The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-02-24
fror .hr Dt>pstch.l
, p,e,fic Ratlrond-Why
.,,d amy StrSiuiap oppose Al

,, poc,fic Ratlrond-Why
,nould an, ytrGinian oppose A
~. ,r,roGucl,on of resolutions 10 tue
~, t,,r;rc the pa>sagc OF the TexaS ana
- ;s, railroad bill by Congress CT us'e'op'
I"'', ,i,n ho,c \, home that would be sur
..'.r.Im, for the Gsht shed upon the SUD
=, by the railway history OF TINS o'aIe loi
~. }sst eight or len years. IL ma! oc sa'e',
,-,.jc,c cd that when this opposilioh colhes
;. rrv.iaIlizcd il will I've iound 10 cohsist VI
,-.,,r,n, segregated along the line OF s'hS'e
road IN Ergipia, just as alum IN so'ution
w'Ir,y,'si!iZe IN clusters on wire suspehu-
- ~ n, vessel containing 1t.
S.-,nre TO say, this opposition comes
MY RON line that bas received more
.,",: a. the hands OF the State, and bas re-
.,,rs6 4 smaller equivalent, than any DINER
NV t.ord.rs. |, is called By its adherents
- r,g1LcyS UlT Virginia Line" or
.ngr Great Trginrs Line" lis EiIglnianlsm
..r,..,,ra in the fact that one end Is al BIS
.,l,rd fhe o. her a. Norfolk, and at the latter
,..r.,. in >uch close alliance With New
yak steamship company that III order 10
,',r,, Tennessee. North Georgia, Alabama,
and Mississippi Of their trade-n0s for var
,'..,, INT for Ne,c YOrk-t carries for these
STR. a, rates 30 much below those charged
ogr own people Tor their domestic traue
uj,b Norfolk or Richmond that the roau IL
c,., becoming ins0lycnt. and would now
,a-hr : he In The bands OF receiver but tor
a.. fotcad contributions levied on the Viz
,,Iois farmers, planters. miners, manutactu-
rars, and merchants doing business over It
81 hlgE rates
virginia was a preferred creditor OF the
r5ad> nov constituting "Our Virginia
line, but cou>eu,cd TO waive her priority
ard ucimt the making OF mortgage Tor
fifteen millions OF dollars secured on the
consolidated line, and for her claim to take
bond ior four millions, without interest, I'LL
1881. and then 10 stand behind the h!teeD
million, in the matter Of security. This
uo,4raced hberallty to this company was
la.uly prompted by its promise apd under
nk.ug 10 use enough OF the Sl5,O0O,OOO 10
build road to Cumberland Gap, and there
connect with Kentucky roads. Now, What
has II done with all ibis money. Ii has put
the road IN good repsir from Norfolk TO
Bristol. and that is all. Not one mile OF new
line tas been constructed; no branches
have been built: 10 mines bave been stimu-
hated 10 productions; no immigration has
been Induced bg a liberal policy towards the
couu;rv raversed by the road. But
hlLe iraiiic has been built up between
the states beyond Virgins and New York,
ald ,rIenuid steamship line has been cre-
aed. a. an extensions of "Our Virginia Line"
10 enable New York merchants, rot ours, to
cowpr,e more successfully with Baltimore
anG Philadelphia. To msiBtain their con.
tr0l over lhl> traffic Commodore McCready,
OF New York, and General Malone, Of Vir-
gnia, have so arranged things that "Our
Virginia Line" is not only in debt fifteen
millions on liz first mortgage bonds and four
millions TO the State, but stands to-day a
confessed insolvent, unable to pay its inter-
est Or lis employs, and liable at any time
10 be Proceeded against as bankrupt-to
br put 10 The hands Of q receiver Of the
Federal court and sold out under the fifteen.
million mortgage. And here is the pinch so
Tar rs the State is concerned: In less than
iour years january j, ISS0-that four
mt!hon-dollar bond will fall due in respect
ol Atercst, and will require $4,000 year
10 be paid INTO our Treasury. This is large
sum, and should be carefully looked after.
81 VIII help amsZiugly to pay our annual
State dues. II IS equal 10 the taxes DOW
imposed on ,000 00e worth of our lands,
an We can't afford TO lose il; and yet it
10 rs Iheit was IN danger. Nobody knows
ANYTHING about the finances Of that
company except the dsagreeable fact
lA't II can't or wont pay its cW-
real liabilities, and is at the mercy Of
preferred creditors, who may deem it their
Interest to tortclose their mortgage and buy
tAe road, and thus extinguish that 81 I,00e,-
wv OF debt TO the State and put into their
own pockets the S24g000 year we are
hoping TO receive. Such an event would rank
with other brilliant railroad financial transac-
hons With which the country is familiar.
iee State and private stockholders would
stand aghast at the deneusmeat disclosing 10
them the transier of all their original invest
DcntS 10 The pockets of preferred foreign
creditors, whose len, money has simply gone
u improve the property for themselves!
now, his catastrophe, Judging the future
90 thc last, can only be prevented By such
a. increase OF business on the line and in
@'g 'oH'h as will arrest the impending in,
soN N"NeS' bankruptcy, and sale of the pro-
PaAl oi ''0ur Virginia Line" not for the
p'ueht' Dear IN mind, Of Virginia creditors,
Du' u northern and OF foreign bondholders,
"L' .'N sale and purchase would wipe out
81! r@'Hians and Virginia from the owner.
En'p~ ~I The road Aud the constructors OF
.nr ssAh' and Paci1i road, IS noo proposed,
"'tn tr"hches TO New Orleans, Nicksburg,
I|U a.~mphI5, aud connection With ST.
L9ois Hoats ~iiitGo more 10 save this and
''uef soGthern lines than all other means we
N"a hots for.or devae.
4Ach, Ia th@ name OF common sense, why
Iaould ihe Virginia h;euds of the Atlantic,
-nS = Ss''s.1ppt and OHIO toad oppose the Texas
80 fat!iGS We csa understand Wig a
!. +.Dalo!naiIon OF ls;heming bondhotders OF the
%"iht'c, mississippi aEd Ohio should oc,-
'-'s H. aud, 10 1acJ do anything that wiz
'~'t 10 lufetia&lrc Of their SE,000,6 ,60R !
u"s gage, and "ehouse" the State out Of |
's' ;%so0J,0O0. We are,!atd that oniy about !
LIZ Slt o. The tilteer millions Of bones have |
0It so1d. So much the better for the bond.
O'uefs ana The wJrse for Virginia, IL they
'a1earlste foreclosure aud pureSase.
''erytoeY knows they would get the
'Iu los thtir deot, .rBd IL It be true that siX
'iltions o bonds are uB,ssed, this sum, asd.
q 20 the !olr millions Tie State you'd lose,
ooid make ten millions, besides all the pri-
i'e sIock wiped out--a rather tempting!
1h 10 Il ring" of New York aua Londont
onaho!ders. But it Is hard 10 understand
~ an body on or Interested In that line
-. sHslnls should oppose The building ofa
.a' s' "itnout cost 10 us, across the conti-
sn' ~, "nich will ned one Of its shortest snd
,as o0l'eIs from Memphis to The Atlantic ut
"io'h over the line Of the Atlantic, Aissis'
rp rpi ahG Ohio road, especially when, as IL
~ proposed, this great Southern Pacific
nhection csunot by possibility cost the