The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-02-13
VOL MNO 3d. RICHMOND WEDNESDAY,. FEBRUARY 73 1856

4
snd Ohio Railroad, although Informed by the secre.
tary of the Board thar he has been directed TO com
m1nieste the same to the two Hoases the General
| and proper.
do 50 because the Executive and Legislature ar.
beth thus summoned 80 determine whether greai
| State work of primary importance shall be wholly
srssended, al the espens- of time and money enure-
| rated by this report The Engineer has performed
his duty by giving this timely warning He tells u,
thst the last appropriation is so nearly expended that
1t Is now hs duty TO stop the only remaining worn
now 10 progress and TO direct the contractors for the
Allegheny Tunnel 10 suspend operations forthwith"
lie states thai the stoppase of this work will aston
that if the force now al IN Tunnel be discharged
cannot be brought back without much loss both
time and money; thai the time lost win probably ex
ceed months; that the steam engines and all the
machinery the Tunnel will be exposed and subject
to injury during the suspension of the work; that the
whole excavsted space of the Tunnel will become
filed with water before the work. can be resumed;
that the whole outfit and pre- aTations of the contract
ore will sui.r much dilapidation and nnry; and that
the indirect will exceed the direct losses; that the
revised estimates had been based upon the calcua-
tion of sufficient To keep the work the Tun-
mel in progress, and for the employment OF mode
force at few of the heaviest points so as TO
place ;he work in condition for the application OF
supple means when they could be provided; that
these estimates contemplated partial suspensions
only of the work that the sacrifices aud losses will
De much greater from 90 al sioppage that the conf.
dence of contractors will be destroy ed that the de-
termination of the State to carry on ths work stes
| dily win be doubted that expectations and boues
founded on the present session of the Legislature af
ter the failure OF previous session to Appropriate
will b{ disappointed; that if no approximation be
| now made, hope must be deferred for two years {.
comes that axe suspensions would be appr.hended;
and IN consid ration of all this, at future lettings
high prices viii be the oonseq to the ex ent of
| actual cost ot the work and as this loss is likely
10 DC Lo1Ese a. Tag Chief Engineer very properly sc-
| qniis himself Of the responsibility.
Such IS thus report II brings us To deliberate up
very serious questions an respe fully urge that it
| dellands very prompt aud decided action. Beyond
the sacrifices and losses direct and indirect of the
/ hy N
giLeer the stoppage of this great work during the
credit Ii viii naturally the enquiry Is Virginia
c1edi' so low that she cannot carry on her main
works, upon which she must ultimately depend for
progress N wealth population and power! Let
be told that the arrest of primary public works by
mere Withholding of expenditure is a means OF in
| cIeas.Lg credit in market. Stoppage il any
deraAlg submission to the cost and damage of delay
u! any work, argues want and teebleness of ways and
means, rather than prudence il expenditure Loss9
credit Is the most anton and wassul If all eXtravR
gauce, and not only Ia the cost Of public wor<s mngn
tied by suspension aud soppags beyond all reasonable
bounds but financial reputation 10 thereby impaired
and that item of loss IS il dollars and cents well
moral worth intellectually larger than any other
AIe We told that Virginia bonds will not sell; that
they are below par III the market and that it -
less 10 issue theml
mean not to deal in any paradox when deny the
| fact few years ago they were commanding large
premium in the money market. II they would bring
100 them they are still worth iafrinsicay as much If
the, viii bring within or per cent les. then what
Hash an the world was st peace. Now, the mines
aud mns ard capt. slists cannot supply fast enough
! the demand Of armed kings for The sinews of
mastering than four millions of men in Europe
| The Banks Of the Allies England and France, are
struggns for the bullion aud coin of the world and
Tor the balance of exchange which has SO long been
| in favor of London. Crowned heads the CUSTOM
Of the Rothsclds End Barrings and the paper of
| the European Bankers themselves is not, nonnally
worth as much IN the money market as If was five
yeas ago BY large per cent and If II were worth
more thsu it then il still finds the best market
! for itself a. home. How can American borrowers
theu, however solid expect them to loan nominally
