Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-05

The private stockholders in the bridge, with
few exceptions, sold out their stock to the Portsmouth,
road and the completion o. the bridge effected Il
cost approximang 10 ninety EIGHT thousand dollars
In the mean time, the Wilmington road was construct
cd, forming direct connection with the Portsmouth
road at Weldon ard establishing continuous line o;
railroad from Portsmouth to Wilmington, 240 miles in
length. 1t was unit; this connection was establish
ed, that the Petersburg company discovered is mistake
refusing accept the terms OF the act OF North "a
rona; which act would have placed 1t side by side
with the Portsmouth, road at Weldon
II was now TOO late 10 eff ct so desirable object
The Petersburg company had refused the cake when
offered 10 II, and, like disappointed cnld cried Tor IT,
when no longer within its grasp.
The tears of the Richmond and Petersburg, and
Richmond and Fredericksburg companies, were min-
ged with those of Petersburg, for lis reclamable loss
and unenviable condition But their sympathies were
soon converted into revenge-und that revenge was d.
rected against the Portsmouth company not IN spirit
of fair and honorable uation but in combination
OF efforts and interests TO break it down. This, Sir,
was the origin of this rivalry-a ri1airy which has
been alike subversive of the interests OF individuals
and of the Common wealth, and the subsequent effects
of which were clearly explained by my friend from
Norfolk Borough.
The House must perceive, from this statement, Mr..
Soeaker that the Portsmouth company could have had
no interest in reduction of fare road. 1t had
the vantage ground, and could not be dspossessed II
had secured, by lis happy location, majority OF the
travel and under such circumstances the policy OF
ducing the charges for travel would have been both
njudicous and suicidal. The upper line cut off by lis
own act from connection at Weldon, and excited by
jealousy the success of the Portsmouth company de-
termined, its only hope and remedy, to commence,
and prosecute, war of determination.
But, sir the Portsmouth company has, former
OCCASION given evidence of its desire end this pro-
itless struggle. And repeat here day, shat will
pledge myself to go with the gentleman from Rich
mond in any measures he may choose to adopt and ap
ply 10 that object.
The gentleman from Richmond has advanced ano-
tler doctrine to which cannot assent. He contends
that these amendments if adopted, would be uncon.
stitutional-that they would invade The chartered
rights Of the company. maintain that this company
IS applying for loan, and that have the right
puate the terms upon which that loan shall be granted
When the Portsmouth company applied for loan, the
terms upon which It was ob'aned changed the aspect
of its charter by bringing 1t under the general railroad
law The same action taken with the Petersburg
company the Winchester company, and others. We.
rily Sir if this be the doctrine Of this Richmond Ere.
dercksburg aud Potomac Rail Road Company, it will
..te of an abstraction
few remarks, MIR. Speaker, upon the merits OF the
bill. The gentleman from Richmond, upon informa.
ton derived from the report of the company represents
the condition of this Richmond and Fredericksburg rail
road as hourishipg Every thing is going on we'll and
swmmingly Sir If this be the case, why knock at the
door of an empty Treasury for help Why call on the
Common wealth If the state of the company is So
prosperous, why come here for aid: | am referred
TO the report made 10 the Board Of Public Works
hut prefer not 10 rely on it. a certain French Car
dinal has said-that language was given 10 man The
better 10 conceal his thoughts The reports OF these
companies sometimes given, the better to conceal
their real condition. | prefer, upon subjects Of this
character, appealing 10 the common OF the pub
lie and 10 the opinions OF stock, obbers and others
interested in ascetaininr and eliciting the truth
And what do they tell US Why, Sir that the stock
of this company, which cost hundred dollars per
share, is not worth forty dollars per share. am
bound therefore, 10 come 10 conclusion unavoable
10 the prosperity of this road If look TO the repor,
10 which am referred, It changes not my opinion.
there read that the debts due BY the Company amount
TO tive hundred and ffiy-ive thousand dollars, while
its capital stock is mlion-Add the loan ask
ed for and the debt will be increased six hundred
and tvfv thousand dollars, and the interest
quent upon that debt will be than hundred
dollars \ day. This speaks for itself
Mr. Speaker, TO say nothing of The state Of the Tfea-
sury at this time, does 10 me, that the cream
stances under which this loan asked for such
as to warrant the granting of ii. prepared, a,
proper time, TO go far any one for such works
as will improve the face of the country, open com.
municaton and niercommunication between the Sc
vera sections Of the State, deveope our resources
and, at the same time, afford safe and ready
means Of transportation for the agricultural pro-
ducts Of our soil. But | am not prepared 10 vote
away large of money, TO be appropriated TO
the construction of WORKS, designed chiefly for the
transportation of travellers and of the State
fourteen miles of -s!-cG, between fredericksburg and
Aqua Creek, 10 proong the road Of company already
in existence, and which has already received from the
Commonwealth two hundred and seventy five thou
sand ,,,t-e3 +iia-e That portion 1T Vic ucd
OF which am speaking. intended almost cXriusye
for the purposes of,raveng Whatever asp Il, thea,
the bill might assume by amendments ii never
command my sanction.
Sir there are other circumstances connected with
that bill, which ough, to be known this House, and
which, if known, ought 10 defeat S passage The
stock for this fourteen miles railroad, has been taken
up-subscrbed for by individuals interested in the
work. and who have failed refused pay The amount
of their subscriptions. The net osncorporation under
which the company exists puts 1t in possession of the
Of enforcing payments; bat the company refuses
10 enforce prescrring the more indulgcnt method OF
borrowing the money. The consequence is, that the
State is called upon supply, part, the failure OF
these delinquent stockholders, delinquent under the
law) by loan Of hundred thousand dollars. Are
you prepared, Sir, 10 establish precedent like this
Why don't these delinquents paw mp: Is the stock
worth less, they too poor: Sir establish this pre-
cedent and pursue II, and you will have railroads
the whole face Of the Commonwealth, managed by de-
Gnquent stockholders, who, if their schemes succeed
well, will pay you back; but if they fail of success
they will pay you nothing. 1t is the old game OF
sheGdS I,cin, tails you lose.
Strange as it may TO some, entertain the OPT
that the State ought never 10 have given It's aid 10
this work. Its effect mas been disastrous upon several
portions of the Commonwealth. | might refer to Ere
dercksbprg as one evidence OF ITS injurious tendency
That little town enjoyed advantages peculiar 10
it's location, which no longer exist Passengers ure
now hurried through it well as through the State
from North to South, with the rapidy OF steam power
leaving other evidence that they have been in the
Common wealth, than the noise Of returning engines
and the wear and tear of railroads. i doubt whether
Richmond has derived any benefit from il. 1t has
served by the facilities it offers TO reach Northern
market, invite strangers out of the State Even as
ckobbing concern, it has been not only Proess
bnt runous.
Sir if we are to exhaust the Treasury, Ut is in fact
already exhausted)-if we to tax the people ior
works of Internal Improvement let them be such as
will result. in advantage TO the State. We are
every day drawing the lines closer and closer with orr
natural rival the North; while at home regard
ed as a divided people; Eastern Pirgiaiams and Uest-
erm Inginians The Yves, is calling upon 10 dra "
the bonds Of union closer with them. And we do