The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-01-26

( itlultcu OJ dutlOTlLcu, "Hu 'hAN' H
! full consideration for the franchises granted
to them, found themselves, against all their
| rcmonstranccs, ruthlessly deprived Of one
| Of them as soon as 1t became Of sufficient
| value to tempt others to seek to rob them
{ of it. Was not this warning to them to
! guard jealousy the remaining franchises in
| their charter, and not voluntarily submit
them to indefinite changes and repeal by
future legislation, as required by the gen.
eral railroad law?
EXEMPTION FROM TAXATION.
Another Of these so.called peculiar fran
chises in this company's charter, enacted
in 1894, Is exemption from State taxation.
From the general outcry on this account
| against this company, any one not inform
ed on the subject would naturally con-
clude that this exemption was peculiar to
this company, and never conceded to any
other. What must, then, be the astonish-
mcnt Of such person on being informed
of the recorded and unquestionable fact
that ecery railroad charter enacted prior to
1887, and many since enacted, numbering
some twenty-five or thirty at least, contain
in them precisely and uerbatim the same
exemption from tdration. Under some of
these numerous charters, 1t is true,
no railroads were ever built nor COM
panies organized. And some Of the
companies organized under such char
ters have surrendered this exemption
from taxation. But NEVER have any of
them done so, except in exchange for most
raluable benefits conferred on them by the
State, in the shape Of large loans Of money,
or the conversion Of such loans into stock,
or the absolute release of them to the COM
pany. No such benefits have ever been
conferred on or asked for by this company,
which has never been aided by the State to
the extent of even the customary subscrip-
tion of three.ffths, but only to the extent
Of one.ffh Of its stock, and which has re
turned to the State more than doubleiits or1gi-
nal subscription.
| And how much greater must be the as
tonishment Of such uninformed person at
learning the undoubted fact that THREE
other companies owning railroads entering
the city Of Richmond enjoy, under their
charters, at this day, precisely the same
exemption from taxation which is contained
in the charter Of the Richmond, Frede-
rick>burg and Potomac Company, except
that in the charter of the Richmond and
Danyille Railroad Company it is given in
still stronger and more comprehensive Ian
guage. And yet when that company at the
last session of the Legislature asked per-
mission to consolidate with and con-
troll other roads in the State, and to
purchase all the States three. .tfths of its
stock, with the bonds of the State rdled at
double the ualue Of the stock, who raised
voice, and still less, general outcry, in the
Legislature and in the State, demanding
that that company should, as condition to
lsuch extraordinary concessions to it, sur
render this exemption from State taxation,
which has been the object Of such odium,
and the theme of such steyeotyped philip
pics against the Richmond, Fredericksburg
and Potomac Company! Can anything
more garingly illustrate the gross injustice
done to this companyp
Then how must astonishment verge on
unbelief when such an one is told, achat is
nevertheless true, that this same eremption
from toration-which was originally grant
ed to the Louisa or Virginia Central Rail-
road Company. and afterwards surrendered
by it for the udluable consideration of large
State endorsement Of their bonds, was again
freely restored to it's successor, the Chesa.
peake and Ohio Railroad Company, as re-
Gently as 1867. Is all the indignation and
rhetoric cherished against such an eXemp-
ton to be reserved for the Richmond,
Fredericksburg and Potomac Railroad
Company: And shall a Virginia LegiSla-
lature nor, in view of such facts as these,
be induced to repudiate this last vestige
Of the pledge given by the State to
those who built this pioneer work Of
protection OF their property from future
unjust legislation, by saying to them, " I'm
less you renounce and surrender this pro-
lection and submit your charter-the origi-
nal and final contract between you and the
State-to indefinite future alterations, how
ever prejudicial to you, power shall be
given to Pennsylvania company to coerce
you into Il sale or lease TO them on their o,rn
terms, by the menace of a parallel road to
yours?" How will this consist with the
honor and good faith Of this Common
wealth! What must be its effect on the
confidence in them of those whom she in
vites to build her public works?
SCHEDULES AND sEABoARp LINE,
Yet another ground of prejudice against
this company, and the last which will be
here commented on, is the erroneous i'm
preston that its interests, policy, and the
schedules Of its trains are subordinated, if
not in a measure sacrificed, TO those of the
Seaboard and Roanoke Railroad Company,
and Of the Chesapeake Steamboat Com
pany, in which controlling interest is
owned by the same stockholders, who own
large, if not controlling, interest in the
stock Of this company.
Never was there a greater mistake than
this idea, nor one which could be more
readily corrected by fair and impartial in.
yestigation into the history and trans
actions of the companies on these two
routes.
Some twenty-five years since reckless
and ruiuous competition, by rates of tolls
and fares wholly unremunerative, was car
ried on by this Seaboard and Bay line route
lin which the State has no pecuniary in.
tereSt) against the railroad companies be-
tween Weldon and Aqua Creek-of all
three Of which the Commonwealth was
THEN, and Of two of which (betWeen Peters