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

SPEECH OF Mr. sEGAR OF ELIZABETH CITY
IN m. Bill authorizing Loan 10 the South Side ran
Road Company delirered in :c House OF De'ssa'eS 'a"
uary 18Th and 1884, 1888. ,,r -. 49,, e,,r,e :
cannot consent s;I;kc from Inc OIL us oa' &c
u 10 hn vial nr;ncine not Of this hi only out 10 great
extent, OF our system Of internal Improvement hr
We are entered Dir. Speaker upon system VI pun'i
works-a noble system ii is, despite It's aeleets-s ie
ds.nsd WHEN contaminated bring prosperity and power
10 the State and shed gloes upon her ana e on
inquiry now reRard 10 il is no" whether we s"u Gun"
plete il, but how. ,...o,o,,o,,
Sir congratulate the friends OF internal Improvement
that after hard struggle Of twenty years ~ piiee ~ VIC
ascendant that policy which alone develop me ndsc
ss ,esonrces of the State the question has a, last come
down 10 this not whether shall complete our puo'c
works, bu, in lrhat mode shall we DO IL. i,
In nv Judgment best form IN WHICH we cdu give au
., our erna inn cnmpgnlcs Is TO loan hem our
bonds 10 an extent sufficient the completion VI their re-
AFFECTIVE works The plan is the most certain inc sPeus
the cheapest Every possible consideration aetanGs us
adoption. Our honor commonwealth our pliuc 90
people, financial condition, our interest as
nur relative position TO the around u.s. the pfide OF
our past ana the hope future the monetary conoi
ZION of the civilized world The rising price OF labor ana ma
erials the nigh of he Slac oil demand ha we ADOPT
for the completion of our great lines OF Improvement Inc
energetic principle embodied III 'his o'-a 'a' u ''a'
bonds.
But before entering formal vindcalion OF the loan
principle / propose 10 remove" ! Some OF th' CD
staces that in the way OF fair c""sa'' q Ne
SUBJECT
sua departure from established policy an innovation
upon H. ,
- -
hand tina, if be unusual the circumstances OF State ne
ces.ty that demand its application are Likewise unusual
We have On extensive system OF Internal Improvement
rcpete with future blessings the State and gloes 10 me
Common wealth. which, under the existing plan OF opera
TONS is dragging slow length sl"ng subject 10 con.
slant delays and losses and the question 49, "hc
Their we shall croceed in this and expensive mode or
whether we shall 90 faster under better svsssi'
We have contracted debt u more than fourteen NH
lions INVOLVING an annual tax OF million ana more, ara
the question up whether the people shall bear this
tax for long period, "ra short one
Other States above and below Us, are employing inc
mos, energetic measures anticipate in the great cou
nections trade between the east and the west a"d oy
getting the commercial start to appropriate 10 themselves
exclusively in perpctuy the benefits OF TINS VAST ta
and the question appealing our interest and our
pride whether shall sit with olied arms and Yield n
the rich prize without struggle or whether we sna! rn
ploy potent agency within our re,c' 20 nsel i've
efforts Of enterprsng neghbo:s aud by thar ssenry
vindicale our interests, rights our destiny Here sure
w. are extraordinary circumstances and extraordinary con
alterations calling for the employment OF some eStTaort
nary nsrumen,ay the application OF some UNUSUAL pan
Of operations, 10 encompass the great enas oe.ole U.s.
II be allow ed u borrow an illustration from the
medical profession should say the patient s very ~ ana
requires strong medicines Sedlz powders and bread pms
put him his leel The weak rsedies OF me JOINT
stock system won answcr-cant save him. WIN all de-
ference think my friend Petersburg ("hn is The taml
ly ply in the CASEY fully comehencs HE conoion "i
The ba,ient and has biz upon The right prescription the
strong remedy Of State leans in preference 10 inc wafer
cruel concern Of subscriptions. And II the gen
tIemau from Northampton, ana the gentleman rom .jtcH-
ienburg will hold the patients while my friend from
Petersburg and Others o u5 get inc dose DOWN e
throat ne VIII soon DC on iee
and like the healed cripple, go on his way rejoicing.
