American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1855-12-08
ing an increase in tho dobt in tho two
proceeding fiscal years of SC, 6G3, 7O4 Is.

ing an increase in tho dobt in tho two
proceeding fiscal years. of sc, 663. 704 Is.
Independent of the provision made in
the constitution requiring seven per
cen'.t be annually set apart To pay
tho interest upon this debt and to re-.
deem the principal, which will liauidate
the entire debt in about Thirty four years
tho commonwealth possesses stock rep.
resenting the entire amount. And while
candor and truth requires it to be
stated that these stocks will not produce
anything like the estimated value in the
market, yet The stocks ar the improve
ments themselves would produce a ve-
~ large amount. reducing the actual
debt by their value.
Ofproduclive stocks. the Funds for
internal Improvement holds So. 395. 5S2
46 yielding an interest of more than 6
per cent. In loans to internal improve.
inent companies, secured by mortgages
upon the several works The common.
wealth holds $l.S75.273 80. The in
ternal improvement fund also possesses,
IN stocks of unfinished works $l4,0OO,-
800 90. proportion nf which. when
finished, will become an interer.
est hearing fund. And it holds in i'm
Provements completed but unproductive
S2.9S9.S34 63, making an aggregate of
S27, LOCI 81. Surely with such an
amount of property to represent her in
debtcdness. the liabilities of The Slate
cannot he said To be beyond her resour-
cos, more especially when she is com
PEELED by her fundamental law to lay a
tax sufficient To pay off her debt indie
pendent OF other resources, in "a years
In addition tn the actual present
debt, the commonwealth is bound for
subscriptions and appropriations made
by authority of law, for the sum of SO. d.
734 sd ,O3; for subscriptions authorized
by law, but dependent for their validity
upon the organization of companies to
render them effective and upon sub.
scrptivns by others than the com.
m"nwealth 50 ,325,7IO. making a total
Of S6,GG0,590. OF this amount it
may b. safely stated that not more than
S5,O0o,O00 will ever DO called for.
1t is proper to invite your attention
TO the fact, that of the deot thus stated
tho commonwealth has guaranteed the
bonds OF internal improvement compun-
les aud other corporations to the amount
of S3, sos. 500, aud that the faith of III.
State is pledged for tho punclual pay-
nent of the interest and linal rcdem,ion
ni these bonds. The interest ola Dor
ton OF this amount has been and will
be pnnctually paid, but that upon the
bonds al the chesapeake aud Ohio canal
company has been in default since The
lst of January 1854; and it is certain
that II will he impossible for the james
river and hanawha company To meet
its next payment, if the companies fail
aud in good faith she should provide
the means To enable the companies to
make tho payment. Nothing would
contribute more to raise State credit
than To demonstrate an alacracy To meet
all her engagements without cavaI or
possibility of failure. ....
The general assembly should not hes
ltale to step toward promptly aud man
ifest all unmislakable determination to
raise by taxation whatever amount is
necessary to place the credit of the
State above suspicion even to the mos
skeplical. The State taxes are ac-
kn"wlrdged to be exceedingly mode
rate; aud the proud spirit of Virginia
will never revolt at any increase which
Is required to protect her honor and
maintain her faith, and at the same
time enable her to prosecute To com.
Pielion those works which are essential
to her prosperity and exatatiou. She
IL a hIn tn tnnI oil. hy IL,
sister States in equality, aud her sons
will be satisfied with nothing less.
In my first communication to the le.
gisla'ure in 1851, took the liberty to
present To their consideration the skele.
ton Of "a system of internal improvem'ts
for the STATE; somewhat general in its
character, but which il was confidently
believed would, when carried out in de.
tail, rebound alike To the advantage of
every portion of the commonwealth,
render her the great thorn fare fer the
commerce of the tceming west, occupy.
ing as she does commercial position
equal TO any part of the continent, and
secure for her the elevation designed by
manifest destiny. The system thus 10.
commended. ] am happy To state, met
The appreciation of the legis ature, and
was 10 great extent adopted.appropri-
atoms having been made for The cons
truclion of all the improvements recon-.
mcudcd. so far as it was deemed pru-
dent IL apply the public means at that
time. Among the first thus recommen.
ded, aud probably the most important,
was that Of the Cnvi:,gton and Ohio rail-
road, an en,etprize which in point Of
negligence, grandeur aud pros peclive
pecuniary profit, is equal if not superior
to any that has ever beeh presented for
the consideration of the legislature.--
The liberal appropriations made to this
road at the succeeding session, which
met the hearty approval of tho entire