Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1853-03-30


the town OF Portsmouth and the State
sunk in that concern. more than half a
million Of the money and property of the
people, Let US look again. The State
had an interest in the Winchester and Pc.
tomac Railroad Company of S27o. 600
She could make nothing of it. She gave
up her whole interest for an annuity OF
5000. thus sinking 10000.
Again--The State subscribed $50. 200
e the stock Of the City Point Railroad
Company. That company got in debt
and difficulty. too. and it came to the
treasury OF the people for aid The State
loaned them $50. 600, and took her mort
gage. Well, sir, how did it end It
was sold to the town Of Petersburg for
$4,000. the State sinking one hundred
thousand dollars. Again--The State
gave two-6fths for the construction of the
Richmond and Petersburg Railroad. The
company got into debt, could pay no d.
ridends; aad they apply for aid and pro-
mise that ii the State will loan them
$I5o,OOo. ,lsey will pay the State three
per cent, upon the investment made
The money was loaned. and the promis-
ed three per cent. was paid for three
years. They then asked the State to
ecnSeTt the whole loan into stock of tbe
company, It was done, and how does
the company stand at this day? Sir, a.
nercs contest is now waging upon two
propositions 10 relieve this company from
dlfhcuitles about 10 overwhelm it. We
are asked to loan this company 5000 :
oee, or to authorize them TO sell new
stock at half the price of The original
shares, to pay the debt hanging over
them, and which they say is about TO
crush them. The State has now 1885,
ooo invested in that concern. II is on the
great thrOugh-line of travel North and
South. Its friends claim that they can
show that more tons are transported
over 1t than all the railroads in the State
combined yet the investment of the
Commonwealth yields her nothing. There
are other instances. The result has been
che same in all. Yet when these compa-
MES come to ask this aid, they claimed to
be "soivent and able to pay" And the
company now before US, under similar
difficulties, with little better prospects,
claims TO be solvent and able to pay the
interest, and ultimately the principal of
this loan. Sir, deny it. If we do this,
we shall but pass over the same ground
We have SO often travelled before in regard
to others. Let us examine one moment.
Individuals and corporations other than
the State have expended in this work
about 100000, and that is the whole
property upon which they propose to Sc
cure the Sta,e for the sum of $500, 900
they desire we shall loan to them. Sir,
is that sufficient security? If the whole
cOncern were put up tomorrow. State in
terest aad all, (Which is 100000. it
would not, ia my opinion, bring that sum.
Well, sir, the DanVille Railroad Com
pany have like bill here for the loan OF
S6Uo.OOO, and after calculating what in
diTiduals and corporations other than the
State have already spent in this work, de-
Quoting the debts due to others from the
company, there is a property that has
cost something over $500. 900, which it is
asserted 10 abundant security for loan of
$500. 900 in hard cash. Who believes
in the suHieiency of this security? Sena-
tors Who take this position must have
their Judgments warped: and interest
can prompt arguments. Sir. our interests
can prompt arguments for most unreason-
able positions, aud this, must say, is one
Of them.
The Virginia and Tennessee Railroad
Company has a bill proposing to borrow
one million of dollars. and we are offered
a. security, property that has cost some
thing over that sum yet the friends of
these measures claim these corporations
to be "soluent and u6ls to pay" Sir. it
is idle to say so. 1t is totally to deny the
principles upon which men ordinarily pro-
coed in matters of this sort. to close our
ears to the warnings of the past. to plunge
headlong into the future. And sir, will
it stop here? No sir. no. Pass these bills
and individual capital. Individual aid will
no usOrs help to build your improvements.
The argument will be irresistible: You
have done unto one. you must also do it
unto me aud if you are disposed to turn
a deaf ear TO this demand. means will be
found % make you listen. The interest
you owe will not be paid. Corporations
who want 20 get hold of the property of
the people. will tell you if you don't loan
them money TOO. they will vote to sell you
outor make you pay the interest. You
will not disregard such hint. You will
saddle every improvement of the COM
monwealth upon the people. You will
form league against the people. after the
last dollar has been wrung from their
pockets that you can get. aud the sove-
reignty of the people lies at the feet OF the
corporations they have built up. They
pay or not. as it suits them. The people
will not have votes enough here to COM
pei them to pay. ask Senators to pause.
Don't be so impatient OF delay. IL is not
necessary 10 inlet this great wrong upon
the people; we have been trusted by them;
they are quietly at their homes. reposing
confidence in us. Don't ini1ict this great
wrong upon them. forwrong must say it
Is. Don't do that now, which makes