Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-05-14

600, and talk as much rs y on
will, the question OF population has
something TO do with business. Peo-
pie plan new enterprises in large
cities and they have moro con-
fdence in CITY that IL growing IN wealth
and keeping up its position than IN one
which is falling back. IL will DO OF great
benefit to our citizens and to those OF the
villages which We NAV annex. l Rave no
sympathy with the man who comes here
each day. treads our strests, drinks our
water. uses all OF the comforts and con-
veniences which We have provided by
taxation. and when night comes HES him
TO some nook in the country where he can
avoid paying his just share TO support oil
that he has used during the day. This is
not the civic pride we want.
SOUTHERN RAILWAY.
The important question. however, for
this city is what disposition 10 make of
the Southern railway. which il owns en-
tire. This railway cost the city SIS, 100000
and, adding 10 II the interest pad upon
advances over and above what has been
received. il has cost 10 date about S29,-
OOO. 900. or more than the entire debt Of
the CITY. Ii ia leased now for a rental that
amounts to about per cent. on this sum.
Our 6 per cent. bonds sell az par. Ii this
railway was permanently disposed of We
could easily refund our debt on the basis
of S.65 per cent. SO long as it IL not per-
maneutly disposed of our credit wlil be
more or less impaired. as people fear we
NAV in some manner fail to realize IT'S
value.
In considering this question there are
two classes of our citizens whose advice 1
should hesitate to follow. They represent
two extremes: One IS composed OF some
of our very best citizens, who are 80 rich
AMI conservative that they are Mortified
at the thought of the city owning rail-
way, and they are for selling 1t at once,
forgetting that fifteen or twenty millions
OF dollars IS mOnstrous sum and very few
combinations or Individuals can raise II,
and those who can will only do so when
they see large profits. The argument oil
these people, that the city should not own
q railway was very good when the cues
tiou of building IL was under consideration,
| but that question was settled long ago.
and now that we have borne the heat ana
| burden Of the day II - not worth while 10
get frightened at the last end and sacrifice
| our property. The other class OF our cIti.
zens IS those who ere possessed OF wild and
exaggerated ideas Of the future and wish to
| keep this railway rs speculation Tor tne
city. The chances are that long before
their dreams will realize some smart
people IN combination with corrupt ON
cals would secure possession Of 1t at a
nominal price and the city lose much of rs
investment. In middle course is our
safety. The road should be disposed OF
permanently by n system of payments that
will pay the interest on our entire debt
| and provide a sinking fund which will ex,
| tiugulsh the principal ut say the end OF
sixty years, and then the parties should
own il. This will give those leasing such
A title that they can afford to improve the
property and add TO it. At the same time
bv using the credit of the city, the pay
ments will be 50 easy that there should be
no difficulty in finding customer either
now. subject TO the present lease, or at Its
| termination.