IL is maintained in the second pace ia inc ioan pci
pe 10 In violation spirit oil the Constitution Tor iha'
The spirit of that instrument in evidently opposed 10
very plain tale will put this objection down. The Consti-
tuition itself only contcmpias out ~ express terms re-
cognizes the principle of State loans LEI Inc
ton sneak for sel In 25th section Of The 4h article
we read follows THE liability 10 The Stale .! any h
corporaed company institution 10 redeem the pnncipa
may hereafter be made By Stale any such company or
institution shall be released" Loans are clearly al
lowed though release from themls forbidden Inc prohiol
tiops of The section directed, evidently not against 'e
making OF loans. but against their release
Here then the loan principle is expressly recognised
Ha Ter serbia est An is expressly recognised in the
1;onsruton surely cannot be regarded u violation Of
its sprt for hold that the letter OF the Constitution is us
srctes spit,he best and only true exponent OF ITS spirit
Nor can il be properly said be an evasion oil That pro-
vision which requires per be apart from the
cruing pay the interest and form sinking "no
for our existing debt No friend of internal improvements IN
this hall contempGtes am sure any such evasion IN
truth have already discharged oar constitutional GUY IN
this regard We have passed. the sinking iuh DIN! "cn
euires the per be set apart not only on Inc oeot
existing on the day OF January 1897 and al Inc c OF
the passage of the BILL but in strict conformity me Con
s,itutop on all debts hereafter be contracted The law Is
nrosnectve ms well os retrospective in its provisions, and
furnishes conclusive reply the constitutional objection
taken, this head 10 the princi pie OF loans q.
These preliminary objections to The pIincipe oeing s-
posed Of proceed the consideration OF its merits.
Sir am 10 favor OF making the loan OF State oonds' DE-
ard the question between me adopon or eee
ton of Is question between Improvement and
no Improvement. II STATE tho proposition '"o strongly III
this Torn, certainly do not when say, that II - cues
tlon bet~e.a slow and most expensive progress OF DER
public works. and rapid and econulhcai complexion OF
them. ,.
loan of our bnnds hard and The Old plan ot w"
and threefhs subscriptions. on Inc n'nrr - question ~
improvene Improvement OF ihe co"penoh o. our
publc works or ,heii tnia abandonment
Sir rely upon private subscriptions, we iean III my
udpmcnt on broken staff We can't raise The private ca
pn for the best of all reasons ha' II mas NO
among US And if gentlemen will look ut Inc structure Oh
our community ae truth of the proposition VIII DC most
parent. IT., e ,,,,
improvement, have Of that DIVISION OF pursuit
which, all world is the chief onsce OF accnua
tod wealth. and consequently none oil mat
of private capital which is found in other sections o I've
Union AMI which there enters SO freely into rail- oia invest
inent , eo
Upon what department Of pursuit shall we make The drai
Shall i, be upon the commercial INTEREST," Alas Sir, We
have no commerce. men, by commerce, that parclpn-
ton in the export import trade of the country which,
i'm the Northern cities Is the oil nrtiy lof'uhes
and large ACCOMMODATIONS Surplus capital fons com
MERGE in this amounts - the pay sum OF jas' nal
million Your trade is miserable system ~ petY tetai'
MOST costly your peop and not u ee lgnhcd WIN c
con;nec, ard your merchants have no more esp
Itp than is necessary 10 keep going this petty ra
You ?Gur cities n'onair ln"rchanis as 'her
are In Baltimore Phi,adrlphia, New YORK and BOSTON, on
whose boarded can MAKE drafts "I your puo
impro To the co,irn.rcia department, men, you
look the Of completing pubic WORKS
Shall look ~ that other OF enrpy, Tue manu-
featuring Department. Sir this branch OF industry can
scarcely be said have existence umong MS we nave no
lines of inland rrans, b. which may send OF the manu-
iactued abrica The great interior markets. and c"hs
Qucn,ly manufactures beyond the products III straE
Cling establishment two supplying limited neichho'
hood demand Thee s surplus wealth in this DEPART
mrnt, all will Cnnrede
We have no excess OF banking funds 10 help in
,elnity Wr haze enough ~ half. OF this species Of
capital 70: the petty trade u. uur cities
The truth IT, VIC are purely agricultural people. We
can scacry m .n, to Ia any pursuit. bu; agriculture,
we knuw n i.g ;hc character Of that pursuit, osctsr"wn
forunrs ana .ua.ra5uniant wealth nrc seldom realized
There IS arty ~ hi. ura,on than CAPITAL enough
10 carry rr-say operations of hr irl H nave
4, Is true ubund.nrc uH. ARD we have slaves aG' ~
surplu, money iur investment in internal Improvement
stocks. .
You can't CALL then, yoGr rich merchants 10 i"'nish
the two. hfhs Of private subscription; they 90 NOT c"s
Nor upon your wealthy manufacturers, Tor they are cn-
knowa cuss in your State. Nor upon your rch cap
asts of any Glass; they belong only 10 commercial tno
manufacturing communities Nor upon your banking IN
s,iIulons for they have capital sufficient Tor the 'neo
mecanle demand Of cities. Nor upon your farmers
they have means 10 spare
Sir the naked Truth is that oil the spare means OF our Gil
liens have aleady been devoted 10 our n!ensl improve.
ents What they could part WITH has already sought that
patriotic And though in this debate our peo-
Die have been rep,oaced for the scanliness vi their sub
scrioons to our public works allow say there Is no