The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-22
The Railroad War.


Committee of Roads Ia the Senate
renorted the bill providing for the sale OF
- the stocks of the State in the railroads, WIN
amendments, which viii be found stated IN
the report of the proceedings OF the senate
The amendment recommending the sale
of the stock in the Richmond and PETERS
bury railroad to certain citizens OF PETERS
hure for 500, instead of to the Richmond
gentlemen for $3.50 per share, was discussed
during part of the morning session OF the
Senate, and at the night session until ad-
iournment.
On behalf Of the amendment several gen.
tlemen made speeches; but the only polhI
they made was that the Petersburg DIG OF
5000 per share was more than that Of the
Richraond gentlemen of S15o-a PROPOSE
ton that could not be denied.
Against the amendment very excellent
speeches were made by Messrs. PENDLEToN
of Botetourt. ROLLER Of Rockingham, and
GREENE of Petersburg. It was contendtd
on this side that the Petersburg bid was
still the MALONE proposition under
the names Of the Petersburg bidders.
That It was not therefore intended to be
bona .fde, because it was really a propo-
sition to pay near 5000, 900 for t,vo-tyfths of
the present railroad, while Gen. MALONE
had stated under oath that he could build
road under the charter conferred upon
him by the present Legislature for $780,
600. 1t was incredible that nearly twice
this sum would be paid for only the two
fittbs of the present road.
Mr.. ROLLER very clearly and forcibly
commended that Us General MALONE STOOD
behind these Petersburg gentlemen, the
State stock purchased by them would be
paid for by the Atlantic, Mississippi and
Ohio Company, and such was the financial
condition of that company that it would be
simply making the State pay herself for her
own stock. The Atlantic, Mississippi and
Ohio road was mortgaged for Sl5,OOO,OoO,
and there was second mortgage TO the
State to secure a loan of 81, 100000. 10
take the money out of the Atlantic,
Mississippi and Ohio Company's treas
ury and pay it to the State would
only be diminishing the value OF the
security held by the State for the debt
due to it, would weaken the chances OF
getting back its $4,000, 600, and would in
deed be taking money out OF one pocket
and putting it in another. Therefore the
proposition of the Petersburg gentlemen
should not be accepted, but that of The
Richmond gentlemen should for this last
would bring large sum in cash into the
treasury, whilst by the competing PROPOSE
ton nothing would be added to the
States security or its wealth. Besides, il
the Senate did not pass the bill as it came
from the House, but sent it back amended,
there was no probability that it would pass,
and the State would lose the chance to sell
to the Richmond gentlemen.
Mr.. PENDLEToN, with decided emphasis,
pressed the fact that General MALONE had,
under oath, declared that the road from
Richmond to Petersburg could be built for
$500, 600, while he was now proposing to buy
only two-filths of the Richmond and Peters.
burg road for near 100000. He begged
that this strange economy should be eX'
planned. He could not understand,
unless that it were General MALONE
ambition to get hold of the key to our
Atlantic coast commerce and control it for
some purpose we could not exactly under
stand but MIR. 7. suggested that there
was something else than Firginianism d"
at the bottom of this extravagant expedi-
ent. There was no answer given to this
point-it is one that cannot be answered.
The argument on the point Of the wrong
that the State would commit in torcibly
taking the Richmond and Petersburg road
from its private stockholders by selling the
State stock in that road to another road,
not identified with it, was very forcibly pro-
pounded. Nothing was said in reply. The
State indeed is a partner of the private
stockholders, and as she is the maker of
laws it would be great wrong--an act Of
gross intidelity, to hand her private part
ners who have looked confidently to her for
protection over to another corp Grafton,
against their will and most earnest remon-
strances.
At about II o'clock the Senate adjourned,
without takiug vote upon the amendment.