Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-03-12

constantly making and has been vigorously prosecuted
for several years by the politicians and the rail road
companies to procure the sale Of the Erie Canal that
may fall into private hands, and the farmer and manu-
iacturer and every producer levied upon Tor such
rates of transportation would satisfy greedy and un
scrupulous monopoly.
In New York, this policy has found, in of her pa
triotic sons, Samuel B. Rugges, firm opponent and
scathing rcbuke. In a letter TO the Rochester Canal
Convention, held in September last he expressed the
following admonitory sentiments which at this time,
pecally, worthy of solemn consideration by this
General Assembly:
"The canal questions pending in the State (said
Mr.. Ruggles are brought within comparatively narrow
limits The inquiry is longer how the canals shall be
finished for they virtually completed but wheth
err after expanding the labor OF than forty years
and taxing the efforts of two whole generations bring
them perfection they shall be abandoned sold
for nominal price to private company. As one OF the
citizen taxpayers of the State claiming interest not
only 10 its commercial and fiscal prosperity, but in its
public character and standing, am utterly opposed to
such sacrifice.
"The superficial observers who have undertaken to
pronounce this subject have evidently been msed by
the sound and glitter and external display of strength and
speed the railway and have wholly overlooked or for
gotten the ceaseless and silent but enormous achieve
of the canal noselessly but unialngly working
at their side. Enslaved by their single dea they
to suppose that because railway is valuable for certain
PURPOSES n canal is valuable for none that the two
modes OF transit cannot cOexist but that one must ne
cesSarly swallow up or the Otncr. SBnesJ
acquaintance with the facts would teach them that each
of these organs of commerce has its appropriate sphere
that both needed by commercial communicable
for speed the other for economy; that they may be-
aud should be- tremendously and prOhtaby worked to-
gether the wise and thrifty farmer works alike
his horse and his each Of them kindly but each in its
| proper line of labor
Suggestions these worthy of the statesman! commend
them with all my heart my friend from Upshur, and
all who agree with him. that canals are obsolete, aud
should be given up.
Thus far nave not considered the fiscal prospects Of
the James River and Kanawha Canal in comparison with
the experience of the Erie Canal; but | ask if the
Erie Canal has poured its millions nto the hsc OF New
York why will not the James River and Kanawha Ca
nal do the like for Virginia: And with this enquiry,
dismiss this branch of the subject, concluding it with
the hope that there is not member OF this House who
will adopt abandonment future policy in regard 10
the canal.
take it, then, we do not intend to give away or
abandon the canal. What then, shall do? Shall
we sell out the company: Shall We setting up its Ell
fects under the hammer and bidding them in at own
pricc--ior no else is likely to bd-contscae the
two millions ofprivate stock which citizens have ven
tured in the par tnershp with Us Sir, we cannot do
this and will not do it, because by it, we would dis
honor the State forever.
Let look back to the circumstances under which the
private stockholders put in their money with 1t was
when internal Improvement policy was IN It's earliest
inlncy-when experience had not, as now, shed ITS
beamy light upon the suhject-when there no
pioneer works lift the ve of uturity and ioreshadow
the brilliant Of the improvement policy-when
railroads and canals in country almost naked
experiment and when capitalists skeptca about in-
vestment in them, and when unwilling 10 take
the whole risk ourselves. These the unproptous
circumstances under which citizens risked their
money with you in the capital stock OF the James River
| and Kanawha company. Now, do not scrupe to say,
that it, under circumstances like these, sell out the
canal aud buy it in at our previously prescribed
price thus taking ourselves the two millions OF prl
stock and putting into own pockets what, in
good faith belong to own individual people; why,
sir, what would II be but legazed robbery ana egsl-
tive coufscltiony
Let Us see sir who they we're that the original
partners with US in this James River Canal concern
First comes the city of Richmond, which, sympaths-
ing with in the patriotic effort to redeem the State
from commercial yaSsaage and TO encourage her mate
rial Development taxed her citizens, to the amount of
$3.50 O0O into the partnership with us. Is this
the reward you proher for her enterprise and pari-
otsm?
