Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1873-04-15

= have seen the man on the. mule before anC
are familiar with his tricks, his device NAV
fnOt succeed, and you will, perhaps, press OF
with your enterprise. But you have vet tC
, borrow money to complete your road vOr
go to the financial markets of the country
to negotiate a loan and are asked imme-
Idiately, where is your road located ?''
! GU reply Clifton Forge to Bonsack's
depot" and are at once informed that the
Southern Security Company have an
lnounced their intention to build road be-
tween the same points-for the heather
Chinee, under this or that alias, has antici-
pated your presence in the monetary mar
ket by his announcement of such a pur-
'pOse-that there is not business enough to
support two lines, and therefore your bonds
are declined and you are unable to get any
money. This is the way in which YOU
would be met. And if this be not the ex-
act result l ask what would be the view
taken by any capitalist who seeks safe in
.vestment either for his own money or that
of his clients, when he came to understand
that any one else could build railroad
parallel and within invading distance of
the work in which you sought to secure his
aid? Where is the man in Virginia who
would be willing to invest his money in
railroad enterprises under such crcum-
stances? speak from experience in this
respect.
THE PERNICIOUS USE ALREADY AT
TEMPTED OF THIS POWER.
1t has been the duty of the Atlantic,
mississippi AMI Ohio company to appear in
foreign markets 10 negotiate a loan. and the
first and only difficulty which presented
itself to cause hesitancy in the sale OF
their bonds was suggestion coming from
the Southern Security Company that they
intended to build competing line from
Norfolk to Bristol.
1T THREATENS THE SAFETY OF ALL EX-
listing RAILROAD INVESTMENTS.
Safety is the first condition which capi-
tai seeking permanent investment de-
mands, as evidenced by that preferenceI
which is given to English consols at their
low rate Of mterest-and where its honest.
neutrality-suspicious. with
those directly connected and interested m
the success Of the enterprise is the essencei
of the guarantee alike for safety and for
profit. Where Is the safety to capital in
vested in any railway enterprise when it is
left to any five natural persons to prof.
ject scheme in opposition and parallel
thereto?
In England every precaution is taken to-
avoid any such unwise treSpass upon the
trade area of established works, as matt
Ter of good faith between the public and
those bywhose means such works had been
put in operation and a. the surest reliance
.Dr the procurement Of capital requisite I'M
the construction of additional lines, whose
propriety and necessity the interests of
other localities may legitimately require.
In considering the subject Of railways, !
it is observed by a committee of Parlia-I
ment that the complaint Of monopoly urged
against railways was an indication of the
benefits they had conferred upon the cOun-I
try, as it was not by force Of special privi-.
leges conferred upon them, but by superior.
accommodation and cheapness, that they.
had acquired the command Of travelling in.
their district; that railway enterprises
should be encouraged; that the country still
afforded great scope for the extension OF
the railway system; that Parliament.
should take no step which would induce so.
much as IA reasonable suspicion of its good
faith with regard to the integrity of privi-.
leges already granted, because one of the
elements Of encouragement to future I'M.
dertakings was Just and equitable dealing.
with those already established"
In another place the same high authority
says:
I'm dealing with the question of allow.
ing competing lines, the committee urged.
that greater protection should be given to.
existing interests, upon the ground that an,
act of Parliament constitutes an engage.
ment with the promoters or one side and.
the public on the other; that this principle,
rightly understood, conveys to the promo.
tiers no right that their privileges shall be
exclusively maintained when they cease to!
be consistent with the general advantage ).
but that it does imply that the promoters
having been authorized by the Legislature
to construct expensive works for public
use, the resources from which their just
was to spring, should not be
taken away upon any other than clear
grounds of public policy"
So far from operating to generate railway
enterprises, so far from offering any induce
ment to capital to seek investment in Fir-
ginia, 80 far from encouraging our own peo-
pie to honest, earnest effort in building
such works rs are needful to their inter
ests, this bill will, in my deliberate judg-
ment, stihe every work yet in its infancy
and suppress the inauguration Of all other