Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-01-29
&c


Err.
&c. &c. nc.
A meeting of the City Council was held
on Tuesday night last, at which Captain
James Bumgardner, Jr., of Sheffey x
Bumgardner, counsel for the Valley r. r.
served notice respectfully demanding
the delivery within five days of the re
naming 5000 of city bonds yet due on
the 100000 subscrip ton of Staunton and
informing the Council that if the demand
were not complied with an appli cation will
be made for mandamus to co mpel 1T. On
a motion of Mr.. Ker to refer this commu-
nication to the Finance Committee,
lengthy debate sprung up.
THE NECESSITY OF COMPLYING WITH
THE OBLIGATION.
Gen. Echols opposed the reference. He
said he had thought good deal on the
matter and had come to the conclusion
hat it would be much better for us to com
plv with the demand now made. Had the
companv demanded the whole $1,000 be-
fore that unfortunate meeting held in the
Town Hall it would have been handed to
them. At that meeting he thought the
position of our people was badly taken,
Baltimore City had paid 81 .0Co, goo in cash,
the Baltimore & Ohio r. R. Co. had paid
I'D it's ST. .OOO, 900 in cash while Staunton had
only delivered $75, 000in bonds, Rockbrldge
$500 COO in bonds, Botetourt 100000 in
bonds and Roanoke nothing, either In
oh fxryo re IT,.
ing on injudicious advice Rockbrldge and
Lexington had procured injunctions to re-
strain the use of the bonds they had de-
,iyered. and now it is proposed that Staun-
ton shall refuse to deliver the remaining
bonds that she owes. This action had pro-
duced bad feeling in the public mind OF
Baltimore towards the Valley. Being in
that CITY since the meeting and conve1s
ing with gentlemen who viewed the mat
ter from different stand points all were
agreed that the action has been
uuRrFUL TO ALL OUR INTERESTS
and had done more than anything else to
cool the ardor of Baltimore city and theB.
xO.R.R. Go. for the completion of the
Valley R. R. They say that they have
complied with the terms of their engage
nents by paving the whole of their sub
scriptions in cash, but when our people
recalled on.-not for cash. but bonds,
they refuse to deliver even that. 1t has
produced an impression of bad faith. In
conversation Baltimore gentlemen, not
interested in this matter, had told him
that in consequence of it he had no faith
in Chesapeake & Ohio bonds nor those OF
ANY ROAD THAT RUNS THROUGH ylR-
GINA.
Staunton bonds that gentleman remarked
would not bring here 50 cents in the dol
lar. adding that sthat meeting capped the
climax. Mr.. Echols thought the refusal
to deliver the bonds would infict such a
blow on the credit of Staunton, that 1t
would be far wiser for the city to lose
Cos 900 outright than to incur the risk OF
such damage to its credit. Its just about
putting bonds on the market for city I'M
provements that are indispensable, and 1t
cannot afford to ruin its credit right at
at the threshold.
t.
the s25 goo apply to the $4,000 OF the Sec
ond subscription too?.
Mr.. Echols-No, [ don't understand that
the company claims that the $50 900 is due.
Mr. Bumgardner-I am not authorized
to make any statement about the S50,O00.
am rather on the outside Of the financial
matters of the company and am merely
here tonight in the absence OF Judge Shef-
few. to attend to the legal matters connee-
ted with the $4,000.
Mr.. Echols-Judge Sheffey said that the
$50 600 would not be called for now.
Mr.. Eyans-The BONDS for the S1O0, 900
had been prepared and were ready for de-
livery when the syndicate brought us an
order for $75, 900 Of them and got them
The call was for 100000 which
WOULD HAVE BEEN PAID
over if t had been demanded. The
Finance Commit e-s.@-sssrnet delivered the
remaining $4,000 because it has since
come to their knowledge that the work had
been suspended and they preferred an ex.
nressiop Of the opinion of the City Councll
before making further delivery. The con-
dition Of Staunton's subscription was that
she should be a point on the mann line
from Harrisonburg to Salem and the sus'
,,ension has made it doubtful it there Will
he any line from Harrisonburg to Salem
We think we have paid in proportion to
their completion of that main line. we
had supposed that
BALTIMORE WOULD UNITE WITH THE
VALLEY,
snt 81 farms ont she has sided with the Bal
timore l. Ohio. and it is as clear as a sun
beam to me that they intend to ABSORB the
whole road.
Mr.. Echols-Weli we can't help that
Mr.. Ker-Let's try to help it anyhow
Mr., Hoge-It costs us something to try
Mr.. Ker-Gen. Echols speaks Of cooling
the ardor in Baltimore, | wish he had seer
the GOODNESS of the Baltimore people at the
that meeting with the whole thing in then
hands and determined to do nothing atall
Mr.. Echols-I was at the meeting anc
saw no bad feeling among the Baltimore
people: all saw was exhibited on our side
Mr.. Evans thinks we have subscribed only
to pay as the road is completed. where viii
that land you--why not to pay until the
road is completed, Where would the mon
ey TO build it come from?
Mr.. Eyans-NOt that General said
ssin proportion to it's completion"
Mr., Echols-I am perfectly satisfied thai