as cheap now as then! 1t is known that Nirginia's
constitution guarantees her debt that she has sink
ing fund provided by statue and, above ALL that her
| character, puncual debtor, is pre-eIninently
| hgh but no credit upon earth will command SO
much, in such times, when coin and bullion go
called into the grsn centres OF trade to meet such
extraordinary causes of demand, and when they
are thus enhanced in value in Europe, their value is
proportonately increased in this country. They are
the standard Of ra!ae and credit may be relatively
as high. and Virginia credit now is intrfasicoHy
high, below l0a il before when above that
1t is vain TO citabnormal instances in contradiction
OF this. The New York sires may seem to be run
ming higher than those of Frginia at this time but it
is owing the fact that the city of New York the
great of trade home, in commercial
connection with the great centres sbroa and, from
the temporary cause has the benefit of the first
| advances of credit and the benefit of the dow OF
specie to the centres under the operation of
have named. And is it reasonable TO expect that Nir-
giua State bonds of six per cent be sold in the
market at par at ALL so long sc corporations in which
the State is party are authorized by law to issue
bonds bearing an interest of per cent; and
these companies are permitted to sell their
six per cent bonds at discount of 20 per cent and
more. Ought not all bonds TO be kept at
of interest. at least with those OF the State and
ought all corporations in which the State partv
be required TO sell their bonds at minimum Discount
if not at par! Those special and under our
CONTROL but general truth, repeat that the times
only have changed, and the value of the specie dols
has char ged with them; that is ALL and ii that
Virginia credit has yet been at all ipoired 1t may
! be impaired, though by q panic; and know of no
more eteetuel way OF causing panic, than by stop
ping the main public icorks ef the State on the aroced
ls Virginia destitute of the to carry on her
leading lines of Improvement? Can she not supply
them She can. dehantly declare to any and to
all disposed dispute her abilityto all decen.
cies, pay all her debts and to perform every State
duty and to construct every State work appealing
her honor, her energy her interest her will Bnt
he 4cays and cannot be supplied by issuing and
h0lcking State bonds in the market. 1t is well that
they cannot be- Itis time that the bad practice of
anticipating debts by issuing State credit stopped,
or State credit will and must sink and the public
works win have to be stopped. If Virginia bonds
ntrinsically below par at ALL 1t is mainly because
they have been issued to dy State dr6ts and thereby
drod taxation. The new Constitution, in its funding
system, intended that the State bonds should
be anything else than the mere erideaccs of debt
that they should be the resort6d TO for pay
ing State debts. There is royal road to pay debts
in this country. II pirate mdridn0l owes money,
he must labor for his solvency if State debt,
it must exert the sorefeign remedy 9f ta1otion:
BE- pa bv tares. And the attempt to pay public debts
10 aroid postoae taxation, by the hocus pocus
and dlegerdemsn of legislative devices to bolster pub
and infslibly bring upon Taxpayers largely more
burthens at last than those of prompt taxaton hon
estiy and openly laid on, at first Honest bona fee
taxation, wisely laid. economically applied and
pended alone insure public credit and make State
bonds bring par in the market All credit is sensitive
| and tender No credit can stand the habitual hawk
ing Of its bonds therefore submit that il is most
polite to odrertise for tooas rather than to pursne
the practice of putting the State bonds M to bidders
for sale They will realize MORE at less loss and risk
Means may thereby be increased but the main reli-
| ance must be upon the taxes.
Can Virginia bear more taxation!
maintain that her taxes not as great as they
ought TO be, in proportion to her wealth and her
cessities for taxation. The per cent. upon her taxa
bic property as is enumerated 0ad assessed is
not much, BY l00per cent, it i'll bear raloye;
not es much, by that amount the State requires;
and not as much, By than that amount as many
States oil less wealth In proportion to population,
are successfully and pIosperously taxed And the
Enumeration and assessment of taxable property
exceedingly defeciiye owing both to the law and
its execution. An amended law properly executed,
would produce larger amount Of revenue with less
| burthen TO the people.
| But has Virginia no resources besides taxation
She has vast and inexhaustibc sources of revenue