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

| 'AASuSn ~ O0 uoH Out OF IunQS ana out OF
credit in its present incomplete state, it
may be fearlessly pronounced to be
successful work, in the sense that its
Importance and its practicabiIity are de-
monstrated. It would this year have
paid the interest upon its bonds, but for
unexampled seasons of the two past win
ters. The report Of its very able and ef-
fcient presiding officer will show that its
affairs have been well~managed; and the
company have again resolved upon
means of relief. which they call upon me
to present to the legislature. With ear.
nestness, and acting under strong sense
OF justice to innocent stockholders, who
have sacrificed their whole interest for
the state, l repeat the recommendation
which l made TO the last session, to con-
vert the whole debt OF the company into
stock, for the state to take its portion of
the debt in preferred stock, and to sell
1000 shares for further construction of
the work. The reason and Justice of this
are set forth in my previous message,
and IN the accompanying letter from the
president OF the company.
The work next in primary importance
is the Covington and Ohio railroad. l
submit synopsis of the progress of the
incomplete work, prepared by its chief
engineer. Two millions per annum can
be economically applied to this work, and
at that rate of expenditure it will take
about four or five years to complete it.
To make that amount of appropriation
now may be said to be vain, inasmuch as
the bonds of the state cannot be sold at
Par, aud no money could be raised on
them. In answer to this it may be said,
that if 40 money can be raised. none
will be expended. II none be appro-
prlated. then none could be expend-
ed. though some might be raised
And, ii appropriations are to be made and
ought to be made, they ought to be suf
ticient to meet any fortunate contingency
for raising and expending the means to
carry on the work. Aud bonds can be
sold aud the money can be raised in part
by taking state bonds issued prior to 1852.
from the contractors and creditors on the
works, and sinking them at par. on con-
dIuon, as heretofore, of the purchase Of
new bonds at par from the state. This
will make par to both the state and pur.
chaser of the bonds, and will put money
into the treasury to pay the public credi-
tor. and make par all around. The &C
companying letter from the chief engineer
will show how that operation has aided
the work. | therefore recommend the
| appropriation Of at least one million and
half OF dollars to carry on the construc.
ton Of this work as speedily as possible.
And in view Of the present financial diffi>
cultes. hesitate about recommending
any other appropriation to public works
at the present time. But we have reach
ed the Tennessee line with our South
western railroad, and that work has ev>
cry prospect of profit and of being COM
pIeted in the next year to Memphis. And
call the attention Of the legislature to
the importance of a branch of this great
work through the Cumberland Gap, con-
Meeting with the Kentucky works, and
terminating on the Ohio at its mouth, as
illustrated by a map and men orial touch
ing Kentucky city, at the moY'h Of the
OHIO river, and the reserve which Virgin
la made there when she ceded the terrific
ry Of that state. The Memphis road
completed through Tennessee; the Cum
berland gap road branching 10 the INFER
mediate West; and the COvington and
Ohio road finished to the Northwest-we
will have nearly all or the most essential
Of the connections needed with the Ohio
valley at the back country beyond. And
b. completing the South side to Norfolk,
and connecting the Danville road with
the works of North Carolina, and finish
ing the York river road, we will have the
most essential Southern and Eastern con.
nectious. And l call your attention to
the accompanying memorial of a commit
tee OF citizens appointed at late general
meeting OF the stockholders of the Orange
and Alexandria railroad company. The
friends Of the extension of that road TO
/ LyncLburg are persuaded that us an op.
GRAFTON OF finance alone, its completion
would bring large returns into the treas.
ury. That it would put into immediate
and profitable activity nearly 400 miles
of railroad otherwise unproductive, in
which the state has already made large
investments, and which, at the reduced
estimate Of ST. 500 yearly receipts per
mile, when the entire through line is put
into operation, would yield an aggregate
gross receipt of three millions OF dollars
per annum, out Of which, after deducting
900 for repairs, interest and contingen-
cies, there would be left to the state at
least half million for her clear annual
dividend. This would at once relieve
taxation for the completion of other works.
Such is the confident calculation of the
projectors and stockholders of this work.
l think that it is, undoubtedly, likely to
be one of our most profitable lines when
completed; and its Importance is i'm
mensely magni6ed, when viewed in con-
nection with its junction to the Cumber-
land gap as well as the Memphis lines.
1t is work in progress, is waiting for