The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1867-10-02
s.RECONSTRUCTION'' n, EARNEST.
The Chesapeake and Ohio Railroad.
FACTS FOR THE PEOPLE.

practical people. They are mixture of the
strong elements of the Scotch Irish and Ger
man character, aud they want the facts, on
every question, before they act On Thurs
day, Nov. 2lst. 1868, they will be called upon
to vote for subscription of $500, 900 to the
Chesapeake and Ohio Railroad enterprise,
to be paid in County bonds The Valley Vir-
ginian has never heststed in giving the tac's
to this people and We deem no apology nee
essary for the space VIC devote to this impor
tant question to day We arc indebted to
Maj. J. G. Paxton's able speech. before the
County Court for our facts and figures.
The great scheme Of connecting the Ohio
River and the Chesapeake Bay, by some work
passing through the centre Of State. has &C.
cupied the attention Of the people of Virginia
from the days Of her early statesmen. Every
effort connected with this great enterprise,
has received the cordial support of the people
of Augusta In October 1881, a convention
was held at Lcwisburg. composed Of delegates
from the counties Of Augusta, Rockbridge,
Alleghany, and the counties lying west and
extending to the Ohio River at which del
csate from Augusta, Mr.. Chas A. Stuart pre-
sided. That convention recommended the
plar of work "a rairoad) and the mode of
raising the finds (by private enterprise)
which, after fruitless discussion of thesubject
for thirty six years has at las, been adopted
Whilst Virginia has, been discussing this
grand theme. thirty six thousand miles Of
Railroad have been constructed in the United
State nearly al: Of which have been origna-
ted and completed by the enterprise of the
people Immediately interested. We cannot
doubt. that if the wise suggestions Of the Lew
isburg Convention, had been concurred in by
the Legislature of Virginia. that our State
might now boast Of having completed the first
hue of railway, connecting the Atlantic with
the Great West; aud that no,0, instead Of be-
ing an impoverished Territory, filed with the
wrecks lett by four years of terrific war, and
with no rciet from more than two years Of
delusive peace, she would to day be, not mere
| " the peer Of any state but would, as in the
early days of the Republic, be the leading
State OF the Union.
What has been lost. by thirty six years of
| comparative inactien may be recovered BY a
few years Of prompt, energetic action. The
| West. which few years since was filed with
a sparse population. producing but little more
than was necessary for their sustenabce, now
counts it's population by millions. Large cities
and Furnishing towns and villages are scatter.
ed every where through that immense region;
and no where, on the face Of the globe, is found
a people producing so large surplus Of the
necessaries Of life. Virginia has now as she
has always had the best route for railway to
connect the Great West with the Atlantic -
The moment this line is opened for trade and
travel, millions of tons Of Western products
will crowd it. as tie natural channel to the
markets ofth world and every locality and
e, cry interest in the State will feel the revi-
wing effect.
CHARTER OF THE CHESAPEAKE AND OHIO
RAILROAD.
Major Paxton truly said We are indebt-
ed to the lion. Jno b. Baldwin, the distin
guished son and delegate of Augusta in the
General Assembly, for the liberal charter Of
the Chesapeake and Ohio Il. r. Notwith
| standing the public opposition OF these who
have always been hostile to this great work
and secret opposition of some. who from their
representative position. should have been its
friends, his able efforts were successful, in Sc
curing to us cha, ter, Offering benefits rare
y conferred upon any Railroad Corporation.
lst Bonus OF S3.25O.000 on. the ex penditure
on Coving on l. o. r. r. End The right to
purchase at its present value and pay in State
Bonds at par, the Blue ridge Railroad which
cost 81 800 900. The present value of this
road has been ascertained by the Covington
4 Ohio r. r. Con missiopers to be about
$500 900 Bird To buy the stock 50 900 900
Of the State in the Va. Central r r. Compa
ny and pay for it in State Bonds, and, like
wise, to pay the debt of $500 600 due the
State in State Bonds Estimating that State
Bonds will cost the company fifty cents on the
dollar, the amount of these concessions may
be summed up as follows:
Gov. o R. r.. So $50, 900 bonus,
Blue r. R. 81 100000 present value 100000 at
so cents. 25OOOO
Va. G X. r Stock 50 100000 at Scots 81 C0000O
w G. r. r debt $4,000 at Scots 10000
Value 81 260, 600: cos, Cles 4 o. 60. 81 355 900
Thus bonus of near Sc O00 coo is offered
the Chesapeake l. Ohio r. X. TO-
The interest ofthe Stale being purchas-
ed at............................ ST 355 600
There wouli remain individual stock. 1.40U. GOO
Individual ds BITS against Va Central r.
H. say 100000
Cost of Chesapeake Ohio H. Il. Go. Of
EOS miles OF road from Richmond to
COVinTtOn 4 S3:). GOO
his would be estimating the private stock
and debts at par. 1t is probable that the pri
vate stock holders would be glad to convert
their common stock into preferred stock. say
at 5 cents in the dollar-If this were done.
the cost of 2i)5 miles of the Central r. r.
would be less than $500 600 600 to the Chesa-
peake 0. R. Il. Co. and, in addition. the
Chesapeake 4 0. r. r. Co. would have, as
Bonus So 25o 600 expended on the Covington
Il o. r. r. The Chesapeake Il o. T. r. Co.
may acquire 205 miles Of road which cost
IS GOO 900. and the work on the Coyngton
l. q r r which cost 50 $50 600, or, in all.
Rail Road property which cost more than
81 coo 000.000. for less than 81 600 OO0.-I
The Virginia G. r. Il earned in 1860 $780,
600 nett, after paying all expenses.
EXEMPTION FROM TAXATION.
BY the Legislatures Of Virginia and West