Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-12-01


cities had failed, in every case, to pay
their subscription in full, (the whole
amount subscribed by them being 81, 10,
600, and the whole amount paid by them
being S523, 900, the act OF legislation re-
ferred to was Justly considered TO be
hostile to the rights and interests OF
those who had subscribed most, and
had paid best fragrant violation OF the
rights OF the private stockholders, and
an effort at coercion, under heavy pen
alties, which the seli-respect OF those
corporators aimed at, to say nothing OF
the necessity arising out OF the legal detec
of the act, would require them to resist.
The above is sufficient explanation
of the condition OF the company and the
difficulties in the way OF proceeding
with the construction of the road. But
a more formidable obstacle than this in
equitable legislation is the point to
which We refer as bearing in it an inn
portant lesson to the "Readiusters' OF
Virginia.
At a meeting Of the stockholders of
the road, few days ago, to provide
means for resuming work on the road,
the two chief obstacles that met the Di-
rectors were the one stated above in the
Act of Assembly, and the other was set
forth, in effect, in their report, 'that I'M
less there should be turn in the drift
of public sentimnet in Virginia, it
would seem to be in vain to ask capital
lists TO invest in the bonds Of the COM
pany, without which the means cannot
be secured to enable the company 10 re-
sumo It's work
The IIyiHiaH very ably and eloquent
~ refers to this obstacle as follows:
The ~cond obstacle in the way of re-
sumption is the effect produced by the
recent election in the State. Whether
Justly orunjustly, as the report suggests,
the impression made by that election on
the minds of those who control the cap
ital Of the country is, that the ancient
Commonwealth of Virginia has planted
her steps in slippery places, and Is IN
danger of sliding into the mire, nay,
rather the treacherOus quicksand OF re-
pudiation. That this impression does
exist. the rapid decline of Virginia Sc
curities since the clrction plainly shows.
Aud that while it does exist il should
affect the credit OF Virginia corpora
tons. and deter capitalists from invest
ing i'm railroad bonds in the State, Is IN
eyItable, il not altogether reasonable.
Men who have money to invest are pro-
verbally cautious, and turn aside IN
stinctivelv from, and will not come IN
those, as individuals or CorpOratOrs,
who. as citizens laS beI view NJ refuse
10 fulfil their Just obligations; to submit
10 and abide bv solemn adjustments and
settlements OF their public debt, and
who unite in leading a harraSsed and
pexplexed Commonwealth on into sue
ceSsive entanglementS, out OF which
there seems To- be no way o! escape, eN-
cept that which must be cut by the
sharp sword Of reputation.
Now, it may not be, and doubtless is
not. the deliberate purpose OF the ma
ioritv recently elected 10 the General
Assembly, squarely to deny or repudl-
ate the obligation to pay the public
debt, hut the painful apprehension
exists that the current is drifting, and
more swiftly drifting, towards rapids
which. whatever mems intentions may
be, must wreck the vessel, freighted
with the most precious interests OF Nlr-
ginia, unless its course be changed, and
It's downward progress arrested.
History proves nothing more clearly
than that popular impulses carry masses
OF people further than leaders propose
they shall 90 ut the outset, and that the
struggles Of the repcntaut conservatism
are vain i'm the effort % resist the on
ward rush Of the crowd 1t helped TO
arouse. None OF us failed To feel the
ground swell in the recent election, as
startling to Conservatives rs II was sur
prising to Readjustcrs themselves.
There was an undertOw Of popular will
and passion, strong enough to sweep
the stoutest from their feet, and well
calculated % alarm the loyal and faith
ful sons Of the Commonwealth,
The article closes with the following
appeal to the members OF the General
Assembly to rescue the credit of the
State;
Let us then, MS NirgnianS, by what
ever name we be known, unite in ear
nest effort 10 reasSure the mind ot the
country, and restore its confidence IN
the honor and good faith OF the old
Commonwealth. Let the General As
semblv. "a soon as il meets, authoritlve-
w make known 10, and assure the world,
which is watching us with the intenSest
interest, that however we may differ as
10 means. our ends and aims are the
same, the settlement and payment OF the
publC debt upon terms acceptable to
Nirginia'S creditors, and the preScrya-
ton. at all hazards, Of the good name Of
the State, as the most precious legacy to
our children. Let this assurance be
given, and thereby let the ancient conf
dence in Virginia, as Queen among
States-SdnS D,7T Il sans rprOcbS-be re-
stored, and with it will come not only
the means with which to complete our
only great improvement, but generous
inflow Of capital, wealth and population,
which will soon make the public debt Il
burden lighter than a feathers weight
for prosperous Commonwealth to
carry.