The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-16
Richmond and Allegheny Railroad.


The House Committee on Railroads, re-
ported to the Legislature, on the 10Th, bill
for the sale and transfer Of the James River
and Kanawha canal and its franchises, to
the Richmond and Allegheny Railroad COM
pany. The consideration to be paid and
rendered by the Richmond and Allegheny
Railroad company shall be the construction
and equipment of the railroad from Rich
mond to Clifton Forge, within twenty
months-and the assumption and the pay
ment of all debts and obligations Of the ca
nal company which would be asserted against
said company. The sum of not less than
100000 nor more than $4,000 shall be paid
by the railroad company to the canal COM
pany, to be expended by the President of
the canal company in payment OF salaries
and wages due officers and employees up to
the time of the transfer, and the payment
of canal expenses which have been con-
tracted since May, 1867. The bill states that
the purchase by the railroad company is on
the presumption that an equitable settle
ment can be made with the creditors OF the
canal, other than those mentioned above,
but if failure is experienced in such effort,
then the railroad company have the option,
within sixty days from the agreement on
the terms of transfer, to give notice in writ
| ing to the canal company, of the failure Of
such negotiation, and annul the contract.
As security for thu faithful performance
by the railroad company of the conditions Of
the transfer agreement, 100000 in market
value in United States bonds, or other
public securities to be approved by the
Board OF Public Works are to be deposited
with the Board OF Pnblic Works, as pledge
for the completion of the railroad from
Richmond up the valley o. the James river,
on or near the present location OF the tow
path, to Clifton Forge, with branch of like
guage to Lexington from the mouth Of
North river, within twenty months from the
date of such sale and conveyance. When
twenty-five miles are completed, $4,000 Of
| the bonds are to be delivered back to the
railroad company, and so on until the COM
pletion Of the work. If the railroad COM
pany should fail to complete the road in the
prescribed time, the said bonds so deposite d
Or so many Of them as may remain with the
Board of Public Works at the time of such
forfeiture, shall be delivered to the Common
wealth of Virginia as compensation for the
preferred stock of the canal company. A
condition is inserted, that in the event Of
any unforeseen cause the company should
not be able to complete the work within
twenty months, then authority is given the
Board of Public Works to extend the time
not exceeding six months.
| These are substantially the general pro-
visions of the bill. There are other stipula-
tons as to dockage at Richmond, and using
completed tracks for length of time at
Lynchburg, &c.
Before the Committee on Roads and In
ternal Navigation Of the Legislature on the
10th, H. c. Pasons, Esq, vice-President of
the Richmond and Allegheny Railroad com
pany, made very able, instructive and elo-
quent address, explaining the objects of his
company and the reasons which influence
them. He stated that the proposed road
would be an independent road in every
sense, and that it would rely primarily and
generally upon the business developed by
its construction. 1t was proposed to antag-
onize no interests or improvement, but work
in harmony with all other agencies for the
material improvement of the State. The
interests which would grow out of such an
enterprise would be ample to justify its con-
structlon, for the wealth which lies unde-
veloped in the rich belt of country between
the Chesapeake and Ohio, and Ohio and
Mississippi roads would not only present
remunerative occupation for the improve
ment but would add to the business of all
other similar enterprises.
This, undoubtedly, is very important
work, when we consider the utter worthless
ness OF the canal to the State as an invest
ment, and as an agent of developing the
country through which 1t passes the fact
that foreign capital exclusively will con-
struct the railroad and the investments
which will follow in utilizing the material
wealth that will be brought into active val
ues. The construction of the road will cost,
it is estimated, about s6,0O0,00O, and not a
dollar Of it contributed by the State the
factories and furnaces which will be estab.
lished to make the road profitable, will require
a large outlay, running probably into the mil
lions; and in addition to this, $2,000,0 900 Of
| floating debt due by the canal will be paid
off at say fifty cents in the dollar, which
otherwise would not be worth q copper
thus giving circulation Of at least million
ofdollars and adding that much to the active
| wealth of the Commonwealth. We will not
pretend, at this time, to 60 into discussion
of the innumerable benefits which would
accrue to Virginia by the construction of a
railroad along the banks of the canal, and
through the rich agricultural and miner
al region it would traverse. These will sug-
gest themselves at a glance to every intelli-
gent Virginian.
| The narrow view of the interests involved,
taken by Mr.. Henry, of Richmond, will find
a response no where with an enlightened
people. The fear expressed that an outlet
to Pittsburg would, in time, be sought by
the railroad company is in keeping with the
old Bourbon policy that has ruined Virginia.
Aline OF railroad from Clifton Forge, through
the territory Of Virginia and West Virginia,
would develop wealth enough to make en-
pires of those two States. That is precisely
what the age requires. Nature has lavished
untold riches upon this region Of country,
and what is needed is the energy and enter
prise of man to develop them. The bene-
| fits would not be confined to any locality or
strip Of territory. They would permeate
everywhere, and add to State and National
wealth, ard constitute an important STEP in
the grand march to imperial destiny.
1t is the duty of the Leg islature to guard
the interests of the State in every particular,
and make it very clear that the road is to be
built speedily and honestly, before any
transfer of the valuable franchises of the
canal is consummated and with such safe
guards perfected, it would be public policy
and wise statesmanship to effect the arrange.