Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-04-23

The flult which has reduced the Company to Its de-
plorabe condition, not the Companys-nor OF the
management of it, The fault here in this Hall oil the
Legislature itself. The policy on which the Company
rested its hopes of success has not been pursued Why
has it not beeng 1t policy devised mainly, be-
eve, By Mr.. Cabel with the great abilities OF Chapman
Johnson TO aid him-was embodied in the charter grant
ed by the Legislature who thus gave their SANCTION
and hal the and active cooperation alsoo
Mr. Marshall whose declining days gilded by the
hopes this measure inspired that his long cherished
dream Of future glory and power for Virginia by means
of il, vas at length 10 be realized Ths p0hcy was 10
carry on the work upon adequate basis OF subscribed
capital to. be enlarged from time to time as might be
necessary Accordingly the charter provided Tor cap
tai OF 100000 with provision to enlarge 1t to any
amount necessary for the completion OF the work No
one ever dreamed Of completing work OF fifteen or
twenty millions on basis of five. The Company never
departed from its original policy. Its first application to
the Legislature after exhausng the original five millions
was for enlargement of the capital stock and that po-
LEY, believe in all its applications, was invariably urged
upon your adoption Ii the Legislature Itself that
overruled that policy and substituted that miserable
from-hand-to-mouth policy OF borrowing, from year TO
year, what was necessary 10 keep the Work awe, on
which the company has since been barely suOsst
ing and which has finally, was to have been expected,
resulted in its present exhausted aud helpless condition
What great work was yet undertaken by individuals
corporations, and successfully prosecuted on merely
borrowed capital? 1t not, them the management
/
that hiss broken down this great work, but it was the pol
icy of the Legislature ITSELF adopted against the wishes
and protest OF the Company but TO Whchlt has no al
! tentative but to submit
1t again before You, in its extremity. asking
succOr. do not think in view OF the exigencies in
which il is placed Won will deny it, The question is in
what form shall it be given? The Company still ask
recurrence to the original policy, an increase OF capital
stock and loan OF much money as is needed (5OO,
OOO 10 pay oil mainly its floating debt But Two other
I pGaHn llln
NY the mortgages YOU hold and, Of course, buy in
yourselves the property 1t would, indeed, be smart
! speculation You might make handsome plumb by it,
But let us look into this Who are this Company
They but your citizens. Not only so but I'M
dertake to say that never yet known subscription
any great public work. where the inducement 20 it for
profit as an investment bore small proportion to the
patriotic spirit which prompted it. Doubtless the former
consideration entered less into the views OF the
subscribers to its stock but looking back as can to those
who assembled in this Hall to set on foot this great under
taking hazard nothing in saying that the DOying impulse
that animated their action more the love oil country
than the love of gain. Even your corporations caught
the patriotic contagion aud blended it with financial
views. iOu granted L liberal charter you invited nay
in the OF the Bank of Virginia, almost cOerced sub
scriptions you break down by your own of poll
cy the value of the property of your own citizens then
sell it and buy it in for a song Why, it is mere can
nibalIsmand OF the unnatural knd-for you feast
your children. 1t is a sow that feeds on her own
farrow But the picture is too disgusting. And turn
from it in the confidence that it find favor at
| the hands OF this House.
A1ohe' plan contemplates a change of the cOmpanys
organization, so to make purely State work.
deprecate the change and hope the Legislature will not
sanction il. This State las kept itself reer than
any known to me, from the corruptng influences of mo-
ney. Though long in the hands Of those whose political
! course have always opposed and deprecated am yet
proud thar the honor OF the State in this regard,
mains essentially untarnished. Keept so. These great
State corporations almost everywhere but the
aud sources of party corruption used by the party in
power maintain its ascendency Let have no such
eud; let is run such risk. In the MAN, the mixed
system of State and iiydua management has proven
best, and, hope, will be adhered to.
| profess particular familiarity with financial
! schemes and do no propose to examine in detail that
before the House. especially after the full and able
position by the gentlemen who have preceded me
| Messrs. Davis, Of Lynchbwg and Anderson, of Bote-
ourt. 1t is the same substantially tina, has been
mended By the company to the adoption of the Lega-
urc for several years successfully. 1t j. enough for
that it has the sanction of the enlightened gentlemen
who have charge of the work. after full examination, and
with full knowledge of the subject and who have moth
ing but the interest OF the work to determine their
illusions. The plan proposed seems to me wise and Judi
ciols, and worthy Of our adoption, and appeal to the
House. in view Of the exigencies Of the company and
the vast in erests hazrdei by nacton, suffer it
TO fail 10y blind factous opposition. Under the
circumstances, think opposition to it ought not to be
II
shall present better.
THREE DAYS LATER FROM EURoPE-ARRIvAL
OF THE AMERICA AT IALlFAA-ARRESr OF
KEENAN,.
NEW YORK, April 2lst
The steamship America which arrived at Halifax this
morning, brings advces from London aud Liverpool OF
the Ith of A pril and via Queenstown of the Sth.
of commercial character there is nothing later than
that brought by the North American, in consequence
Of Good Friday, all the circulars published Thurs
day afternoon and their contents elegraphed Queens
town. to Intercept the steamer There no business
done on Saturday ConSOs closed Thursday evening
at "a rs 9i IS for money, aud ~ II "a 5S for
count.
Heenan was arrested near Derby early on the morn
ing OF Good Friday and kept in custody until the
day the America sailed, when he would be brought be-
fore the magistrate
II was supposed that the fight would be indefinitely
postponed
1t reported that the Great Eastern would be ready
to san with the squadron which accompanies the Prince
Of Wales to Canada early in June.
II was stated that TIA, inhabitants Of Savoy aud Nice
would vote in few days by universal suffrage the
question oil annexation.
The r. NJ. steamship, Asia, from New York, arrived at
Liverpool on tie Sth.
The steamship IIammonia, was to leave Southampton
on the oh for New York, in place OF the Borusia,
which lad broken her main shalt
The Paris BOurse had advanced
COMMERCIAL INTELLIGENCE.
LIVERPOOL, April z, lSGO.--The Brokers' aud other
Liverpool Circulars published the afternoon Of
the 5th and their contents teegraphed to Queenstown
in season for The North American. The markets were
all closed on Good Friday and also to-day. There il
consequently nothing later The following is what adj
ditiona information gather to the Liverpool
and London markets previous TO Friday.
LIvEgrOOL Provision MAEHEr-RichardsOn, Spence
Co. report Fork steady with large business in old at
bia57s. cd. Beef steady. Bacon steady. Lard dull
aud nominal. Talow declined Gdals. Butchers DTS.
Gda57s.
LoNnoN MISUNDERSTANDING Circular, published on the
evening of the 9Th, reports the money market slightly
easier. Consol' for money q $S "a 5S, and for
count ~ ~ % IS.
Breaistuils dull but steady Iron steady at 90 los a
60 js. for both rails and bars Sugar dull and easier
but quotations unchanged Rice firm and all qualities
slightly higher Tea quiet at Is lid Is I'D Spirits
Turpenuue firm and slightly advanced sales at SGs.-
Coffee firm. Oils, sales unimpOrtant, TalOv quiet at
SGs on the spot.
INTERESTING FROM WASHINGTON.
WASHINGTON April 2l.-The Constitution says "If
any member of the Cabinet has sought taken steps to
change the line Of action of tie President in any mpor
tan matter OF state policy, without the advice, kuowl
edge Or consent of the President he has been guilty of
an act OF nddety and bad faith which should invoke his
severest censure.