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

NIX. MCChSCE, MIR. ELLETT, MIR. CHARLES
F. TAYLOR, AND OTHERs-THE QUESTION
CT AIDING IN TIE CONSTRUCTION OF
TIE ROAD REFERRED TO THE PEOPLE:
HAYES, le; NOES, l2.
A meeting Of the Common Council was
held yesterday afternoon Mt s O'Clock in re-
sponse to q call signed hy Messrs. E. D.
Christian. Charles +. Taylor, n. D. Har-
grove, J. II. EIlvson, w. j. Gentry, T.
Wiley Davis, and John VI. Higgins, for the
purpose OF considering the recommenda-
ton OF the Board OF Public Interests in re-
ation to submitting to the registered free
holders OF the city the proposition to aid in
the construction Of a railroad up the James
River Valley.
General Joseph R. Anderson. Major A.
r. Courtney, Colonel W. FL. Palmer, Mr..
Franklin Stearns, and Major John W.
Johnston, committee appointed by the
Board Of Public Interests to visit the Board
Of Aldermen and Common Council and
urge upon these bodies the importance OF
adopting the recommendations made by the
Board OF Public Interests in relation to the
proposed railway, and number OF other.
prominent citizens, were present.
Twenty-three members OF the Council
were present at rol.caii.
READY FOR BUSINESS.
Mr. E. D. Christian, after the calling OF
the roll, inquired whether the body was
ready for business.
The Chair replied in the affirmative.
Mr.. Christian then presented the report
OF the Board OF Public Interests, signed by
himself as acting chairman, and Mr.. B. 7.
August, the secretary Of the Board.
This report has already been published
in the Dispatch, and embraces the plan for
the construction OF the road, rs adopted BY
the Board, which includes an appropria-
tion of $3.50, 900 on the part OF the city OF
Richmond.
The report was read to the Council by
the clerk.
WHAT TUE CHARTER PROVIDES.
At the conclusion Of the reading OF the
report the Chair had read the amended
charter of the city bearing upon the ques-
tion. as follows:
SCI. The City Council may, in the name
and for the Use Of the city, contract loans or
cause to be issued certificates OF debt or.
bonds but such loans. certificates, or bonds
shall not be Irredeemable for period
greater than thirty-four years: provided,
however, that they shall not contract such
loans or issue such certificates OF debt or
bonds for tile purpose OF subscribing to the
stock or appropriating money or loans Tor
the benefit Of any company Incorporated
for work Of internal Improvement, or
other purposes, without first being au-
thorzed so to do by three fourtbs
Of the legal voters OF the city vo-
ting on the question, and also by ma
jority Of the registered freeholders of the
city; and the Council shall when such debt
or loan is created provide a sinking fund
for the payment Of the same. Neither shall
the city endorse the bonds Of any such COM.
pany without the same authority: pro-
vidcd, however, that the said Council may
issue, or cause to be issued, bonds for other
purposes than that for railroad or internal.
improvement companies; but the bonds or
interest-bearing debt OF the city OF Rich
| mond shall not in the aggregate exceed
| 1S per centum OF the assessed value
of the taxable real estate OF said city;
and any excess Of such bonded or in
| terest-bearing debt over and above the
| limit herein prescribed which may be Gre
ated or issued in violation of this provision
shall be void as to said city; and provided
further, that the Council, il authorized by
majority OF the registered freeholders OF
the city, voting on day to be fixed by the
Council, may purchase the property and
Company, or any part thereof, and issue
bonds, contract loans, or cause TO be issued
certificates Of debt or bonds 10 an amount
sufficient to raise the money to pay for the
same; and the amount Of debt which may
be contracted for that purpose shall not be
included in the said aggregate debt linn
tied to IS per centum Of the as
sessed value OF the taxable real estate
OF the city. and in case such purchase
shall be made OF the entire property, rights,
and franchises which would pass on tine
foreclosure OF any mortgage on the same,
the city OF Richmond shall not only succeed
to the franchises, rights, and privileges pro-
yided for by the 44th and 45th sections OF
chapter G1 of the Code Of 1878, and be reg
ulated thereby, but stall also have the right
to exercise all the franchises, rights, and
privileges which may have been granted at
the date OF such purchase to any internal
Improvement company, with a view 10
the construction OF q railroad along
the line OF the James River and kanaWha
canal to Clifton Forge and Lexington; and
in any organization which may follow such
purchase the city shall be at liberty to re-
tain as her own such part of said property,
rights, and franchises as she may deem ad-
visable.
A.
pRoPERTY.uoLDERs ON THE PROPOSED AP-
PRECIPITATION.
MIR. Christian, in order to bring the sub.
ject properly before the Council, presented
the following preamble and resolutions,
which he had had printed for the conve-
nience OF the members.
The preamble and resolutions were read
az follows:
Whereas the Board OF Public Interests Of
the city OF Richmond, at meeting held on
the 14th day OF November, 1879, for the
purpose Of considering the question Of the
propriety and praticability OF the city OF
Richmond lending its aid and cooperation
to the James River and Kanawha Company
for the purpose Of building a railroad in
the Valley Of the James river, did recon-
mend to the Council that the city OF Rich
mond tender to the James River and Kama
wha Company its aid and cooperation in
the construction by said company OF rail-
road from the city OF Richmond UtG Lynch
burg and Buchanan to Clifton Forge, with
branch to Lexington, on the following
conditions and stipulations-viz.:
"I. That the said James River and ha-
nawba Company secure settlement with
its creditors substantially on the basis fol-
lowing: H.
MfG Payment OF its frst-mortgage bonds
at rate not to exceed sixty cents on the
dollar OF principal and accrued interest !;
and Of it's sccond.mortgage bonds NJ not
exceeding twenty cents on the dollar OF
nor,, n infarpSt