The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-06
VA. MONDAY MORNING. MARCH s.: 1871


now becomes necessary for the people Of
Virginia to adopt new one. The condt
ton Of our State and her geographical posi-.
ton, between the northern and southern
Atlantic States, and between the great bread
and meat-growing regions of the w est, and
the best Atlantic ports, require that great
commercial highways and lines OF travel
shall be constructed through Virginia, from
north to south, and from east to west. -.
The people OF Virginia are certainly! not
able to build these roads, at least to an
: extent commensurate with the pressing aud
increasing demands of trade and travel.
| Our financial condition will not allow us to
undertake them. What, then, shall we do
play the "dog in the manager ?" or allow
foreign CAPITAL to build them for usS With
proper restrictions and ell-guarded reser.
yatlons of legislative control, / am clearly
In favor of Offering strong Inducements to
foreign capital to build them. Every new
railroad tends not merely to stimulate In.
fdustry and toaugment production, but to
tendance the value Of our lands and to fur
nish new subject of taxation. 81.
4 We, will take the projected road from
Stdunton to Washington, through your
country, as an illustration. That road viii
probably cost six millions of dollars to build
and equip it. A large part Of this money
| will be spent along the line in wages Of
labor and the purchase Of provisions and
materials. You canat once see the immense
advantages which would flow from this large
expenditure. 1t, would put new face on
your country. 1t would bring a cash mar
ket to your doors for everything you have
of your lands in anticipation of it's compile
: ton. After it is finished it will open a
| cheap and speedy means of sending your
products to market, and of getting your re-
| turn supplies of groceries, hardware, mer-
chandse, and fertilizers. But this is by no
means all. The construction of this road
adds, through all time, sta millions of tar-
able property to the aggregate value of the
State. This, at the present rate Of taxa
ton q per cent?, would yield an annual
tax OF $3O, 900, which would go into the
treasury in diminution of the burthens of
4 our people. Suppose we had ten such
roads constructed in our State by citizens
Of other States, is it not plain that the effect
would be to fix sixty millions of floating
capital permanently to our soil, thus add
ing that amount to the taxable value of our
property? At one-haf Of one per cent.
this would yield an annual tax of $500, 000.
which would pay the interest on five mil
lions of our State debt. .....
For these and kindred reasons I should
like to see the most liberal policy in regard
TO railroads and canals inaugurated by our
Legislature. The more railroads we have
the better and whenever parties are able
to make satisfactory exhibit of an earnest
purpose, coupled with present ability to
bulld a railroad, subject to the laws of Vir-
| ginia and the control Of her Legislature, I
would allow them to do so unless in eX-
ceptional cases, which might involve q
breach of public faith. .-
If this policy were adopted I am per-
suaded we would soon see new condition
of things in Virginia. immigration and
capital would flow into the State manu-
factures would spring up; agriculture
| would be stimulated to increased skill and
| activity the burthens Of taxation would
| be lghtened, and we should soon enjoy an
amount of material prosperity which was
never possessed before.
OF all the works that have been projected
| in Virginia, have thought that the James
hlYer and KanaWha canal was destined to
exert the largest and most beneficial inf1u.
ence on the general prosperity of the State.
Believing that the completion of that great
work is IS now beyond the means of Virginia
anu West Virginia, and yet that it is Of
national Importance, and that it should be
finished, so as to furnish an ample and cheap
outlet for the products of the West to the
tarbors OF the Chesapeake, it has been a
cherished idea with me to endeavor to in
duce the Federal Government to pay of
ten millions of dollars (the cost of the work.
of the bonds of the State, and to receive
transfer Of the whole work as far as COM.
pleted, with view to its enlargement and
completion to the Ohio river on q scale
commensurate with the magnitude of the
enterprise, which was suggested by the far
seeing wisdom Of Washington. -'
Already this subject engages large share
OF attention in the potential States of the
Northwest and l believe, if the proper
influences were brought to bear in Con.
gress, it might be accomplished. The ma
tlonal Interests demand the construction Of
this work. The scruples that many for
merly entertained in regard to the power of
the United States Government to construct
works OF internal improvement have been
pretty effectualy extlrpated by the sword,
and the day is not far distant when the
Northwest will require this highway to the
sea to be opened. Why, then, should not
the Federal Government be now appealed
to to commence the work? Should it do so,
the Government should own the entire
work from the Ohio to the head of tide
water on the James. This would neces-
sarily involve the transfer to the United
States of the present canal from Richmond
to Buchanan; and certainly no one can
deny that it would be just that the Gov
ernment of the United States should re- |
fund to Virginia the cost of the work
which that Government appropriated to
national uses.
There is one other topic to which beg
to allude before l conclude this letter,
which has already been protracted to a
much greater length than l intended when
l commenced it. - ..
The State of Virginia Is now staggering
under load Of debt, entailed on her by
the false policy of partnership in works OF
internal Improvement. The larger portion
OF that debt was incurred for State sub
scriptions to those works. The question,
then, presents itself, How shall we relieve
ourselves from the incubus which now op-
presses us? In my judgment the simplest
way Is to retrace our steps and to undo
what we have indiscreetly done. The State
bonds were given originally for railroad
anu otner Improvement stocks. Now. let
us, as Tar as practicable, reverse the opera
ton, and give the States internal improve
ment stocks in exchange for State bonds.
In this way we can probably liquidate
ten millions of the State debt If,
then, we can induce the United States
to pay ten millions more for the
James River Canal, our debt will be re.
duced to about twenty-five millions. Of
this West Virginia ought to pay one-third-
say, nine millions-whch would reduce the
debt of our State to about sixteen millions.
The new railroads which are contemplated,
and other projected improvements, will, in
few years, add largely to the taxable prop
erty OF our State, and at q rate of taxation
less than the present we might, with
proper economy, meet all the necessary ex-
penditures OF State government, and pro-
vide sinking fund that would before long
free us of State debt, and enable us mate
rally to reduce our present onerous taxa
ton. .~.s....r
But there is one important fact that our