The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-15
Minority Report.

Minority Report
The undersigned, a minority Of the Com
| mittee IN Roads, which has had before it
for consideration of Senate bill No. 8, proyid-
ing for the sale of the States interest in the
different railroads Of the Commonwealth,
beg leave respectfully to report: That
after due consideration of the subject
they have reached the conclusion, and
accordingly so recommend, that in max
ing sale of the stock held by the
State in the Richmond and Peters
burg railroad preference should be
given to an offer to purchase the same at
$50 per share, payable in State bonds
at par within six months from the accept
ance by the State of the offer, which offer
has been made by Henry X. Ellyson, Jos.
K. Anderson, A. F. Harvey, Franklin
StearnS, Isaac Davenport, Jr., Frederick
X. Scott, John b. DAY IS, Reuben Ragland,
and James Fl. Cox, and is secured by the
undonbted personal responsibility Of the
| said parties and by the deposits already
made with the Treasurer of the Common
wealth Of one hundred thousand doll ars
| in State bonds. And this because the
| time within which this offer is to be per-
formed is only six months, while 10 the
Atlantic, Mississippi and Ohio Company
it is proposed to allow credit of one, two,
three, four, five, and six years, in equal
instalments not bearing interest. The
difference between cash and credit makes
in the case great disparity between the
two propositions. The loss of interest to
the State on the credit instalments, in the
proposition to sell to the Atlantic, Missis-
sippi and Ohio railroad, amounts to $780, 7G,
which is the moneyed advantage presented
to the State by the acceptance of the offer
herein recommended.
Because the offer herein recommended is
an absolute one, Internationally made and
dependent only on acceptance by the State,
and is secured not only by responsible
names, but by deposits already made in the
Treasury of 100000 in State bonds and,
if accepted, therefore secures the sale !;
while the proposal to sell to the Atlantic,
Mississippi and Ohio Company secures no
sale at all, but is merely proposition on
the part Of the State to sell, which the At
lantic, Mississippi and Ohio Company may
or may not accept, and is allowed six
months wherein to accept; so that, after
all, it may amount to nothing, for the stock
holders Of said company have had no meet
ing and taken no action on this subject. and
there is ITO one before the General Assem-
bly, authorized to speak for said company
in their behalf.
And because the offer herein recon-
mended is made by gentlemen of the cities
of Richmond and Petersburg and the
county OF Chesterfield, who are large prop
erty holders in those localities-who are
closely identified with and largely interested
in the commercial, mining, and manulac.
turing interests of those places-whGse pri-
vate fortunes and interests are in every
way bound up in the prosperity of the COM
munities in which they reside. and whose
public spirit is unquestioned, and whose
private characters are above reproach, and
forbid even Il suspicion Of their betraying
the interests of their people.
For these reasons there is no ground for
fearing that all interests dependent on a
fair, and just, and wise management of the
Richmond and Petersburg railroad will not
be safe in the hands of these purchasers,
under the purposes entertained by them,
and shown at large by the testimony of H.
X. Elyson, accompanying the report Of the
committee. While, on the other hand,
there is more reason to suppose that the
natural jealousy between railroads and
their conflicts Of interest, real or tancied,
will make The Atlantic, Mississippi and
Ohio railroad an unsafe depository Of con-
trolling influence in the Richmond and Pc
tersburg railroad, which is delicate trust
that ought to be committed TO hands not
capable of being biased by interest or in
fluenccd by jealousies.
And they, therefore, recommend the
adoption of the following amendment:
Strike out that part of the 1st section
known as Woods amendment, and insert
"except the stock held by the State in the
Richmond and Petersburg railroad, which
stock the Board of Public Works is hereby
authorized and directed to sell to FL. K.
| Ellyson, Joseph r. Anderson, Isaac Dayen-
port, Jr., F. r. Scott. F. Stearns, j. b.
Davis, James Fl. Cox, A. F. Harvey, and
Reuben Ragland, at the rate of $3.50
for each share of said stock, payable
in registered or coupon bonds of the
State of Virginia, Mt par, within six
months after the passage of this act, &C.
cording to the provisions of proposal to
purchase said stock, signed and sealed by
the parties aforesaid, and dated on the 9Th
day of March, 1871; which proposal is
hereby accepted and made binding con-
tract between the State and the said par
ties: and the clerk of the House OF Dele
gates, with whom the said contract is now
filed, is instructed, on the passage of this
act, to deliver it to the Board of Public
Works"
(Sicnedl A. GRAHAM,
A. W. FRETz,
/. ID. BUDD,
w. J. FULTON,
J. II. GUY.