Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-03-09

| otherwise be regulated by law, Ia gradu-
ale the same respectively. by raising ot
lowering The said Tolls. so that The sa ne
be mol less Ihar one. nor more than tao
cents per buslIel. The more titeriually
| To enable the James iivrr company 10
borrow mouey as directed by The thir-
ferneh section oi the act above rcvitcd,
or as may be Directed by this or any fu-
imre act Of assembly, il IL provided, thai
hereafter The company shall borrow no
mouey, except so far as they shall be *
pressiy authorised by act of assembly
hSing The aSlnunt SO 10 he borrowed,
hud that each lender shall have prior
lirn on The funds provided, or which may
be provided for The payment OF interest
on loans, IN conformity with the dale and
| number of his certificate OF stock aud
| thai The evidence OK such lien may be fix
Ell and preserved, IL shall be The duty oil
Tire James River company 10 number,
and register the ninibcr as well az the
date ot each certificate at stock, and that
no iwO cerlih. aies shall bear the same
number, anu ,hc date and number shall
b. preserved on amy duplicate Of any Ger"
ificate which by reason oi Il sale and
transfer, or otherwise il may be proper
| Tor them to give aud il shall moreover
| he their cuty so TO provide thai The funds
aforesaid shalt be applied IN HE payment
or THE Interest, as the sane shall become
payable on each certificate OF STOCK, a.
gre. able la its date and nuniber aud
| tt,ai The certificate issued 10 The prrsi,,rat
and directors OF the literary fund be mum
Der one. And for The further Secariiy and
satisfaction OF lenders, antt-as evidence
| 10 ihcm at The ability of the company 10
pay the interest on any loans which may
be authorised by law, lie faiil, of the
lSf. t.s, 10. 81,
be- authorised by law unless IL shall ap-
pear TO the Satisfaction Ut The Legislature,
from The annual reports of the accounts
and proceedings OF The company, that
Their revenue, applicable In the payment
of interest, together "iIh The arpr0prIa-
ton made tor that purpose out OF the fund
Tor internal Improvement, is sufficient,
not only to pay The interest OF loans here
tufore authorised, bu, ON each loan as
tie same shall he authorised and IN case
of any deficivuty of funds for iha, Inlr-
pose, /, shall be the duty Of the cn,nea-
ny 10 pay sarh deficiency ouI OF any mo
hey In hand, or TO borrow money Tor tllai
| purpose.
Instead Of limiting the snm 10 be drawn
| from the fund tor internal Improvement
TO twelve thousand dollars per annum.
as is provided by the thirteenth section
at the act aforesaid, tina, fund shall stand
pledged as IS provided in and by The laid
section Tor the paymen Of anV interest
| winch The surplus fund OF The company.
Applicable 10 the payment oil inierest, shall
be insufficient 10 pay, provided The same
shall not exceed The sum ct eighteen
Thousand dollars per anniIm. And I" d
void expense and embarrassment 10 lem
ders, 10y The protest mu,ie necessary IN
and by the said seci'eu, before they can
receive the interest due aud payable nui
Of The fund aforesaid, the president and
directors or the COMPANY are hereby an
thori>ed 10 draw an order az orders on
the auditor Tor warrant or warrants on
The treasury for any inirrcst payable out
OF that fund, after lie proper funds Of the
company for that pnrpose shall be rx-
. hansied. IF iliai part of the fund for in
iernal Improvement appropriated TO The
payment OF interest, or an? part of II. has
| moi been, or shall not be drawn for The
payment 0i IHieresi in any one wear, the
! same shall bp sci apart from lime 10 the
i'll like manner with the other surpiu<sea
Of The company. e. be applet 10 Tine I'ur
chasing the certificates ot loan of Tie
+ company IA is directed in and by Tie
! said act. The company shall be anilo.
! rise'i, as they are hereby authorised, tc
proceed 10 borrow, asrc"ab'y 10 The pro-
5 visions Of this and the above reciied act
, at such times aud in snch proportions as
they may deem expcdicnt, a sum not ex-
ceeAing in The " leie three hundred thou
{ sand dollars, exclusive OF the fifty thou
? sand dollars already borrowed from the
= lR%ary fund aud the Bank ol Virgimis
: and Farmers Bank OF Virginia arc suiiio
i rised to loan money to the company, ri
:. 10 deal III The certificates Of loan Of a.,
: company as far as the president and di
!. IeciOrs OF those banks respectively mag
/, | think proper. And, whereas The nrgen
+ necessities OF lie country require Al
y prompt an execution of the Improvement
y contemplated Ivy The aci above reciird
Ii as is practicable, whilst AT the same tim,
their economical prosecution will b
: greatly advanced, by contracts, amount
5 lus III their aggregate To n large sum
u which contract, however, cannot be mad
e with a proper regard 10 punciuahty & goo,
- faith on Tie part OF The company unlcs
they have the certain command Of M one
- 10 tie amount oi such contracts 1t =
> further enacted, that it shall he lawful f.
ri The president and directors to emplo,
Is such agents for negotiating loans, Al
n 10 give them such compensation therefor
" IA they may from time 10 tiinr deraI mos
I'd economical aud exprdieni and shOUl
ty large Sums be borrowPd, phich wouii
" necessarily lie ihie until wanted for Ill
c. payment 81 contracts, whereby greai los
ne Of interest would accrue, the pTesiier
aud directors are furthermore empower
of ed 10 invest said funds, until wanted,
Of such secure aud productive stock Al ihc
NAV think proper aud expedicni, an
d. again TO sell the same, when their pece,
No sites may reqHlre. and carry the who
~, | proceeds Of the interest on and fire ;