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

Secondly the establishment of large iron works on the
line of the canal will III for tn transportation OF large
quantity Of and coal not heretofore forming any
norton of the business OF the canal.
Thirdly tho Riyanna and North river connections will be
oompeted bV the middle OF the year, and must furnish
large amount of additional freights.
Fourthly considerable increase OF the foreign I'M
nort trade has recently taken place in Richmond,
and nromises another source Of business and income.
And lastly there an increase in the revenues, Tor
the quarter ending 3ls December OF more than OOO
which augurs well for the fiscal prospects OF the COM
pany IL proves that the elements Of augmentation are
| already at work. ,
without calling on the State then for further aid the
company under the operation Of this BILL will be made
| able to extend the canal to Coyngton
And the State will be put in better condition, urther,
in this that her whole stock, amounting to nine mil
Inns and unwards will be converted from nonpayng
into a having investment. But how Why the canal
extend TO Coyington aud there meeting the Coyngton
and Ohio road to receive the immense contributions oil
freight which its easy grades and high capacity viii en-
able il to transport from the great region beyond the
Aleghanies will have its business so augmented that its
revenues will be ample TO pay dividend, and good
dividend on the whole amount OF the stock held by the
State in the work The timber trade alone OF the Ale
ghany region now becoming one OF great importance,
and amounting on the Baltimore and Ohio Railroad TO
% 600 tons per annum and rapidly advancing will, OF
itself contribute large increase Of business 10 the ca
nal and the more certainly that the timber OF the Ale
rhanes is considered of superior quality, and Is now eI-
ported in large quantities to Europe for ship building aud
other
FINALLY there are two conclusive, overpowering rea-
sons in favor of the passage OF this bill The adoption
of its scheme defeats the competing one proposed by
Senate bill for the oreclosng of the mortgages and the
selling out of the work. Sold at public auction who
knows but this noble Improvement this grand hope Of
the State this main artery OF her commercial circulation
will fall into the hands of foreign corporation; Let
u.s. by passing this BILL kill of forever this revolving pro
position this fatal scheme IL is much treason TO the
State as if arms were taken up, and actual waged
against her. Let US trampe 1t under our feet now aud
| forever
The other high consideration demanding at our own
hands the OF this BILL is that it saves us from the
dark shame of coniiscation. That were enough II Tor
no other reason shall give this bill cordial support
for am bound to choose between the measure which 1t
proposes, or the main competing one, which Is epete
with injustice, andtwrong and dishonor.
But the b Il is unconstitutional, says the gentleman
from Upshur in this that it releases liability OF an IN
corporated company TO the State.
Sir The obvious meaning of the constitutional provision
in regard re is that the State shall not release
Liability oifhom combinations that is, shall not give it
away. And the history Of subject which Il always the
beamest indication of the Legislative inentol conclt
sye this point Prior the session OF the late Constitu
onal Convention the Legislature had ide sundry large
| olns TO Colleges and other Incorporated companies,
which afterwards released without a price, given
away. on plausible appeals the benevoeuce Ut the
Legislature in other words converted into abso-
lutte donations To this policy, (which was alto
gether proper the Convention inserted the clause in
the Constitution against releases referred TO by
the gentleman from Upshur Sir the conversion OF ndebt-
edues into State stock proposed by this b no release
without price, Is no giving away 1t Is purchase Tor
conSiderati0n-an actual buying by the State from the
canal company OF many shares of stock the ndebt
edness of the company amounts tothat it Is nothing
more nor less. True the State may not now get dollar
for dollar but she gets something, which, however little,
amounts 70 a consideration and surely tie State may,
the principle Of accord and satisfaction do what any
OF her citizens may do-saye, by compromise part ola
debt rather than lose the whole. Besides this she will
ultimately when the canal shall have met the Covingon
and Ohio Railroad at Covingon, las have endeavored
to show have her sOck-the whole of it-greatly
HANGED in value. Then most probably, think with abb
soue certainty she will get dollar for dollar on her con-
verted stock
But prefer to argue this constitutional by authority.
