Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-03-02
NUMBER 50.

mos
pecsT OF favorable result from ihs appropriation.
o!w looked io-, but with such exhhi,s hsv, suh
,i'''e t'eir positions must Certainly appear urrr.
o''' lueFe Is nothing in the past history of our r.
"su system 10 encourage hope in is future or ~
influence an extension that system but everyttirg
rather to discourage and 10 admonish ma N a noI;c,
internal Improvement ~ f'' .
'nt there Is another aspect in which this .nbec.
insnt oe presented and that is in IFS bearc,, ss II
matter OF political economy Tbs,o rsn road.
siry require large amount Of labor which must h..
deVerteu from agricultural pursuits which are IT..
most substantial and the most importan, Deres,, ~
all. and, IN TACT, the basis of all oo.rs,;ons
might with truth say, that this diversion AND ac,
sequent dlmlnuon in the yield from this sourc. con
triouted' IN no small degree 10 the crisis which W..
have recently passed through And not onlv IN thi-
respect have rail- roads contributed 10 this resut bu,
they have done SD ia the Reckless Speculative n,.r
which they had served to originate and maintair n
is in this latter aspect probably, that their agency
was most marked in producing the disasters ,sn.ci,
the country has had recently TO suffer. They drew
oil the money which would be more proftsby.S
pended in commercial operations, aud thus thwar'.f
the legitimate workings of the two great uier,s.s
which form the basis Of country's prosperity 4ad
strength.
But gentlemen will ask. what connection have
these arguments with the subject now under cyusl!.
rationi will say they have most imporsu: conrec
ton. All these operations necessarily yiew.d N
their bearing upon the advancement of tn. national ~
lu view, they will be
so far as railroad operations are concerned 10 ma m
ther than promote these interests The d.6ci, in f.
yields from our agricultural sources occssjonrd b,
this diversion of labor hs- led TO a balance OF lra
against Us, when by an application the labor en-
poyed on railroads TO agricultural purpos.s U. rlI
hav6 turned II In our favor. The detrimen, # IN
result. 10 financial point OF view s practically yn
bited in the high rates Of premium paid upon Morn.
ern exchange, and the constant drain of spe,s from
our midst. II ls exhibited in the diminished sI-r-
hnaII nh hon
| their inability a. this moment 10 come IN ,o rb. -
qulrenents OF their charters. All these resnlt- (
maintain, have flown from the reckless exu.ndIrur..
upon railroads.
10 reply further TO the argument of the majority O.,
the Committee OF Finance, that when our raj rt,r
are completed they will be dvilend.payng inv.s..
ment, beg leave To present the following r,si.
msnt, in regard TO the condition Of the stocks of s'
OF the leading lines OF the country 10 show how if
have proved sources of profit To the stockho
find that the New York and Erie Rail Roai usy, M.
thing while IFS stock is worth only twenty four sna
Ali eighth per siiare. The Baltimore and Ohio Rail md
pays nothing stock at iorty.seven per share. II.
Hudson River Rail Road pays nothing, so.k d.
eighteen and three Quarters. The Virginia nud leu
nesaee Rail Road pays nothing. and 10 sale - III
stocks. The South-Side Rsil Road pays nothing ar1
its stock is not bought. The Richmond, Esed-,ich4
burg aud Potomac pays dividend OF seven PEI
cent; stock worth seventy dollars per sbhrr is.
Petersburg and Roanoke Rail Road pay4 four p,
cent; the value Of its stocks | have been unshe -
| ascertain. The Richmond and DapviIle Raj, kysd
pays nohinR while s stock sells at thirty-seven DO
lars per share. The Richmond and Petersburg H.
Road pays nothing; stock worth fifty four dollars p-,
share. The Central Kali Road pays nothing; si'cl
at twenty nine dollars and hfy cent per sha.. IT,
Orange and Alexandria Rail Road pays no,lu.
| stock at twenty FIVE dollars per share Bar thu
wasteul extravaganza ID not confined to rail r,,rl-
alone. We find It pursued with reference 10 steam
ers and with no better rssu'S, We fGd -yid,i,,c
by the failure OF the great Collins line despite ~
raj government subvention. Had this been WIZ!
drawn long since, it would not have subs.rod -
months through the ordinary commercial RESOURCE
| Of New York, great aud prosperous they sr..
And here, am reminded, Of the statement of = a.,
| tinguished gentleman made in AN address reccuiiv
delivered by him, in this city, that there was no ere
In the South. II ia hardly NECESSARY 10 soy. thai -
statement is incorrect, for few, | believe have Dr-r
exempt from its evil influences. Had VIC NOT d.,r
citation of all kinds Of values during this period md
were not many of our merchants ruined by is opera
ton, and many OF our banks driven TO the very ver
of LIQUIDATION To-day eveu its effects ara visinl.
the anomalous condition of these institutions ari
are at this moment doubtful, as to what course ft
Legislation will pursue with reference 10 them some
urging the expediency OF deerrng action upon ih-ui
until they shall have finally emerged from his cr-.s
Yes, sir we have had crisis in the South which wa
not only detrimental 10 our commercial und bank ing
interests, but TO our agricultural interests also. Ta,r
many here who will bear testimony TO the fact that
had the people greater difficulty in raising
|
through which We have Just passed.
say, Mr.. Speaker, that every consideration bavDs
reference to the good of this old Commonwealth 70
| the maintenance Of her honor and credit shouit
against any further appropriations for int.r
! nal improvements, at least. for the present. The
Auditor in his report, and the minority Of the +
| nance Committee agree in the opinion, that there
will be defci; for the present fiscal year The mi
nority Of the COMMITTEES on Finance concede ~,
there will be deficit Of S75,lj0 10 for th. pre,ca'
6sosl year.
Iaould warn the friends Of the South side railroad
az well NJ of the Norfolk and Petersburg road 20 @
ware how they permit such ruin to be enfaled upon
their interests the construction of THE Orauge ert
Alexandria extension will involve. And il h.ioov.
those too who interested in the growth and pros
pery of the city of Richmond to look 10 il. II bod.
destruction to those nerests while II will contribute,
in small degree, to promote the nterea; OF Bz'i
more. Richmond will be deprived of the great beuo
f., which che had fondY anticipated from that great
medium Of trade-the Virginia and Tennessee RAJ.
road-for who can doubt but that the advantage
presented by this proposed extension will be ~ Aied
OF by the great Southwestern nterests in preference
to the existing routei These facts which should
be duly weighed and appreciated And 10 iess d.
structive perhaps, will be the proposed connec Il
the Msnasaa gap railroad with Stauntos whence th-
trade and travel by the Covngton and Ohio, srI th,
Central railroad, to that point, will be diverted ia III"
direction of Harpers Ferry, there to fnd their Quite.
to Baltimore by the Baltimore and Ohio railroad
| might present THE question in political aspect
as one involving serious consequences to the DOM
nant party in this Legislature. They will b. h-t
sponsibe, and justly so for the evils which must r-
suit from this system OF reckless appropria;ios {"
conflicting interests. 1t may. for sught We know IL
vove the ruin Of that party in Virginia by .sdlpg
upon the people burhen beyond their capahilirr.
I" endure. And if that party in Virginia il broke,
up. regard lie nationality as at end, for IL -
always recognized eound nucleus, around whic'
tho national Democratic party might rally u. 20,
snrndest basis to secure its perpetuity, and with it m
| p.r .fpi, ~ pF h. Tn.n h.H
which exist sloue upon tn. great natiopal prrc
plies Of that party.
thank the House for s kind attention to my re-
marks.