The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-02-13
The Canal Transfer Question

The Canal Transfer Question.
The simple fact that intelligent represen-
tatiyes from various portions OF the State,
deemed it proper to oppose the original bill
transferring the franchises and property of
the Canal to the Richmond and Allegheny
Railroad Company, was the occasion for the
Richmond Dispatch to indulge In the most
UNI easonable denunciation of some Ct those
gentlemen. These representatives were I'M
der the litigation Of an oath 10 do their du-
ty as they understood it, but because they
could not see the transfer bill in the light the
Dispatch saw it, they were singled out for
the harshest and most unjust criticism
The structures upon the speech OF zen.
Echols by the Dispatch, without publishing
even an imperfect synopsis, were infused
with spirit of personal venom, to all ap-
pearances, so utterly inconsistent with jour-
nalistic fairness and courtesy, that the sus-
picion was naturally aroused Of an interest
other than that which appeared upon the
surface. Gen. Echols had before him the
report of the President Of the James River
and Kanawha Canal made only few
months ago, in which it was declared that
the canal was in better condition tt resist
the action of high waters than ever before
that the ''repairs have been we'll nigh fin
ished at a great cost to the State and the
company and that the present 'chief anx-
iety' of the people Of the James River VAL
| ley was for the restoration of the canal, the
| temporary loss of which has entailed upon
them heavy burdens and Inconvenience.
| He had also before him the memorial of the
Supervisors Of Rockbridge urging that the
Canal be not abandoned, estimating that its
value to the people whose trade it accommo-
dated, reached to five hundred thousand dol
lars annually. He had before him the earn
est protest Of the President of the Compa-
| ny against any hasty action.in chang g the
status of the canal, and the assurance that
numerous private parties were anxlously
awaiting an opportunity to enter into nego-
tiations for its franchises and property with
| a view to the construction of railroad, the
same contemplated by the Richmond and
Allegheny Railroad Company. He had be-
fore him the further fact that the tow
path was an almost completed railroad bed
that large expenditures had been made in
the grading of the Buchanan and Clifton
Forge Railroad, that the water rights and
the control of the James River Valley, were
involved in the transfer, and that property
which had cost twelve million of dollars,
and was worth annually to the communities
for whose benefit the canal had been con-
structed, five hundred thousand dollars, was
to be conveyed, with no other consideration
than promise to construct Railroad from
Richmond to Clifton Forge, and falling in
this, forfeiture of half IN illion OF dollars,
or so much of it as had not been returned
to the railroad company, in accordance with
the terms of the bill. This forfeiture did
not involve the surrender OF any OF the fran
chises or property conveyed. The bill which
called forth Gen. Echols' speech, provided
that the Railroad company should draw out
$50, 900 of the 100000 forfeit deposit, on
the completion of each twenty-five miles OF
road, thus placing it in the power of the
company to reduce the security, and yet
not invalidate its title.to the property and
franchises conveyed. 1t gave, without re-
version or contingency Of any kind, or un-
der any circumstances, to the railroad COM
pany property which has cost the State and
the canal company over sl2 100000, for no
other consideration than a promise to con-
| forfo of
600, which is torevert to the railroad company
as they progress with the work, as above
stated. All the security the State had in
the bill Gen. Echols opposed, for the con-
struction of the stipulated road. was the
$500, 1000 to be deposited as forfeit, while
the entire property and franchises OF the ca
nal were conveyed absolutely.
There was no protection to the State en-
braced in this bill. 1t was conveyance to
strangers of property that has cost Virginia
twelve millions OF dollars, with no guarantee
whatever of any equivalent. 1t left open
and even now leaves open with the amend
ments which have been made to it, an OPP
portunity for a huge speculation, by placing
it in the power of the railroad company to
negotiate mortgage loan, binding the
property, and yet not construct the stipulat-
ed road. We do not say that this is the object
of the bill or that any such purpose is enter.
tanned. But in negotiations and articles OF
agreement of such vast Importance, it is the
duty of the representatives OF the State to
protect her interests and for;ify her against
any possible detriment.
1t was because Gen. Echols csuld not give
his support to this bill and deemed it to be
his duty as representative of the State,
acting under the solemn sanction of an oath,
to assault him as it did, and endeayor to
injure him in the estimation OF the people
Of Virginia. Even with the amendments
Gen Echos' opposition to the original bill
had much to do in securing, the measure is
imperfect, and it would not surprise us,
should the Senate confirm the action OF the
House in the passage of the act, and the
company accept the conditions as stipulated
if the people of Virginia do not have cause
to regret that they ever entered into such
What are the circumstances surrounding
this proposed transfer without an adequate
assured consideration, of property which
scarcely has its equal in valuable franchises
and opportunities for remu nerative invest
ment, on the continent? We have the as
surance of the President of the Canal
Company that numerous parties have had
their attention attracted to the James River
Valley, and have been anxiously awaiting
some favorable opportunity to enter into
negotiations for public Improvements along
the line of the Canal. Capital everywhere
is beginning to move, seeking investments
in stocks and industrial enterprises. Not
since 1873 have there been indications so
promising for the revival of all kinds Of in
dustries. The healthy condition of the ma
tional finances and the return to legitimate
methods of business and standard values,
have inspired confidence throughout COM
mercial circles, closing up the avenues ofgam-
bling operations, and compelling capitalists