Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-09-18

Sept. lUun. IIeSeHu, Mooo1o' Dlohi0, W ioI,
Bagby, Hoge, Burke, Echols, German,
Kayser, Ker, and Evans.
Gen. Echols read the report of the City
Attorney, recommending the transfer OF
CITY bonds, being the first subscription OF
The CITY of Staunton to the Capital Stock
of the Valley Railroad Company.
Judge Sheffey, being called on, stated
that Baltimore had paid $950,00O in cash
of her 81, 100000 subscription to the road,
and was ready to pay the remaining s5o,
600, called for on October 1st, 1874, and
read the certified copies of the calls Oh lhe
Valley Railroad Directors on Baltimore
for the above, and also on our city.
Mr.. Echols-Was this call served Oh
city authorities
Judge Sheffey-No necessity 1of mat
Mr.. Echo1s-I only asked with reference
to the question of interest.
Judge Sheffey-There was no necessity
in law.
Mr. Echols-There was certainly ne
cessitv: the authorities would not feel
called upon to transfer the bonds unless
authoritatively called upon.
Judge Sheffey-I don't know Of actual
calls. but the calls were published in the
papers. [ would state that contractors
are expecting to take these bonds, and
they ought to be passedto the Valley
Railroad Company.
Mr.. Burke-On what conditions are the
B. & 0. R. R. Company using the Valley
Railroad ?
Judge Sheffey-None at present, but all
to be fixed at a meeting i'll October, they
are responsible for the use but the exact
terms are not fixed upon.
Mr.. Burze-The idea of the people here
is that the B. & O. Railroad Company were
to pay per cent after it was finished.
Nh. Bickle-I think the Finance Com
mittee ought to consider and report ON
this subject.
Mr. Echols offered the following resolu-
tions: That the Finance Committee be
instructed to deliver to the Treasurer OF
the Valley Railroad Company, OF other
proper officer of that company legally au-
thorized to receive and receipt for the
same. 100000 of the per cent. bonds of
the city in discharge of the subscription of
August, 1871. for 100000 to the stock OF
said company, and the said committee are
hereby instructed to receive at TIL time OF
said delivery proper certificate of stock
to the amount then subscribed for, and
said committee are also instructed, after
proper consultation with the attorney for
the city, to see that all things are done,
in connection with this payment or delive
~ of bonds, which may be necessary to
protect the rights and interests Of the
city, especially negotiating for and secur-
ing an acquittance from MI. Robert Gar
rett of his claim for money loaned by him
to the city, the same to be paid from the
proceeds of said bonds, and fixing the
dates from which the interest on the va
a.ious instalments OF calls on said subscrip-
tion shall be computed.
Mr.. Echos said the bonds ought to be
delivered, but the question of interest is
open; what is right we ought to pay, and
certainly Mr.. Robert Garrett should be
paid the $4,000 loaned by him.
Mr.. Bickle-Not in money, no, not in
money.
Mr. Burks-Staunton only subscribed
bonds, not money.
Mr.. Bickle-This has been referred to
the Finance Committee and they have not
reported.
Mr.. Eehols-The whole question was re-
ferred to the City Attorney for his epin-
ion, which he has given, and this should
be final.
MI Bickle-Don't know 1t was referr-
ed to the Finance Committee.
MI Evans-I don't desire to make any
captious opposition, but would like to
know whether this resolution requires the
city to pay Garrett $4,000 in money
Baldwin's opinion was that until the road
was completed from here to Salem not one
cent was duel have it here. exhibiting Il
newspaper)
MI Burke-Is that a certified copy ?
MI. Evans-Not that I know Of.
Several members-Surely not the $780,
900 subscription is meant, only the $50 900
subscription.
The order of Court giving the terms of
voting on the subscription was then read.
Mr.. Echols-I doubt whether [ would
have voted for the subscription; all are
anxious to vote beforehand to pay, and
not 50 anxious to pay afterWards-b l
think this matter has been deferred too
long, long after the credit Of the City
would bear it. 1t has been referred to the
law officer of the City, his report recon-
mending it's payment is before US, and III
justice to our credit we ought to make the
delivery of the bonds.
Mr.. Evans-Let Us see the order of the
Council concerning the $4,000 to pay per
cent. on the $1,000 subscription, this
will settle the question as to whether
Staunton owes 100000 in bonds or sos, 900
in bonds and $1,000 in money.
The order was read authorizing the Dor
rowed 81, 900 to be refunded out OF the
first sale Of city bonds.
MI Echols-I think this can be adjust
ed.
Mr.. Evans-Gs9 Echols, do you think
it can be adjust ID Sc that we will pay only
500, 900 in bonds?
Mr.. EchoE--I think SO.
MI. Eyans-I don so understand Judge
Sheffey.
The vote was then taken with the fol-
lowing result: Ayes-Witz, Bagby, Hoge,
Burke, German, Echols, (6); Noes-Bick-
lie, Evans, Ker, Kayser, AZ.
The President, Mr.. Bickie, declared it
lost, votes being required to make an APP
preparation.
Several memberships is no appropria-
ton, it was appropriated long since.
Mr.. Gorman-I appeal from your decis-
ION