other emiganls ong ln IKE pro-
u,in the hard money thrown into circulation IN one yea
cannot be far short Of OOU Money Is yet uepec
inc and pood securities are advancing The first question
wish 10 ask sir is this: Cun Virginia dispose o per
cent stocks at par? believe she would DC aoe 10 90 ~ ~
,s cnnntry Pennsy yania with but lnely re.a"akenea
credit has sold her per cent bonds al a,ao-
The pclua wealth Of Virginia, from "a tat tabular s'ae- M
r.ent now before me, exceeds e1oV,ouo,ooo' a" d M t
debt outstanding in the hands OF cre1ors az e enu
tho preaen fiscal year. will be Sl6 Sc mas Clause
In the Constitution mandatory upon the
vide sinking fund for The payment Oh the i au di,
,eres Of any debt which she aY contract iler creai,
from This provision alone, must stand h'gh. mar .o
opinion that by The croaon OF proper agency d III h
aud the Jndicious MANAGEMENT oi nef puon' EnoIand
might borrow money nj per cent al par III @ nus t.
Thia assumes pausbility from the following eauact nun
,he January number the Bankers Magazine: III Is ss,-
nnslv prnnosed reduce The English three per GEMS " WV
und nha per cent stock. In fact the abundance Oh cap
ia, in that country AT TWO per CENT "ouio seei, " ,
such measure' Ru sir do no. maenu ~, " cspt II is
mon ,he nrobabIty of borrowing money al per cent =
nficient for The plan shall now Indicate II nav ~;
vinced the House that The State can horro" monty ~ ', air.
country and certainly in Europe a, pr % aOn 0O0
suunose hat the State Of Virginia shall borrow ~
,hs su, necessary 10 complete the Virginia ana n @
nanvle and Soul-Side roads, n per CENT ahu a ~
the came amount, upon mortgage 20 m I nro6 bv This
Nor cent il Is obvious that the companies WI" p ~ ,ba
hernuse thew receive ten dollars in inc hunolea l,o
S,ie more than they obtain from brokers au
The companies VIII oa oehei"cu' A"' -
upon the State ;, s,, no,
Interest upon S2,aOo'uoo 'oa"'u - 0'r sl44 O0C
lnieres, upon the s,me borrowed BY Stale at ,9o oo
! hvc per cent.
, s24OOt
Or, in other words the companies would pay Slzo t
per cent interest due by the State. ahd w"uu ps,;,u
S24 600, the sinking fund required ny the Cohs'l,u
on !" exlnguish the debt of the State IN hl'y o heu
lhus sir, oy accommodating the companies anu sa
from serious loss, in which she would parciPa'e DO p
ncr, the Stale would, without dollar of taxaton comPle
her roads receive dividends upon her present ouiay
immense collateral ADVANTAGES to which sha pre- n
advert, and al he END OF thirty years, nave he o
debt entirely paid OH and hold of the compane
i 10 the amount OF 81 1uUoV0.
have presented Mr. Speaker. the abk 10 the hon
ha, in,maed my intention 10 exhibit, yesterday When
hink of the systematic opposition 10 the bill under cs'
every effort maac 10 aeseoPe the vast
nf Viroinia-I must confess my heart sinks within me-
Tn, ,nnovraply of the country climate SOIL territory an
situation all mark Virginia for future greatness The neaes
ri,hu her limits The noble Chesapeake on the one han
@ oc almost u her own gr in BY her shores.lhe Ohi
was once go Fort PHI 10 the Mississippi rolled With
the hsrSsns S9sr s what do ~ we ss The whit
sails Of commerce gladden. the waters OF .he Ghesapeaks
but they bear no tribute to Pirt inas '
riner passes careessy by her
Where Where laughing at the storm, rich nsvles
Might ride in safety. Hampton ioaus do % ~ oiut IN
epcures Of the North, or to swell the % So"''r,o a,ao
Of Baltimore Norfolk ia forgotten anu ha .o,nle p ,hu
ion q, the mouth of the York the RappahannocR anu "
Potomac those eian, tributaries Of the Chesapeaxc 70
heir rich burdens to the commercial metropolis ol
| State Mr.. Speaker, the Chesapeake no" oe'o'k' y
| more. -, -, f., d,v,1 AM
hare invoke the earnest attention of the gentleman ~