Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-03-23
LEGIsLaTURE OF VIRGINIA.
THURSDAY. March Is, 1873.
Am M

a
.Iuncin. thu pas,ng. III certnin bills
Passed.
Amending the charter OF the fredericksburg hhn 1ine
Turnpike Company For the r-i-f Of H. bfo"er MAN
ing nm nliun OF 81 900 iur repairs 10 the afmo%.
Ex.nplins from taxation the real estate aud oohu' o'
the vrs!ui, Mechanics Institute.
TIE CANAL "coSvER.IoN SCHEME,
Mr. RIyys called up the conversion BILL and offered
substitute Tor it, T.sub-tutc provi c' thai the cohl
ny shall raise slooOo bv private subscription l"r th
prosecution of its work and when that rum shall De hctu
ally paid up the state shall the debt due II I'M"
so x in the proportion of 5000 part and sloo OH the
Dart of the private stockholders
The substitute being read debate sprung up upon IT,
Mr. DOUGLASS had no doubt the General Asse holV nnh
right commute the debt due by the Canal
the Stc; but the substitute not only provided tor the
communication stock of the debt due the state put At
so the debt due by the company others than the
State. ,,
Mr. OLD followed in speech in opposition to the sub
sute.
Mr. Bruce said the substitute and bill presented two
grave questions for ana
expcdency The first Of these questions had been iuly
discussed by very eminent legal gentlemen in phinphr
which had been laid the tables OF Senator'S and whle
he did not approve OF this mode Of influencing
he should bow in respect 10 the opinions OF these eaheu
gentlemen He did concur, however, in the suSs's
ton put forth by the author of the larger Of these paHp
Ics that a failure to complete the james River ami
Ksnswhn Canal would subject vireinans the charge
that they did possess that virtus which made Rome
great and Sparta terrible On the contrary he thon:ht
the work might very well be stopped without incurrns
the of contempt so much appiehended py ne
author He would remind the Senate that the Stale Ivy
AN expenditure of nearly S3O0oO0O had connected he'
self with the completion I'll the C0vington ana ONO
Railroad aud il her policy anw the Canal
progress step farther until the railroad had reached the
Ohio River oI To br engaged nj the same time In carrying
over the Allegheny mountains both railroad and ca
ua WAS nn exhibition o stupidity which he did not be-
cvc Virgins capsule Of The author OF the pamphlet al
uded to sal The canal could BE- completed 10 Co'inson
in years cost OF - 100 O0O ut he he speaker,
saw no necessity OF pushing there until the Cowngton
and Ohio roai had reached tho Ohio river and assured
US Of the trade The West The author suggests three
modes of extending the canal, viz: hr. foreclosure OF
the States mortgage second another loan by the State
10 it, and third This conversion scheme. Unlike the au
thor if h. deemed necessary Ia Jrrclose the mortgage
he would do without moments hesitation The
.'widnw and orphan" appeal should hnd place here
That uni nppy class had lived upon been aided
by the dividends received from this Company and was
useless for gentlemen protest ainst taking from them
what they do not possess lie was aware. too, TINT
had connected themselves With this scheme
for their individual ACKNOWLEDGEMENT, and that til
cry injustice rather from Manlnon than from
widows and orphans struggling with poverty. With
regard TO the second schemc-a loan-he dill not sup.
pose a single Senator entertained Tor moment nn
idea of adopting that The third, the Conversion
scheme, is by which the canal is 10 be carried To
covupton without costing the Stale single cent. Now,
| the Company which proposes this, owes lhr stat"
80 900 Oo0 and its object is to place itself in condition
Ia borrow money by getting released debt II il
could accomplish this object IL would be enabled apply
that money Ia the payment of lie interest new drhis
which should bc applied 10 the discharge "t old
debts. For this release, however they propose 10 give
consideration and this consideration consists Of ST. OO
| worth of their stock-stock which Is worth the ink
with which The bonds printed. The representatives
OF the Stale asked To give in Its name, hundred
dollars Of loan TOR what has cost spectators eight
dolars. How preposlcrous to use harsher
term 1t would be beneficial 10 spectators il they
could only succeed in raising the stock TO $40 as
they would then make from 200 To 300 per cent
May hope, when the basn of the canal at Lynch
burg connected with the Mississippi river, that tn"
company may be able pay the State Of the ine
rest due it, and relieve their work from the popular con.
tempt which il has fallen lie; insist that thu work
be Immediately stopped aud the surplus of the rRccpts
nuDlCd the discharge It's debt and when the COvlng
ton and Ohio Railroad has reached its Western terminus
and there is Railroad from the city ot Norfolk Ia The
Ohio river, decide whether canals are. mol
behind the times and if decide that they not
can then extend the James River and KRnawhn Canal to
COvingion Let us at least wait until the link between the
canal and Mississippi river completed before we cast on
the last hope that tho State will ever realize cent
from this work.
Mr. August rose to reply to the objections against the
bill and substitute From his earliest infancy he ha heard
the James River and Kanawha Canal Company dccricd
and the sounds which his in the senate to-day
contained novelty him He asked ii the friends OF
the C0vinston and Ohio Railroad no matter how arient
in their views Ind claimed that the capacity OF that
road would begin 10 accommodate The trade which would
be brought Virginia from thst quarter He believed,
in common with others far experienced, that
pete both works and there would be- trade enough 10
keep both fully occupied Between railroad and
line cryhing in favor OF the latter lie asked il
mem oers did seriously contemplate stopping this work.
and sayin. in effect that Madison and sha labore1
der dcuson and their descendants have been hug2ink
phantom to their bosoms ihey did AMI the canais
be completed why should the millions invested IN 10y
the State be allow I'd 10 lie idle end unremuncrativr. He
said the scheme before the Senate had passed the
senate two years ago, and went into elaborate Hrgu
mcnt to prov" s constituUnHiiy. He believed that,
les, We hal been abOrns under fatal delusina
with regard 10 the trade ot the West the James River
and kHnnWh In Canal when completed, would be one III
the pay ing improvements ia The state He showrd
by reference the books OF the company lin reply I" III
rharrr that -prcunOrs m he btom OF this scheme
that In twelve months trnn,icr OF stock had taken
place. and HAT nearly all tn" stock remained III III" h"nd-
of the original pur:hascrs or their hers Ind il sp.cua.
/ had