Some of the distinguished lawyers of Virginia have
given their opinions in favor of the constitutonay of
the conversion scheme. | have before the printed
opinions OF Mr. MorsOn OF the late amented John
NJ Patton, no, his day stood conessedy at the head
of the Virginia Bar. Mr. James Lyons Mr.. William
Green, Mr. Robert E. Scott aud Mr.. Peachy r. Gratan
all gentlemen Of the highest legal abb ty, have given sim
liar opinions Such opinions are, will me- fully equiva-
lent the highest judicial adjudication and my friend
from Upshur is the modest take him to be- he will
bow to such eminent egal authority, and surren
der his constitutional objection.
The gentleman from Upsrhur further argues that We
ingtOn and Ohio railroad will throw trade upon the
canal but send it through by the Central railroad.
clear mistake For It is well settled in the history of
commercial transportation the commonest physical
fact that heavy trade echews the railroad and read
" seeks water transportation the duck does the pud
die Besides the Central road does not the heavy
trade even if il could get IT, because breaks up thu
road require heavy OUTLAWS for repairs 1t wants
what the Canal does not and cannot get the light traffic
and the travel So say the Directors themselves, and
II. IL eli.
anticanal auuiernal Improvement friend from Upshur
II Is objected also that the inalcal condition OF the
State does not allow the passage OF this bill This is
old song Mr. Speaker; have heard il sung ever since
had the honor of this floor 1t sung with
StentOrs voice in 1898 when had the honor make
first argument for the internal improvement of the
State 10 has been sung in our to-day by the gen
teman from Upshur and we shall never to hear
its ugubrous strains until our glorious system of inter-
nal improvements consummated in all its vivilying and
cnriching connections shall have fulfilled TO the
its bright destiny and disarmed and COMPOUNDED the
croakers.
But on the financial point turn my friend from Ur-
shur and my friend from Marion too over to my friend
from Monroe-Gen. Chapmau--the foundations Of whose
financial structure they shake His exhibit of
the finances shows, clearly mat we may safely make all
the appropriations already, and add largely TO them yet
And besides all uncontngent resources OF the treasury
there some contingent 1t is true at this moment bur
which eau at will, convert into actual funds
promised-the Senate has unanimously passed Te5olu
lion to thai and-and compromise settlement will, in
the Of this and the next fiscal year. place into the
treasury not less than $3.50 900 while if do settle
the oasis of the compromise submitted 10 Us, (which
is entirely fair and esnabe) shall not handle dol
lar OF the money in 20 years and most probably lose the
debt altogether. And then there due to Virginia from
the Federal Government clear debt of 81 076 900 which
NAV almost certainly realize If Will send Wash
ugtOn active and intelligent commissioners prosecute
the claim. Aud then, further there nearly S3jOOOO
Of arrearages due from delinquent sheris for which
judgments have been obtained against the sherifs and
their securities and the greater portion of which must
in the usual course legal prqpeedn reach the treasu
~ within the present fiscal year There is nothing then
in the fiscal condition of the Commonwealth to forbid
tie appropriation OF this BILL which Is only half million
in ALL
But the CoyiRgon and Ohio railroad will not be compile
ted in generation it is said and therefore need not
hurry ourselves to get the canal to Covington Sir il We
DO duty State and continue the appropriations
that great work, in five years, six At she iarhest the
tramp of the iron horse will he heard all the way from
Covington through th5 rich valley of the Kanawha TO
the Ohio. baltimore, in less time, extended her road
from Cumberland to Wheeling; why may we not do as
much in the same period OF tme2
Sir, tell my friend from Upshur that, in preaching
for this policy Of procratuatOn be is but playing into
the hands of rivals and helping to realize the cacu-
lations which they are making supneness COM
mend TO his notice. and to the attention of all the House
extract from the Baltimore American" which in
these words
Charleston, Mobile aIj New Orleans OF Baltimore
have nothing to fear fToa still less have
Norfolk Notwithstanding Us unrivaed as a seaport
he poverty Of is back country the
constitute superabe obstacles growth prospect
Nor have present much dread Ia the competition with
Richmond We have o or ave times the population OF that city
vastly capital superior enterprise easier sea-