The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-01-16

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provide for paying the sum charged for tn
support and education of these unfortu
nate and helpless citizens during the las
year, and also for like charges for thos
that may remain during the current wear
call the attention of the Legislature Il
the fact that the act of Congress of Jul,
2, 1862, donating lands to States tina
should provide colleges for the benefit o
agriculture and the mechanic arts, impos
ed certain conditions as inseparable from
the grant; and that the act of our Eegis
lAtUre, of October 8, 1868, accepting thl
benefits of the act of Congress, necessa
rily accepted the grant subject to thost
conditions. One of these conditions is
that the State shall, ,1ithin fire gear,
from July ,, 1862, provide college sucl
as is contemplated in the act of Congress
''or the grant shall cease and the Stat,
shall be bound to pay to the United State,
the amount received" The time thus pre-
scribed in these laws expires in July next
yet no step has been taken toward comply
ing with this important condition. 1t de
wolves on the present Legislature to take
definite action for the establishment of the
contemplated college, or, otherwise, to
provide for paying over to the United
States the amount for which the State sold
the Land Scrip received by it under the
act of Congress.
The Scrip having been sold the proceeds
were invested as required by the act of the
Legislature, and the State has in return
eighty-eight thousand dollars in United
States thirty year bonds, bearing six
per cent. (currency) interest. To this
may now be added the semi-annual in
terest, due January 1, 1867, and you
will have the amount of the fund nri-
sing from the donation. The report OF
the agent making the sale of the Scrip
and investing the proceeds in bonds, is
herewith communicated for the infor-
nation of the Legislature.
The resources OF our State should be
made known by means of II geological
survey There should be thorough
examination and exploration of every
section of the State by competent and
practical persons, who could be relied
on to make full and faithful report of
its resources and capacities. We have
the elements here which, if known and
appreciated, would bring into our midst
capital and labor that would ensure
their rapid development and make
ours one of the richest States in
the Union. There is an area of
Ii, 900 square miles of coal underlying
in quality and variety unsurpassed
and "a great portion of which
is accessible TO existing lines of
transportation, and is comparatively
to the best markets in tile
country. We have iron, also, equal To
any in the country, and salt and oil in
Our timber alone should
be a source OF great wealth. And while
the surface of our state is somewhat
broken, yet our soil is productive of all
the crops known to this latitude, and
yields the husbandman rich return
for his toll. Hitherto there has been
little effort to make these known, but
there is no longer any excuse for leaving
1t undone. 1t will cost but a small sum,
while its results would soon be seen in
great additions to our population and
wealth. i have no hesitation in recon-
mending that you direct such survey
and provide the means for defruying
the necessary expenses ofiLs execution.
The usury laws of our State are the
subject of great complaint by the busi-
ness community generally, Our laws
fix the rate of interest at six per cent,
and impose heavy penalties for taking
more. 1t is contended, on the one
hand, that experience has proven that
six per cent is not at all times "A suffi-
cient consideration for the use of
money, and that its price should be left
by the law to the market, as any article
of merchandise. And in support here
of the facts are cited, and large sums
are borrowed by the United States mt
more than six per cent, that some of
the States have adopted greater rate,
while others, retaining the legal rate,
allow much more on special contract.
1t is also claimed that persons
engaged in active business are
often willing and can well afford
to pay more than six per cent
for money; that this being allowed
by other States, not only prevents capi-
tai from coming into our State, but ac-
tually draws it from us; that men de-
string TO invest their means or enter in
to business, seek locations where Il
more liberal policy prevails: and thus
we are deprived of the use OF much
capital and of the enterprise of many
useful citizens, the result of which is,
necessarily, 10 retard our prosperity.
And, finally, it is, affirmed that these
laws are disregarded and evaded by the
unscrupulous, and that they are only
operative to the prejudice of the good
and law abiding citizens.
On the other hand, it is contended,
that were it not for the penalties of the
usury laws, there would be great op-
preston practised; that persons in
compelled to pay eXorbitant interest
under intimations that, if not done,
they would be sued, harrassed, and,
may be, broken up, that officers and
creditors would unjustly extort large
sums for indulgence shown those in
their power. 1 submit the subject as
one well worthy of investigation and
most careful consideration.
The commissioners appointed by the
last legislature to take action under the
Act to incorporate the COvington and
Ohio Railroad Company" have NOT re-
ported to the Board of Public Works
Or to me. of the progress they have
made in the matter committed To their
hands. 1 suppose, however, that they
will make report to the legislature.
L know nothing officially of their trans
actions, but have understood that their
efforts have not been attended with the
success that could have been desired.
This is a work of the very first import
ance, not merely to the immediate sec
ton through which it passes, or to the
State, but to the country at large. 1t is
the shortest, cheapest and most practi-
cable route for railroad from the
Valley to the Atlantic.
Its construction Will open up a
section of country that is of
richness in all the
and vegetable productions
known to the land. II the plan adopt-
ed at the last session to. secure its con-
has proven a failure, trust
that the wisdom of the Legislature will
devise and enact some scheme that may
prove more practical and successful.
am not aware of any action under
the law OF the last session incorpora-
ling the Virginia Canal Company..-
Nor have been advised whether il is
,he intention OF the parties named in
.he act to accept it's provisions or not.
am, therefore, unable to furnish the
Legislature any information on the
subject. -
AS required by the constitution, 1
submit herewith a list Of pardons grant