The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-01-13

ltracted ideas? Are we to refuse to ask
capitalists to come here and improve our
State with their enterprise? beg TINT,
ms the sons of Virginia, we march forward,
lshoulder to shoulder, putting behind us
petty milroad quarrels; to build up our
State, and make her one Of the greatest In
the country. I thank the committee for
their courtesy in hearing me.
Argument Of Raleigh T.
It devolyes on me to continue this discus
sion, and I shall do it rs briefly as / can.
land at the same time make my meaning
plain, endeavoring to conform myself In
the discharge of my duty with the diligence
and business industry with which the COM
mittce has performed its own. The first
question is, What are the terms Of the
resolution of inquiry? You are called upon
to inquire how much stock has been legally
subscribed by this company and the SUBJ
scription paid in, and not afterwards with
ldrawn; how many bonds have been nego.
Itiated, to whom, and for what considera'
ltion?
Twas THE COMPANY EVER ORGANIZED ACCORD
ING TO ITS CHARTER?
Turning to the bill to the conSidera'
tion of which this inquiry is subsl.
diary, it is asked that the company Gas
now organized" under the original
act and the act amendatory thereof
may have the extensive powers contem
plated by the bill. Putting these together
there is ample verge and room enough
for the true material issue, whether the
company has ever been organized accord
ing to its charter, which subjects 1t to the
provisions Of the railroad law Of Virginia
or whether. under this phrase "as now
organized" it is not sought to turn It's back
on its own charter, and get the approval o.
the Legislature to mass Of rOttenness ano
lcorrllption such as never before has occur
red-at least in southern railroad affairs
and give George B. Roberts, without
charter, without stockholders, without ar
organization, without State control, a right
to build n road, which will be his owr
private property, from the Potomac tc
Richmond. So sweeping, indeed. are the
terms of the proposed bill that it gives the
fright of ultimate domain to Roberts over {
large district Of the state, and turns it en-
tirely over to his tender mercies. He may
branch from his main line at any point iI
Stafford, King George, Spotsylvania, OF
Carolina to Mathias's, on the Potomac, ano
in country embracing seven or eight
counties of the State may make roads where
he plcases, connecting at pleasure not only
with all the roads that are now built, but
with all that ever will be built in that de-
voted department Of the State.
THE CHARTER NOT RESPECTED.
Much argument has been spent in de-
fence of the charter granted to this com
pany by the law of 4th of June, 1870, as il
we were assailing that. No our complaint
is that that charter has not been respected
7 That charter gave the right to compan!
TO be organized under il, in conformity with
the law of Virginia, to build the road con
: templated by the original charter of Fcbru
ary 8, 1864, from Alexandria to some poin
on the existing road from Fredericksburg
to Aqua Creek, and to extend it to Wash
ington. Tt might connect with a branch o
the Virginia road, to be built for 10 mile!
from Fredericksburg-say to Quantico-ant
the Virginia company, with promp
alacrity, has proceeded to make that branch
and desire to make an all-rail connection
from Richmond to.Washington. But tina
connection don't suit Roberts, eXcep
upon terms the most degrading and inju
rious to the Virginia road, MS will be shown
and which should never be submitted to.
HOW THE COMPANY HAS DIsREGARDED TIL
RAILROAD LAW.
The inquiry then is, has this compan.
been organized in conformity with the rail
, road law Of Virginia? What are some 0
those requirements? There must be sub
scription paid up on the shares (under tht
Code 81, under the charter S10,) to tht
commissioners. Then the company exist
as corporation the subscription lists art
, handed over to it, but it cannot, to obtair
| subscriptions, sell the shares under par
f but it may at II premium for the benefit O
the shareholders. No certificates Of stocl
can issue until the subscription is fully pait
!, up. No subscriber can assign his stocl
without the consent of the company unit
it is fully paid for. Stock must be assigned
in prescribed form, upon books which
must be kept for the purpose, and the as
!. signee is liable for the unpaid subscriptions
AS to bonds or certificates of debt, there
are restrictions upon their issue by road
in the progress construction these to th'
f. extent Of a million in bonds and half mil
lion in notes may be dispensed with by tbi
charter; but here is the grand governing
direction that all money, no matter how
raised, must be applied to building ant
equipping the road, not to private pur
poses, and accounts must be regularly KEEP
and balanced. These are the tests pre-
seribed to insure good faith and regularit,
and honesty in our railroad affairs.
How have they been observed here! Tn
inquiry is really ludcrous. Here tn
speaker reviewed the testimony to show tina
not a dollar had been bona Jide subscribe,
or paid in under the show made of an or
ganization in the autumn of 1865. None O
the persons in above-named shares wer
put down paid, or were expected to pay. /
check of one Huyck, so-called secretary Q
the company, for 81 900, was passed to th
secretary Of the commissioners and de
posted in bank, against which the secre
tary checked for the expenses of the con-
mission, Qess than $780, and in three day
Iluyck checked the balance out, and it wa
never heard of more. A witness (Stevens
employed in the company's Office provet