Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-03-06
For The ETqater.
TO THE STOCKHOLDERS OF THE LOUISA
RAILROAD COMPANY.
n.--. ,,.. $3.50. ro..

are aSSdileu IN the Enquirer oi lnIs gay, winch
has JUS! reached me, over the anonymous sigma
ture Of "Louisa Stakeholder" for having en-
tered into contract for the construction Of The
road from the Junction TO Richmond, because,
as he thinks, the resolution Of The last annual
meeting dues not contain literal specific authori-
ty for every particular act they have done in
connection with tie subject.
The Boari recognises the right Of any Stock
holder to enquire into the propriety OF their
conduct, but certainly thinks the ccnsurc would
be entitled TO more respect, il II had been &C
companiod with The name of The auihor, OF, al
least, with the location from whence II proceed
ed. ! shall not call in question The motive OF
the writer, but will only remark, that with tie
exception OF those Stockholders in The Louisa
Company, who are also Stockholders IN the
Richmond, Fredericksburg aud Potomac Com
pauy, (and OF those | think there are not more
than five or siA,l | had reason 10 believe The
act complained Of met with almost universal
APPRECIATION.
The resolution of The Company, referred 10
by The writer, expresses their WISH for the cnn-
s~truction of The road in plain Lneq"ivocai
terms, "if no unexpected difficulties relating
to the cost Of the road, were discovered in The
survey. The GARD think they had sbundan,
evidence. in addition 10 the resolution OF The
deep anxiety of the Stockholders 10 be- relieved
from the state Of dependence in ~hich they are
placed towards The other Company. Now sup
pose, for tie sake Of argument, II be conceded
that the Conn any, Of he time o he adop'ion
of Inc resolution, contemplated that all me
funds should he rolscd by subscription oil s'o' +;
and suppose that all III. subscription had hech
raised but q few thousand dollars. wonid fni
the Board have deserved The just rebnkc OF III
tru Jrunds Jtfc L.uiSa ComPa y II hey Ia"
per mItled tie advantages that were otefed 10
them 10 be lost, because il was not expressly DE
clarcd IN the resolution that they were author
ICED TO issue the bonds Of the Company TO .
limited extent, In such a case they would have
acted with most unworthy tinIdit. -they WOW"
have sacr feed the great interests oil ne on
pany, to secure The lit merit of exact coulor-
nifty TO instructions The Board OF The Louisa
Company are as little disposed 10 assume ihc
whole powers of the Company as a o'hef
B lard in line Commonwealth. ley are "ISpose"
10 be governed By their Stockholders, because
they respect their intelligence and judgment, a.
we'll IS their authority; bet tEey nno" .ha'
some confidence is repasei IL their di,cretlpn;
and whilst they think il would o improper ~
abuse il. they think it would be equally ceLsur-
able not 10 use tHuI ~ VII oaSh1'o'
when the interests Of the Company demand ";
and | most confidently appeal 10 them 10 saS
that the occasion alluded 10 was one most sIs-
naily calling for lis exercise What would
have been the consequence OF calling on W
Stockholders at that crisis, TO be more specihc
in comforting authority and expressing lneir
wishes, which the Board thought they under
stood sufficiently well: II was the 2Iih day OF
December. The period had just arrived when t'c
slave labor Of the country " uld be disposed Of
for the next year; and oil contractors muS'
know whether they were to en-agc IN work or
rot. A general meeting OF The StocKhoid,r.
requires thirty days. notice; and a notice to LEI
out The work would have required seine t"ehs
DAYS more, by which time all he hands ~ the
country would have been dispose OF, ano Inc
work must either be postponed a whole year OF
contracted for at very high rates; whereas,
although nc Engineers estimates were con
sidered very low, the work was undertaken ~
len per cent. below his estimates. A work
the cost of which bad been represented nS
| those opposed to il as like TO exceed S4oOln.
was put under contract Tor about Sieo ooo'
Again. SUPPOSE The Board had been reslraiuei
| from putting The work under contract, from nc
| apprehension OF an Injunction. The Richmond
Fredericksburg and Potomac Company woui'
thus have effeclually accomplished me pei'na-
| nent arrest 0: the work by The continuation @
| The same threat, which | am well assured lhey
| nev-r will by an actual resort TO the law. )
IL might be inferred from the manner oil o
inc the ~aucHtiOn of The IOckholdefs t1tfe p'"1st
tngs n the managers OF ttLS c0mp2RV !
