The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-04-27

THE VIRGINIA VALLEY RAILROAD.

THE VIRGINIA VALLEY RAILROAD.
The readiness with which the city of Bal
timore and our capitalists generally, long az
embraced the project for the construction Q
the Valley railroad in Virginia, led to tn
belief that in due season, with the aid prom
ised by the Valley counties the work woul
be commenced under circumstances assurin.
Its completion. Responding to the PROPOSE
| ton of subscription by the Valley countie
of 81 zoo, 900 to the road, the city of Balti
more promptly made subscri ption Of ST.,
600 600, and the Baltimore aud Ohio Compa
ny added another million. The failure o
Augusta cauuty, however, to comply with
the requisition upon her of $500 600 sub
scription, so as to complete the 5 200 600 from
the Valley, followed by an announcement
from leading citizens of Virginia in thai
quarter that it is Impossible to have the def
cheney supplied by individual subscriptions
in the Valley, has SO dashed the prospects Of
the company that its friends at present stand
almost without hope Under these circum-
stances meeting was lately called at Lex
ngton Va, of subscribers to the stock Ii
was held on the 14th instant COL j. T. J..
Preston presiding, when Col. NJ G. Hartman,
in explaining the circumstances above refer
red to, aud the fact that he had proposed
himself to make the subscription of the
$3.50 900, provided he should be permitted to
iivids the amount subsequently among the
contractors, read letter which had been r.
ceived from the president, Mr. Rcbt Garrett,
Of this city. As it has been stated that the
meeting seemed generally to regard the letter
as an abandonment of the enterprise, We
uex its principal portions, as follows:
BALTIMORE, April IL, 1871.
Dear SIR: | regret to inform you that
whist making every effort to organize some
plan b which the Valley railroad can be con-
structed, Gud ilc:easiug difficulties. Our
city authorities show an alarming GOODNESS
towards the enterprise since the late action of
Augusta county. The certificate OF our
friends, which you forwarded through Mr..
Norris: expressing their judgment 50 decid
eddy that individual subscriptions cannot be
"bta ned in Augusta county or in the city OF
otaunton, had also very damaging effect
You can understand, when the feeling has
been general that interests here had acted
With great liberaity, that your valley will be
far more benefited by the construction of the
DAD than Baltimore, that such action or views
s exhibit practical indifference to the work
are calculated to injure seriously the pros
poets OF the company. 1t is proper to say 20
you that other very important and valuable
requiring much less aid and
greater ruitions, being press
I'd very seriously upon the attention Of this
community. You eau for these reasons ap
pfecia.e how grave are the difficulties of the
fr euds of your company in Baltimore. 1t is
to avoid saying that unless some
change occurs. with this growing feeling here,
here is great danger of losing the subscrip-
lion Of III city.
By reference to the city ordinance you wili
see that 10 per cent. on any subscriptions by
individuals must be paid 10 cash before the
city subscription will become operative You
will also observe that the whole character OF
the ordinance is decided against giving any
other Stockholders any advantages over the
city. In the present tene here the arrange
ment proposed by you to make the subscrip
ton nonliually, namely, only under an agree
'nent by which the stock should be practical
" taken off your hands by an arrangement
with contractors, would meet with decided
note your apprehensions of
the transfer of authorized subscriptions from
the Valley to other companies Can this
be done under the law? The Shenau-
doah Valley railroad have been reliably in
form cd, has quite an insignificant basis
1t will be much wiser in my Judgment, for
all the parties in interest to arrange to increase
their subscriptions and thus secure two mil
lions Of money on basis of equal partner
ship and large advantages to your territory
This would be a basis more liberal than to
my knowledge has ever been extended to
any railway in Virgins, or any State in the
entire South. x
VIII it not be we'll, if there be meeting of
my portion of the stockholders, to call atten-
ion to the fact that no stock has yet been
really subscribed, nor to this hour has sim
gle dollar been paid upon the Whole line, for
he organization or establishment of the
Is it not due to the best interests
Of the Valley, so deeply involved in this sub
jet. that legal and proper organization Of
The company should take place?
Whatever Interpretation our Valley friends
may put upon this letter it is evident that it
depends more upon themselves than any 9TH
srs whether there is to be an abandonment of
The proposed road 1t is certainly an impor-
.ant line to the whole Valley, as we'll as to
Baltimore and the latter having taken the
accessory steps to comply with all that was
agreed upon Oh her part-shouldering Indeed,
he chief fundamentally looks to the
Valley for like compliance. The division
IF views among the people Of Augusta which
cd to the defeat of the PROPOSED subscrip-
ion it is to de hoped is not to be fatal to the
work. The meeting abote referred to adopt
ID resolution looking to another quarter
hat is the Chesa peakc and Ohio Railroad
aid, and, on motion of Col
W M Allan, appointed com.,ittcc to ascer-