Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-01-15

UuIS IOdu Has d luuGudl 1uleIeSt. DllG DIS
for the Valley R. r. the B. & O. Co. has
stated in the presence of Mr.. Tucker and
others that it did not propose to lease the
road atall and that statement was made
before any of the subscriptions, city or
country were operative. Am l right in
this statement?
Mr.. Tucker-No, sir.
Mr.. Harman-(in his seat)-No, sir.
Mr.. Tucker-The idea prevailed while
the road was progressing and until it
tapped the G. & o. road, thus becoming
the golden link by which the other links
were made productive. And now they
could lease the other links at per cent
on their cost, but for this golden link they
could only give Sc. roo. He wanted the b.
& 0. Co. to profit by the Valley R r., but
he wanted it done by fair means. He
| didn't want this Hercules to strangle
their infant in it's cradle. Not one cent of
the money of the B. & O. Co. had been ex-
pended south of Staunton. lie found in a
copy of the Baltimore ''GaZette" here an
intimation that some of the Valley coun-
ties were defaulting in their subscriptions.
He would say for
ROCKBRIDGE COUNTY
that she had paid the tax on $525,00o the
whole of the subscription the terms of
which had not been complied with.
Mr.. Kayser-What terms
Mr.. Tucker-That it should be spent
within her borders.
MI Kayser- S54s,o 900 has been spent
there.
Mr. Tucker-Tbat is true, but it was in
the proportion Of 26 per cent. in bonds
and 74,per cent. in money to the contract
ors
Mr.. Kayser-Do you lay down the propo-
sition here that Rockbridge county is TIC
dictate the terms to be made between the
Company and its Contractors?
Mr.. Tucker-No, but Rockbridge did not
expect her subscription to be buried under
work that would take s., 900, 900 to bring il
out.
MI. Kayser-Whyha Rockbridge allow
ed her coupons to go back protested ?
Mr.. Tucker-Why, | ask the President
have any portion of the Rockbridge bond!
Ito be spent in the county, been pledged te
the B. & 0. Co., as collateral
Mr.. Kayser-I take it that these bonds
were pledged because they were the proper
ty of the company and were necessary tt
obtain the temporary loan for which the,
were pledged.
Mr.. Tucker-We ell, theyhad no right to dt
it, and that is the reason they were protest
ed.
Mr.. Decatur Miller said the amount of mo
ney that Rockbridge subscribed was expen
ded within her limits Mr.. Miller ther
read from the law to show that it was al
that WAS required.
MI. Tucker-When the Rockbridgt
bonds are released from improper use, W.
will pay the coupons.
Judge Shehey- What would have been tn,
effects if there had been surplus O
Rockbrldge bonds, after the work in thu
county had been completed?
Mr.. Tucker--I don't know that Rock
bridge will never refuse to pay coupons
when in the hands of bona tfde holders
Judge Sheffey--Do you lay down as {
proposition in law that bond pledged az
collateral is not in the hands Of a bona fd
holder?
MI. Tucker-That is question we cal
settle hereafter. Mr.. Tucker went on tt
speak of Roclzbridge having to pay inter
est on cuts and fills when Baltimore ant
the Baltimore Il Ohio R. r. were deriving
commercial benefits for their money.
Mr.. Miller--Do YOU not recognize the
fact that the city of Baltimore has put hel
money into territory not her own, by
which your people are to derive benefit?
MI. Tucler-It is no disparagement to
the friendship and generosity of Baltimore
to say that that enterprising city has not
lost sight of her own interest.
Mr.. Miler-I am quite sure that hel
friendly feeling for the people, and the
presence of Gen. Lee had much to do with
her making her subscription.
Mr.. Tucker-She has put her money
away out in Chicago, but no one thinks
that was through interest in the people Of
| Illinois.
Mr.. Miller said he hoped the counties OF
the Valley would stand by their obliga
tons, and not seek to evade them, and
they would be helped.
Mr.. Mclaughlin (sotto voce)--Ask him
if failure of meeting obligations was the
cause Of suspension.
Mr. Davidson Of Rockbridge--Is that
| the reason you suspended?
Mr.. Miller--No, sir.
| A FRANK EXPLANATION.
Mr.. Keyser explained that it was found
impossible to negotiate mortgage loan in
consequence Of the uneXampled financial
| panic, and cited the gripping of the C. Il
Ga completed road-by the same disas-
ter, as an example Of the disasters to rail-
roads by the crash. 1t was only after
making every effort to negotiate loan,
and eXhausting every means to secure it,
that the work had been suspended.
Mr.. Tucker called attention to the init
nation by the press that it was defalca-
ition by the counties that had caused the
suspension. He concluded by urging that
| the 3. 81 0. Co ought 10 lease the road.
| COL. HARTMAN.
MI. Harman said that Jno. W. Garrett
| had said though Robert was not authorized
| to say that the B. & o. Co. road would
lease the road at 6 per cent, yet he be-
lieved they would He (Mr Harman) had
travelled 25s miles to get d lessee for the
road, and paid high compliment to Gen.
Malone, who had said that if the Valley
R. r. reached Salem, he would give it a
connection as if it was a part of his road,
while the B. & o. Co. had refused such a