Louisa Stakeholder mad made a discovery "n.I'
was previously unknown as 10 inc 'aes = gu
work being under contract, and the'eins, sc'i "
No,hinp could have been more public than me
whole proceedings OF the Board, and mig ~ IN
clude he fac, o! their intending II give bones i'
come erIent for The work. First, the Engineer
reoorl wa. published in four newspapers IN the
civ of Richmond. Two public meetings were
held in Richmond, al which The fact of only a
| limited subscription being raised was announce
by myself in a public speech. The advertisement
| OF The letting being then in the public prints ane
| The time drawing near, the President Of The klcn'
mond Fredericksburg and Potomac Company
had published a notice | had given MIN oil me ~
reolion of the Louisa Company 10 begin The Won
on The l9th Of December. The wsTK was indee'
actually begun in presence oil CONSIDERABLE mum
Der Of persons al the Junction. Alter Inc Won
was advertised 10 be let, MANY oil the most ih'slli
gen, and Influential stockholders were utg'a =
Subscribe Tor the Eastern extension. on Inc z 'ooh'
of the subscription being greatly below "haI ~d
necessary 10 construct the WORK, anu Wne' us
cliuing 10 subscribe, expressed thpif ~fliihehes
that their dividends might De used III man,
wears. With all these facts havlns rahspNeu
with the Knowledge nf The siockhoiaeis Sds ~
BOARD hal a right fairly TO presume) that ih'
,e,I;ng was IN occur with no, more than enc
,h;rd - inc whole sum subscribed, not a whisp"
ri ohiec,ion vas raised bv any si0cxholdef, eh'
now | ask. up n what Just ground IN We" OF 'n'
,asolu,ion which firacts the road 10 De DnlE %
IAN nc nyaetikableD can the Board BE charge
Win aching wi,nou. authority as soon as nv
c,nIrac,. were made, he terms were stated 10 50
yeral III The paper. o; the cHy aaa spnseh - y
,hs most nobiic yay. The acts Of The Boarl, IN
s'a,d ~ meeting with cen,ufe, have, as | am IN
,ormed called iorth mere unanimous app'ooa
,;nn man awning which has been Gone oy Ihen
sine. the existence Of the company.
!, ,e,,,ion 10 The iniraction OF The charter o
,be Richmond, Fredericksburg and Potonla
Comnsuy, gentlemen stockholders q lGe LOUIS
Railroad Company, yoE 10 not neec any assn
ances from me, that ycu may ai.ny y"nF rear
The case we think. is too plain iota cifhcnitS-
Won can decide Tor yourselves, NJ ne nn
danger. 1t i True, thai up 10 ne TIA. "s pu'.,n
he work rnder contract, we nea'd me 'nu"ue.
OF an Inj4nttton, al a Gis'ance, ihfeaiep,u ~ y
execn,.i rpcn us 4. soon as Ls FIRST spddeJu" =
,a,th TO-, tirotoa ~. Aaxious % bfios N ="
issue before any responsibility was ncull.o
a.v. n. President OF the Richmond, treaeftch'
hu,o and Potomac Company, me no',ce aoo,
Ts,o,,fi 10 that on The 18th OF DECEMBER Ceo'
he Road was pnt under contlac', tue L'
comn.nr wouli commence the Woih uuuei o.
,bor;,u ~ the Actot Assembly. why 'na'comp'
ny declined The prosecution OF lneh aiiese1l's
= ;r,srference py injunction, ! cannot say, VI
u"ss as have heen informed, iney oisIuSe
their success, and were afraid OF The RISK OF r pa.
ing the amount OF The security, wo'en M, Won
be required to give for dan,ssss' IN b. me , hasa as
The injnnction being Dissolved, o. 'an, 81
may, The Board not only ladslns uo' bn, nsvins +,
,n.sip.e ~ rsl;shle coussel, are perfectly conhde