The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-07-15

Mr.. G.. thought West virginia was ~
| to tho task allotted to her, and hopca sna0
the resolution would not be afnehucu.
Other gentlemen concurred fully with nun
in the ability of West Virginia. to raise
50 zoo. 600. Virginia might raise more
than that If she chose; it would 2e needed
70 co on with the work but west tlr-
cinia thew all. save Mr.. Price and MIR.
Eewlin. Of Monroe, declared would &C
comnlish her work. never listened to
q more harmonious and emphatic express
sion of opinion and sentiment than heard
from ali the debaters whenever they
touched upon the importance of the work.
Mr.. Lyous's resolution declaring that it
must be built arhateuer its cost was the con-
densed expression of the unanimous de-
termination of the Convention. The best
speech of the day was that of Mr.. VII
liams, of Greenbrier, in which he an
nounced donation from himself to the
Chesapeake and Ohio railroad Of 5000
acres of bluegrass land in Greenbrler.
The Convention, which consisted chiefly
of very solid and sedate gentlemen, showed
very great enthusiasm, and drought
down the house" with its applause.
Another point brought out in the de-
bate was the provision in one of the reso
lutions (Which were afterwards adopted, as
NV report shows,) which prescribes that
the stock subscribed for by counties and
cities shall be paid for in bonds to be re-
ceived by the railroad company at dis
count not greater than ten, per cent. lou
will readily understand the object of this.
The apprehension was that if the corpora
tons or counties were required TO raise
their entire subscriptions IN money by
selling their bonds that they would be
driven to incur an immense debt by tne
| forced sale of those bonds at great sacrl-
flee, 1t was considered that the rallroao
company might readily use those oonos at
a moderate discount by backing them VIII
its own credit; and that the loss OF ten
per cent. was liberal assumption on the
part of the counties and cities. Indeed,
Mr.. Capcrton, who was the principal
speaker, expressed the confident opin-
ion that the moment the five mil
lions were raised in this manner the
credit of the corporate bonds would
rise in the market, and that their depre-
citation would be inconsiderable. He be-
lieved thatthe determination of the people
to finish this great work would attract the
attention Of the financial world, and would
establish the enterprise and the securities
connected with it in the confidence Of CAPT
talists as amongst the best in the United
States. The location Of the work was the
best Of all the lines Of improvement con-
meeting the Atlantic with the Mississippi;
its grades were the easiest, its line totide-
water the shortest, and its operations
o,,lJ &c In
profitable. Let the subscriptions be raised
and the work commenced, and he had no
apprchensions Of financial difficulties.
The argument on the other hand was
simply that the bonds were not money, and
since the contract called for $4,000, 900 in
money, they would not meet the require
ment. In answer to this, again it was con-
tended that they could be readily used by
the company as money. Yet that they
were only to be offered to the company in
this manner, and if the directors or stock
holders of the Central railroad declined to
take them, there was an end Of it. But
those who sustained the proposition eX-
pressed the belief that they would be &C
copied. To refuse them would be indefi-
nitely to defer the work; and as the speak
crs believed they could be readily used by
the company, they confidently anticipated
that they would be readily accepted.
1t must be confessed that in no other
way can the subscription be SO readily
raised and certainly the company can do
more with the bonds Of the counties and
cities than could those counties and cities
themselves. The western delegates warmly
cspoused this plan, and were Sanguine OF
the ready conversion Of the bonds when
passing through the hands of the railroad
company.
/ cannot exaggerate the language of the
speakers in their references to the gran
deur and Importance Of the Chesapeake
and Ohio railroad. TWAS an oft-repeated
remark that it would immortalize the
man who conducted it to completion. The
delegates from the Kanawha Valley
counties were especially enthusiastic.
One Of the strongest men in the ConVen-
ton came from Marshall county, in the
"Panhandle." This was Mr.. Burnley, one
of the Commissioners of West Virginia
on the Covington and Ohio railroad. he
is one of the most ardent and faithful OF
the friends of the work in West Virginia.
Kentucky was represented by Mr.. Il. L.
Moore. one of her ablest and most intlu-
entail men, as I am informed. Colonel
Hounshell, formerly of Lewisburg, was his
colleague. The delegation from Gallla
county, Ohio, was most intelligent and re-
spectacle, and gave the strongest ASST
RANGES of liberal cooperation from the re-
gion west Of the Ohio near the western
terminus of the great road. You have
published some account of the teening
wealth of this fourishing locality. You
only gave some idea of two small counties
opposite the mouth Of the Kanawha. The
family of counties just Whereabouts would
of themselves support very large city
could it monopolize their trade. From
Point Pleasant, on the Virginia side, which
is the county seat Of Mason, we had Mr.. John
Hall, formerly an influential member of the
Virginia Legislature, the gallant General
McCauSland, and others. These two gen
tlemen are tower of strength to the great
improvement. In short, the cause in the
West is in good hands, and | am sure will
prosper. trust the East will sustain it
with equal spirit.
In the report Of Governor Peirpo!nt's
speech to the Convention he is reported as
having said that he would "tar" wild
lands "two dollars per acre." He did say
this but yesterday he explained to the
Convention that he meant to have said
he would assess those lands at two dol
lars per acre, and thus force them into
market. 4.