Lynchburg too ever noted FOR her public spirit, put
into the SIOO,OOo. Will you reduce her pari
| otto nvesme to naught?
And the Bank of Yirgiuia-we passed law, authoriz
ing a subscription by it of half million to the capital
stock OF the Company and the Directors the part the
State forced the bank investment altogether out
OF the line of bank operations and which, for all bus
ness purposes has sunk half million OF the capital OF
the bank Will you confscate this half million too?
And Washington College, literary establishment
!
the young idea how to shuot'-an institution whose
high calling it is to raise up the youth Of Virginia into
men and statesmen-Was Washington College, say, rsked
the canal partnership with you ten thousand dollars OF
her funds consecraed the OF morality and edu
cation Shall lay prOfane hand upon this sacred fund.-
Shall dare any such act OF mpous dissertation? God
| forbid
Mr. Speaker value at an exceeding high value this
great Improvement of ours the James River aud Kama
wha Canal. Completed the Ohio il will be worth
! nulr all rail "
build in a generation. IL will reaumae and reiuvenate
Virginia. it will plant in her corouet Jewel that will
sparkle and sparkle on in mstriou5 radiance fOreyera
commerce that the world will wonder at its mag
ufcence and posteriy honor increasingly the statesman
who shall have inauguratcj the great iustrumeutaty OF
! It's consummaon 1t will generate commercial poll
teal and social alliance that will knit our west I'm sisters
10 us by ties stronger than hooks OF steel and that will
drive the black fend OF abolition beyond the Rocky
Mountains into the Pacific. Aud unless history lies it
will give prncely revenue. But sir highly as va
the cana-much as 1t will enrich her and add to her
consequence aud rcnownl would its every dam and
embankment and lock aud cuverFt leveled down, and
the ditch itself fedup, before would consent to the
doing OF an act which would fix black spot upon the
States escucheou, which the waters OF all her streams
can never wash out.
No. sir. let Us do no such damnabe thing. Let the
Jewel OF Vrgiuas faith sparkle in undlmmed and ustre
forever Perish the canal perish every nile Of her rail-
road rather than exhibit her setting TO her citizens and
to the world the example Of unkept faith and heartess
| confscationl Ye who would counsel the dishonor,
avauut avaunt "Procm, q, procai este pro fdni "
! We do not PROPOSE then, TO abandon the canal nor
to foreco.e the mortgages and sell it out. What then,
| shall we do?
Pass this bill, Mr.. Speaker and it will sweep away the
difficulties that surround it. just the rising and cloud
less dispes the yapory mist of the morning. 1t will
operate as charm just the potent specific, admin
sered by the skiul physician assuages by magic
tie rackng pain OF the writing patient will the pas
sage of th, bill operate like charm relieve the canal
! OF all its troubles and ailments.
FIRST of all the O0) shares Of stock which is the
same thing the 100000 provided for by the second sec
ton the BILL at pays Oft the floating debt OF the
COMPANY That debt is a fixed fact aud it must be paid
by somebody. The company pay it, for you know
the old saying that Solomon a wise man, and Sam
son was a strong man. hut neither could pay money if
he hadn't it." The company has money very little
of it. and for the reasons already stated The State,
then must ei;her lift the floating debt or let the canal
| 60 down
Secondly, the conversion of the company's indebted
ness into stock of the State, (which is but the pur
chase of so much stock from the company by the Sate
the company is relieved from Indebtedness and its credit
for future operations strengthened.
Thirdly, by paying off the floating debt. and commu-
ting the companys indebtedness into stock of the State
the revenues of the company released that they
NAV be applied 20 the maintenance of the canal in good
aud sufficient order and to the prosecution OF tue canal
TO Covingon This release Of the is absolutely
necessary for without it. the canal cannot he maintained
in navigable condition. and must go down.
| FouThly the 900 shares OF new stock provi-
ded for the extension of the canal from Coyngon the
Ohio river whenever circumstances shall justify and
the stock be at par This stock calls for ~ money
from the State creates no new G5I.. Indeed there is
no appropriation in the Oill the half million for
novn- o, the floating debt IL will be perceived that