Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-02-16

the next year; il i without aid. viii 60 10 decay
| and cause enormous loss. II Is supposed that the
cost of completing the work to Co.ing,on will be
about A3000,00O, which must be advanced by the
| State: or the whole line by failing TO meet the
Coyingfon and Ohio Road will dead loss on the
State To avoid th. and the necessity Of any new
loan taxation by the State, Is proposed that the
capital stock fthe company shall be increased to
| the amount Of 1000 shares of which the Stat"
shall take $4,000 in payment OF her debt and lla-
bilities due by the canal, and the remaining 20
900 shall be sold, IL practicable. to priyat" per
sons. thus committing the debt and liability 81
the State into stock Of the Company. by thlr
means the Company will at the end Of the two
| wears he in receipt Of nett revenue IT Slsp,o0O
| per annum. and with n credit adequate To com
| plete the work 10 Covington without any further
| charge To the State. Once finished to Covington
and the Covington and Ohio Rail Road completed
| the revenue, il is reasonably supposed, will pay
| the interest upon the mhoie investment. IL Is
contended that the canal ought To be cold under
| the mortgage. If be, how then The capital
of the Company is $500. 900. of which the State
owns three millions. and individuals two millions.
IL the state sells and purchases she will have 10
give her $4,000. 900 worth Of debts and liabilities
for the private -, 900. 5000, because she get
nothing else. And when she has done that she
must then add To her expenditure the s3,OOJ0OO
necessary To complete the work. or all her out
laws will be entirely thrown away, and then, too.
she will have 10 lay n tax for that amount of APP
preparation and deprive the private stockholders
Of two millions invested on the faith IT the State.
This view presents the proposed alternative as
the best 1t forwards the work, it relieves the
company. takes no more burthen on the State
than it has already incurred. avoids the necc.si-
~ for a tax, may complete the canal TO Coving
ton, and does Justice to private stockholders.
| have thus, in the present emergency, thrown
together some reasons for the recommendations
| now make.
Ist. To appropriate Immediately n sum suf
Gent TO carry on the Covington aud Ohio Rail
road steadily and economically for the next two
years.
2nd To enlarge subscriptions TO the South
Western Railroad to complete the same to
the Tennessee line.
Bird. To enlarge equally the subscriptions to
the Central road so az to enabe TINT Company
TO progress with its work for the next two years
4ih. To aruihorze the Covington and Ohio
Rail Road 10 be constructed with grad. broad
enough for two tracks, and wirh view to con-
ne xion with the South Western Rail Road, at the
eligible points, and to accommodate, respective
". The gauges Of the South Western and Cen
trial roads.
9Th. To direct the Board Of Public Works 10
fix minimum tariff Of tolls upon all the railroads
and canals in which the State is party; so that
the State revenue may not be reduced by vi
cious competition between State lines. And to
direct the Commissioners Of the Sinking Fund
nlso not TO divert that fundunder any pr"text or
construction whatever from its constitutional
purpose III sinking the principal and paying the
interest of the public debt.
9th. To authorize advertisements foi State
lonns instead Of n sale of State bonds.
9TH. To organize system of revenue from tie
oyster fundum of the State.
10 increase the rate of taxes in conformity to
the laws requiring these additional subscriptions,
appropriations and expenditures.
9th. And lastly, to digest these and other
measures, recommend the two Houses to cx-
tend the session Of the General Assembly, for the
reason that if the great measures of public poll
cy are left unprovided for by the present session
shnll not deem it my duty 10 take tho response
bility of calling nm extra session OF the Leg la
ture shy TIL. out of Difference to the will
of the present Assembly. if they ,hall decide that
important measures shall not be ncted on by
them
To sacredy guard the public credit, to cons.
truct tho primary Public Works, 10 build up II
centre Of trade. to make a mart of foreign COM
merce,to stimulate mining mann featuring and the
mechanics arts, to iost-r Home Instruction in
literature, science aud the arts 10 provide for all
these the necessary rerenne aud 10 pay the pn5-
lie debts | mn anxious to divide any responsible
ty with the Legislature, aud to incur any risk or
make any sacrifice for the sake of our beloved
comm pnwealth. She has mighty work to he
done, and shall it be said that she has not the
men, at this day, to do it mastery With tho
utmost confidence. | appeal 10 you. gentlemen,
and am, with the highest respect your obedient
servant HENRY A. WISE.