Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-04-12


was To ascertain, not tie debt only, but the "a
mount of interest we shall have TO provide for
| / would gladly believe that these stocks VIII
some dav wipe out our debt. and | know that
their par value Is 1out equaltD the whole sum.
But we all know that they would bring price
below par, if now forced into market, and wheth-
er they are ever to command what they have cost
us. or Weld much larger income, must depend
npon the policy of ourselves and our successors.
Let it be remembered, sir, that the public works
NAV be broken down, and their stocks made per-
manently unproduetye by extravagant and in
discriminate appropriations to internal improve
ments, just as certainly, if not more certainly
than by complete refusal of any further state
aid to complete the system.
think, therefore, that have established, that
existing liabilities will require the Leglsa-
ture of 1866 to raise the property tax from its
present rate of 20 cents on the hundred dollars to
at least 30, and probably to "a, even 81 cents,
unless meantime there should be extraordina-
ry increase in our present sources ofincome.
Now, sir, | appeal to the House to say wbeth-
err, in this condition of affairs, it does not become
us to proceed with great caution in the work of
appropriations. | appeal to the people, east and
west, to determine whether they will tolerate
reckless spirit of extravaganza, which would
largely add to burdens, already so heavy. The
appropriations asked for at this session have not
been far short of twenty millions, and at one
time, it seemed not improbable that all would be
granted. believe such policy would have de-
precated our bonds below par and SO put u stop
to their sale; the effect on company stocks and
bonds would have been still worse, and the con-
sequences ruinous to all the works in pro-
gress. Nay, sir, the Coyington road alone, while
it asked for five millions at this session, would
have involved an expenditure in the next few
years of Sl0,500,000 for the construction of a
single track, according to the estimate of its
gneer. Add for its equipment 81, 500, 0OO and
$1,000, 600 to complete the Central road with the
tunnel and canal, to meet it, and you have total
OF Sl5OO0,O0O for this line in the next five
years. And this, let the House remember is on
ly AN estimate, and every body knows how com
monty the actual cost exceeds the estimate of the
best engineers. This annual increase of our
debt by three millions of dollars would require
annual increase of or 5 cents taxes, until the
end of the five years found them nearly 60 cents
on every hundred dollars worth of property, 100
cents ON every slave over II years of age, and
100 cents on every free white adult male. ask
gent emen to pause and consider the effects of
such taxation.
Nor would this have been all. say nothing
of what has been alleged by so many, that the
Covington road would cost twenty millions in
stead of ten. But ask where would all the 9th
er works OF internal improvements have been
while this one line swallowed up the Treasury
Would they have been content to defer their
claims and sacrifice themselves to this mammoth
project No. sir Rely upon it, they would
nave clamored at our DOORS eager to secure their
share of the last crust of the poor old common
wealth. And their demands would have been
granted-for have not the conditions of the d.
vision been announced Has not the gentleman
from Smyth (Ir. CRoCKETT) just informed us
that some of the peculiar friends of this Coving-
ton line told him that if he would place his vote
at their disposal, he might command theirs =
And has not the same principle of action been
openly and unblushngly avowed on this floor!
These fifteen millions threatened to carry along
with them other fifteen-a still futher depreciation
OF the State credt-a still further increase of the
load of taxation. Our debt, now larger than that
of any other State, except Pennsylvania, would
then have exceeded hers, and reached the enor-
nous sum OF sixty millions. Our taxes, State and
Federal, would have riyalled the oppressive sys-
TENS OF Europe. Instead OF developing the resour-
ccs OF the State, such policy would crush all the
springs of enterprise, and stay for long wears to
come the onward march of our industry
LOOK pack, pray you, sir, at the various at
ttudes IN which this Coyington bill has presented
tself. FIRST 1t was AN annual appropriation of
about two millions for an indefinite time, until tho
work was finished,an its dark miles of tunnelling
completed. Then it became a demand for five
Millions u gradually dwindled down to two; but
through all mutations, two things remained con-
Stant-it was to be narrow gauge, thereby ex-
posing Its trade to the chances of being drawn off
~ the connecting roads running Northward and
moreover 1t was to be built wholly on State ac-
'ount by the Board of Public Works, without
'estrleton or real responsibility. Cost what it
night, and we were asked to vote in the dark,
oefore even the engineers estimates came in,
which proved to be several millions more than the
special advocates of the road had assured us
you'd be the whole expense. Cost what it might
ay,wlthout regard to taxation or public policy,
We were urged in hot haste, to plunge blindly and
rrptrlpNablN into what MIGHT ii,
'strous extravaganza. And yet resistance
vas stigmatised as the narrow minded prejudice
fanti-lnternal Improv ment men, BIZ. | am
iappy to know that the opposition was peculiar
o no section, but that from the far hills of the
Northwest from the fertile valleys of the South.
nd the broad plains of the East arose, one com
non feeling and voice of condemnation All felt
low momentous were the financial and political
Consequences of such measures.
For, consider, sir, what was pronosedi The
board OF Public Works was to borrow and ex-
'end ten to twenty millions in the construction
railroad between Coyington and the Ohio
lVer without further restriction or limitation of
aw Everything was left to their sole pleasure
md discretion. Invested with indefinite powers
II patronage to raise up armies of dependents
ma suoordlnates, whose appointments ave, sir
whose very offices existed but at the pleasure of
ne Board; armed with the right to make anv
andhoder, or town,or county rich by the choice
II route, with the authority to adopt any gauge
hey may think proper, and so determine the
course OF Virginia trade and commerce for zen
eratlons to come, and with the unlimited diSpo-
sal OF our State bonds and credit: without the
wholesome restraint of publicity; with a Legis-
azure but once IN two years. and then only for