will be wanting six millions one hundred and fifty-seven thousand tons of iron." And farther, in this estimate, it is said, "we have not calculated the quantity lost in converting pig into bar iron, which is about one fourth; nor the quantity used for manufacturing, agricultural, domestic and other purposes."

But let us come nearer home, and enquire what is the product of this article in Pennsylvania, one of our sister states; and here, according to a report upon the iron and coal trade, it is stated, that the production of pig iron in Pennsylvania for the year 1846, may be estimated at 368,056 tons.

Now, let it be remembered, that the manufacture of iron is increasing constantly, and no where, probably, more rapidly than in the United States. This may be accounted for in the recent development of the railway system, in the extended application of iron to ship-building, to architectural objects, to machinery, and countless other purposes.

These facts are mentioned not only to shew the increasing demand for iron throughout the world, and the immense value of this interest wherever it is fully developed, but also to afford a reasonable data from which to calculate the probable product of this article in the Valley of Virginia. In the region of country already described, comprising the counties of Botetourt, Rockbridge and Alleghany, there are at present only some 6 or 8 furnaces in operation, owing to the difficulties and high charges of transportation between the valley and the town of Lynchburg; whilst in an area of country in Pennsylvania, but little larger, there are upwards of 100 iron establishments. In proof of this, we refer to a report made to congress on the subject of the national foundry, in which it is stated, that in the year 1838 there were 102 furnaces and rolling-mills situated within a circle of fifty miles round Lancaster in Pennsylvania.

With such results as these before us, may we not form some just conception of the amount of iron that would be produced in the valley, were proper facilities afforded for conveying it to market? If Pennsylvania produces, as we have seen she does, 368,056 tons, may we not reasonably conclude that Virginia will produce one third as much, which would be 122,685 tons? Or, if this appears too great, let it be said she will make (over and above the 6 or 8000 tons now made) 100,000 tons, but little more than one fourth the produce of Pennsylvania. This number of tons passing through the whole line from Buchanan to Richmond, a distance of nearly 200 miles, would at a cent per ton per mile, yield in tolls nearly $200,000, a sum exceeding the whole amount of tolls received upon the canal between Lynchburg and Richmond during the past year, which amounted only to $171,188 62, as appears from the report of the president of the company submitted to the late meeting of the stockholders.

But this is by no means the only article from which an increase of tonnage may be expected. The Valley of Virginia abounds in limestone of the best quality. It is found every where on the mountains and in the valleys on the surface and in the bowels of the earth. This is an article of prime importance, and the demand for it must increase yearly, with the increase of our towns and cities, and the improvement of the soil. The quantity now brought to Richmond, principally from the north, is estimated by an intelligent merchant of that place at 3150 tons. Besides this, large quantities are deposited on our rivers at different points, where it is bought by the neighbouring farmers for manuring their lands. The whole of this should come from the mountains of Virginia, and may be safely put down at 5000 tons per annum.

Then we have the article of lumber, including shingles, which should come from the same quarter, but is now chiefly supplied from the north. The same gentleman estimates the quantity brought to Richmond at 13,830 tons. Let us put the increased tonnage from this source then at 10,000 tons.

Another article of extensive use is potatoes; these too, come to Richmond from the north, whilst any quantity that the demand requires, and of the best quality, might be supplied from the valley and the country west of it. Of these 19,359 bushels, (equal to 553 tons) per annum, are now brought to the port of Richmond.

Besides, marble is found in the county of Rockbridge of fine quality and great variety. Within a few years public attention has been strongly drawn to this valuable mineral, and machinery has been erected for sawing it and preparing it for use, which is now in successful operation. This may be estimated at 3000 tons.

We may also calculate on a large increase to the tonnage of the canal as soon as it reaches the valley, from the increased productions of the soil, which will be greatly stimulated, and in the opinion of intelligent persons, doubled. The increase from this consideration may be put down at 15,000 tons.

In addition to all this, by the extension of the canal to Buchanan, a large amount of produce, which is now carried in wagons to Lynchburg and placed on the canal there, will enter the canal at Buchanan, and pay toll upon 47 miles between those two points. The tonnage gained from this source, is estimated by a committee appointed for the purpose at 7536 tons; and the same committee estimates the trade of Botetourt, which is now carried in batteaux to Lynchburg, at 22,081 tons, and the trade passing in wagons to Winchester which would take the canal at Buchanan, at 800 tons. Making together, 30,417 tons, upon which tolls would be received for 47 miles that is now lost to the company.

From what has been said, the following estimate will exhibit the probable increase of tonnage when the canal shall be completed to Buchanan, and time allowed for the fair development of the iron business; in which, instead of estimating the increased product of iron at 100,000 tons, as we might do from the considerations already stated, we will put it at one half that quantity, or 50,000 tons only, which is less than one seventh of the Pennsylvania production.

Increased production of iron,

Lime and lumber, potatoes, marble, and increased productions of land,

Making an aggregate of

50,000 tons 33,513 tons,

83,513 tons,

passing on the canal from Buchanan to Richmond, 193 miles. This, if put at one cent per ton per mile, would yield in tolls,

Add to this the toll upon produce for 47 miles that should enter the canal at Buchanan, instead of
Lynchburg, estimated at

161,180 09

And the increased tolls from the dock, lock and dam on Kanawha, and southside and Rivanna connections, estimated by the president of the company in a late report, when the work contemplated on them is finished, at

25,017 98

24,801 30

Making the sum of

$210,999 37

as the increased revenue of the canal.

