Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1856-02-18
EXECUTIVE DxnARrxxSr,

10 TIE SENATE ana I1Ouhe Oh 'Ol LlAC
Z. General Assembly Of the State ofsVirginia-
Gentlemen I'm performance of eonstitu-
Honal duty, communicate to you theaccompa-
nying letter from the Board of Public Works,
enclosing report of Charles B. Fisk, Chief En-!
sineer Of the CovinSton and Ohio Railroad, al
though informed by the Secretary of the Board
that he has been directed to communicate the
game to the two Houses of the General Assem-
bly,, for such action as they may deem necessary
and proper.
do 50 because the Executive and Legislature
are both thus sommoned to determine whether .
great State work, of primary Importance, shall
be wholly suspended, at the expense oftimean
money enumerated by this report The Engi-
neer has performed his duty by giving this time
ly warning lie tells US that the last appropri-
alton ii so nearly expended that it is now his
duty to stop the only remaining work now in
progress, and to direct the contractors for the
Allegheny tunnel to suspend operations forth
With He states that the stoppage of this work
will occasion, directly and indirectly, heavy
losses to the company. That, If the force now
at the Tunnel be discharged, it cannot be bro't
back without much loss both Of time and mon.
ey; that the time lost will probably exceed six
months; that the steam engines and all the ma
4chinery at the tunnel will be exposed and sub
ject to injury during the suspension of the work;
that the whole excayated space of the tunnel
will be filed with water before the work can be
rsBumed that the whole outfit and preparations
Of the contractors will suffer much dilapidation
aud injury; and that the indirectwill exceed the
direct losses; that the revised estimates had been,
based upon the calculation of sufficient means
to keep the work at the tunnel in progress, and
for the employment of moderate force at some
few of the heaviest points, so as to place work
in condition for the application of ample means
when they could be provided; that these esti-
mates Contemplated partial suspensions only of
thegreat work; that the sacrifices and losses
will be much greater from total stoppage; that
the confidence Of the contractors will be destroy
ed; thatthe determination of the State to carry
on the work steadily will be doubted; that expec-
tations and hopes founded on the present session
Of the Legislature, after the failure of previ-
Gus session to appropriate, will DO disappointed;
that, If no appropriation he now made, hope
must bo deferred for two years to come; that
kesuspcnsions would be apprehended; and, in
consideration of all this, at future lettings, high
prices will be the consequence, to the extent of
25 Sr so per cent. or more, even on the actual
cost Of the work; and as this loss is nos likely
to be incurred the Chief Engineer very proper
srly aequits himself Of the responsibility.
:, Such is this report 1t brings US to deliber-
rate upon very serious questions, and respect
fully urge that it demands very prompt and de-
cided action. Beyond the sacrifices and losses,
direct and indirect, Of the company and the
State, enumerated by the Chief Engineer, the
stoppags of his great work during the sitting Of
the Legislature, will, fear, impair public credit.
It will naturally start the enquiry-is Virginia
credit 30 low that she cannot carry on her main
works upon which she must ultimately depend
for progress in wealth, population and powers-
Lot us not be told that the arrest Of primary
public works, by mere withholding of expendi-
ture, IS means Of increasing our credit in mark
ct. Stnppage in any undertaking, submission
A.. 4 rl,toI
CUES want and feebleneSs of ways and means,
rather than prudence in expenditure. Loss Of
credit il the most wanton and wasteful of all
extravaganza, and not only is the cost of public
works magniied by suspension and stoppage be-
yond all reasonable bounds, but financial repu-
tation is thereby impaired, and that item of loss
il in dollars and cents IS well as in moral worth
inealculably larger than the other
Are we told that Virginia bonds will not sell,
e that they arc below par in the market, and that
il is useless to issue thenG
j mean not to deal IN any paradox when de-
ny the fact A few years ago they were COM
Inanding large premium in the money market
Ifthey would bring 1O0 then they arc still worth
intrinsically ds much, if they will bring within
8 or percent. less than what is called par, ioth
Then, themoney market was flush and the world
was at peace. Now, the mines and minis and
capitalists cannot supply fast enough the demand
Charmed kings for the Sinews of wars mastering
4. moro than four millions of mon in Europe
The banks Of the Allies, England and. France,
arc struggling for the bullion and coin of the
world and for the balance of exchange, which
has 80 long been in favor of London. Crowned
heads are the customers Of the Rothschilds and
Earrings, and the paper Of the European bankers
themselves Is not, nominallY, worth as much in
the money market as it WAS five years ago by a
large per cent, and If it were worth more than it
was then it still finds the hest market for itself
at home. How can American borrowers, then,
however solid, expect them to loan nominally
"a cheap nowS tits known that Virginia's con-
Stitution guarantees her debt that she has
Sinki fund provided by statute; and, above
al, that her character, as punctual debtor, is
prs-eminently high; but no credit upon earth
will command so much, in such times, when
coin and bullion are SO called into the great
centres Of trade, to meet such extraordinary
causes of demand and when they are thus made
worth so much more And when they are thus
enhanced IN value in Europe, their value is pro-
portionately increased in this country. They
are the landlords Of ralUe, and credit, may be
relatively as high, and Virginia credit now is
enthusiastically as high, below 900as it was before
nal instances ineontradietion Of this. The New
York siIes may: seem to be running higher than
those Of Virginia at tiS time; but it is owing to
the fact, that the city Of New York is the great
csnte Of trade at home, in nearest connection
with the great commercial centres abroad; and,
from the same temporary cause, has the benefit
Of the first advances of credit and the benefit Of
Ehe flow Of speeie TO the centres, under the ope-
ration Of causes have named. and Is it reaS-
oaahle "a expect that Virginia State bonds Of six
sper cent can DO sold in the market al par al all,
= 80 long scotporations, in which tho State Is
are by law 70 issue bonds bear
ine "a interest at t5teas per cent; and soslongas
tasse companies ara permitted to sell their six
percent bonds sta discount Of so per cent and
meres Dug not 81 bonds 70 be kept At an even
and ought not alI corporations IN which the.
State S aparty, TO berequired to sell their bonds
8 q a..n i.l,.as discount. if got st nars Ihese