Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-03-08
LETTER FROM GEN. I'M.
B0DEN.
eli about the purposes Of the
Tinsalia Coal & Iron Co,
touching it's road from
Bristol to the South
Atlantic.
Cor. Of The Ra!oigh News ard Observer.

cuse for asking public attention to the
possible consequences OF Il refusal OF the
Legislature to authorize Il sale of the
States interest to the Pennsylvania coal
and iron men, who own the vast coal
field of southwestern Virginia, and who
are compelled, in self-deieuse against
gigantic railway combinations, to build
and control . cheap highway Of their
own 20 some convenient port in North
or South Carolina.
Their proposition is briefly this That
if they find the best route for their three
foot road across the mountains to he
through Watauga county, by survey
to be completed before the first Of July
next, they shall have the privilege to
buy the $500 shares in the Cape Fear
and Yadkin Valley railroad, owned by
the State, for $4,000 cash; that the
stock shall remain in the custody Of the
State as security that the purchasers will
within two years from July j, 1881.
complete the road westward into Cald-
well county, to connection with their
mountain division from Tennessee, and
eastward from Fayetteville to harbor of
Wilmington, ana within a year thcreaf-
ter also build the branch to MI. Airy, In
Surry county. If they fail TO fulfill
their obligations In this respect, the
stock Ia to be re-assigned TO the State by
It's own commissioners, and the 100000
TO be retained in the Treasury az llqui-
dated damages for the default Of the pur-
Clasers.
1t is urged by some that the price of
fcred for the stock $50 per share) Is too
little. The private stock is said TO be
now worth only rs per share. II the
purchasers fail TO build the road in two
ycalp, the State will not lose the stock,
| but gain per cent. per annum on II by
the forfeiture of the $4,000. 10 COM
plcte the road cast and west Will cost
| from 81 800. 900 to 81. 000.000 to be rails
ed and expended without assistance
from the State, and rcsulting In ihc
opcning up of some Of the richest por-
tlons OF North Carolina, aud thus reim-
bursting the State fully 10y creating new
taxable values.
But it IL said there ARE other parties
who will now pay $40 per share for thla
stock. No doubt Of IL, provided 1t be u
fiat, out and out sale, without any obli-
cation TO complete the road to Caldwell
and likew wisc the harbOr
of Wilmington. Baltimore, through the
Virginia Midland road, has long sought
n direct connection with Charleslon,
South Carolina. The control Of this
line from Fayetteville to Greensboro,
or II little beyond, would secure suoh
connection by diyerting the western cX-
tension from the Nadkin Valley TO the
valley of the Dan in Virginia, and cN-
tending the eastern end from FNyCttc-
willie TO Cheraw, and thence to Charlie
slon. This would leave Wilmington
"hlgh and dry In the east and make
Charleston her substitute port, aud de-
priye the counties Of Surry, Forsyth,
Yndkin and Wilkes Of all prospects OF II
railway for nm indefinite period.
II those willing to pay over SlO per
share for this stock will give salisiaCto-
nv security TO build the unfinished parts
of the road, east and west II viii BE-
right for The State to give them the pref
crenre over the company represent,
md we will be content, as Chat would
accomplish all my company seeks, co-
aling highway throagh the great belt
along the mountain counties ANA thence
10 the sea. But If the rond west of
Greensboro Il not built mp the Yadkln
to Caldwell, nor down the Cape Fear to
the hnrbor, Il can be Of no service TO the
coal owners of southwest Virginia, and
thpy will be- forced to make any terms
they ran with other roads In North Cnr-
olina, or adopt M their exclusive outlet
lhp Chester and l.cnor road and it, COM
nrrtlous 10 Georgetown and Charleston,
\. q. This latter will probably bc the
Inevitable result of a refusal of their
proposition,
N the Midland railroad wants 10 rench
Churlrelcn ria Greensboro, Fayetteville
and Cheraw, can see no possible OBJ
, lection 10 their doing no over the line OF
Tho Cane car aud Yadkln Valley Rail
road. ntoyldpd the construction Of thnt
road westward To Caldwell, and east
! ward Ia Wilmington harbor, " absolute
ly secured IN the bargain Indeed Am
not sure, lf my principals were here on
the ground, that they would not with-
draw all prciens'oi 10 to buy this stock on
, a,,I,ablr trrms for the handling OF their
, coai tonnage without break of bulk from
Tho mountains to the sea- that might bc
, nprccd upon, at least for term OF years
SThc coal company are eeaklng no cx-
elusive privileges, nor VIII they aniago-
nIgc the opening aud building Of nll pos.
slhlc lluca to secure free competition
? of their Goals and coke 10 every city,
town and county that can be reached,
= Nor do they "hankcr" after building
= railroads, Cor II ls II costly operation al
thr best, and their aim Is TO save every
, dollar of outlay that they can. without
) nlaclng themselves IN The power Of cor.
. poralIone that might impair or even de-
stroy their coal property, worth many
millions Of dollars, II must be hornc IN
mind that The Baltimore & Ohio road
does an enormous business IN Goals IRON
d cumberland. The free, easy mud chcat
access of these southwest Virginia conl'
2 10 Carolina port means competition N
I Nil The South Atlantic with The Bnlii
more coal trade. aud they could afford tt
plyc North Carolina t20, or even 900
ID share for this railroal stock " u would
b enable them TO control The Virginia trai'
nc 10 your ports. or cnt II oh by pre-