The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-06
,YoecAN,Z.TIoN OF THE DAN
WILLIE RAILROAD.


..o,,d and panville railroad and its aiiieu
,,r,nerties has been put into a shape
which should commend it to the appro'"'
of the House Of Delegates
Tho features Of this bill which woulu
have been objected to twelve or hl'een
,.oors ago have become so familiar as
necessary parts Of railroad corporate
movers that they should now De co"-
eidered as res adjudicata.' Inc o'u iu1"
Of competitive lines is exploded. Nearly
all railroads in the same territory may ~
said 10 be competitive, whether they arc
narallel or not: but whether operated u"-
der the same management or not the
tendency Of freight rates has been steadl-
" downward.
Long after the charter was granted the
Danyille railroad stringent laws were
ON the statute-book forbidding combina-
,tons Of railroads, with the idea that laws
ao,id create competition and control the
,a,,s of trade but at the same time the
,ov, allowed ten cents ton per mile ior
freight and six cents mile Tor pas
sengers.
REGARDLESS Of the statute, the laws Oh
.rada have brought down the average
rate Of freight to little over one cent
D., Ton ner mile. while three cents per mile
Is all that can be gotten out Of a pas
senger.
II the old theory of railroadins now
prevailed every shipper might be rum
ming his own machine, wagon, vehicle'
or carriage" over the railroad, and II
will no more 1T the present condition OF
railroad management and financiering To
cramp the reorganization of a grea- sys-
tenn within the limits of the restrictions
formerly put upon the issue OF railroad
stocks and bonds than 1t would be 10
hermit the use OF the railroad track as
a sort of turnpike or highway for all
corners.
SO the railroad serves the public
promptly. satisfactorily and for reason
able pay, what does 1t concern them
whether the stocks and bonds are for
much or little? But it concerns the stock
and bond holder immensely. and he will
want the issue 10 be as small as posi-
Bile. The Legislature may safely leave
the owners and operators Of the property
to take care of themselves in this respect
The value Of this reorganization-if sue
cessfully carried QUITO Virginia and
the States Immediately south Of her can
not be over-estimated. 1t will mean the
restoration of credit where there is now
only discrdit associated with the names
of the States and their railroads invol-
we'd. To Richmond it means more than
this
The establishment OF the headquarters
and great operating department of this
reconstructed system in this city Will
be constant and increasing benefit 20
this city. No quibbling. hairspllttng.
cropping objections should obstruct the
consummation Of n great public bencfac-
ton. The provision that taxes shall be
paid in lawful money and not in coupons
IS much to be regretted in n charter
which will be shown all over the finan-
cial world, at home and abroad. as on its
lace II perpetuates a relic Of our fight
about the State debt. The tax receiva-
Die coupons have practically been funded.
ana those which are outstanding-if they
DO not hasten to come in-win certainly
not be used by this or any other
railroad. That feature is a reflection
on the State credit ana is blem-
ish on this bin, as it is a reminder
OF a conflict which cannot recpr
ana which will never be correctly
understood outside OF Virginia. We hone
TINS provision will be stricken out and
the bill promptly passed.