The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-23
Chesapeake and Ohio Railroad

tne chesapeake and Ohio railroad she
may lose the golden opportunity to secure
the great trade Of the West, which natu-
rally belongs to her. If she continues
tlmid, inert, and Indifferent that trade will
certainly 60 to some other market, where
the people have more public spirit and
enterprise. The constantly increasing pro-
ductlons Of the West demand new and ad-
dltlonal channels of communication. How
ever much our line is to be preferred if it
was completed, being the shortest, aud
with best grades, and therefore cheapest,
with no interruptions in winter from ice
and snow,. yet the merchants, manufac-
turers, and farmers cannot wait on our
tardy movements. Already additional
lines besides ours now leading to northern
markets are proposed, and if they are con-
structed will forever close the door of
hope to Richmond.
JAMES RIVER AND KANAWHA CANAL.
Richmond has a double motive for SUBJ
scrlbing to the Chesapeake and Ohio rail-
road. The grades Of the road coming
eastward to Covington are so much lighter
than those of the Central road from Co.
yington to Richmond that more tonnage
can be brought to Covington than can be
transported over the Central road. The
same locomotive can draw more than twice
as much over the Covington and Ohio sec
tion of the road as can be drawn over the
Central. The constructing the James
River and kanawha canal will therefore
become necessity, and it needs no argu-
ment to show that no rival line can divert
trade once on the canal.
TAXES.
There is great mistake made as to the
increased taxes required by this subscrip-
ton. Some suppose, as the present debt is
about $4,000, 900, that a subscription Of
81 900, 600 will double the taxes.
This is a great error. A little reflection
will convince that taxes are raised for
many other purposes besides paying inte-
rest on the debt. The burthen Of debt
depends not on the amount, but on the re-
sources to meet it. Let the population,
business, and wealth Of Richmond be in
creased four-fold, as it will by the Chesa-
peake and Ohio railroad, and debt Of
$4,000 900 will be felt less than the pre-
sent S2,0OO,OOO.
| The Chamber:of Commerce Of this city
at their last meeting declared, "aS the
opinion of this Board, that the trade Of
Richmond, instead Of advancing, Is retro
pGding." They assign as one Of the rea-
sons of this decline the preference given
by some of the railroads to "through
freight" or that coming from foreign cities.
Whatever force there may be in this view
Of the subject it must be limited, as it
does not apply to the Central road. An
examination of it's tariff will show that,
however great the temptation to get busi-
ness in that way, there is no discrimina-
ton in favor Of freight coming on its road
from abroad.
But the fact that New York, Philadcl-
phia, and Baltimore have beon made great
centres Of trade by their railroads running
to the boundless resources Of the West
give them an advantage which no railroad
tariff will overcome. Richmond must
place herself on an equality with these
cities by building her own railroads, and
by liberal subscription Of stock exert an
influence in the management of the roads.
II something is not done, Richmond will
lose many of her enterprising citizens and
some of her little capital. Enterprising
young mon, who are the main stay of any
community, will not tie themselves to
declining city.
Again, it is mistake to suppose that
taxes will have to be laid to meet the III
terest on 100000 at once. Under nc
circumstances will tho whole be called for
in the commencement Of the work. 1t vii
require four years to complete the work
and if there is much difficulty in disposing
of bonds the company will certainly take
the whole time allowed to finish the work.
six years.
Some persons apprchend that the whole
50, 900, 900 OF bonds will be put on the
market. and thus the credit Of the city
will be impaired and the present bonds re-
duced in value. 1t is not contemplated II
sell the bonds to raise money. The Cen
trail Railroad Company intend to issue
their bonds, and they only expect the city
and the counties to pay the interest OF
their bonds while the road is being con
structed, to enable the company to NEE
the interest on q similar amount OF theirs
besides, when completed, the eight PEE
cent. dividend which is guaranteed on the
stock balances the interest; in othe
words, renders the tax unnecessary.
CHANGE OF CONDITION.
Since only s3,5OO,OOO is now required
instead of $5,OO0,OOO of bonds it is sup
posed the city has not so good guarantee
for the completion of the road. Whel
the S5,OOO,OOO of bonds were required
! there was no other source relied on. Thel
there was an express stipulation that th'
,, property of the Central Company was no
to be mortgaged until the road reached
steamboat navigation on the kanawha.
In the present proposition for subscrlp
ton it is provided that the subscription /
not to be claimed unless the Central Com
pany makes binding contract with tn
Commissioners of Virginia aud West Flr
einia to complete the whole road. II
place of the 81, 100000 Of county bond
omitted, the whole credit and property o
the Central Company is pledged to com
plete the work.
The stockholders at their last meeting
agreed to withdraw the prohibition, an(
expressly consented that their propert.
should be mortgaged. No one can douo
but that this furnishes far better guaran
tee that the road will be finished than
the S., 900 of bonds were subscribed.
A FRIEND OF RICHMOND.
CHRISTIAN EGoTIsTs.-Some OF the mos
disagreeable persons that you meet IN In
world are these Christian people that ar