Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-02-07

agencies of modern CivIuzauOu-the lichaNe anu lhc
croWbar in the hands OF stalwar men, guided 10y ue
i,hts of science and experience-and, ere long, our
western border will Ice bound Atlantic coast by
the iron rail- and in the language OF my Old Trend Ueh.
Gorion soon the steam horse will Suu the ocean breeze
at early dawn aud the set of sun will bath his "ea-
ried limbs in the pellucid waters OF the Omo 10 mote
it he!
But Mr. Speaker for the attainment OF this "cousum-
nation so devoutly to be wished 1t is mdspensably
necessary that the western terminus ofthe Central should
be connected with the eastern terminus OF the CovSon
aud Ohio There is gap-a hiatus OF ten mlleS-whch
must be completed IN order to the uninterrupted and
continuous flow of that mighty stream Of travel and
TRANSPORTATION about be gathered the Covington
and Ohio in its onward course from the west TO AeNau-
dril Richmond Petersburg and Notwithstanding our
marts with busy tracherS and our ports with sails to
and from every cline That there will be this immense
volume of travel and produce on this great Central line
no one can doubt who listened with cdudor 70 the I'M
p,esnahlc array of facts and arguments prevented by
The members from Monroe, Messrs Chapman and Caper-
ton, and my friend from kauawha, Me-. Smitl
AID Tor this connection necessary to the highest III
er,st, OF the State, the bill now under consideration
makes provision. And rejoice, Mr. Speaker IN saying
Il make, eFcttH provision Tor the entire compst!oH OF
the Central without drGcing dollar from yoir reasu-
imposing the ,osght Of feather ~ the way
OF burden by taxation, our people. This sir Is strong
and plain language but mean what l say, and do
not demon Irate the truth OF the position TO TINS House.
beyond doubt cay then Mr.. Clerk, record my vote
against this bill .,.
requires OF the Central first mortgage upon its entire
line property aud revenues for the payment OF pnnclpa
the pgnctual payment every SIX months OF thS interest
the State pays upon lis loans, and the one pei cent TO
the siuug fund Now Is the security rendered by the
outanv ample and abundant for these purposess What
Az, the facts Is line i, already "a miles long, and will
be- when completed 2OI understanding a country OF
hose wealth. productvenes and resources 1t IS unne-
cs,slry TO speai,-gh railroad connections feeders
branching out in all directions, pouring tnertrmc liom
New Orleans, Memphis, Washington, Alexandra, and
.r. ON, from the hole Western and NorthW Western re-
giou through the Coyingion and Ohio company whose
line and property hus eos, already S5,3t2, 600
aud will have cost, when the sum Of 100000
now asked for. ia expended $5,s62,9o)
e to ''' .'' ''''''' wv. sF'sse'l
which deduct from the cost Of the work leaves
sill 1899
As the cost of the work and property of the ompany
aite- deductug the amount of its debt which we now
propose to convey the State security for tie loan OF
a.r credit for III sam ot>6lo,00o.
Upon this exhibit can any wink so hard as not 10
see iha. the security is amplc2 Again, what evidence
can the company give Of is probable, nay ~ eeria'"
ability to paw the per cent interest and sinking iund as
they respectively fall due? This Is pertinent enquiry
Jet us look TO the record.