By adding to the increased revenue the amount at present received from tolls, we may form some estimate of the probable revenue of the company when its work is finished to Buchanan.

Estimated revenue,
Tolls past year,

210,999 37

171,188 62

$382,187 99

If any thing like this result be realized, the condition of the company will be very greatly changed for the better.

Instead of being a beggar before the legislature to obtain the means to pay its annual interest, it will have a large surplus revenue, after discharging all its liabilities, as the following figures will shew:

Revenue of company,

382,187 99

From which deduct annual cost of repairs, &c., estimated at $ 400 per mile,
Interest upon the sum of $ 1,804,616 59, which would be the cost of extend-
ing the canal to Buchanan, making the southside improvements, &c. and
which it is supposed the company could borrow,
Annuity to the old James river company,

77,200 00

108,277 70
21,000 00

206,477 70

Leaving a surplus revenue of

$ 175,710 29

With such a surplus the company could find no difficulty in borrowing a sum sufficient to finish the canal to Covington, a distance of 50 miles beyond Buchanan. When the work shall have reached this point, the tonnage would again greatly increase, not only from the greater production of iron which would be stimulated by carrying the canal to that point, but especially from the increased trade in lumber and agricultural productions. The counties around Covington, of Alleghany, Bath, Pocahontas, Greenbrier and Monroe, are covered with timber of the rarest and most valuable kinds; and if the proper facilities were afforded, the lumber trade would become one of vast importance. As it is, the timber growing is a dead capital. Extend the canal, and it becomes an active and interest-bearing one. Instead of the citizens of Richmond buying the lumber to build their houses and for other purposes, from the north and south, they might then be supplied from our own state.

Besides, the lands in these counties are of the best quality, and their productions would be greatly increased; a large portion of them being admirably adapted to the growth of wheat. In the present condition of things, not a bushel is sent to market. These considerations justify us in saying that the revenue of the company would be greatly increased by carrying the canal to Covington, and that it would soon be in a situation to prosecute its work either by an extension of the water-line or a railroad to the Ohio.

The truth is, Virginia possesses within herself as many, if not more, of the elements of wealth and greatness, than any state in the Union. But these must remain forever useless, unless facilities are afforded for their development. It is in vain that nature has lavished her bounties upon us, if we have not the enterprise and energy to convert them to our use and enjoyment.

In conclusion, your memorialists would express their ardent desire and earnest hope that the legislature may comply with the several propositions contained in the resolutions of the stockholders, already referred to; that is, convert the debt due to the state from the company, and the amount of the bonds of the company, for which the state is guarantor, into stock of the company; relieve it of the penalties imposed by its charter, and provide for the payment of the interest due in January next, which the company is unable to meet on account of the falling off in its revenue the past year, occasioned by the failure of the wheat crop, the reduction of the tolls, and on account of certain repairs that the state of the work imperiously demanded.

In regard to the first proposition, the boon that is asked at the hands of the legislature, will not appear so great, if we recollect the immense importance of the work that will be secured by it, not only to the state, which is already deeply interested as a stockholder, but especially to the people of the west, who, although they subscribed liberally to the stock, under the assurance that the work would be extended to them, have as yet derived little or no benefit from it: and if we farther remember that one million of the state's original subscription to the capital stock of the company, was paid by a transfer of her interest in the Old James river company, and that the present company was required to pay an annuity of $ 21,000 to the stockholders of the old. At the time that this subscription was made, it was thought that the works of the old canal might be made to answer for the new; but upon farther examination it was ascertained they would not. The locks on the canal for instance, between Richmond and Maiden's Adventure, were only 85 feet between the gates, instead of 100, and the canal itself too contracted. The consequence was, the whole had to be reconstructed, and the million of dollars at which the works were taken from the state, proved almost a dead loss of that sum to the company.

Your memorialists refrain from urging other considerations at this time, that press upon them, and will no doubt suggest themselves to the legislature. That there are loud complaints, and a growing dissatisfaction in certain portions of the state on account of the delay which has occurred in the prosecution of this great work, is a fact, that no one, who has observed the course of events, can have failed to perceive. By the resumption in earnest of the work, harmony and union will be restored, and a brighter day will dawn upon our good old commonwealth. She is now under a cloud, and her fortunes seem to be on the wane. Is it not time to dispel that cloud that now obscures her greatness, and let Virginia stand where she once stood, and where her advantages by nature entitle her to stand again, in the front of the states of our confederacy? State pride as well as state interest unite in the appeal, and we trust it will not be in vain. And as in duty bound, &c.

EDWARD JOHNSTON,
FLEMING JAMES,
JAMES LYONS,

WILLIAM M. PEYTON,

OSCAR M. CRUTCHFIELD,
JOHN BROCKENBROUGH.

2

I have the honour to present to the general assembly, in conformity to law, an abstract from the reports of the clerks of the court of appeals, and of the circuit superior courts of law and chancery, exhibiting the actual state of the suits instituted within their respective courts, and the number of days the courts were in session, during the year ending the 30th of August 1846.

The clerks of the circuit courts of Prince William, Randolph and Nicholas have failed to make their reports. I am, very respectfully,

The honourable the Speaker

of the House of Delegates.

Yours, &c.

GEORGE W. MUNFORD, C. H. D.