Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1858-01-01


Appomatox rivers, $50, 900
To other works. as it may be
distributed, 100000
$2,5OO.OOO
The Winchester and Potomac railroad
company desire charter simply to ex>
tend their road south from Winchester up
the Valley, so as to connect with Stras-
burg or other point, to give them q
through line with other works. They
ask for no subscription or appropriation,
will build the extension with their own
means, and want only charter. This
it is but just and right to grant them. l
hold it to be the duty Of the Legislature
to grant incorporation to any proprietors
who will construct public improvements
at their own expense. The principle Of
competition is rather to be adopted and
cherished than to be repelled by sound
policy. Every portion of the people
ought to be allowed to improve their own
section with their own means, compete
with whom it may, carry trade wherever
it may. 1t is too late in the day to at
tempt to cramp development in any direc-
lion it may take. Let all have their ma
tural advantages.
When these works are completed, we
may count certainly on European connec-
tions by steam, and on an active foreign
commerce, and ultimately on large cen
tire trade. At present we would but an.
ticipate the effect Of our public works up.
on internal trade. by applying our means
10 steam navigation with either Europe
or South America. And even after our
public works are completed and have
piled up vast pabulum of commerce on
the quays Of the Chesapeake, time will
have to elapse before we have the com
mercial connections formed, and the com
mercial means trained, for full foreign
trade. We should now concentrate all
our means upon the development Of our
internal and back country resou, ces. Let
US take works of primary importance
first, complete them, SO that they can re-
alize profit, and then we can, in regu-
lar and rapid succession. finish the whole
net work Of dependent lines. and links
and cities. and shipping, and merchants,
with foreign connections and foreign
trade, must follow as the necessary and
national results.
Here follows table OF Receipts and
Expenditures from Oct. 1st, 1855, to
Oct. 1st, 1857. showing the ways and
means of the Commonwealth, and exhibi.
ting balance in the treasury at the lat,
ter date of $37, 1874 81
THE SINKING FUND.
With much pride and pleasure l com
mend to the general assembly the very
clear and satisfactory report Of the COM
missioners of the Sinking Fund. and theil
faithful administration OF it. They show
that 1t is best to revert to the first ac
which was passed to carry into effect the
constitutional provision of the Sinking
fund. The whole amount OF this interest,"
on the public debt, and more-by the ex
cess OF interest on bonds never issued
but hypothecated by the agent of the
Board Of Public Works in New York
has been and will be, on the first Of Jan,
uary next, punctually and fully paid
Since the first of January, 1855, 81, ,O85,
926. 18 Of the principal has been sunk,
and OF that amount $453.O97 has been
sunk In the last two years. The total
amount Of the public debt.is now reduced
to $27, ,482. 2.9l5.63.
The commissioners have done much
without Civerting dollar from the pur'
poses of the fund, to keep the State bonds
up in the market, to aid the public works
on state account, and to pay public cred
itors on these works at par. all the time
sinking the public debt as fast as the fund
would allow. The Board of Public Works
could sell no bonds at par, and were no
allowed to sell them below par. The ap.
propriations to the Covingto and Ohio
Railrord were likely to be of no avail, al
the contractors could not be paid thei
claims. They brought these claims tc
the treasury for payment, and all tha
could be done was to have them endors
ed by the second auditor, payable whel
in funds" This was recognition of tn,
debt, but the creditor was obliged to sac
ri6ce the claim in the market at dis
count OF about Is per cent. Such claim
brought only 85 cents in the dollar. A
the same time, the commissioners of tn
Sinking fund could purchase the stat
bonds prior to 1859 at 90 cents in the dol
lar, and thus make 8 per cent. discount
whilst the creditor on the work was 10
sing Is per cent. discount. This in indi
yldual transactions would have been
taint of fraud. could not consent to se
the State making 8 per cent. onitspa
whilst its creditors were losing is pc
cent. on their evidences of State indebted
ness. equal in law as we'll as morals t
! State bonds. I therefore advised the aud