Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-22


said connecting roads. 1t would be ne
cessary for their very existence that they
should be owned by such bidders. That
such bidder would then have an opportu-
nifty to acquiye them at their fair value
and not at some high value, at which the
present owners may offer them IN order
TO derive for themselves some pecuniary
benefit from the bonds they held without
regard TO whether those bonds were or
were not properly issued, or their pro-
ceods lcgitimately used for the improve
ment Of the respective roads. The CITY
viii be benefited by such BIDDER acquiring
those connecting roads at reasonable
purchase price. for II viii leave more
money TO be spent IN the Improvement OF
the property
We are willing 10 buy from the city the
aforesaid franchises expiring In 1900 at
fair price, and then deal With the owners
OF the other franchises for the purchase
Of them But we are not willing to pur-
chase from them all the franchises az
figures which we deem extravagant ana
ruinous. IL the other franchises are SELL
sustaining. then the present owners can
keep them improve them, and renuer
proper service 20 the public. If they are
not self sustaining the cty's valuable
franchises should not be given away 10
boost up their financial value Let the
city take care OF herself ana sell Ner
/ franchises at what they are worth TO her'
and let the owners OF the other franchises
sell them for what they are worm py
| themselves in the market. This IS iair 10
the city: It IS just TO the owners OF the
other franchises
! We respectfully submit that our propo-
sition IS more 10 the interest OF the clty
than any heretofore mads by any one
else. As against our proposition you arc
asked TO give a franchise to certain gen
tlemen Of this city. IN,
/ You have no knowledge that they VIII
accent You have no knowledge that they
may not hereafter for wise business Iea-
/ sons decline 10 accept.
should they accept you have no kno"l-
! edge as to what proportion of the STOCK
they will own, and how large proper
ton will 20 10 persons TO whom you
would not. knowingly. give any railway
franchise. Even If these gentlemen should
have in the beginning Of the enterprise
majority OF the stock, you do not know
how large that majority Will be. 1t may
be so small that there viii be danger or
that majority being before very long IN
unfavorable and undesirable hands. Mhe-
Their or not there will be that danger you
cannot know, until the contract or opuon
/ held by those gentlemen has been submit
| ted TO this committee for It's Information
and for the information Of all the mem
bers Of the City Council.
should YOU pass an ordinance giving TO
them the franchise asked for, and should
some of them. for wise business reasons
decline to accept it. and withdraw from
the association. even before the organiza-
ton Of the proposed company who VIII
taxa their places and TO whom VIII so
their proportion Of the stock 10 be issued! :
Where. under such circumstances, would
the minority of the stock be, ana VINO
would control the management or the
company. Would they be persons deemed
favorable or unfavorable 10 the interests
Of the city?
Let if be understood that we have not
the slightest idea Of intimating any IN
proper purpose on the part OF the gentle-
men named in the proposed ordnance
They are highly honorable gentlemen,
whose purposes are above suspicion. but
there are circumstances ana contingent
Giles against which they cannot provide.
Is Il not wise that the city Should take
no step which would give an opportunity
for the happening of such circumstance
/ All of these contingencies can De aVo'ueu
bv the citv's Offering for bids the iran
cbises upon which we offer % bid not less
than $4,000. The Council Could then Sc
lect q bidder which would be, unoef an
circumstances, the most satisfactory 10
the CITY. OF course. Whatever CID should
Ia made bv any one would be- i'm addition
to the amount which may be necessary
10 be paid under section j. chapter 90 OF
the CITY Ordinances TO save the CITY IIOlh
renewing the franchise with me olu COM
many. IL we obtain The SAL iIdhehises
we bind ourselves TO stand between lHe
CITY and the Richmond city halfway NOii-
nonv as 10 the payment of any amount
r,htcb NAV he fixed under said section as
the value of the personal value OF salu
conpanv. provided that the selection OF
tba arbitrator to represent the city shall
NOT be left an open question, but thft the
Ci+y Engineer shall be selected as sucH
arbitrator. or shall be empowered 10 ap-
poipt one. We are aware that the Clty
| Attorney has held that the city mas no
mower TO purchase or own street rail-
ways" -...
NE submit that the plan which we sus-
gest of selling said franchises to the hlsi
/ est satisfactory bidder Will remove an
| LEGAL difficulty. While it may be Ia"
/ that the city has no power TO use heI
revenues for tho purchase OF railroad re-
mains vet we submit that there can DO
| no legal dimculty if the city empowers
and requires that the purchaser OF sald
| franchises shall pay for her the value OF
/ such remains. While the city may nave
no mower to so use her own revenues she
| can undoubtedly, as a condition or the
new franchise, require the payment Oh
fair value Of the property Of the old com
many IL IS fairly probable that just such
a course was in the mind Of the Couhcil
when it adopted said section Il. the city
never contemplated using her revenues
for any such purpose She evidently eA-
pacted that either the routes would be
| valuable at the expiration OF the iran
cbise. and any one to whom she might
Grant them would pay the YaIue, "heh
] oecertained or if they should prove 50
valuable. that she would renew them. By
! adopting the course which We suggest
| The Council will be doing what was very
nrobablv contemplated when the original
drdinance was drawn I'm 1850. mus by
the course which We suggest, the Guy
vim clear. at the very least $0"o
II may be that. should the city see III
~ Grant q franchise not overburHehsoi ONE
I'm its terms and requirements we might
be able 10 bid a large amount
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