The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-27

and the Water-power and docks-suppos5
that the scheme falls through-will the
city of Richmond be hurt? Will she mol
have the entire line and docks and water.
power at an outlay of $780, 1000, ard contro
the key to the West through the Blue Ridge
and North mountains.
On the basis proposed a mortgage of even
$4,000 per mile may be made TO suffice.
The charter Of the Richmond and allie
ghany Railroad Company provides as fol-
lows:
- lt.shaIi be lawful for the said company
to borrow money, at 4 rate OF interest moi
exceeding per centum, and to secure the
payment of the same by a first mortgage
not exceeding $4,000 per mile, and 4 sec
ond mortgage not exceeding $4,000 per
mile, on its main and branch lines"
The prospectus hereinbefor alluded 10
contemplated mortgages to secure bonds as
follows:
Bonds "A' on Richmond property. in.
tcrest secured in part by water-rents' s., nm
aocaage, &c........ 81 l,5OU,UUu
Bonds. frst MORTGAGE. on $50 miles. at
S1o,OUU. 4.uuUuUU
The. authorized mortgage on the Bu-
cbanan and Cllton-Forge railway is $780,
000-equal to S11,765 per mile. The bonds
bear s per cent. interest, the equivalent
being S14,7CG per mile in per cent. bonds.
BUSINESS OF THE ROAD.
Major Johnston next spoke OF the busi-
ness OF the road. For the first year after
construction he estimated (see table on page
10 OF communication 20 Board Of Public
InterestS) the gross receipts at $51 1851 !;
net. S240,000; equal to 6 per cent. on
S4,000,000. For the second year-Gross re-
ceipts, S714,2S5.71; net, S300,000; equal TO
per cent. on S5,000,00O. Third year
Gross receipts, 1857, 1926; net, S3G0,000; !;
equal to per cent. on s6,000,000. These
estimates, be showed, were very far below
those made by the parties promoting
former schemes for this road. he
stated that rs to cost OF construction
he was anxious to overestimate rather than
underestimate, while as to results he de-
sired to underestimate rather than ofereSti-
mate. He at some length gave reasons,
based on the actual business OF the canal
and other considerations, going to show
that his estimates of business were reason
ably safe.
OTHER SPEAKERS FOR THE SCHEME.
General Anderson, Mr. Siearns, Mr.. A.
l.. Elicit, Major Courtney, Mr. Thomas w.
McCance thc two latter urging the Council
they wanted the road) also addressed the
Council in iorcibe and earnest manner in
advocacy Of not only submitting the ques-
ton OF appropriation to the people, but OF
building this great line.
Mr.. Curtis moved that the resolutions be
adopted.
Mr.. Talbot inquired whether it was the
wish OF the property-holders and business
men Of Richmond that poll shall be open
ed in order that the sense OF the voters may
be had. II such was their wish, then he
thought the Council ought to pass the reso-
lutions. ....
AN OPPOSITION VIEW.
Council from Madison Ward, was the next
speaker. He opposed the scheme. He had
favored an appropriation two years ago on
the part OF the city to aid in the repair Of
the canal, but to-day the difference between
Major Johnston and himself was just
S725,000. Mr.. Taylor had been told since
be had been in the chamber that if he voted
in opposition to this scheme he would draw
down upon bin the ill-wil OF many OF the
people OF the city; but he would vote
without fear. lie did not hesitate at all
when he felt that he was doing his
duty. He thought that the sentiment
Of the people OF Madison Ward was
pretty well divided, with a large share
On his side. The city OF Richmond had
already. in principal and interest, appro-
priated S2,4S9.s20 to the James River and
kanawha Company, and now they come
and Ask for the modest little sum OF $780,
300. He next spoke OF what he termed the
elephant that Cincinnati had in her rail-
road. He could not see why the question
should Of necessity be submitted to the peo-
Pile when the Legislature had left it op-
.ional with the Council TO do so. He felt
it his duty as representative OF the
people to pause in this matter. 1t
had been said that all the bond
holders in Richmond were opposed to the
scheme, while all the property-owners were
in favor OF il. He was not bondholder,
but was 4 property-owner, and he was OF
posed to it. He spoke OF the new pump
works. The estimate for its cost is $780,
900; but, like Major Johnston's scheme,
would soon be S500,000. This added to
the railroad appropriation would amount
to $1,000. 900, and OF course necessltate an
increase in the taxes. MIR. Taylor spoke OF
the visit OF Blaine, Jones & Co. TO Rich
mond, who had come down here to see the
bonanza, and didn't see it, but had walked
off with their hands in their pockets, dis
gusted with the whole thing. .t
He next spoke of the difference in the
estimates OF the distinguished railroad-men
who had been figuring on the Richmond
and Allegheny road, and said that the re-
suit would be that Richmond would soon
drop the scheme and call ia Lynchburs TO
aid her in building the line. He felt alat
he had TO combat the combined intelligence,
responsibility, and talent OF many OF the
businessmen OF Richmond, but that he felt.
be had done his duty in opposing it.
Mr.. TALBoTT's VIEWS.
Mr.. Talbot thought his friend and cul-
league bad made Very good speech, snt
out OF time. We are here tonight 10
appropriate s75e,000, but simply TO say
whether We will open a poll. He was sorry
that the speech had been made, because the
time world come when he would need it.
Mr.. Talbot thought we had wasted much
time in listening to Mr.. Taylor's speeeh Just
now. The time may come when the gen.
tIeman's powder will have good effect.
Mr.. Talbot could not say now whether be
would vote for an appropriation or not. 1t
NAV be that he would do so, bat he could
not now tell He thought it the duty OF
fine Council 10 give these gentlemen what
thew ask, and 10 submit the question to see
people.
THE VOTE.
After further debate Ar. Christian called
for vote, and the question being put the
Chair was unable TO decide.
Mr.. Taylor demanded the ayes ana noes,
and being taken the resolutions We're agreed
to BY the following vote: :.
AYEs.-Messrs. Christian. Crenshsw. Curtis, J.