The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-12-08

A POINT which Mr.. Ferguson In his
speech to the House yesterday urged
with more force and pertinnclty than
perhaps any other, was that his com
spicuous zeal IN behalf OF the provis-
ion proposed by the Committee for the
assessment of railroads.arose from his
anxiety for the success of the Chesn-
peake & Ohio Railroad, which he fear
ed would be failure If the present
"vindictive" and "proscriptiven legis-
lation was continued. Now of course
1t would be very natural and very
commsndable in him to be solicItous
about the success of this great work in
which The people of the Southwest have
a deep interest; but let us see whether
he is not giving. himself a great
deal of unnecessary anxiety on
this account. From Mr.. Fergu-
sons own standpoint, nothing the
legislature may do on this subject
will make much difference with the
prosecution OF the Chesapeake and Ohio
Railroad. Let us see why. The Gov
ington and Ohio Rlilroad was charter
ed by chapter 1914 OF 1866. The last
clause dissection reads: " And no taxa
''tion upon the property OF the said Conn
''papy shall be imposed by the State
until the profits Of said Company shall
''amount to ten per cent on the capital OF
''the Company" This charter was re-
enacted by chapter 90 acts of 1867, and
the CoviDgton and Ohio Company was
authorized to consolidate with either
one of certain other companies, one of
which was the Virginia Central. We
quote from section 2: "The companies
(which may consolidate under the
"provisioDs Of this act shall constitute
IS one corporation, which shall be vested
/" with the rights. priviLeges, franchises
"and property which may have been
"vested in either company prior TO the
tact of consolidation, ard shall be
"known as The Chesapeake and Ohio
" Railroad Company."
Under this latter act the Coviugton &
Ohio consolidated with the Virginia
Central Railroad, and all the rights,
privileges and frunchises'' vested in It
by the original Charter, including the
right, privilege and franchise OF total
exemption from taxation Till the COM
pany pays net profit OF 10 per cent.
vested by it's charter in the Chesapeake
&c Ohio. Why did Mr.. Ferguson make
no allusion to this Interesting fact in
his labored appeals in behalf of the
Chesapeake & Ohio Road yesterday.
1t cannot be possible he was igno.
rant ofit7 Mr.. Ferguson had much to
say in favor of liberal +" legislation
in behalf OF that road and others yet to
be projected. Well now, 1t strlkes us
this charter from which we quote is
pretty liberal. Investments In It's stock |
are favored beyond anything else in the
State. The law in regard to interest
allows no one to receive more than six
per cent. ON money loaned, and that
money all the. time subject TO taxation.
Yet man may put his money into this
enterprise and he escapes taxation till
his interest amounts to 4 per cent more
than the State allows him on anything
else. What else is there in the State
that offers any such privilege2 It
Is an exemption four per cent. bet
ter than Government securities
This ought 10 be liberal enough
to satisfy even Mr.. Ferguson. We
think therefore lie will have to ac-
count for his remarkable zsal In this
matter upon some other theory than
that of solicltude for the welfare Of the
Chesapeake and Ohio; for that enter
prise is safe so far as legislation can
make it so. What other roads are there
in behalf of which his great compassion
can be excited2 The Panhandle, the
HemPfieid and the Baltimore 81 Ohio.
None others. The Panhandle and the
HempfieId have made no complaint.
They ask no exemption. They are un-
known in this discussion. Can it be
Gthen that 1t is the Baltimore 81 Ohio
Railroad, after all about whichsMr. Fer
guson suffers 80 much anxiety II not,
then what is itP Our readers shall
judge for themselves.