The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-12

rather than lowered. But the cry was
raised that the Fredericksburg Road was
| grinding monopoly, charging eXtor-
| t;onatc RACES, and that there was necesN-
ty for a competing line. This was tie
sort of argument that was fired into the
! LEGISLATURE morning and evening by some
! of the newspapers in the city, and The
Times was censured for not joining in
the cry Other newspapers in the State
took up the refrain, and finally party
pressure was brought to bear. 1t was
said that the Democratic party could not
afford to foster a monopoly" and it was
intimated that Democratic members
would have to reckon with their constit-
uency if they did not give their support to
the anti-monopoly measure. In vain was
it argued by a lew that it was not good
business to build another line, when the
line already in existence was ample; in
vain did the Fredericksburg Road guar
antee the State a, dividend of II per cent.
on it's holdings; in vain did an advocate
of the rival line in an unguarded moment
make the confession that the freight rate
was fixed by the vessels which Piled up
and down the river. The fiat went forth
that the monopoly must be crushed, and
so the anti-monopely charter was granted
And now the Speaker of the House says
the Legislature was hoodooed. Go to.
But wherein has the State suffered?
She is just where she was before the
charter for the new road was granted,
except that she has authorized the sale
of her valuable holdings in the Freder-
cksburg Road. a bunder was made
when the charter was granted and the
stock ordered to be sold, but it was, Tor
tunately, a blunder that can be remedied
without loss to the State by the simple
repeal OF the several acts involved. IN
deed the State is much better OFF than
she would have been had the competing
road to Washington been built. The Sea-
board Road is with us and is doing bust
ness over the Fredericksburg Road under
an arrangement that seems to be quite
satisfactory to the management, and the
States stock, which a year ago was worth
$3.50 is now worth about $3.50 share.
But members argue that the Legisla-
ture should hold the Richmond and Wash
ington Air Line Railroad to every provis-
ion Of its charter. That is all very well,
but the worst that the Legislature can
do is to make the company pay the for
felt money The company cannot be
made to build the road The question is,
therefore, shall the State sacrifice her
holdings in the Fredericksburg Road for
the purpose of collecting the forfeit
money? In our opinion it would be folly
to do SO. The road earned last year 10
per cent on its capital stock and dividend
obligations, and there is little doubt that
in the course of q few years will be pay
ing IL per cent. At that rate the dividend
on one share OF stock would pay interest
on 500 of Virginia bonds and the stock
would be worth $500 a share to the State.
Therefore, we repeat what we said yes
terday, that the best thing to do is to
repeal the Richmond and Washington
charter. give back the bond put up by the
Seaboard Air Line and let the State keep
its stock, which is the sole asset left to
Virginia of all of the many public en-
terprises which have been created by her
broad-spirited policy. The Legislature
cannot afford to discipline a corporation
at the expense of the States interest.
One blunder has been made; let the mem
bers see that they do not make another.
Two blunders will not make a right.