The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-02-16

/ railway from the virginia seaooara 70 the
M;ss;,sinpi and Ohio rivers, by facilitating
,he construction of the Cumberland Gap
railroad" was taken up, and the bill being
read,
Mr.. GooDE proposed several amend
ments; which were concurred in.
Mr.. HERNDoN, avowing his friendship for
the bill, desired that the sixth sec
ton should be amended so as to exempt
the company from taxation only for
"twenty years." The clause exempted
the company for an unlimited time. Mr.
HERND0N's amendment was concurred IN
by the friends of the bill, and adopted.
Mr.. z. TURNER moved to strike out the
sixth section, and sustained his motion, as
sorting that there was no good reason LOT
the exemption, which would De unjust 70
property holders.
Mr.. LEONARD opposed the motion, repre-
senting the great advantages OF the pro-
posed through line to the general resources
Of the State, and the undertaking, being
one Of a herculean character, deserved
the favor and support If the Common
wealth.
The question upon the motion was de-
cided in the afIirmative-ayes, 46; noes,
81. So the section was stricken out.
Mr.. CLARK, of Campbell, moved to
amend the 4th section by inserting the
words "that each railroad shall have the
right to purchase its own stock held by the
State in its roads, for the period of twelve
months; on the terms prescribed IN TINS
act"
Mr.. CLARK contended that there was a
great difference in the value OF the stock
in the railroads consolidated in this bill,
and it would be manifestly unjust to put
them upon the same footing in the matter
of the purchase of the State interest.
Mr.. GooDE said the amendment would
be fatal to the bill-that it would in effect
give the Virginia and Tennessee railroad
the exclusive right to buy the States lnte-
rest in the roads. The stock Of the other
two roads was not as valuable, and it was
only by combining the three that the COM
pany could purchase the States interest.
Mr.. G.. presented the important and bene.
ficent character of the work. The bill had
three great objects: to build the road, to
paw six millions of the public debt, and
divorce the State from all connection with
the management Of the roads, which had
become SO great a desideratum. He in
weighed against the defeating of so great
scheme by this amendment.
Mr.. CLARK sustained his amendment.
He considered that it would be grossly un-
Just to level the stocks in the Virginia and
Tennessee railroad down to those of road
VIGOROUSLY bankrupt. He regarded this
proposition as the old scheme Of consolida-
ton rejected overwhelmingly by the
stockholders at the last annual meeting OF
the Virginia and Tennessee Railroad Com
pany. He would be glad to retire the
public debt, but he could not consent to
do so to the injury Of any portion OF the
people.
Mr.. LEoNARD,Yin reply to Mr.. CLARK,
said that the terms of the bill made it per-
missory. No railroad was required to en-
ter into the consolidation. Mr.. LIS i'm
preston was different from Mr.. CTS as to
the decision of the stockholders meeting
in Lynchburg, which was legally in favor
of consolidation. Mr.. l.. continued his re-
marks at some length.
Mr.. PENDLETON, referring TO Mr.. Leo
NARp's remark that the bill was "permis-
sory" in its character, asked whether or
not three of the companies could not con-
solidate, though one should decline to DO SO
Mr.. LEONARD said they could.
Mr.. PENpLEToN then asked whether he
was right in his construction OF the oil,
that if one so remained out, the Virginia
and Tennessee for instance, the other
three forming the company could buy out
the States interest in the Virginia ana
Tennessee road?
Mr.. LEONARD replied that Mr.. PESDLE-
TONS construction was right.
At this point of the debate, on motion OF
Mr.. 4. TURNER, the House adjourned.