The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-06-17

DRESSES FROM MAJOR JAMES II. DOOLEY,
MR.. CHARLES L. wHITLOCK, AND OTHERS
THE BOARD REFUSE TO LET THE PEOPLE
VOTE ON THE QUESTION OF sUBsCRIP-
TION.
An adjourned meeting Of the Board of
Aldermen was held yesterday afternoon
President Meredith In the chair. Presen
at roll-call: Messrs. Bass, Beall, Forester
kellam, Manly, Pickrell, Scott, Spangen,
burg, and WillIams-10.
Mr.. Bass, from the Committee on Ordi-
nances, presented an ordinance providing
for the submission of the question OF sub.
scription to the Buchanan and Clifton Forge
railway to the qualified voters OF Richmond
on Thursday, July 26th, and the exchange
of 100000 OF the six per cent. bonds. of the
city for like amount OF the bonds OF the
James River and Kanawba Canal Com
pany, issued under the provisions OF
an act of the General Assembly, approved
March 81, 1876, which bonds shall be Sc
| cured by mortgage, as authorized by said
act, provided that the James River and
Kanawha Company shall convey to the city
of Richmond 1000 shares of the capital
stock of the Buchanan and Clifton Forge
Railway Company and S150,000 Qace value)
of the first mortgage bonds of the said rail-
road, which said first mortgage shall not
exceed S40O,0 The bonds shall be issued
as each mile is certified to be completed, and
each mile OF said railway shall not cost more
than $4,000.
On motion of Mr.. Bass, Colonel CARING
ton, and others who were present and in
terestcd in the scheme, were invited to ad-
dress the Board. Agreed to.
Mr.. Williams thought as there were so
few members present that it would be eXpe-
dient to postpone the subject until the next
meeting.
Mr.. Manly said that if to meet the interest
on the bonds involves an increased taXa-
ton in any way, he was opposed to it, but
! if not he could not vote for it. He believed
that he knew of reductions of expenditures
in some of the city departments, if made,
would pay the interest; but he would like
to know from the friends of the measure
how it was proposed to pay the interest ON
| the bonds.
Mr.. Bass desired information as to the
security that would be given the city for its
bonds.
Major James III. Dooley addressed the
| Board at some length by request OF citizens
| who had taken an active part in the scheme,
| and as an exponent of their views: stated
| the advantages to be derived from the con-
| ncction between Buchanan and Clifton
Forge railway, and said that the James River
and Kanawha canal cannot pay the interest
| on its debt unless some step Is
taken to relieve its embarrassments: /:
that its bondholders will not permit
| it to remain as it now Is, and
are only waiting for this matter to be de-
cided before they move. If it is rejected
finally, then they will ioinin the suit for its
| sale and ask for a receiver. II the bond
holders buy it, they don't want any more
than its dock receipts, water rents, and the
| first level, which now amount to about
$4,000, and the rest they will let dry
up. If the connection is made, the fondest
hopes of the company will be realized, and
the bonds Of the company go up to par. He
| cited the case of the Chesapeake and ono
canal as similar to the one under consldera-
ton, and referred to the rapid increase OF
| the business Of that company when they
| built the twenty miles of railroad conncc-
| ton to the Cumberland coal-ticlds.
| He urged the Importance of the city's
submitting the question, and also referred to
the weight with which such a petition as that
which had been presented should be con-
sidercd.
Mr.. C. +. Whitlock Of the Common Coun-
| ell. said that the proposition was one OF the
most remarkable that he had ever known.
! AS to exchanging the james River and ka-
nawha Company's bonds, why they were
simply worthless. Nobody will deny that il
this company is started it will start as Il
! broken corporation. As to the policy OF
making gift OF 100000 by the city to'thc
canal. that was another matter. The benefits
| to he derived from the giftm be esutticient to
warrant the gift. 1t was idle to suppose
that the Chesapeake and Ohio Company will
turn over their freights to rival company
at Clifton Forge; and even if they would,
it is very questionable matter
whether they can bring the coal,
cereals and freights to Richmond as
cheap as the Chesapeake and Ohio road can.
Besides, il the frcights increase will they
not make arrangements to accommodate
their own frcight-possbly build double
track. lie didn't think the proposed road
can ever be built for the amount they say 1t
can. He had listened to all the arguments
in favor of the road. Would be willing to
aid in the carrying out of their plans il he
could see the benefits to be derived from
thc outlay. He didn't think it the province
~ the Council to take the balance OF the
citv's money and spend it in this way.
Mr.. Whitlock next read an extract from
the report of President Darlington, OF the
Canal Company, made in November last,
which argued against the road.
| Mr.. Darlington, president OF the Canal
Company, replied to Mr.. Whitlock, and
said so far as he was concerned nc nad no
other interest than the interest OF the city
of Richmond and her people. He then pro.
ceeded to argue that it was to the interest
of the city to subscribe to the proposed en-
| terprisc. ...
| At the conclusion Of Mr.. Carrington't re-
marks, Mr.. Meredith (Mr. Kellam being IN
the char) addressed the Board, and SAID
that the Council ought not to submit TINS
question to the people until the Board o, OF
| Aldermen and Common Council approve It:
He hoped the members Of the Board would
not be driven from their position by any pc
tition, however imposing the list OF names.
He was opposed to the subscription and oI'-
posed to the scheme out and out. a.. :.
After further discussion, Mr.. Pickrell
presented an amendment to the first section
of the ordinance so as to provide for re-
presentation of the city of Richmond in the
meetings of the company. The amendment
was adopted.
Mr.. Bass now moved to postpone the sub
ject in order to have report from the COM
pany's engineer as to cost, &c. Lost.
Mr.. Scott demanded the pending ques-
ton; which was not ordered.
The question was then taken on the ordi-
nance to submit the subject to the people,
and rejected by the following vote:
AYEs.-Messrs. Bass and Bea!l-2.
NoEs.--Messgs; Forester, kellam, Piskre Scott
/ of hr