The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-01-08

Matthews county, time to make MS return.
| PRACTICE or MEDICINE AND SURGERY.
| House bill to regulate the practice OF medl-
cince and surgery was discussed ana nnaily
| dismissed. a.,s
! Adjourned.
[For the Dispatch.l
The Buchanan and Clifton Forge
| 49, Connection.
Inotice in the Dispatch OF to-day (Janu-
ary 9Th, the reply of President Darlington
to the Senate's inquiry Us to the supscrlp,,
ton OF the canal company to the proposed
extension by rail from Buchanan to Cllfton
Forge, as also your approbatory edltorial.
1 do not knew whether you approved the
opinion OF the President, puDllsned lour-
teen months ago, that such snDstltu!e
would be the .Fdeath Of the CANAL" or his
preface to that opinion shat Water-hne was
abundantiy demonstrated by the experience
of official examination by this country and
| Great Britain to be the only check upon
railroads that now "dominate "-he might
have said domineer-over Virginia. So l do
not ask any explanation Of 4 change OF
opinion; nor do pause to show how the
President was right when he argued for SIX
wears, at all times and in all places, in favor
of the surprising economical advantages oil
|
q canal. ;,
I only propose to discuss very briefly the
practlcability OF the proposed substitute ana
the probable consequences OF attempting 1t
1. Though we were told, when the Lesls-
lature was induced to refuse the penlten-
tiary conyicts to the canal, that this railroad
charter would complete the connection In q
very short time, and that the money could
be easily raised, we find that the company
has not done stroke OF work and is asking
for an extension Of time; and further, we
find that soon after the law was passed the
canal went before the Board OF Aldermen
of the city of Richmond with confession
OF utter inability to turn wheel without
their liberal assistance. But so bad was the
financial exhibit that the aldermen refused,
by vote OF eight to one, to contribute one
cent. The fact was that the canal company,
if not then bankrupt, had long suspended
payment OF interest.
9. The next important move was mock.
subscription by the canal. to the railroad OF
100000 This was the nominal amount,
and would be the actual burden. But such
bonds (Which would really be third-mort.
gage bonds OF the canal, and which would
not under any circumstances sell for their
face) would come upon the market under
this disadvantage The non-payment Of in
terest on the present and preferred bonds
of the canal has reduced first-mortgage
| bonds to about S57, and second-mortSage
to about $50. To put on the market fresh
batch of postponed mortgage bonds,
amounting to 100000, would discrcdlt the
others, and keep down this third issue to al
least S25, which would give 100000 for
subscription of 100000!
/ 3. Is it any wonder that under such tinan,
cial management suit has been brought by
bondholders, unable to get interest, to en-
ioin the canal from alternating to this sub
stituted railroad any portion OF the line
other property, or credit (sucE as 1t is
already pledged and forfeited to their debt
and to have the canal declared bankrupt ant
q receiver appointed?
4. Or is it any wonder that when this pro
ceeding has been taken, and it is notoriou:
its obligations will be fully sustained, that
people appear ready to buy up at sacrifice
property which cost nearly Sl2,000,O00, and
cannot pay the interest on S750,000? Sucf
haze appeared. know man who has Of
fered $50 for all the bonds. e., $375,Q0l
for what cost S750,000, and as much more
probably the whole, as the money will bug
S. Under such untoward auspices th'
company comes before the Legislature and
asks that the convict labor, fed, housed
and guarded, be hired to this enterprise fol
its own worthless bonds.
6. 7 speak not here OF the probable pur
chase of the whole work, canal and all, by
a ring, and its speedy absorption, accord
ing to the presidents warning prediction
into some tapping railroad.
only ask in what position the State vii
be when it not only plays into the hands O
misInanagement and permits this creates
and last OF its public works to slip through
its fingers, but when it shall have actual.
fitted it, at State cost, for the use and own
ership OF, and abuse by, some one OF tn
corporations which now sit like nightmare:
upon the bosom Of the slumbering State?
!. As the State owns 50 per cent. OF tn
canal and all the labor OF the convicts, VIII.
shall that labor be appropriated to the rail
roads rather than to the completion OF tn
canal? '-
8. And, finally, why does the Legisla
trlre permit its members to be canvassed b.
er parte partisans Of the railroad rathe
than examine into the matter iudlciously
Is that riqht7 The railroad gentlemen ant
the president OF the canal are, no doubt
very honest in their opinions, but suppos
they are mistaken; what an evil will hay
been brought on the State by the good
natured facility of the guardians OF tn
States interests. - - liza.
= The James River and Kanawha canal i
too vital to the State to be sold for song
and energy may yet save 1t. ~
A LIVE BULLDoZER WANTS TO FIGHT