The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-02-13

pay to the State Of Virginia In current
+, funds the then market value OF the States
interest in the Richmond, Fredericksburg
and Potomac Railroad Company, and have
and hold the same Sits own; provided
such market price shall not be under sisty
cents in the dollar of fts par value. If said
stock be under sixty cents in the dollar at
that time, then said company shall pay the
State for said interest IN stock, at the rate
of sixty cents In the dollar, the present
price Of said stock.
Mr.. THURMAN said the object Of this
amendment is to protect Virginia from loss
by the passage Of this act, and to require
these parties who are now asking these
franchises at her handssto indemnify her
/, from loss in the event she thinks proper to
grant them this charter. It has been said
that this company comes here as an invited
guest, but from the history of this transac-
tion 1t would rather. seem that they come
as intruders and interlopers, and with
CHARACTERISTIC EFFRoNTERY
claim welcome to Virginia hospitality.
But be that as 1t may, they stand now be-
fore this body as suppliants, asking for
franchises, which, If granted, will destroy
the interest of the State in, the Richmond,
Fredericksburg and Potomac railroad, and
by this amendment we say to them, if this
Joss is to come by .our1 Atfen you 1ssst
bear 1t or guarantee the State against loss.
It is enough that we shall grant
| FRANCHISE WHICH DESTROYS THE PROSPER
ITy OF OUR OWN CITIZENS,
who are stockholders in this road, and
are powerless to protect them from loss !;
but it is too bad that we shall permit the
property Of the State thus to be destroyed,
| ruined, annibilated, as all admit it will
be, by permitting this powerful foreign
corporation to run rival road alongside
road in which the State holds an interest Of
it, thus producing a competition which
must destroy the weaker company, and
make its absolute demolition only ques-
tion OF time, and very short time at that.
In a contest of this kind with
OUR OWN VIRGINIA ROAD
against this powerful Pennsylvania COM
pany, no one doubts which must succumb.
The trainers Of this bill seem originally to
have recognized the necessity Of thus pro-
tecting the State from loss by its own ac-
! ton, and to have realized the monstrosity
of asking the State thus to throw away
her interest in the Fredericksburg
road, and we find in it provision very
similar to this; but to break the force of
that provision an amendment has been in
terpolated "at the option of the General
Assembly," which makes the sentence mean
simply nothing, since that future legislation
can do or refuse to do that same thing with
out any special permit from this, under the
provision of the general railroad law which
permits the General Assembly to repeal,
| alter, or amend any such charter, after the
| lapse ola certain time. Then if such pro-
vision is necessary at all, if it is necessary to
protect the interest of the State at all-and
the trainers Of this bill have said so-let us
give the State substantial, tangible inter-
est, that cannot be divested except in the
manner provided in the Constitution.
THE CAT OUT OF THE BAG.
Mr.. BUDD: Does the gentleman from
Bedford think that this bill can be passed
without constitutional vote if his amend
ment is adopted?
| Mr.. THURMAN And this is the point
gentlemen are afraid of, and this is why
this amendment, tsat the option of the
General Assembly," has been inserted.
THE INTEREST OF THE STATE MUST BE
sUBoRDINATED
to the success of this foreign company in
their railroad schemes. IF the State is to
lose her interest, perhaps she had as well
do SO pSW as at any time but what want
now is to hold this guarantee-this securi-
tty-now while we have it, and if it is ever
lost it must be done by our successors in
the manner provided in the Constitution,
albeit it may require a constitutional vote
| to pass this bill. The question is, Shall we
hold fast while we have it. or shall we
hazard the interest of the State, with the
| hope Of its being reclaimed by some subse-
quent Legislature, thus leaving the whole
matter contingent upon future legislation,
requiring constitutional vote-a contin-
1 SSuCJ HULL w ulIll L lCdt VIC CIdGC HAS lllllc
to hope if this monster corporation once
gains footing on Virginia soil2
CONSTITUTIONAL VOTE FEARED.
But the gentlemen fear this constitu-
tional vote on their bill, and for this reason
seek, by indrection and circumvention, to
accomplish by majority vote what they
cannot directly do in the manner prescribed
by the Constitution, and even allege this as
a reason for destroying the interest of the
State by mere majority vote. Will the
representatives Of Virginia, through whom
they speak and are heard upon this floor,
imperil the interest of this poor old State
for such frivolous reason as that-that it
may endanger the pet measure Of these
foreign monopolists?
Virginia has no lobbyists in this hall or
hanging about the purlieus of this Capitol,
but you alone stand here as her guardians.
1t remains for you to say whether you will
protect her interests, or yield to the de-
mands of foreigners. You have it in your
power to do so by voting for this amend
ment, and l call upon you to decide the
question now. Do not hazard it in the
hope that future Legislature may reclaim
it, even though it require constitutional
vote to pass this bill. Will you secure it,
or suffer it to be lost to the State? You
must decide it now, while 1t is in your
grasp. The whole question hangs on this
Will you secure it now?
| The vote was then taken, and the amend
ment was rejected.