The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-02-25
The Richmond and Trans"Aneghany
Narrow-Gauge Railway Company.

Narrow-Gauge Railway Company.
On Friday last the Governor approved
charter for this company containing som
| novel features worthy of notice. 1t pre-
| yides for the construction of a narrow.gaug
railway trunk line from Richmond throug
the following counties, passing by or YER
near the courthouse OF each-yiz., Powha
tan, Cum berland, Buckingham, AppomattoS
Campbell, franklin, Floyd, Pulaski, Bland
Tazewell, Russell, and Wise-to Pound Gap
on the Kentucky line. The branches author
| ICED are: First, from Bland or Tazewell int
| Washington county, passing the salt-Work
and great plaSter-beds, and thence down th
Holston to Estillyille, and on to Cumber
land Gap, also on the Kentucky line
second, a branch from FRANKLIN through
Patrick, Carroll, and Grayson, which may
be connected with the most direct inS
through Tennessee to Nashville and hem'
pbis; third, an eastcrly branch through
Charlotte, Lunenburg, Brunswick, ufeenS'
vile. and southampton to Norfolk, or
if the company chooses, line further norm
min Petersburg to deep water at City Point.
It will thus be seen that under this char
for general system of narrow-gauge roads,
controlled by one management, may be Gre
ated without conflict with existing lines to
open to commerce the locked-up mineral
treasures of many Of the richest parts OF
Southwest Virginia, and give them an outlet
to Underwater at Richmond, Petersburg, or
Norfolk, and also to open to immigration
more than dozen OF our best counties.
The average estimated cost of the trunk
line and braDcbts does not exceed 900 a
nile-tbat being above the average of the
more than 1900 miles Of narrow-gauge
roads in the United States and Canada.
The plan of raising the money is novel.
1t is proposed first that the counties shall
subscribe not exceeding $4,000 mile, each
subscription to be paid in single
bond for the whole amount, bearing six per
cent. interest, and having tweaty years to
run; the counties to levy annually two per
cent. additional as sinking fund to pay the,
bonds within twenty years. These county
bonds are not to be sold, but are to contain
on their face an agreement that the railway
company may mortgage them as collateral Sc
curity to its own bonds. Lands may also be ac-
1uired by the company and mortgaged. Ii
B.. 900 mile is subscribed In county bonds
1t six per cent, it amounts to simple guar.
sntee by the counties that they will annually
pay a sum equal to two per cent. on Sl5,oOo
. mile-the whole cost Of the road. The
charter then provides that the company may
ssue its own bonds for the entire sum neces-
AIRY to build the road, and secure these
ponds by mortgage not only on its CHAR
;er, franchises, road-bed, and rolling-stock,
but upon all its county bonds and lands as
we'll. These railway bonds are to be paya-
bic in sterling or Federal money, both prin-
cipal and interest, at the option OF the
holder. The sum to be received annually
from the counties being two per cent. of the
whole accruipg interest on the cost OF the
road, there will remain but four per cent. as
q charge on the earnings Of the road, and the
company will have but one class Of securities
out.
We are informed by the patrons of this
charter that large railway contractors and
bankers in London regard the scheme with
so much favor that if the $4,000 a mile can
be raised in the manner above stated there
will be no difficulty in procuring the rapid
construction of the entire line; the work to
be paid for in the stock, bonds, and lands OIL
the company.
A meeting of the corporators has beer
called in this city on the 10th of March to
organize the company and take immediate
steps to procure the requisite local subscrip
tons, which it is said are indispensable TO
the success of the scheme.
The Legislature has provided, for the pro
lection of the counties, that the amount sub
scribed by each must be expended within it
own limits, otherwise the subscription bt
comes void.
The charter is very liberal, and it appear
very we'll guarded. Upon the advantages {
the "narro w-gauge" and the managemer
of the road when built all depends. h
sources for transportation will be abundan
as the line selected for the road PASS
through continuous mineral region. II
, means Of the corporation, when provide
) according to the charter, should be boz
. solid and ample, especially the subscriptit
e in lands, which will be SO greatly enhance
3 by the construction of the road. The coun
subscriptions cannot be easily sacrificed wi
! the protection they have in the charter, a,
therefore when they are paid they VI
annre to the liberation of the corporate
from so much debt.
The main point in the enterprise, accor
. ing to the charter, is the county subscri
! tiops. They will depend upon anticipate
advantages from the road. These must
considerable in any county. but unauestiol