Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-04-01

the company has it To pay into the Treasury.
The whole work is to be mortgagcd as your
security; and as guaranty OF the good faith
of the friends this bill we have, ourselves
Incorporated clause, requiring the Board o.
Public Works to take possession of the road
whenever the payments are IN default, Tor
thirty days. 1t has been shown over and
over again, in this discussion, that the pre-
sent receipts of the Company are ample to
meet all it's current liabilities, and to pay
per cent. TO the State on this loan. lcannOt
strengthen those arguments and vii! not re-
peatthem. will only add, on this point,
that have in my hands letters from three OF
the Direc org, Messrs. Rives, Daingerhed
oad SGackelford, and the President OF the
Company, ayering, on their own knowledge
of the affairs of the Company controlled By
them. that its resources are ample TO pay the
seven rer cent, and declaring their purpose
in good faith to pay it.
But, Sir, the gentleman from Harrison
saws, that when this State was induced -
subscribe 500, 900 to the preferred stock Of
the original Orange Company, similar dec!ar-
atoms of its ability to pay the preferred dlv-
dends we're made and that those payments
have not been met. That is q sample OF the un-
founded assaults made On this Company
Why, Sir, the Legislature were never asked to
subscribe 10 any preferred stock in that Com
pany. Mr.. Barbour here read the act author
izipg tue Board Of Public Works to subscribe
three-Efths of the Increased capital stock OF
! S4j0,000, authorized by that act without
any reference to preference. A subsequent
part of the act authorized the Company 10
make any part of the increased capital pre-
ierred stock This power to prefer portion
of the stock was given, to enable the Company
to secure prompt subscriptions by others than
the State When the Company acted under
this grant, in spirit of iberalty, which ought
to be acknowledged they preferred the stock
going to the State as well as that to De sub.
scribed by others, but provided that the pre-
ferred dividends should be paid IN scrip, M
III there were nett proceeds of the road. As
the receipts of the road are applied TO con-
structon, there are no nett proceeds, and the
| State is only entitled to scrip. So far from
the Company owing money 10 the State, here
/ is the very last Report OF your Second Audi
I tor, stating that there is q balance Of more
than S27 900 remaining unpaid by the State
to the Company.
The gentleman from Taylor, Mr.. John
son, who has been peeriDg into the Official
reports Of the company with an eagerness
/ equal to that which, according to Peter Pin.
dar, a mag-pe peers into marrow. bone, has
discovered Encouragement OF the company,
because, he says, they have sold their bonds
fifteen per cent below par. Well, sir, selling
rail road bonds at eshty-fve, when STATE
stocks were ranging from eighty TO ninety,
does not seem TO me az a very bad business
tran3actiJn. Still the gentleman insists,
that there has been acknowledgement. twill
be very distressing to tue directory OF that
company to know that they have incurred
the censure of the gentleman from Taylor.
Does that gentleman know who these direc
tors ore with whose opinions he thus chaI-
lenges a comparison Of his own? By way,
suppose, of increasing bis own authority, he
tells US that he is a merchant Well, sir,
there are various kinds of merchants. Some
men call themselves merchats when they sell
tapes and ribbons; some call themselves mer-
chants when they sell gingerbread and beer
What sort of n merchant the gentleman is,
have not troubled myself to enquire. But
DO know the men whose conduct be under
takes to criticise. Sir, | can tell him, that
as much intellect is embraced within the
Orange directory as is to be found in the
Cabinet Councils OF many OF the rulers OF
the world. do not know, sir, that the gen
tleman has ever heard of the man whom |
am about to mention. But his name is ia,
miiar in well-iuformed circles throughout
the civilized world. lie now deyotes his
great intellect to the affairs of this company
with as much assiduity as be ever applied 1t
to the discussion Of great questions OF nation
al policy or to the conduct Of the intercourse
between his own country and foreign nations.
/ He is known TO the country rs statesman;
he is known 10 his personal acquaintances as
a successful business man. Wan. Z. RIyes,
cir, is director in that company. Henry
Daiugerfed Of Alezaniria is another. The
extent, and the success of his business trans
actions would sst)und the comprehension Of
the gentleman from Taylor. A distinguish.
| Ell gentleman now in my eye, whom | am
proud to recognize as a constituent, who Is
personally known TO most gentlemen here,
| Mr.. Henry Sbackeitord. of Culpeper, is au-
other Mcs-rs. Inman HorDer of Fauqpicr,
/ and John Willis OF Orange, 70 whose high
! intelligence and fac business qualifications
every member from that part OF the State
will testify, are the others. OF the Prcsi-
dem, Mr.. John S. Barbour considerations Of
deicacy restrain me from speaking. If the
gentleman from Taylor is right, these men
have been wrong. When state that the &C
count stands, upon this point, with the gen
tleman from Taylor, on one side, and VIM. G.
Rves, Henry Daiogerteld, Henry Saackel-
ford, Inman Homer, John Willis, and J. 5.
Barbour, on the other, am quite willing for
the House to strike the balance.
will not trespass further upon the atten-
ton OF the House. | leave the bill to it's
fate Ny duty is performed. Whether the
bill fails, or succeeds, | at least, have the
consolation to know, that | have spared no
labor, and shrunk from no responsibility
connected with it.
A Bankrupt Law.
We can scarcely credit the announcement
that the present Democratic Congress con-
&c