Valley of the Shadow
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On Wednesday, the 21st ult., the Valley Railroad bill was passed by the Senate, (having previously passed the House,) with the following proviso:

"That it shall not be lawful to complete the said valley Railroad to a point nearer than twenty miles of the Virginia and Tennessee railroad, earlier than one year after the Covington and Ohio railroad shall be completed."

If this proviso was intended to damage the bill by preventing the stock being taken, or retard the completion of the valley railroad, even to within twenty miles of the Virginia and Tennessee railroad, it will miss its mark. We of the Valley know that Richmond's interest in the speedy completion of the Covington and Ohio railroad will not let that road stand long in its uncompleted condition, and that, by the time the Valley railroad shall be completed to the point designated in the proviso, the Covington and Ohio road will have been completed more than one year, and the Valley railroad will be pushed on to its junction with the Virginia and Tennessee railroad. Other Legislatures will meet in the mean time, and the repealing of that proviso is a fixed fact, if an undue dilatoriness be exhibited in the completion of the Covington and Ohio railroad. We do not believe the proviso will delay the construction of the Valley railroad a day, and this fact will be exhibited to those who proclaim that the proviso takes the sting out of the Valley railroad bill. Its completion to within twenty miles of the Virginia and Tennessee railroad, will open up a section unsurpassed in production and resources in the Union, and will benefit our whole State, Richmond not excepted, whether she will or she won't. Let every energy be exerted to put in construction this road, so important to the interests of Virginia and particularly of this Valley.

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Hiram F. Ely, hailing from New York was arrested here on Tuesday last for passing a counterfeit $20 note, on the National Bank of Indianapolis, on Mr. Jno Beard of Staunton. He was discharged, after an examination, on account of the evidence being insufficient to prove that it was willingly and knowingly passed.

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