The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-02-14
- . roce,. y, The session Of, the House


from halfpast 2 TO 4 o'clock.
Mr.. WATKINS alluded 10 the large
amount of business on the table, and to, its
important character, especially the. bill
changing the laws relative TO criminal pro-
ceedings in courts, which would require a
long time for its consideration; law
which would save the Commonwealth
81 900 day. Unless the days sessions of
the House were prolonged, the business
could not be gotten through without an ex-
ira session, which would be very inconve-
nient to members. He asked that the
resolution be adopted, and not referred.
The question on reference was carried ih
the affirmative. '',sA
Leave Of absence was granted for three
DAYS to Mr.. DANIEL, OF Prince George, anu
to Mr.. PATTERSON, Of Franklin, ior an III
definite time, in consequence OF tiic ca
treme illness Of his WIFE,
THE BUSINESS or THE HOUSE.
Mr., CLARK, of Campbell, in view OF the
large amount of business on the caienaaf'
offered a resolution proposing tnat ?a.urI :
dav be set apart for the consideration VI
nr;vate and local bills, and the remainder
If the week be devoted to public and ge-
neral business.
Mr.. CLARK desired direct vote on the
resolution, but the House referred it to the
Committee on Rules.
ATLANTIC AND MISSISSIPPI RAILROAD.
Mr.. GOopE stated that after the debate
in this House on Monday upon the bill
establishing the Chesapeake and Ohio rail-
road. the friends of the bill to incorporate
the Atlantic and Mississippi railroad had
determined to offer @ substitute for the bill
now pending, and he now presented it.
SALE OF STATE STOCKS IN RAILROADS FOR
STATE BoNDs-MEssAGE FROM THE CO.
VERNON.
A message was received from the Go
vernon through his aid, Colonel Lewis, re-
lative to the sale of the stocks Of the State
in certain railroads, by exchanging them
for State bonds.
The message of the Governor referring
to a Joint resolution requesting him to as
certain on what terms the stocks and bonds
which the State holds in the railroads of
Virginia can be exchanged for the bonds
of the State proceeds to reply. The bonds
and stocks have all different market
value. All the railroad bonds held by the
State have nearly double the value of the
State bonds; the stocks are worthless. BY
combining the stocks and bonds of the rail-
roads they could be made to approximate
the value of the State bonds. The Gov
ernor determined, as an experiment for
the consideration of capitalists and bond
holders, to propose the sale Of the stocks
and bonds of all the roads on the south
side of James river together. He addressed
letter containing this proposition to
Messrs. Barring Brothers, Of London, with
his views on the subject, asking their con-
sideration Of the same, and requesting
them to call the attention of other English
bondholders to the subject. They have
not yet answered.
The Governor procured the services OF
Mr.. d. II. London, of New York, to call
the attention of the capitalists and holders
of our State bonds in New York to the
same proposal. Mr.. L. engaged actively
in the undertaking, and through his inter-
course a number of gentlemen in New
York large holders OF State bonds) ex-
pressed themselves favorably towards the
proposition but they consider an incorpo-
rated company essential to the sale, since,
owing to the different values of the stocks,
it would be impossible to negotiate sepa-
rateiy with individuals the sales OF the
stocks and bondssto the company.
With the view of placing the matter in a
tangible form, a charter was prepared for a
company called the Richmond, Norfolk,
and New Orleans Railway Company, with
capital not exceeding $50, 000, 900, naming
eight commissioners in New York, and
others in Virginia, and others in London,
to be appointed by the Board Of Public
Works. The Governor submits this char
ter with his communication.
This charter gives the company power
to purchase the stock and bonds oil rail-
roads in other States and to construct new
lines of railway leading from the south
side roads in the direction of New Orleans,
Memphis, St. Louis, or Louisville; shares,
500, sc. And it is provided that if the
company shall deliver to. the State its
bonds to the amount Of the stocks and
bonds held by the State in the Norfolk and
Petersburg, Southside, Virginia and Ten
nessee, and Virginia and Kentucky Rail-
road companies on or before the 4th day OF
July, 1868, then this company may assume
and control the lines of said railroads. But
if the private stockholders in any of said
companies shall refuse or neglect to SUD-
scribe the capital stock of their road TO
this company, then the company shall have
the right of voting, &C., in said companies
which the State was and is entitled TO.
One year longer is given by the charter
to purchase the interests of the State in
other roads on the south side.
The charter further provides that in the
TRANSPORTATION to and from Richmond and
west of Burksville "the rates shall be the
same as if the road were a straight line
from Richmond to Lynchburg." This is
tub to the whale of the "air line."
The Governor remarks: "It is the object
of this company to make iirst-class rail
road from the harbors of Virginia extend
ing towards Louisville and st. Louis and
the great Pacific railroad, and also pene-
trating the southwest in the direction OF
New Orleans, and the south from Danville
through the Carolinas." The Governor
highly commends the scheme, and thinks
the railroads will become very profitable,
and saws it will reduce the State debt by
the payment Of s9,00O,0 900, improve the
value of the railroad stock, and reduce
local tolls, &c.
He suggests that if a similar charter
could be granted for the roads on the north
side, with permission TO finish the Coving-
ton and Ohio railroad, the object could be
effected, and secure further reduction
of the liabilities of the State by about
81, O0O,OO He does not urge this be-
cause it might be regarded as embarrass-
ing the negotiations pending for the con-
struction of the Covington and Ohio rail-
road, though he believes it would facilitate
it. He does not think it right to ask full
value of State bonds for the States interest