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

THE IiEtA ElIES UCDEE II w Il.
In the Senate yesterday the Committee
on Roads reported substitute for what is
commonly known a. the " Richmond and
Petersburg Railroad Bill " as it passed the
House. The substitute proposes to sell
the states interest in the road to General
MHhonc and certain gentlemen Of Peters
burg for 800 per share. 4 minority report
was presented. 1t was signed by MesSrs.
Roller. Courtney, and Carr, and is rs fol-
lows:
MINORITY REPORT.
The undersigned, members Of the Com
mlttee on Roads, dissent from the report of
the committee recomme nding amendments
to Senate bill No. 3, providing for the sale
of the states interest in the various inter-
nal improv cmcnt companies Of the Com
monwcalth, and recommend that the bill
be passed as il comes from the House, with
out amendment, for the following reasons:
lst. Because the first amendment relating
TO the interest of the state in the Richmond
and Petersburg Railroad Company is I'M
constitutional in this: that in the (which
provides for the sale Of the States interest
in the internal improvement companies 1t
attempts to change and amend the charter
Of the Richmond and Petersburg Railroad
Company, and subject said company to
certain restrictions. duties, and liabilities,
without the consent of said company.
ID Because it purports 10 create in the
president and directors Of the Atlantic,
Mississippi and Ohio Company powers not
conferred on them by the charter Of said
company, said president and directors not
being Il body corporate and polite known
TO the laws Of this state.
Sd. Because the price offered is so far be-
vond the intrinsic value OF the interest
sought TO be purchased rs to amount to
conclusive proof that the possession Of said
interest is not sought for The legitimate
purposes OF trade, but for the improper OBJ
jcct of controlling the coastwise commerce
Of Virginia cities, the papers before the
committee showing that the nominal bid
derS are really the representatives OF the
Atlantic, Mississippi and Ohio Railroad
Company.
4th. Because, under the proposed amend
mcnt, ii will be in the power OF the Allan
tic, Mississippi and Ohio Railroad Company
to change the gauge of the Richmond and
Petersburg Railroad Company.
9th. Because the effect OF adopting the
amendment by the Senate will be TO defeat
the advantageous sale by the State of her
interest at $50 per share, inasmuch as at
this late period Of the session it is clear
that the whole bill, il it is amended, will
be lost and the effect of this proposal to
buy is really not TO purchase at $500 per
share, but TO prevent sale at $l50 per
share.
9th. Because by the charter of the At
lautic, Mississippi and Ohio Railroad Com
pany its revenues are pledged to the pay
men, Of the leins thereon, by said charter
authorized, TO wit: first mortgage OF 3d.
ono, 900 for purposes OF discharging county
leins and for repair and extension, and
second mortgage of $1,000 600, for the ben
cit Of the State and this division of the
revenues of said company is, in effect, al
application Of funds which should be used
for the benefit of the State as second mort
gage, thus using the money OF the State to
purchase the states interest in tue Rich
mond and Petersburg RAILROAD Company.
7th. Because the bill rs it comes from the
House secures to the Atlantic, Mississippi
and Ohio railroad all the benefits and priyi-
leges Of trade and communication to the
fullest extent which it ought to have and
enjoy.
As 10 the second amendment proposed
by the committee, We consider the object
sought By it already secured by the terms
OF the bill as they are, and the effect OF any
amendment whatsoever will be, as before
stated, TO defeat the BILL"
AN AUCTION PROPOSED.
Dir. HERNDoS announced his purpose to
propose at the proper time an amendment
striking out all after the ninth line in the
hrst section, and inserting q provision for
the sale Of the State stock in the Richmond
aud Petersburg railroad to the highest bid
der.
Mr. SMITH, Of Hcnrico, desired the Sena-
tor from Spotsylyania TO
ExrLAlN HIS CHANGE or BASE.
lie Was at a loss to understand why, when
this question was up before, the Senator
had not been in favor of the highest bidders
lEllVson e. Coz gaining possession of the
road.
Mr. HKRNDos said he had not before
thought Of the proposition which he had
Just made.
ABOUT GUARANTEES.
Mr.. PEspLEToS inquired what guarantees
there were that the parties favored in the
majority report [Mahone & Col would ac-
cept the terms therein prescribed?
In response to this inquiry, Dir. TAYLOR,
o. Norfolk, had read by the Clerk guar
allte signed by General Malone and his