The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1868-08-05
The Chesapeake and Ohio Railroad.

We have time and again urged Lhe friends
of the subscription to this road to go to work;
and canvass the county thoroughly, to dis
cuss the subject fully in private and in pub
lie in every part Of the county to answer
every objection of its enemies to see every
voter and convince the people Of the impor-
lance and propriety of voting for the subs
cription. We make one more earnest appeal
to you, to shake off your lethargy and go to
work. Your willy opponents are working Sc
cretly, but actively and effectively, whilst
you are idly and criminally sleeping in the
shade.
Why was the election postponed by the
last County Court? 1t was done in opposi-
ton to the wishes and remonstrances Of the
friends of the road, and just upon the eve of
the completion of the contract with the COM
missioners. Can any one doubt that the sole
object of the postponement was to defeat the
subscription? We have beard, and DO not
doubt, that it is the settled purpose of some
of the Justices to defeat the subscription by
postponing the election as often as they can.
Let the Justices who are in favor of the subs
cription look to this matter, and see that the
election is not put off again.
The Legislatures of Virginia and West
Virginia have passed most liberal acts Of in
corporation for the purpose Of organizing a
company to build this road, and have appoint
ed commissioners to contract with some COM
pany to build it in accordance with these
acts In November last these commissioners
entered into conditional contract with the
Virginia Central Railroad Company, where
by they agreed to invest the Central Compa
ny with all the property, rights, privileges
and franchises Of both STATES in the Coving-
ton and Ohio railroad, provided that unean-
ditional subscriptions to the amount of three
and half millions of dollars arc made to the
preferred stock of the Chesapeake and Ohio
Railroad Company, by the counties and cor
porations along its line. This. subscription
must be made by the first Of September, or
the contract is void. If the subscription is
obtained, the Virginia Central Railroad
ceases to exist, or rather, it becomes merged
into the Chesapeake and Ohio Railroad Com
pany.
The counties and corporations subscribing
are to give the company their bonds, payable
in thirty years OR less-and for these bonds
the company gives certificates of preferred
stock, and they guarantee that when the road
is opened to the Ohio river, that these certif-
Gates shall pay an annual di vidend of per
centum. The present stock holders surren-
der all claims to dividends until the new
stock holders receive per centum per an
mum, and the States Of Virginia and West
Virginia surrender all claims to taxes against
the property Of the Chesapeake and Ohio
Company until they shall declare dividend
Of ten per centum per annum on their whole
capital.
The bonds Of the counties will be called for
in instalments, as they may be needed in the
course ofthe construction of the work, and
the counties will have to pay the interest on
these instalments until the road is opened to
the Ohio river, when the interest will be paid
| by the dividends. No one who has taken the
trouble to inform himself on this subject.
doubts that when this road is completed that
it will pay 10 or Is per cent dividends If
it pays 10 per cent, 8per cent. Of that
amount will pay the interest, and the other
2 per cent, set aside as q sinking fund, will
pay the principal in seventeen am one third
years. So that for the triAing sum of thirty
or forty thousand dollars, paid in three or
four years, the county can receive all the ben
efts and blessings resulting from the cons
truction Of this great road, and in time enjoy
the benefit Of an annual income of twenty or
thirty thousand dollars from her dividends
in the stock of this road.
But this is not ALL If the road is built
on this plan, you are guaranteed the short
line from here to Richmond; ifthis short
line is built, it will practically shorten the
distance about one fourth from here to that
| city, which will save one fourth of the freight
and fare now paid by the people of Augusta
to the Central Railroad Company. From the
last anpHal report of the Central Company
we find that very little less than s145 900
was paid for freights alone, and fully as much
more for passenger fare, making 1920, 00O-
If this short line had been finished, one
fourth of that would have been saved to the
county. One fourth Of 100000 is s72, 900.
This saving for one year is double as much
as the county will have to pay in all, if she
make this subscription. n
If the county does not make the subscrip
ton, and the Central Railroad does not build
the Covington and Ohio Railroad, will the
short line ever be built :? We answer--No!
Because it won't pay to build it.. The trade
and travel over the road will not Justify the
immense outlay Of money necessary to build
a railroad from Richmond to Cb,,Iat4.u