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

THE SCHEME.
And now. in conclusion, as to the terms
upon which the city OF Richmond can, with
due regard TO her own interests and pro-
lection, furnish the required S750,000, Va
| riouS plans have been suggested, but the
| one select ed for presentation to you, ~ en-
| bodying perhaps the most attractive. and ut
the same time reasonable, features is as fol-
| lows:
Let the Buchanan and Clifton Forge rail-
way he consolidated with the james River
and kanawha Company, and let there be
such reorganization OF the James River
and kanawha Company as will secure TO
the city OF Richmond, in consideration Of
her nput Of S75O,000 in money, one half Of
the stock, both common and preferred, now
held by the State OF Virginia. Let the State
have two directors and the city Of Rich
mond two, and let the stockholders, other
than the State, elect one director, making
five in all. 1t has been suggested that in
the election of this fifth director the city OF
Richmond should have in the meeting Of
stockholders a relative vote no greater than
she now has as between her and the other
private stockholders. In ordinary meet
iugs not more than 600 to 1000 votes are
cast by individual stockholders, and, in
person and by proxy, citizens Of Richmond
represent ty far the greater portion OF this
usual vote.
| For the cost to the State OF the mante-
nance, &C.. OF conyicts furnished, for which
she has claim against the James River and
kanawha Company, and for The cost to her
| OF the maintenance, Nc, OF such convict
| labor as she may be able and willing to fur
nish in the future, the new company would
| have TO account to the State.
| In order to the carrying out OF this or
any similar plan the consent or the State
would have 10 be obtained in the form OF
necessary legislation. The consent and CO.
operation OF the stockholders OF the Two
companies would also be necessary.
| OF course present plans rs to the settle
ment, reduction, and consolidation OF tue
Indebtedness OF the two companies would
need to be prosecuted and conSllmmated.
| 1t is hoped that The Board OF Public In
teres!s will look at this most important mat
| ter in all OF its bearings. and that they viii,
| in their wisdom, devise and recommend
some plan for adoption by the city looking
| 10 early and cfectual aid 10 the james
River and Kanawha Company in its efforts
| to complctc its Clifton Forge connection,
and to supply the demands OF the James
| River Valley for certain, adequate, and con-
tinuing means OF transportation.
The Plans Proposed.
Mr.. Franklin Stearns offered the follow
| ing for adoption:
| The Board OF Public Interests most earn
| estly recommend to the Council OF the
city OF Richmond that they pass an ordl-
nance that will enable the city OF Richmond
| to offer sixty cents on the dollar to the INST
mortgage bondholders OF the James River
| (op
| on the dollar to the second mortgage bond
holders OF SAID company. The said bonds
when purchased to be held and applied to
aid 10 constructing a railroad from Rich
mond to Clifton Forge on such terms As
the CITY Council may hereafter determine.
GENERAL JOSEPH Il. ANDERsoH's PLAN.
General Anderson offered the following:
RpsoIred. That the Board recommend 10
the Council and people Of the city sub
scrption of S150,000 to the stock OF the
James River and Kanawha Company for the
purpose OF securing the speedy conStrHc-
tlon of 4 railroad from this city to Clllton
Forge, on condition.
1st. That such negotiations shall be e1-
fected as will relieve the canal line proper
from debt. r.,o
and the buchanan and Clifton Forge be ef-
fected; and ,
Sd. That appropriate legislation be had,
satisfactory to the Council, including the
tranfer to the city Of such portion OF the
stock OF the State in said company as may
| be satisfactory to the Council.
By invitation Of the Board, Major john
ston gave his views as to the merits OF these
competitive propositions. He rather IA
vored General Anderson's, but conceded
| that if the city would relieve the company
of debt, as Mr.. Stearns proposed, the CON-
pany would probably then be able to build
| the railroad by new mortgages upon the
property. The canal company has already
an option for the purchase OF about two
thirds OF the first mortgage.
Several gentlemen expressed their views;
all insisting that tho city OF Richmond
should have proper control in the company.
COMMITTEE OF REFERENCE.
Major Courtney offered the following,
which was adopted, and above resolutions
referred to the committee indicated:
RESOLVED, That the Board relterates It's
decided opinion heretofore expressed that
| the establishment OF a railroad along the
! Valley Of the james river from GAl'oa