The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-11-27


people and by the people, shall not be
blotted from the earth. Under such be-
nign influences this great bulwark of Re-
ligious Freedom and Political Liberty
would stand out among the nations of the
earth beacon light for the guidance of all
nationalities, inspiring the sentiment eve
rywhere that she who would be free must
himself strike the blow.''
The Valley Railroad and its Future.
On the 10Th OF the present month a
| meeting of the Stockholders of the Valley
Railroad Company was held in this city.
Its proceedings interested us deeply, and
| awakened in us a hope that the work on
the line might ere long be resumed. This
hope, awakened, 1t may be, by the spirit of
revived prosperity around us, and es-
pecially by the bright business prospects Of
| the Baltimore and Ohio Company, was,
however, painfully clouded by two matters
commented on temporarily, but in bust
| ness-like way, by the President and Direc-
| tors In their report to the Stockholders
| The obstacles in the way of speedy re-
sumption of work on the road, as des-
cribed in this able report. are two-fold :
The first is, the act of the Legislature,
passed at its last session, threatening the
forfeiture, nay, in certain events, the con-
iscation of the franchises, rights and prop
erty of the company; and the second is
the chilling effect Of what is elsewhere
thought to be the meaning of the recent
elections held in Virginia, and the intent
Of her people in respect to the debt OF the
Commonwealth. Each of these points of
difficulty is entitled to serious considera-
| tion.
The Act of Assembly approved on the
2nd day of April, 1879, provides that un-
less the company (whose treasury is ex-
hausted, and whose work is consequently
suspended shall complete its road to Lex
| ington before the LIST day of April, 1881.
| to Buchanan before the LIST of April, 1882 :,
and to Salem before the LIST Of April, 1888,
| its charter shall be forfeited that the At
I torney General shall enforce the forfeiture :;
that the property ''shall be sold as an en-
| tire.y,' and the proceeds distributed ac-
cording to law. 1t further provides that
the purchaser of the property shall COM
plete the road to Lexington within one
| year, to Buchanan within two years, and
! to Salem within three years from the day of
| sale, and that, in case of default in either
particular, s'the whole franchises, rights
| and property in the same, shall be for
te,ted to such counties and cities on tile line
frthe Road, as have subscribed to the cap
ital stock, and in proportion to the amounts
respectively paid by them - and that these
| counties and cities leaving out Baltimore
city, the Baltimore and Ohio Company, and
all the individual stockholders shall, there
upon become a corporation, and be invested
with all the franchises, rights and privi-
| leges of the Valley Railroad Company, and
opn its property. In view of the fact that
Baltimore city had subscribed and paid in
| full 81, 0O0, 600; and that the Baltimore and
Ohio Company had subscribed and paid in
! full 81, 020, 900, and that individuals hadpaid
| some fifty thousand dollars, whilst the IA
| vored counties and cities had failed, in every
case, to pay their subscriptions in full, (the
| whole amount subscribed by them being
| 81, los, 900 and the whole amount paid by
them being $523, OOO) the act of legislation
| referred to was justly considered to be hostile
to the rights and interests ofthose who had
subscribed most, and had paid best; flag
rant violation of the rights of the private
stockholders, and an effort at coercion, I'M
der heavy penalties, which the self-respect
of those corporators aimed at, to say moth
ing Of the necessity arising out of the L.
gal defects Of the act, would require them
to resist; and so, to enter upon career of
litigation which must postpone indefinit ely
the resumption of the work. And
strange anomaly the counties and cities
referred to are not expected, by any one,
to furnish the means of resuming, but
Baltimore city and the Baltimore and Ohio
Company are alone looked to for the needed
help.
The report referred to, plainly, and we
think properly, declares that so long as
such an Act remains on the Statute Book,
no efforts made by the Company to start
afresh can succeed. The stockholders
unanimously resolved that the act ought to
be repealed. and appointed Committee to
apply to the General Assembly for its re-
peal. We sincerely trust that the prayer
may be promptly granted, and that this, to
say the least of it, most unfortunate legis-
lation may be corrected.
The second obstacle in the way of resump-
ton is the effect produced by the recent
election in the State. Whether justly or
uniustly, as the report suggests, the i'm
preston made by that election on the minds
of those who control the capital Of the
countryis, that the ancient Commonwealth
of Virginia has planted her steps in ''slip-
perry places" and is in danger of sliding
into the miro, nay, rather the treacherous
quicksand Of reputation. That this impress
sion does exist, the rapid decline of Vir-
ginia securities since the election plainly
shows.
And that whilst it does exist, it should
affect the credit of Virginia corporations.
and deter capitalists from investing III, Rail-
road bonds in the State, is inevitable, ifnot
altogether reasonable. Men who have
money to invest, are proverbially cautious,
and turn aside instinctively from, and will 1,
not confide in those, as individuals or tsos :
porators, who, as citizens las they View it,
refuse to fulfil their just obligations; to
submit to and abide by solemn adjust1 hents
and settlements of their public debt, and
who unite in leading a harassed an d per-
picked Commonwealth on into sue cessive
out of which there. seems
to be no way of escape, except tn: At which
must be cut by the sharp sword Of repudia-
ton.
Now, it may not be, and doubtle IS is not,
the deliberate purpose of the ma jority re-
Gently elected to the General Ilssembly,
squarely to deny or repudiate THE ebliga-
lion TO nav the puhlic debt hut fl 80 no;nfu1