536 



FARMERS' REGISTER— ROANOKE RAILROADS. 



liiia, will be sufficient to sustain two railroads, 

 witiiout innittin<: tolls which will make the facili- 

 ties too dear to he comfortable. He, perhaps, has 

 not reflected that the Petersburo; railroad, of 

 Avooden construction, has cost nearly half a million, 

 and tiiat in six years, it will require the additional 

 expense of over S 100,000 more, to replace the 

 wood, which will decay in that period; and that 

 in the interim, a considerable annual charfje for 

 temporary repairs will be unavoidable. That a 

 capital of at least six hundred thousand dollars 

 must be regarded as what at least eight per cent, 

 should be annually declared upon, to keep the 

 stock at par, and yield five per cent, nett, to the 

 stockholders. 



If the above conclusions are just, I would ask 

 what must be the result if a rival railroad go into 

 operation, to take off, we will .say, one half of tlie 

 support of tlie present road. It requires no adept 

 in Cocker to see at once, that the stock of neither 

 would i>e worth one cent, and the only hope for 

 the continuance of either, would rest upon the ex- 

 ertions of the property-holding subscribers of Pe- 

 tersburg, and her rivals of Norfolk and Ports- 

 mouth. This would probably not be a vain hope, 

 were the works made of ever-enduring granite 

 and iron, instead of frail decaying wood. The 

 stock might be utterly worthless, and these towns 

 might afford to incur the ex|)ense of keeping such 

 railroads in operation ; but with wood construc- 

 tion, as that of Petersburg and its proposed rival, 

 when once worn out or decayed, will any reflect- 

 ing man say that the heavy expense would be en- 

 countered, or that the farmers and planters of the 

 Roanoke would come to the rescue. I am 

 disposed to think, as much as the Roanoke peoj)le 

 prize the facilities afforded them liy these rail- 

 roads, that in such an emergency, they would be 

 more apt to furnish loords of encouragement, than 

 dnllars lor assistance. Apropos, to test these con- 

 clusions: I would be gratified (and so will others 

 I exj)ect,) if your intelligent and candid corres- 

 pondent would through your columns, inform the 

 l^ublic, how much of the Portsmouth railroad 

 istock, is taken by inhabitants of the Roanoke 

 .country : with a slight modification of the scripture 

 !lext,I would say unto them "shew me thy works, 

 ^nd by them shall thy faith be judged of," in rela- 

 tion to the profit to be derived from investment of 

 i-apital in tiiis stock. Indeed, I am curious to 

 know, whether the three fifths of this stock, suliscri- 

 hed with the hope of getting two filihs fiom the 

 state, wer« not taken exclusively by projicrty- 

 holders in Norfolk and Portsmouth, and along tlic 

 proposed route, and who would have their property 

 benefitted to the amount of their subscriptions, whe- 

 ther the stock ever netted one cent's dividend or 

 not. If it should turn out to be a fact, that there 

 is no capitalist from a distance eml)arked in this 

 enterprise, I ask whether it is not the best criterion 

 to judge by, whether there is any expectation that 

 the stock will yield a dividend : and if so, should 

 the state be guilty of the fiituity of taxing itself 

 S 160,000, to insure the destruction of a like 

 amount invested in the Petersburg railroad, (that 

 would in all probability yield six per cent, returns, 

 to aid other much needed and promising works in 

 other neglected parts of the state,) to benefit Ports- 

 mouth and Norfolk, at the expense of Petersburg 

 and the stockholders in her railroad, when these 

 towns have heretofore received a large sum from 



the state to aid in opening their canal, which com- 

 municates with this same river.' 



The Petersburg railroad was in its projection, 

 without the anticipation of a rival, regarded as 

 promising a profitalilc investment ; and distant 

 capitalists, I am credibly informed, subscribed to 

 the amount of near a fourth of the three fifths taken 

 by individuals. This foreign capital was allured 

 into Virginia in aid of her poverty, for the con- 

 struction of tliis great state improvement, upon 

 the confidence inspired by the large participation 

 of the state in the work, as I am informed by the 

 distinguished engineer that surveyed the route, 

 whose zeal in behalf of his native state's prosperi- 

 ty and character, induced him to exert himself to 

 effect this most desirable assistance from abroad. 

 These capitalists doubtless regarded the faith of 

 the state as secured by its great interest in the 

 work, against any participation in creating a rival 

 that will operate no otiier way, than to rob this on 

 which their money has been expended, of that sup- 

 port, from which alone that return in profits was 

 expected which was the sole consideration which 

 induced tiieir subscription. If the property-hold- 

 ers of Norfolk and Portsmouth have the spirit and 

 enterprise to construct a rival road to draw more 

 of the trade of this region to them, than finds its 

 way by the circuitous water communication, none 

 dare hinder, and none can comj)lain. But it does 

 seem to me, that if the state allure them to do it, 

 i)y taking two fifths of the stock, it will be regard- 

 ed by capitalists as a breach of faitli : especially if 

 done before the Petersburg railroad has had time 

 to test the enterprise, and show that its stock is be- 

 yond contingency. The effect must be, to blast 

 every prospect of any capital, other than that held 

 by property-holders on the route of the improve- 

 ment ever being adventured on any stock for inter- 

 nal improvement in \'irginia. 



Men are rarely found so stupid as to lay out 

 their money in stocks which promise neither divi- 

 dends nor any enhancement in the value of their 

 property. Indeed we see them generally too cau- 

 tious in venturing their money on stock, in works 

 that must inevital)Iy enhance their property in 

 value, if it be any ways doubtful, as to a good 

 dividend. Tlie case must be as palpable as this of 

 a railroad frojn Weldon to Portsmouth and Nor- 

 folk is, to the property-holders of these cities — pre- 

 senting a conflict for securing a large trade, the 

 profits of which would counterbalance the loss of 

 three filths the cost of the work. 



Ardently desiring the prosperity and glory of my 

 native state, and advocating an impartial apportion- 

 ment of government assistance, I can l)ut deprecate 

 the encouragement of a deadly rival of the Peters- 

 burg railroad, by any assistance from the state at 

 this time, or in time toconie, while the inevitable re- 

 sult must be todestroy the stock in that work, and 

 a warning to capitalists to beware venturing their 

 money in internal improvement stock in Virginia. 

 I had confidently hoped to see a joint stock compa- 

 ny, and the three fifths of the stock promptly taken 

 by individuals, for continuing the line of railroad on 

 from Petersburg, to meet the Washington steam 

 boats on the Potomac near Fredericksburg. But 

 if the state take two fifths in the Portsmouth 

 road, by which the southern travel will certainly 

 be divided, I despair of one dollar being subscribed 

 by Northern capitalists, who otherwise, I am as- 

 sured, will embark largely in the enterprise. This 



