Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1860-02-13

The magsatude apu Importance o. ths Wcfk,
and The deep iaserest which l. felt 10 II BY the
.neple II Virginia. viii iu.tiy repeated Alla-
siavs ;, IL A . gres, State work. destined, we
sincerely believe, 10 do more for our cid Common
wealth than say other projected. il has clnims
arss every citizen Il Virginia. But, to the peo-
PIE IL Lynchbarg. wha, in their corporate capaca-
~. have iayessed sixty resen thousand three han
.isel dollars 10 is--ss say nothing Of individual
Subscriptions; Of the Investment " capital by
,As.e Il our ci.iasos engaged 10 the freight bust.
suv=s sf the casal; Of Ii" employment IL affords
tsAe iaia,tipg class; q the privilege il Sc
esirs4 40 lhe city, and to our mills and machine
sisss--it shuuld be subject Vi especial and en-
gr.-siug 'a,eres.
II should DC sufficient for TO know that !. 10
ea.ba .a>-ci aud in danger Of Icing entirely sus-
Ter led az distant day.-io call forth every Ell
fort tn our part that uf,rd any prospect Of
relief Il is MT expected that Luxembourg, loaded
aud ..p,i e.sei as she is with taxes, can do more
at present. than extend aer sympathy and counte-
nanse. These we are quite sure, sbc will give,
asi a, n same time justify AM su>an her rcp.
re-entatives to the Gcne,a i Assembly in support
ing the "nly policy that IS now recommended TO
extricnte the canal FROM lis pfe-iae embarrass.
lnent.. The policy ,na,cacl is briefly this. The
5mpauy owes The State g., amounts loaned and
bonus guaranteed the sum vi s., 1S4 3d.
which i. ibdel endent 81 the stock originally sub.
scsifed by .he State. Upen I'M. snln the Conn, III
ny is hnad 10 pay interest, having bull. more
than half the wnrk thus far GA borrowed capital
tie result OF winch, considering its unfinished
condition. s Ia abstrnct annually from its current
revenue an amonnt sufficient Ia embarrass its bu-
Sincs.. not only in preventing its further extern
sim. hut in precluding the possibility Of keeping up
rho necessary repairs on it's finished portion The
c, mpany prot,oser, and the bill pending BE-
LIRE the Legislature provides, that tho capital
stxk M the Company shall DO increased 10 $685.
0o0 COO. aud tina, the Sin,e shall subscribe for hf
~ thnnsnnd additional shares If stock which shall
be capitalization the A".ount loaned, and also full
payment on the part o the COMFY. Of tho sum bur-
rewed o. .shers, tor wh,eh the State has guaran.
teed pny nent. This lnst is simply transfer of
Indebtedness, as the psrl.e. holding the guaran-
I ccd bcnd- OF the COMFY will receive therefor the
hosds tho State, pnyate ,hrty-to years after
date. with nierst at the tate of per cent. per
an, YIN. tt he pnd semia,nnay. This is tho
chief ieaiuie u, the bill. the remaining provisions
of which we haze not the space to elaborate. by
this aravgen'eit. the Cup'pany will be relieved OF
the DEBT thu ,uw expresses ii; destroying itscrs.
DIT md la'alyzug ts enc, ey. mud will he enabled
Il, pr"sceu,e the work 4, -Cosagton, ON which
third division. it has slIendy ex,andcd soil u9I-
90; which works will soon iai ii,o decay aud ru-
in if lett in ,ler unfinished aud un pruiected con
diton.
II the provisions Of this hill should be accepted
by The Legislature there ~unld lie ma difficulty in
securing the necessary aus TO enable tho Compa-
ny 10 rr"sesaie their works cdwtely, by pledg-
lhg the receipts on account af tolls DC In short
MS creditwou'd 10 restored and il would no Ion
ger lHneo,sh between lie and deorh az at pro.
sent.
Tue eject of this sclaIne when ADMITTED would
be :" increase ,vminaily the debt e tho State
S-..A,OOO. that being tho sanaint dac by tho
COMPANY p bonds guaranteed by tho Co mmou-
veal J.. but il ia very obvious iha, IN ats present
cotdi''"n it Is virtually due Try tie State, upon
Wboht mos, lay tho interest ~ MI titar to come,
provided the caaal Cuniral.y shall he una ble tn
do So. But let this nnr"its SIR tapitaiized and
-eo".ercd ,nie t'tate houds the syst,o Of the
sllii., !ui adopsd, anal N thirty ,iaa ycars the
whole debt may be wipei Out
IL wvuid eeenr to do very faoush nticy, when
the State is-ul,imsst,y Se-pnnsbe for the oay-
innnt Of these suasan,ecd Lon.l,. a.a is besi les
the thrg~i sI'eklo.d'r Al tle eata Gas her to To-
tuse the )uan nj her creGi, To scstore tkat r. a
Company ty whose hilurs ahe ~ oaId he tho gr ca.
te,t sufferer. Tint alternative is nw ,,n.4en M, ID
and she must esther aid the Cuvnauy uy ssc,a %
the whole work. with lass Ia her-ei IL sot IL ss
than eigat m'l!s,1s Of lalar' "a 4,"oc,- sad ne
untold MT TO W comp u lts- resulting, ito,n the
failure I" tlepelep ihe urres which this cr, at
work would bring into. active exercise.
From estimates that appear u be we'll toanded.
estimates made by segacIuu familiar wal, tho
Resources Of tie o.un;s, thai w,aid be etcnet and
dra'"ea 'y the Ss'sa!. iho to!s and tonnage ut a
indicate estimate wpulj "a, iced three millions of
dollar per annnu,.
B"t wn" tan estimate the value 10 the State in
commercial point of view. OF the is.u,ense tom
mage that would he set avsn upon the whsrses Of
her seaboaid ciiiesi
Virginia ~ould in truth,Le the couacopia Of tho
S,uth, und, in the progress "a. years rival the EN-.
pire State Of tho North.
We trust that the Legislature will r~ adjourn
without passing the important bill Of which we
have spoken. and that M n..f her ,yiH be iufu-
.encei iy scruples csncerIi q the constatioaaity
OF the act. The conversion scesle cau bs NO means
be regarded NJ q REIMBURSEMENT of the States in
terest IN the property of the canal and besides we
could cite n precedent mora obnoxious to this
charge than The sehsme proposed BY the friends Of
tho canal
When the Winchester and Potomac Railroad.