Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-01-20

then amounting W FAti" -. -.
what was this part OF the puoiic ueo.
Incurred for? II cannot be denied tuas
II was for public improvements aImosS
exclusively within the present territory
of the old State-thus contributing 10
hnild no the then State Of Virginia 70
augment values, to build up commerce
trade and thrift, without proht dlrectiy
To this cis-mountain section IN All
have said or propose TO say, DO not
consider this question with reference 10
the rights of the public creditors, OUT
only with reference TO an "eqtttiDtc
adjustment of the debt between the ola
and the new States; and here suggest
| that a very insignificant part OF this part
| of the debt was devoted 10 the improve
mept Of this section Of the State. AFTER
1852. the Legislature, in a lavish man
ner entered upon large internal I'm
provements and enterprises ana Ine
| public funded debt was Increased 10 ISL
| OF January, 1860, exclusive OF guarah-
ties. by the addition of Sl9, s2l.55;
and of this it is within the mem
ory OF all that but a very small
norton OF it was expended In
| improvements within the territory OF
West Virginia. Upon this debt, and on
the old debt, our people continued, until
lsGl. TO pay their share OF the interest
promptly as it accrued; and to con-
| tribute TO the sinking fund. The fruits
OF the debt thus made, and for whlch
we contributed by the payment OF large
interest. exist now as investments in IN
ternal improvements, held by the State
Of Virginia; and although not now very
productive in the form OF dividends,
vet no CONDENSATION can be made to the
Deople OF this State, but can be made TO
| the people OF Virginia. We all know
| the benefits Of such investments are not
| In dividends, but runs through ages,
dispensing prosperity, trade and wealth.
to the people OF Virginia. These vast
appropriations, for which this debt
was incurred, were made not alone with
the expectation Of actual direct pront'
| but for the incidental advantage OF the
people, in a situation and in localities,
10 enjoy the facilities and outlets to
market which the people Of that State
now enjoy. 1t may be said, and the
actual fact is realized, that we DO not
receive from this great outlay but a
paltry part of the advantages referred
/ 10. aud incOmBarably small in compar-
| ison to those now enjoyed by the people
| of Virginia. Who can pretend to be
able to calculate this profit to the
people Of Virginia in the past-much
| less the rich harvest for them in the fu-
ture? This debt was made almost ex-
clusiyely to afford outlets to almost
every part of the present territory OF
| Virginia 10 the seaboard; and railroads,
canals and other Improvements now
ramify every portion of that State.
The action Of the authorities of Vir-
/ ginis, since the war, in paying two
| thirds Of the interest on the public debt,
I implies the belief upon their part that
this State should pay the remaining
| third part Of the principal and interest.
/ / insist that il is not question OF arlth-
metical calculatiOn-nO interest rule
| no rule OF multiplication, subtraction or
| addition will bring about an "Gqlttdbte'
result, for the reason, as l have shown,
/ and as we all know, fruits realized and
/ in store from the investments made, and
| for which the debt was incurred, have
| been and are. for the benefit OF the peo-
pie OF Virginia, to our almost entire ex-
clusion. Looking to the great present and
prospective advantages to the people or
/ Virginia from these investments, II
they have to pay for them they will re-
ceiye an equivalent, without regard to
dividends on the public Investments.
We cannot receive an equivalent, be-
cause their great improvements cannot
profit our people. Their lands and prop
erty have been greatly enhanced
through the influence Of these internal
improvements. Ours have had no such
influences TO appreciate their value.
But are we, in making an equitable"
adjustment, to look alone to the Incl
dental advantages to the people Of Vir-
ginia, who, l maintain, should pay the
debt incurred for their benefit? The
inquiry will naturally be made. how
much Of this public debt was made for
these improvements? propose now to
present my understanding Of the actual
financial condition Of the State to jan
uary, 1860. take this date because l
derive my knowledge from report l
made in 1860 TO the Senate Of Virginia
at which time l was a member Of that
body-the accuracy Of which l have
not heard questioned.
The funded debt-nOt since mater
tally increaSed-of the State, exclusive
Of State bonds held by the Literary
Fund, ETC., was then as follows:
Funded $50 2l6, 666 80
Guaranteed bonds OF the James
River aud kanawha Canal Com.
phny .-......-.. Si-OO,JJO W
Same Of Chesapeake and Ohio
Canal Company .................. $4,000 %
SS297e,668 80
Bonds held by Sinking Fund. l0S3,657 20
Et, SpS O00 IS
Bonds lest in the Arctic. ...... l45,OOO %
S3I,74s,OO9 IS
From this should be abated the in
terest then due from the Virginia
and Tennessee and South Side
and other railroad companies, on
Debt proper ......................sS l, e53O09 IS
Investments OF the State, and in
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