The report OF the year closing 30h September last
shows taat the gross receipts oil .laI year
observation-disclosures. S552, io5
The gros. receipts OF the year before ISSUES
Sboaiu- an increase of SGj,UOOand If were disposed
20 treaasS upon your time would refer you 20 the re-
views Ut former years. showing tAat similar increase
has been realized ever since the road lett GordonsYe
and took i.s majestic stride towards the great West
So TOO with ile nett profits after paying the ranspor-
t.,, e,rar.., of ere,y lind The same report shows
fr,f tles, nett profits for the ycar just closed
yere Sas2,696
For tha year previous they were 2s0,'76
lIir i'm nh, item too most satisfactory Increase Of
me-. frc5me-ubi.b like the gross revenues have been
uniformly and progressively improving from year to year
Mr. WILSON, Of Isle of Wight. VIII the member
from Albemare allow me 10 as nim what is tNe average
receipt per mile on that part OF tue Toau west OIL 9'u
TOM
Mr. MAGBJD DER will state M reply TO the seh"e-
urnt.t have never divided the road into sections ana
Da,s or euGcayorcI ascertain how much was paid by
ANY such Section nor is 70 80 all necessary Tor my afi@-
m,at thdt should DO so. 10 Is not "N' w' o' one 7,s
zion Of Jbe road, that Is proposed 20 DE co"''Y'' 20 ''
State as sccUry-oI .f'H mie ana '''3 sl''o" VI .H'
Whole road u It's entire gtH and tae Ir,tpS from Ihe
who'll. and not from any fractional part ana ne cannot
a GO geo from What has been SAID they are .5aAdAn'F
-ucu, 10 insure ue Safe against any possible respon'
.i.Hty
Not only on, Of its income does the company pay ITS eH-
-..-., interest &C.. bat s paws a dividend oil . per
..r AN. tlu- after citing aside o sinking fund sui-
: m + 7Il its s,,,,s Dill, me, mature policy which
every company should adopt and carefully adhere to,
rt still without estimating any increase OF tralspora-
lion and travel from the C0yng,on and Ohio-irom the
IluclbUr. connection from thc gradually increasing
nr,Ggctiycuess of couuify-rom Increase OF popu
..iou-aded as all are by tine almost creative struc-
lures of a raiiroad-you will see from carefully pre-
pared table aud statement III the reporto t,s COMPANY"
1890 Income OF lulH COlPa"g "it'iN"'
estimating any increase, viii accomplish al ms ana !e',
there viii be an annual surplus OF over StV"Vo u 'e'
auv unexpected contingencies.
Upon these facts, may we NOT, with all confidence ca
pcct the P.-sas. OF els p.h the ..|tE EP'e-"'
aLty to pay caiou-tbe rori id'PsHSGttg necessary
But some may say while all these postniales are au-
mtted-sl We viii not vote for the bIi because lhe
company can proceed to complete the WORK, with their
own means, without State aid.
True 1t Is, they can DO so, but at what SaCtuc' "nu
loss 10 tue state aid 20 the individual 'ocouer' 70"
Will see upon uouerl tbev will
IL 'He cohlP'H? 1'o wv " 80 }, a .sI ol
be compelled 70 i@'sg IN5 "'Louu' rr,oJ ~ NV
their Donu,-Hose oO"I>' I'm StlI,o ,l mot .ei
those VINO nave pfeceueu me ~ Is go. - Ill,
Tor more tuau oV Genus III '"T uV''a' az - -. -; ~
o69u"oJ the cOulp4u! W. " ts ~ a los OF
deOI OF 9'"V,''V' '"U - ST. o,,rs three.
StS'''g",, -O". 80 - 49,, ~o,,r,rv--reiect tbi.
hilns oil 'he I'P''A s'oG@ =, Ioss Of Seo 0,O upou
OH theu' 9uG 80 -, y, "1 mon Individual stock.
tht sla'e' auu sen noo rom the treasury and
. e, 49,, ,I,. iTa and $40 ono from the pocket.
throwing no t.'g 80 ,t ~ ,giI,nt sentinels over
VI ~ - ,an ma ,non upon what principle Of
u' ,r'ASui!' a.l L stan coIld ne defended Re.
prlden' eesnonlN sucu sup VVUiE ~ ,b arnino. o
collect 100 'A'' 'ois go s,t N n ndi,Io H.
the roau a4'e aS1'' 80 - "a yer ,oS III,
line earnings tuay "ouiI T1'O ~ shaDe NJ dIyi
State ana ihuiTluu' s'o0Huo't''s ,asd td This com
deAes lAu as Hoe''i d POi''' Oe'' eA''''''1
pau! = ~ t'l't' , &c no ,neuher from Ma
"oGI1 10" 1s4 ins - ~ .1J H., has al
nou NOOl nay -, ~; go ~ see nnr be
rea'y s'"'lu' III orosne,ify an,