The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-09
5isichmond, il from economy or convenience

ICOHOtuy VI
.it was found desirable to do so.
In the event Of the location OF biast-fur-
naces or manufacturing establishments
along the river, this privilege would in the
future prove very valuable to them (al-
though lesseuine the business Of the rail-
road), as they could by that means load
their freight into caual-boats at their very
doors. and carry it through their docks and
transfer it into schooners at Rockets.
There are doubtless objections to this
seheme-possibly grave ones. II so, let
them be frankly stated and discussed. In
this matter, so vitality important to Rich
mond, am welded to no particular plan,
have no pride OF opinion, and shall heartily
embrace the best.
Before concluding, I will add that the
only objections urged to this plan by the
advocates OF the other, so far as have
| heard them, are three.
OBJECTIONS TO THE SCHEME.
First. That the Legislature may object
to the mortgage in favor OF Richmond on
the first leve, separately.
Second. That the bondholders, finding
the city is willing to loan Sl,000,000 upon
the dock, &C., will not sell their bonds at
the prices agreed upon-viz., 60 and 70
cents.
Third. That inasmuch as this plan gives
to the company $500, ,0e0 less than the other
fffsjaD sor in additsen fys thes e09 zfrona
Richmond they proposed to false 900
lfrom mortgage on the dock], they will find
/ the sum insufficient to build the road.
tai IT the Legislature would allow the COM
pauy to put mortgage Of SG50,000 upon
J the docks, &C., as was contemplated by the
first bill, it would doubtless be as willing
for Richmond to take it especially for a
larger sum) as for alien capitalists to do so.
(b) AS the subscription by the city ,weuld
be dependent upon the cancellation OF the
bonds at the prices stated the bondholders
would necessarily have to agree to- that or
force the company to sell under fore
closure, in which case they would probably
get less. Richmond's input would be pr1-
maritg for the purpose OF building the
road, not to buy the dock.
now THE DEFICIENCY MIGHT BE MADE UP.
(c) There are mary ways in which the de-
ficiency OF 100000 under this bill might
be made UP.
First. Major Johnston states that con-
tractors are now in the city who say that his
estimates are sufficient, and that they will
take the contract ut bis figures. 1t. is not
unlikely, then, that when put up 10 active
competition something can be saved in this
way.
Second. He stated in his pamphlet and in
his speeches that he can easily raise $4,000
per mile by mortgage on the roadway, and
probably $4,000 per mile. Very well; il
he can raise the $4,000 per mile he will
thus make up s250,000 of the shortage.
Third. There is but little doubt, il proper
efforts are made in the Legislature, that the
State will contribute convict labor probably
worth s150,0OO more.
Fourth. AND il all other ways fail and the
company should have to fall back upon the
city to take 4 portion OF the 100000 OF
bonds to finish the road-I mean to take the
bonds Just as any other investors, ut the
market value, and with the same interest
and the same security as other bondhoiders
take them-I have little doubt but that she
could be persuaded to do so.
In conclusion, Mr.. Todd said that the
saving merit. in his eyes, OF this whole
scheme is, that it will build the road If the
other scheme would have built it; while il
the road is not built Richmond cannot be
hurt except to the small extent OF from
$4,000 to $4,000 per annum, for which she
will get practical and potential control oi
Improvements which are Of vast local inter.
est and value TO u.s.,
Mr.. Cannon sa,d that Mr.. Todd had mis-.
stated the financial condition OF the city
He (Mr. Cannon) was brought in contact
every day with well-informed and deeply
interested business. men, and it was theil
opinion that the assessment Of 1880, il fairly
made. would show depreciation in the
value of real estate Of not less than % pei
cent, or about S7,000,000, and not $4,000
:. 600, as Mr.. Todd had stated. 1t would be
ineXcusable In him to sit still and allow
; such statement to 60 to The public uncor
rected.
Mr.. Meredith (Mr. Barksdale in the chair
was opposed to the scheme in its present
shape, and reiterated the views expressed
by him on this subject at the last meeting o
the Board. ...
.. After several motions had been made
none of which seemed to attract the atten
tion OF the Chair
Mr.. Todd suggested that called meet
,, ing of the Board be held at o'clock Fri
l day evening to consider the matter, ant
that the bill be printed. Agreed to.
Adjourned.