The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-13


STUN.
A meeting OF the Board OF Public Inter-
ests OF the City was held yesterday evening
in the Council chamber. Present Dr.. o.
+. Manson, chairman; and McsSrs. Stcarns,
Gray, N0lting, Palmer, Crenshaw, AndcI-
son, Courtney, and Christian.
The Chairman stated that the Board had
been called to consider the following COM
munication
OFFICE JAMES RIVER AM kANAwHA Co.
AND BUCHANAN AND CLIFTON FORGE
RAILWAY COMPANY,
RICHMOND, VA. November 10, 1870.
TO the Board of Public Interests Of the
City Of Richmond:
Gentlemen,-I beg to acknowledge your
kind request to submit, in print, the re-
marks which recently had, upon your in
yitation, the honor to make before you,
bearing upon the interests of the city OF
Richmond in the speedy opening up ana
development OF the Jamcs-Rlrcr Valley;
the condition, plans, and wants OF tfese
companies; and the certain ways IN when
the city may, with advantage to herself.
afford substantial assistance to these COIL
panies in the present emergency.
| ~S>'
mel me to content myself with hurried
and imperfect preparation Of the views and
considerations which ] now have the honor
to submit, appended hereto.
Very respectfully, your obedlent servant,
JOIN W. JOHNSTON.
Major Johnston, in the paper referred to.
gives a great deal OF valuable information
concerning the stock Of the company, the
condition and prospects OF the canal, pro-
crcss OF the Buchanan and Clifton Forge
railway, negotiations with creditors (Which
have been met in kindly spirit, and plans
for handling the debt. He expresses the
belief that the Buchanan and Clifton Forge
connection Is the key to the whole position,
and he asks shall il drag its unaded way
along until, weighed down by its bonds (par-
ticuarly referred to i'll the paperl, 1t Shall
pass into strange hands?
Or shall it become part Of road from
Clifton Forge TO LynchburS, under the
control of this company, or mayhap OF
strangers?
| Or Shall it form part of that grand route,
Natures own, commanding one OF the rich
est AGRICULTURAL and mineral valleys OF the
country, connecting at Lynchburg with
several principal railroads, and illing the
only desirable pass in Virginia from tide
water at Richmond, through The Blue Ridge
and North mountains, to existing and pos
sible railroad connections, with easy grades,
through the Allegheny mountains, TO the
great West?
Shall the control and ownership OF this
great property, with its most extensive
rights and franchises, and all OF its present
and prospective advantages, pass ont OF the
hands of the people OF Virginia? Our poy-
| will
now that those to whom we in our cNtrcm-
ity looked have DELAYED to take hold, and
are probably willing to do so, il at all, only
| on terms to which the State or some OF the
! communities most interested might not be
| disposed to agree ; and now that, all things
considered, there are good hopes that we
may advantageously retain it to ourselves,
shall we not consider carefully whether the
time has not fully arrived for us to make the
effort!
RICHMoND'S INTEREST.
Surely no people can be more interested
than those OF Richmond in all that pertains
to the determination OF these questions. 1t
needs not that any labored argument should
be made as to the great advantages to be de-
rived from The opening up and development
Of the James-River Valley, and the bring
inc together OF the iron ores and the coal
for all these years, to our injury, kept apart
Nor is it necessary here to dwell upon the
advantages to the people Of Richmond and
OF the State at large OF having i direct road
connecting our beautiful capital city with
Lvnchburg and the country weSI OF it. Sub
mi.ted herewith is 4 communication from 1.
G. Jones, Esq, giving, in compact val
uable information lin regard to the iron ores
OF Tie James River Valley, to which Your
attention is invited. Frequent and ANXIOUS
inquiries are made from day to day, by par
ties interested and desiring to become in
terested in iron and steel operations. as TO
whether and when the James River valley
will be opened up, and especially as 10 the
prospects for the completion OF the Buchan-
an and Clifton Forge railway. 1t is known
that new operations would be begun ana
old ones resumed, giving assurance OF buSi-
ness and prosperity, if it could be said that
the Clifton Forge connection would be
speedily made. The following tables are
given for your information
| ESTIMATES OF COST FOR A RAILROAD ON AND
CONTIGUOUS TO THE TowING.PATH AND
CANAL LOCATION FROM RICHMOND TO CLIFF
TON FORGE.
rive omit the items. The total cost ION a
most liberal estimate) is S4,300,000
1t is proposed that the city OF Richmond
shall furnish the sum of at least $3.50, 1000 to
aid in the construction OF the railroad, and
that this sum shall be in the shape OF SUBJ
scription 10 the capital stock Of the com.
pany as consolidated and re0rganized. As
suming that the general debts Of the canal
company are charged upon the dock and
the Richmond water-power, as above iudi-
Gated. and that mortgage on the railroad
OF $4,000 per mile can be adyantageously
placed, we have the following results:
ASSETS.
| Mortgage bonds, Richmond dock, and
Mortgage bonds, 25O miles Hs Sl4.000
Stock subscription Richmond cliy...... 7ou,uoo
s4.9O0,O00
Bonds and Their Disposition. 80.
$50 O0n stock subscription, par.......S 75u,Uoo
65O, 900 dock and waite r-power BONDS, ,,oooo
par. ...''''..''. , Voooo'UUooSS
S.222,222 railroad bonds al 30 cents, Z,9ou'ooo
s4,so0,Ooo
leaving In hands of company s'a77,77s OF railroad
bonds 10 meet better cnnstruC tlon, larger equip
IN ent, and other contingencies.
This plan is fully set forth 10 the begin
ming Of the paper omIttedl
8 The above estimates Of cost pave pur-