The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-02
The Canal Franchises.


The Canal Franchises.
The transfer of the franchises OF the Jane:
River and kanawha Canal Company to the
recently organized railroad company TO con.
struct railroad from Richmond to Clifton
Forge, will engage the early attention OF
the Legislature. 1t is matter of deep con-
Germ to the State, and its consideration
ought not to be approached without careful
study and patient investigation. The fran
chises OF the canal comprehend the control OF
two hundred miles of the finest water-power
on the continent, including the splendid and
uneaualled sites at Richmond and Lynch
burg. If it can be demonstrated to the en-
tire satisfaction of the Legislature, that the
company seeking these franchises is able
and intends to build the suggested railroad,
and one of the purposes it is to utilize this
water-power, it would be proper to give the
proposition a fair consideration. 70 develop
the great mineral wealth along the line OF
this road, and to bring into profitable use
the manufacturing resources OF that section,
would add greatly to the prosperity and
wealth of Virginia. OF course every citizen
OF the State desires to see this done, for it is
only through such agencies that We can
| ever expect to place the Commonwealth
where she ought to be, with her physical
and political influence fully developed and
recognized. But any legislation with refer
ence to it should be shaped so as to protect
the interests Of the State, and especially the
already completed lines OF improvement.
The Chesapeake and Ohio railroad is in a
position to protect itself, for it controls the
situation, and will not be apt to sacrifice
the eastern division of its line by the diver
sion of its trade at Clifton Forge. The COM
pletion of the James River Road, and
the Introduction of industries to- utilize
the water-power and minerals along the
route, would give to the Chesap cake and
Ohio road very heavy freight traffic over
its western division, for it would be from the
coal fields of West Virginia til at fuel sup
plies would be brought.
in everything connected with the subject by
the Legislature. The ability and purpose
OF the company to construct the road should
be demonstrated t; its plans understood, and
if any arrangement is entered into, it should
be severely guarded and fortified, so that
there may be no damage to any section or
interest of the State. We can readily I'M
derstand why capitalists should, in good
earnest, desire the franchises of the canal.
With means to utilize them, they would be-
come the sources OF unbounded individual
wealth and State prosperity. The founda-
ton would be thus laid for the transfer Of the
iron interests of the United States to Virgin.
ia as centre; all descriptions Of manufac-
lures could be made to flourish, and the in
vestments become remunerative to degree
surprising the most sanguine expectation.
1t is not unreasonable that capitalists
should direct their attention to such enter
prises. Gold has ceased to be speculative
commodity--in the language OF Jay Gould,
"Gold is deaG,' in that sense. lit seeks in
vcstments in lands, there are none better than
can be found in Virginia; if in manufac-
lures or iron interest, no field is so inviting
as Virginia; and every dollar so invested
would grow in value as the facilities to mar
ket would be offered through such an enter
prise as tile proposed road. Not only would
the road itself command a paying travel and
traffic, but all other investments would en-
hance in value. And to such direction will
capital necessarily be given, sooner or later.
The boarded wealth Of the East cannot find
employment in other channels, and it can
not afford to lie idle. With confidence re-
stored in business, and values regulated by
a Notwithstanding currency, the material de-
velopment of the country must follow, and
inviting there will capital locate.
The Legislature, however, should be sat-
isfied that the purpose and proposition OF
the gentlemen composing the railroad conf
pany are legitimate and practical there
is to be no ''sharp practice''-no concealed
trick, but that everything is son the square,
When thus satisfied, then they should con-
slider impartially and wisely any PROPOSE
ton laid before them, not forgetting that
the gentlemen composing the company will
be controlled by considerations, not so much
to benefit the State, as themselves, and that
their primary object is the advancement Of
private interests. The State must look out
for herself, and guard her own rights, as the
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its interests.