Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1858-02-10
Railroads in Virginia.

Railroads in Virginia.
, REPORT of the Committee on the Roads ant
} Internal Navigation, made to the Senate o
Virginia.
The first point to which the attention of th,
committee was directed was the condition o
the finances of the State, because the propriety
of making any appropriations to works, how
ever meritorious, must necessarily depend OF
the ability of the Commonwealth to meet it.
engagements.
Your committee were satisfied from an eX.
animation of the report Of the First Auditor
that under the existing rate of taxation, the re-
venue of the State will be sufficient to pay the
interest on the public debt and all the ordinary
expenses of the government and leave an annual
surplus of over $4,000. 900, provided the treas.
nry can be relieved of floating debt of about
81 200, 900, arising ont of the emission of treas
ury notes, deficiency in the Sinking Fund, and
certain acceptances of the Board of Public Works,
in favor of contractors for work already DONE
These liabilities have been suffered to accumu-
late in the treasury for several years, and have
become the cause of serious embarrassment
They do not properly constitute charge on the
revenue of the present year, but having been al
lowed to increase to an amount sufficient to alb
sorb the whole surplus revenue for the present
and next succeeding fiscal years, your commit
tee have been compelled to consider, in the out
set, how this burthen can be adjusted with the
least injury to the public interest. If the whole
of it be paid off in the year 1868 and 1859, it is
obvious that there will be no means in the treas
ury to meet the interest on any further loan for
Improvements, and they must, consequently, be
suspended. This in the opinion of your COM
mittee, would be followed by serious injury to
the State, as many of the works in which the
Commonwealth is largely interested as stock
holder are now in a condition of great forward
ness and need but small additional appropriations
to render the sums already expended beneficial
to the public and profitable to the State. If ar
rested in their present condition they must me-
cessary 90 to decay, and the outlay which has
already been made will be lost, instead of be-
coming a source of revenue. An enlghted sense
of economy therefore, as well as a sense OF JUS
tice to individuals, who have invested their pri-
vate means in these works, on the faith that
they would be prosecuted to completion, alike
demand, that if practicable, some appropriation
should be made to carry them on.
In furtherance of this desirable object, your
committee proceeded to inquire whether it would
not be possible to adopt some measures by which
| the floating debt of the Commonwealth, instead
of being discharged within two years, could be
distributed through series of years, so as to
apply one half of the surplus revenue annually.
to its extngushment, and leave the other halt
unincumbered and applicable to the payment OF
interest on such loans as may be effected for
works of internal Improvement
Your committee are gratified to be able to
state that they have had conference with some
of the officers of the three deposit banks in this
city, and from the liberal and enlightened senti-
ments expressed by those gentlemen, they are
satisfied that an arrangement can be made thro'
those institutions by which the floating debt, or
large portion of it, can be distributed through
period of five years, one fifth being paid an
nually, whereby one half of the surplus revenue,
or in round numbers, 100000, annually, will
be left applicable to the purposes of internal i'm,
provement. And when the floating debt shall
have been extinguished, at the end of five years,
there will be, on the present basis of taxation,
without taking into account any new subjects Of
taxation, or any increase of revenue from the
enhancement in value of the present subjects
or any additional receipts into the treasury from
Improvements which may, in the meantime, have
been rendered productive, an annual surplus o.
over S600,000
Assuming, therefore, that the present revenue
Iiuslifies, anG that sound policy demands, add
tional appropriations for the prosecution OF the
system of improvements in which the State Ii
already so largely interested, your committee
proceeded next to consider the principle by
which they should be regulated in their recon-
mendstions of appropriations for this object.
Tie widespread embarrassment which at thi
time pervades the country, the general prostra
tion of business, anu the natural dlstrust which
springs out of the existing condition of things
concurred to admonsh your committee that grea
caution was necessary in treating the subject o
appropriations A sacred regard to the homo
and credit OF the State required that nothing
should be done which would tend, in the slight
est degree, to impair confidence in the abillt.
and determination of the Commonwealth, Il
meet all its engagements with the most scrupu
lous fidelity and punctuality. To this end, i
will be necessary to keep our appropriation
, within such prudent limits as will give an as
surance to the public that we are not about tt
enter upon system of reckless and extravagan
expenditures, but on the contrary, that we ar
acting dscreetly, having reference, in the aggre
, gate amount appropriated, to our ability to pay
, and in the selections of the works to be prose
cuted, to the revenue to be speedily derived, no
only from the sums now applied to them, bu
from those previously invested. Your commit
tee are persuaded that reasonable appropriations
) regulated by these principles, will command tn
appreciation of the constituent body, and viii
tend to strengthen rather than to impair conf
dence in the public securities OF the Common
wealth.
In conformity with these general views, you
r committee are of the opinion that, in the pres
ent condition OF the finances of this State, i
r H., tbio tip,a 10 undar
, take any new work of Improvement, but tina
: all our energies should be directed to the prose
r cution and completion of works already com
t menced, and on which large expenditures hav
I already been made, and such auxiliary works q
are of Indispensable Importance.
, 1t appears from the report of the Second Au
6 ditor that the State is now interested as stock
holder in all the principal works in progress
completed. The following TABULAR statemen
exhibits the extent of that interest in each i'm
I provement.
Covington and Ohio Railroad d.....:..".sl 10000
Virginia Central Railroad. ............... 100000
Orange and Alexandria Railroad .......... oe9,50
Norfolk and Petersburg Railroad. ......... 9C0oo
Manassas Gap Railroad. ............... boSo'Oo
A. L. and Hampshire Railroad 80. ....... I20,V0
9 Ricbmond and York River Railroad .. 10000
Making an aogrerate of $s,O29,5
All these roads are incomplete and will re
ouire further assistance from the State to tinisl
them, and render the sums heretofore invested
, productive. Some of them are nearly completes
and will need but little aid from the treasury
: Others have made but little progress, and !
t would be unwIse, under existing circumstances
to make large appropriations to finish them
All that can be expected in regard to this latte
, class, is to give such assistance as may preVeni
the destruction of the work that has been al
ready done. to keep it in progress and, wher'