The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-03-15

SPEECH OF Il. II. FRAYsER, ESQ.
Mr.. LEWIS H. FnAYsER arose, and said that
he desired to submit few remarks on the
subject now before the House, and in favor Of
the minority report. He did so because it WE =
a proposition in which the people he had the
honor, in part, to represent, are vitality inter-
ested, and hoped that he would not be inter-
rupted, as his time was limited.
lie was only business man, and came to the
consideration of the grave question in the
same manner in which he would approach a
question involving his own interests in a bust
nccs m after, and in the spirit which he would
demand of an agent who had his business in
trust. He YVES one of the agents of Virginia
in this business, and meant to keep his record
right.
The first question is this: Is it, or not, geod
policy for the State to sell her inter It in the
various railroads in which she is interested?
do not propose to discuss this question, Mr..
Speaker, because believe it is conceded on all
sides that the time has come when the State
should sell out these Improbable stocks, not
only for the purpose of extinguishing an inter-
est-bearing debt, but also for the purpose OF
relieving the General Assembly from the vexs
atious and discreditable scenes of which we
have been reluctant witnesses for several
months.
The next question is, to whom shall we sell
The uniform practice has been to give prefer
ence as purchaser to the company it1elf, in
which the State held the stock; or, in other
words, to the stockholders with whom the
State hes been partner er--and in this instance
/ see no reason for departure from the rule.
In the case of an ordinary partnership, what
would be thought of partner who, wishing
to sell his interest, should refuse to give his
&C partners the first chance to buy him out;
but should go running around to hnd stran-
ger to put into his place-a stranger who
might be disagreeable to his late associates,
and, indeed, might have his interests so situa-
ted as to induce him to seek to get into the
partnership only Tor the purpose OF breaking
up the business.
For myself, will say that l recognize the
obligations of honor which bind mercantile
men, and that would prefer to sell the States
interest to her partners at least, give them
the option, es we merchants call it, before
going out into the country to find another
purchaser. However, mean to deal with the
question es it now stands before us.
There are apparently two propositions
l. A proposition purporting to come from
the Atlantic Mississippi and Ohio railroad
company, to buy the stock held by the State in
the Richmond aud Petersburg railroad compa-
nv, for the sum of one hundred dollars per
share, aud as now amended one hundred and
fifty, payable in State bonds in six equal an
nual instalments, without interest. Mr..
Speaker, it takes two to make bar.
gain. L nave never peen soie W nnu
inside of this house, or outside OF 1t, any
man who could give me any business.like as:
surance that the A., M. U. X. X. Co. had
ever authorized such proposition.
1t has certainly not been developed in this de-
bate. The transactions large one; it iavolves
$685., 600 of State bonds. 1t is a bargain out
side the charter of the A., M. d o. Il. X. Co.
Who is authorised to speak for that company?
Have the stockholders of that company in gen.
eral meeting ever authorized such a proposi-
| ton? Have even the directors of that compa-
| nv, by concerted and official action, ever indi
| Gated their intention to recommend the stock
| holders to authorize such proposition? Who
| is it that assumes to say that he is the A., M
| q o. Il. r. Co., and claims authority to make
| such offer?
| In fact, Mr.. Speaker, the A., NJ. and 0.
railroad company is not before this General
| Assembly at all, by any legal or authorized
| representative. When you talk to me about
| this so.called proposition of the A., NJ. and o.
railroad company, feel as If we were engaged
in soliciting the A.. M. and O. railroad com
| pany TO make an offer which she may reject al
| pleasure. This is good device to prevent the
sale of the States stock during the pleasure o.
the A., M. and o. railroad company. But, Mr.
| Speaker, we mean business. We really snd
| honestly want to sell.
I'd. Ii appears, therefore, that there is really
but one proposition before the House, and that
| is the offer of Messrs. ii. X. Elyson, Joseph
| Anderson, and their associates, which is II
print before this House. These gentlemen pro
pose to give the State for her stock in rh'
| Richmond and Petersburg railroad company
| tho sum of $3.50 per share, payable II
State bonds within six months but the de-
yelopments before the committee show that
| means cash, and as an earnest OF their seriou
intent. they have deposited with the Treasurer
Of the State 100000 of the bonds of the State
While the unauthorized suggestion made il
behalf of the Atlantic, Mississippi and Obi
railroad company, contempates credit run