The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-01-24
To ke Editor Of the Dispatek.

s'aer, ss entnieu 10 one at my hands. Should be
somewhat harsh and abrupt in the course of my
remarks, the example set me by Col Fontaine L
the only apology have to offer As to my being
actuated by malevolent spirit l have only to say
that the charge Is uniounded in fact, either a. It
regards Col. Fontaine, or the road over which he
presides In reference to the intimation that some
one had privately circulated reports to the preju
dice of the road can only state, far my know
ledge extends, have heard Of nothing of the kind
for do not regard individuals who think proper to
discuss the merits of Col Fontaine's reports which
have been published to the world. as being guilty of
privately circulating rumors TO the injury of the
road: If have made any statements to the pub
lie which have no foundation in truth, have pa
raded balances which false, must beg leave to
state that Col Fonaine's report has furnished me
the materials My object has been to place them in
proper light before the people in order that they
might avoid the into which his report is cal
culated to lead them In speaking of the Western
and Eastern stockholders, and charging that the
road had made dividends for the benefit of one to
the exclusion of the other, it was evident from
the very nature OF my statement, that designed
to characterize the Western as the new and the
Eastern the old Stockholders of the Company:
and the piful subteriuge to which he has resorted
in that paragraph OF his reply commencing ''Divi-
deHds have been declared &c, &c ;" by making an
individual reference, whilst he leaves general in
terence to be drawn Is too contemplate to require
any other notice than that of merely pointing to it,
You seem to think. Mr. Editor that the President
has completely vindcated the Company from the
statement have made ofits affairs. How let me ask
has he done soi by charging more to the account
OF permanent construction than properly belongs
to it. and asserting that ne is right in doing it, this
is The only evidence that he has given for
the purpose of inducing the belief that have made
an improper statement OF the Company afars;and
| must confess myself somewhat surprised that you
should so readily have given credence to it.
Suppose sir by way of illustration) that your val
liable paper, the Dispatch, had you, in the be-
ginning, the of $50 000 and from this outlay YOU
received annually an income of 20 per cent. after
deductlng the expenses CT your paper-this state
OF things continues for some 5 or years, at which
time you observe that your printing apparatus is
giving way, and requires to be repaired or re-
newed; you also think, that owing to the hand some
per centit has thus far paid, that it might be well
increase your machinery and extend your busi-
ness. For this purpose it is necessary that you
expend the sum of 100000 but on looking into
your Golfers you find that having lived rather
last, you have not money sufficient to carry
out your purposes. What would you do! You
would very likely seek some capitalist and ask the
loan of money to the extent necessary; and if you
were fortunate enough to obtain ii, you would be
very apt to charge the amount borrowed to the pa
per-at the same time giving Il credit fOr such
as the old machinery might be worth and such other
sums as its successful operation might enable it to
pay towards the liquidation Of the debt incurred
This, think you would do; and almost think that
the merest tyro III accounts" would do the same
But as Col Fontane to take exception to this
mode OF presenting his facts, will proceed to state
them in another form, conning myself to the last
annual report.
It will be seen, per statement A, page St. that the
cost of the road and buildings between Richmond
and Mechum's River, including
Lots purchased adjacent 10 the Depot in
Richmond, 81 2S9,675 81
Equipment account, expended for loco
motives. engines, passenger coaches,
baggage cars, burthen cars land and
workshops at The Junction, with .
tools fixtures bags &c, c.,is............ .216 s3S A
Paid for reiaying road between June
ton audi ordonsville. .2os SO 90
Real estate: Ienements IN Richmond,
near the line of the road, and houses
and lots at the Junction and Trevilli-
ans Depot .l6, SGT co
Total cost of road and equipment to Me-
cnunfs River.... 81 2o,55l 10
AT page 80 of the same statement the debts due
by the company, bearing interest, are placed at
$54S,S30 16 independent OF the last issue of divi-
dend bonds-thus exhibiting the fact that nearly
one-third of the cost of the work as far as Me
chun's River had not been paid for by stock sub
scrbed, but by debts incurred payable at future
dates and the principal and interest necessarily sad
died upon the entire income or earnings of the
work, from Richmond to Covington tis therefore
plain that whenever the debts shall have been thus
paid, the result will be- that the stockholders who
subscribed their money to the road west OF the
Blue Ridge, will have then paid that proportionate
amount towards this debt, which the stock held by
them, bears to the stock subscribed to the eastern
end.
In the name of common sense therefore ask
what are they to receive in return if the present
ers, who have paid but little more than twothrds of
the amount expended upon the eastern division of
the works In regard to my allusion, it respects
the depreciation of motive power, am surprised
that the astute and investigating President of the
Central Railroad Company should attach so little
importance to it,
That am under the mark when assert the de-
probation OF his motive power to be equal to $40
600 within the last two years is best demonstrated
by the tact that every item embraced in the equip
ment account OF the Company, viz: locomotives and
cars OF every description, perfectly new, can be
purchased, of the best description for less than
Sl66 43e A. whilst the books of the Company the
same materials, worn and damaged as they no,o
are, stand charged to the stockholders at $685.
43S.44l Can any evidence be stronger than this
striking exhibit, to prove beyond the shadow Of
doubt the truth of my assertion, that regular
and steady depreciation OF the machinery of rail
roads Is inevitable to the extent of from 10 to Is per
cent! And how Col. Fontaine undertake to cay
that the regular repair and renewal of machinery
is equal to its depreciation, in view of the tact that
every particle now in use on his road can be pur-
chased from the manufacturers tor $50 900 lie sthan
the same is charged on his books, is matter be-
yond my comprehension, and it will not surprise
me to learn that it is equally beyond that of the
stockholders OF his company.
VIII this mode of stating the affairs OF the Com
pany suit the views of Col Fontainei VIII the fact
that soon after the appearance of his report.
friends OF the road who were large shareholders
aud who had been purchasers, apprehendiIg de-
cline, became sellers and will the additional fact,
that so the merits of his report began to be
canvased, the stock which had been previously sold
high Sos per share fell to $50 rouse him from
his intatuaton, and convince him OF the propriety
whilst holding out one hand to the State and asking
for more money ofthrowing away the iallacies con
tained in his report, which he holds in the other2
In this begging attitude which he stands before
the Legislature, he forcibly reminds OF the pic
ture OF OLIVER when asking for more, and in this
connection may fairly apply to him the sobriquet
OF Sniveing Ned, whilst the bunggling manner in
which he has picked the pockets of his Western
Fier ds Tor the benefit OF his Eastern associates
eompes me TO refuse him the appellation OF the
.'Artul Dpdger" HEsRIco.
Friday Jan. 10th, 1854.
sR-DR C. B. BRAINERD,-DR. BRAINERp can
be consulted at the Exchange Hotel from January
20 until Saturday. January 20, 1854 from to II NM
and to 4 p. M.
My stay will be Short therefore let all who wish
treatrpeIt apply ss once, Correspondents, by %
dressing me- post paid box 70l, New YORK city, stat
ing the OF their case, aud whether the eyt-