The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-05-06
AT ELEVEN O'CLOCK,

| Mr. Keyser stated that if ROckbridge would
dissolve the Injunction and Stanton deliver
her bonds, that the contractors would be paid.
Subsequently he said that if Rockbridge would
come forward the contractors might be paid,
mer.
On motion of J. r. Tucker, the accounts be-
tween the company and the contractors was re-
ferred to Mr.. Keyser and Maj. Shanahan,
one of the contractors, with Instructions to re-
port to the meeting on the following day.
Messrs. Keyser, McLane, Hartman and Allen
were appointed to confer with the Staunton
council and the Rockbridge delegates, and re-
port on Friday.
On motion the meeting adjourned.
MEETING OF THE CITY COUNCIL.
A special meeting OF the City council was
held on Friday morning. All Of the members
were present.
JAS. L. MC'LANE,
proxy for the city OF Baltimore, appeared be-
fore the council and urged the delivery Of the
$50, 900 in bonds, yet unpaid on the cty's sub
scription to the capital stock of the Valley
Railroad. He said that Baltimore had been
10th to make her subscription, ana only at the
earnest solicitations OF the Valley members
had she been induced to 10 so. She had paid
her 81 ZOO, 900 in cash with the understanding
that the bonds were in hand or would be forth
coming upon application, and now, after she
had honorably met her obligations and dis
charged her indebtedness, she was confronted
with the prospect Of losing her capital by hay
ing the enterprise in which she had invested as
q co-partner, sacrificed under che Sheriff ham
mer; and this too, when the Valley company
was not only solvent, but when her assets were
almost three times as great as her liabilities
It was a state Of affairs without parallel, and
was the result Of the failure Of the towns and
counties to come forward and deliver their
bonds, maintain their credit, and meet, like
men Of sense and business, their just obliga-
tons. Baltimore, as well as Staunton, had
been under the impression that the road would
be completed to Salem, but the wisest had been
unable to foresee the great financial panic that
had wrecked so many enterprises and had eff
fected this one also; but Staunton, like Balti-
more, had the Valley Railroad at her door and
was receiving daily benefits from it, and for
her now to refuse the $50,000 would be acting
in bad faith, to say the least of it. It. was
known to all that the So, 100000 would not be
sufficient to complete the road, and that loan,
upon mortgage of the finished portion, would
have to be negotiated Tor that purpose, it was
therefore to the interest of Staunton. as a
stakeholder, to prevent the road from going to
sale, and at some future day che original inten-
ton might be canried out. The Contractors
had manifested a disposition to forego any le
gal proceedings if Stanton would pay up and
Rock5ridgc dismiss her injunction, and he ap-
pealed to the Council, by every consideration
Of honor and policy to order the delivery OF the
bonds, and by united effort with her co-stock-
holders. wrest the road from the clutches OF the
law and preserve inviolate her public faith.
RESOLUTION
was offered by Gen. Echels, instructing the
Finance committee to have printed and deliy-
cred to the Valley Railroad company the addi-
tional $4,000 in bonds whenever they could be
used in meeting the claims Of the Contractors.
TO THE POINT.
BEFORE tilG FCtS Oil l!lC IGSClutiOi Ns4S Gdheii3
Mr. Keyser said that this was the first time that
a representative Of the B. 6 0. r. R. had APP
peared before the authorities of the city OF
Stanton, but that they had had the honor OF en-
tertaining Staunton's delegates on more than
one occasion. AS director Of the Valley Rail-
road, he deemed it his duty to make a plain
statement Of facts. II a settlement was not
yynt,!H stt,Jtn s1it for
their money OIL Monday. Rockbridge was pre-
pared 10 dismiss her Injunction if Staunton
would deliver her bonds. If she refused, Bal
timore city and the B. & O. r. r. would pro-
coed at law through the United States Court,
to compel the payment Of the subscription
In the event of the contractors obtaining tndg-
nlent against the company, the road would go
to sale, and Staunton lose, not only the $780,
600, but the 100000 already paid in. I'M
pleasant as it might be, he was forced to state
that q large majority Of the stockholders were
determined to compel the payment OF the
amount subscribed. Col Hartman thea urged
upon the council the absolute necessity Of
adopting the resolution.
Gen. Echols said, that although he had been
oDiDtOyCO DIS Tile IGtOlIiCy lol oHO OoiAoA~eSoi9'
vet as councilman, he would insist upon the
adoption of the resolution
Baltimore had made her subscription upon
the representation Of the Valley Delegates
Every inducement had been held out, and ev-
erv promise made to her. Even if they sue
ceeded in evading payment until Roanoke had
paid and were victorious to that extent, the
victory would be dearly purchased and bring
absolute ruin to the victofs.
Some little sparring then took place between
councilnen Ker, Evans, Burke and Gen. Ech-
OILS, as to whether Baltimore OIL the Valley first
made propositions. During the course of the
discussion, Mr.. Kerr said that he had never vo-
ted for the subscription in any shape; that he
did not believe the road had done Staunton any
good, or that it would in the future.
The attorney for the city, Major Elder, gave
it as his opinion, that the city was not legally
bound to deliver the bonds until Roanoke had
completed her subscription.
Mr.. Burke proposed to amend the resolution
by adding, ''Staunton would pay when all the
cities and counties have paid" The whole
matter was then Indefinitely postponed, and
the council adjourned.
sToCKHOLDER S MEETING.
Immediately after the adjournment of the