Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1856-11-29
(roR THE wHIe.
TO THE HON. HENRY A. WISE, GOVERNOR OF
VIRGINIA

wealth. take the liberty Of addressing them to you as
the Governor OF the State.
The construction OF the Covngton and Ohio Railroad
is conceded all hands, be matter OF deep interest
ouly virgaia hut the whole conederacy. Ma
ny Intelligent persons regard it work essential the
perpeiuy OF the Union. Be that may, all will al.
init that would constitute strong bond Of sympathy
between the East aud the West and promoting mutual
intercourse aud generating social and business rels.
between portions of the country which
paravcly separated would tend produces more FRA
terna feeling between them The beneficial effects the
commerce, agriculture, aud general Interests of Virginia
too obvious To require explanation.
The geat difficulty in the way Of concentrating this
magnificent enterprise is in providing the money effect
it, sithou oppressive addition the taxes, which
already buhensome to the peopleor enlagng the great
debt which seriously affects the credit OF the Com.
mon wealth.
Some public men have been deeply impressed
with the Importance OF this work. be willing Dor
money per cent interest to construct it
II there other Of completing il, might
be willing adopt this unusual expedient. But,
persuaded it be accomplished by another plan
which ia obnoxious to fewer objections, will proceed to
explain IT, in order that you may give it such consde
ration a. it may merit.
Instead OF borrowing the money to make the road
millions OF dollars propose that the Legislature shall a;
it. next incorporate company with capital Of
twelve millions construct it, and that this State shall
guarantee the Stockholders dividend Of six six
and half per cent their investment. The charter
should contain provision that when the profits OF the road
sI aud half per cent the surplus above that
amount shall be applied To refund 10 the State any SUN
which rhe may have been compelled To pay under her
guarantee during the time the work in progress and
when OF course the profits would he less than six per
cent But after the State shall have been thus udemu
fed against her advances under her guarantee the whole
profits shall belong the Stockholders.
Such charter would offer strong inducements capt.
tasts to invest because il would offer them certainty
of liz SIX aud half cen,um, on thsr stock, with n
probability amounting almost certainty, that after
few years, they would receive much larger return.
BY commencing the road ut both ends and extending
towards each other the road might be In anos.
the of operations upon it, and
completed the profits OF those previously
| -tructed would be greatly enhanced.
Suppose for example the road made from Coving-
ton the Greenbrer River As that doIe,
might used in connection with the Central Rail Road,
and doubt very much, whether it would not yield
which would be almost il not altogether sufficient to
pay the stipulated per cent 10 the stockholders la that
the State would have little nothing pay under
her guarantee. But surprising the profits you'd amount
only per the obi CATION Of would be
only pay the remaining three three and half per
the outlay This certainly would he better than incur
bilty for the Aoie capital aud per inter,a
| on i'll
Again, suppose the road made from tie Ohio River TO
Charleston, IA, TO the Saline and the Coabanks some
2o miles above, any doubt that the freight and
travel that section of the road would give from to
| N 4. of ,h.
br pay but little than per the cost OF
| construction.
But when the entire road shall been completed to
the Ohio River and brought into connection with the sys
Of Railroads in the West and Southwest sbo can
ioretel the profits of such thoroughbred The enur-
income Of the Baltimore and Ohio Rliro,d NAV fur
ni-h index to the extent Of It's business profts
But when compare the Of OF the
roads the grades and distances, the of operating tile
points which they respectively tap the Ohio Valley aud
the relative liability obstruction by snow aud the nat-
raj o the country along the lnes 10 one
doubt that the Covngton aud Ohio Road possesses
many advantages it, giant rival The coal salt iron
&c, OF the Kaawha valley, would furnish an immense
Of westward freight She the return trains would
bring the merchandise Tor the consumption OF it, nha
itants; and during the summer months the travel to the
Virginia Springs from the East from the West aud
OF the road Upon the completion OF the entire line
would The great thOroughare between the East
aud the West, AMI great extent between the North
aud the South and the profits would only relieve the
State from practical bdrten under her guarantee bot
would very reimburse with interest," all her advance
ments, in the earlier stages Of the work.
The benefits Of this mode Of improvement would be
lst The State would not be compelled enlarge her
outstanding lebt by the issue of additional bonds A.
loon a. this fact made manifest the bonds Of the
State would begin to appreciate ia the Market aud the
| credit Of the State would revive.
2nd. This great work. important to the interests Of
the Commonwealth would be made by private enterprise
Foreign capital would be drawn to our State for invest
ment 10 the stock Of the Company and citizens along tic
line would be induced by the hope Of rapid enhancement
in the value Of their lands to subscribe ~ stock
Srd The work would be transferred from the hands OF
the State TO those OF private individuals aud all those
questions CONNECTED with the gage &C. which have pro.
duced much angry excitement would be removed from
the Legislative hail. and settled by keen sighted stock
holders in the best calculated TO advance their
interests.
4th Instead Of new debt Of ten or twelve millions Of
dollars Of principal and annual interest at per cent
amounting TO s7OD,OOO or &sOOOOO, there would be no
increase Of principal Of debt but only annual appropra
oh Of some $500 0o or es Of accuing taxes 10 meet
the guarantees during the four Eve years that the work
was IT, progress with certainty that in lev year. no
further appropriation would be Necessary aud that the
actually advanced would ultimately he refunded with
interest.
9Th The increased taxation the property along the
line OF Improvement, resulting from the enhanced value
Of real estate would Of itse compensate Tor any etpend
nre under the guarantee Of the STATE; To- hat enhance
ment would be permanent and progrssir whilst the al
vance would be but temporary To illustrate the Effects
Of ra~ays on real property need only refer 70 the Cor.
louisville aud Al-Nandrs Railroad Il is notorious fact
lands along The line Of tina, road have upon an average
doubled IN vtlue-aud IN instauc.s quadrupled-
since the road made
9th. The State three hths Of the stock Of h
Central Railroad, winch you'd constitute the Eastern lin.
IN the chain u communication between Richmond and N,
Ohio river The whole trade and travel Of the Covingto
aud Ohio road must discharge tse along that road an,
other road' which you'll be connected With IT, tbereb,
greatly increasing the u those rods Aud unles
all our public men, commencing With Geurge Washingtor
and extending TO the present Tine have greatly IL
a. Ia the fral. .,I