Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-04-01


Orange and Alexandria railroad do, iooi si35
Richmond end Danyille railroad do, lV3l AZ i,.o
Richmond Ffed'bg. and Potomac DO DO. aSo o ooac
Ricnrond and Petersburg railroad dop 2u0 ,cC
Roanoke valley railroad DO, ~ oo3S
Sou,hside railroad do, ~. $50
Virginia Central railroad do, iUuS s sacs
Virginia and Tennessee raiiIoad 90, i eao SsoG
Winchester and Potomac railToad oor wv -
1886 44sOs
Thus /, seems that in companies III WHICH 'e INTERESTS
OF others llsn the State less than seven '''hs " "
,s md ,h interests of the State stock aud mortgages
together mote than fifteen millions oil ooats' he "'e
casts hui an aggregate of thousand votes and others
,n, , S an argrepate Of forty iour thousand votes
Tho interest, Of the State independently Of loans, are iee
- yo yf those Of other socEhvldersi yet other s"cHo
dar. voe "a nine 10 two over her II is not sln9"a hot
mysterious nor accidental, in view OF TINS apo'H'"'' ''
raneement that of all the great corporations OF 'he
ceo the canal company, the Orange ara Ale3au'''
pany and one Of the banks, Wings I'LL the ch'et executive
no pnd receive The bes, salaries paid within virginia 0o
ders
The james Rive! company was IL" IN e1ceH'"h - ''''
system OF things until II was absolutely necessary " ~
ev exfs.er,. f tic company 10 place man al lis heaa,
high in the confidence and Influential In the couhcS o "
dominant marry in the Even that company Is no' an
s,c,,oo Ia she sustain which prevails among oil the corpo
rs,ions in which the State is stakeholder, OF ming oef
Offices than that OF PRESIDENT hsh and low, lucrative anu
otherwise wi:h members Of the minority parry! ihe cum
res of Presidents Chief Engineers and Cashiers aohs' "
the corpoa!!u:sin which The State Is in'efes'ee III '
uo,we,tb amounts 10 an aggregate CT more than suouoU
ouadrpng in value all the patronage when me feaefa
Govcpncn! las power beslo" in Slrsinia nc or'
offices in hLsa corporations pay the best salaries fece''
in our community salaries which probably aggregate
quarter OF million al doars. II is notorious that heg
are almost altogether ehoyea nv VpIets a'u "e'''S ~
| aers Of the minority party.
It's c"n=nded that the vote CT Inc State IN NN cor
alluded TO- ought be restored 10 The rishtiu pro-
portion from which the Code rozeed il for the purpose OF pa
cling the dominant party of tho State in possession o these
lucrative salaries but it is contended thai Inc o.ac 'oe
should BE- graduated prevent the minority from retain
inp posseeson Of those Offices using them rewards
and incentives parizan ZEAL The measure proposed ny
Mr. Goodies bill is entirely defensive in inenon and effect
1t is intended for the protection OF The Republican cause IN
Republican Virginia. young and giant power is growing
| up in our Ccmmcnweah-nn interest when WIZ ra"hy
every portion Of the Commonwealth, which VIII gaVaii2e
eyery interest wake up every energy and exert absolute IN
auence and control over the public mind. Shall the do
nan. party the State allow this power TO be Kidnapea
from them in is ufancy and permit 1t TO grow up blasea
shaped and controlled like OF wox TO the purposes
OF the minority!
The subject OF the most important IN virginia po
tics II is the less important because itis new II IL
not the less party question for It's recent o'eh Fo
will il be less treason the Democratic cause 10 blink and
void II, because the "ine.nu Improvement party nave
seemed 10 bndcld few approved republicans 10 lis real
merits and Importance:
The argunen. in support of this monsrous proposition OF
the Code question: is specicus and fmsy enough II Is
thus"Thc State is partner of the private slocSnoue's
What therefore, is the private socRhoiders true
interest, is her true interest. 1t is tho in'e
rest of the private stockholders 10 have control
in the general meetings of the companies Thereloe,H e
the States interest tina, the private stockholders should
have control in these meetings. This Is perfect instance
Of tho rsGuciio adj absardum.
Another argument is,nus"he proxies OF the State IN the
general meetings of stockholders have personal direct in
eres in the works OF the companies Private stockholders
all have The private stockholders therefore, better guar
dams Of the interests the company than The State proxies
and therefore is best that the State proxies should have
as small vote possible in the general meetings ms
sonno is IN sr more absurd than the other II FIST
.lues that proxies no individual interest IN
the companies which is contrary 10 Inc 'tu!h Ia ninety nine
CT SEES in hundred 1t next that private stock,ud-
ers always person. ard not by PROXIES VINO are Ia
BILE to precisely the objections urged against
State proxee; which, also contrary the truth n naey
nine cases 10 one Private proxies have in general os little
interest general prosperity of the companies except in
contracts they may seek to procure for their principals as
State proxies Each Of these arguments open TO the rcor
that upon the principle the State ought 10 have no
vote all
Bu The main iacy in each argument is il su3posns the
interests Of the State than the Stale arc ii"n
teal The fact is otherwise every knows who has
Maid any attention the history of joint stock companies
in which State has been stockhoder Il il improbable
for the following state OF things or:cut?
Suppose The capital stock Of company be 81 O09p
of which the State lheehs and private stock hold
ara wotths; suppose in addition the States direct in
torres, of 81 OOO she loaned The company million Of
dollars making her interest Sc 200 00o while the private 10
terest is but SS00000 udci0us system OF management
bv the company equally Just the State aud private share
holders will produce, say arthcs six per profits
per annum upan the whole investment OF S3OO0,CGO. 81
such udccus management private Stockholders will earn
for themselves SIS 00 and will Tor Inc State S320Oo
per anouu Thus the reward Of honesty the part Of
private stockholders controlling the administration OF the
company, will be s!s 600 per annum.
Let us now see what the reward OF dishonesty on their
part may be- few years oil ludiciou5 Encouragement OF
nas,ery unproitableness will furnish the staples of
pan,Iye story OF indebtedness and financial imbecty for
legislative ears sufficient induce enisnt legislatures
st ., one session. release the interest upon The States
million loan for the same Of bonds; next another
session. the loan and bonds into equivalent
amount OF capital stock, standing the footing with
the original capital stock; and next still another session
of the Legislature composed OF members unaCquanted with
the beray of their predecessors reduce this stock OF
the State TO fifty per cent. Of s original value II will
probably require five six OF mnanO and i've
or six different series of stories OF misfortune and debt to
these several sradaons OF bounty from The
State But in The six years the private managers OF the
psny will thus have reduced States interest 10 lis stock
from 900 ST. 100000 in other words will have made