Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-12-25


ing to and from Lynchoug and the other half be- at an
average Of half that distance. The distance from Rich
mond to Lynchbarg Essay $50 miles; without estimating
the tolls paid the mountain section, the tolls from
Lynchburg down would be charged. say 04O0 TONS
Tor $50 miles. and 2OiOo tons, for rs miles supposng
the tonnage not TO have increased 1927 either by the
progressive improvement OF tie country by the effects
oil the new improvements.
The tolls allowed by the act, supposing the canal i'm.
provement is fixed not TO exceed arerage as
cending and descending OF 3 per per mile al
though articles TO go for less, the average OF
on articles that will bear it, This will he 81 so per ten
Tor $50 miles and for 20 400 TONS that distance sC
FOR zo,4oV tons, 10 miles, at 81 20, $4,000
Gross rcecip, of tolls. SI37, zoo
But VIC must allow for increase Of tonnage
from 1927 to 1887, ten years, say only 100 per
cent, arising both from gradual increase and eff
ees OF new improvements, 1877. roc
S275, 4oO
This, too is exclusive of COAL and of tolls in the noun
tain section and the Kanawha river IL
TO me- therefore, impossible that err in setting dow
the gross tolls at the end OF the 1887 at S2754OO
These improvements, is also worthy Of remark have
extnguished nearly all the expences the bed of the RI
YER On the ls Of January, 1857, $25 per sharei 900
600 again paid, in all 81 900 900. The above sum will
pay per cent to the stockholders, and leave 75 400 to
dividends TO old stockholders and other
sides the undivided surplus OF the preceding year.
This additional million will have carried the works nv
the end OF the year 1887 beyond Crows Ferry mhe re
the whole south western trade will be nterce pied The
improvements and the veal distributed on the line will
have begun TO operate the country below as well as
above, and consequently increase so as 10 mount the
gross tolls to S3In0oo the end of the year 1898 may
surely he calculated on. On the 1st of January of this
yer the last call OF one million say, made which the
above sum will ray per aud leave 1000 Tor old
dividends and exp, noes besides extra sutpIses nj tb
preceding years.
These 81 900 900 juciou-ly expended mus, carry the
imp ovements 10 Covng'on, farther. At this place
junction will be formed with the turnpike TO g
dy. which will secure the western trade travelling sc
unrivalled by any existing work, until the whole line is
perfected The new tolls received rom Coving-
tOp1 NJ tnera
kanswha iiver and on every section of miles the
works they advance: that were saw that all this
would produce doute the gross amount Of tolls last above
stated coud not he accused OF wild specuation, unless
indeed the data which have proceeded upon are entirely
deceptive That, must leave to the good sense and
dor oi my readers, and of hose well acquainted with the
subject. IL is not TO be TO gotten that the whole coal
trade, and the tolls The Kanawha river and road are
thrown in, without estimate, make weights, cover
errors
From, and after this PERIOD the stock of the company
must be increased The State is TO be liberty TO take
This they will be able 10 do without any pressure as the
surplus 10 be divided will be enough TO pay or perhaps
per cent. on the old and stock.
most respectfully invite money holders, who wish a
sale and profitable investment OF their capitals examine
the public documents from which my are taken and
TO make their own estimates; and let me know whether
they any fair and candid calculation founded on
the unquesoned facts which those documents estab-
fish, any other conclusion than that from the he
ginning TO the completion OF this work, the stockholders
will at least be receiving average, per cent per
annum on their money, with absolute certainty that
IN
der circumstances promising an increase that will Ultimate
ly, and in long time give them their maximum of IL
per centLook at the travelling alone this line from
East TO West and West 10 East with the vste
20 mineral springs situated this line and in the
best summer climate in the world Look also the effect
OF railroad communication from Lynchburg to Tennes
which must take place the main artery is
opened not Immediately after the works reach the moan.
tans.
have been little surprised to find that some have oh
ected TO subscribe in consequence OF provisions of the
9th section ~
TI,at, a..
Iigence and II not commenced within two years after
passing the act and finished in twelve after the Irst
raj meeting OF the stockholders, their capital shall be
eited, and all their work and privileges vested in the
James River Company for the benefit of the Common
wealth.
Taking for granted that if the contemplated works are
executed with due diligence and ordinary judgment and
economy the stock will be valuable or without this no
one will subscribe) and that subscription il would
be desirable but for the clause in question: TO me
such clause is recommendation rather than
The object of the capitalist is TO invest given sum in this
stock, and he will keep in tangible for that pur-
pose: as much diligence then in the execution OF the work.
as is compatible with sound judgment, economy and
precisely what he wants. The work, large scale is
more cheapy executed, and in proportion to diligence will
the receipt oil the profits his investment be fastened
Tardy members OF the Company who may be reluctant
pay will be urged forward being thus made the ndis
pensable duty the President Directors as il will he
the clear interest OF the stockholders proceed with
diligence Such clause believe sin every Act of in
corporation of Company for objects of this kind With
out great benefits might be locked up the enioy-
ment OF them by the people left to the discretion
huoeh slockhoders In THIS particular the public
are not only most deeply interested but the stockholders
left at large, might manage it, that without heavy
advances they might be in the receipt of pretty good in
teTest on their money which might tempt them DELAY
Thus suppose after paying the first $40 per share
order to secure their stock they call the Bird
4h and 5h, and ev, succeeding wears ONLY for 5 ne
share-say 5000 000 and admit that these sums produce
efficient ana durable works far they go n very mo-
derate increase OF trade would enable them TO divide
perhaps per cent; but will say that such
proceeding ought to be tolerated.
Bot suppose the work is proceeded in with good faith
and such diligence az have first above hut If
from some unforeseen difficulty the whole work shall no
have been completed within tile time limited does sny
man believe that the State Of Virginia would enforce the
forfeiture?
Such palpable violation Of public morals and public JUS
tlce, would he Indignantly put down by the community
such fagant injustice would put il out OF tie power oil
the State TO insert such necessary and auary clauses
future Acts OF this kind and would be her
uniform practice IN cases OF similar less favorable
! kind. The Company have only with good faith
and all due diigence-in other words TO do what is
Tor their interest and the clause will be
for them and the public. IL compels them to do w
is for their good and takes from them the temptation
to do otherwise. The State herself will be deeply
teresed in the stock to permit the work be iniudcous-
Iy hastened in order the Forfeiture whilst the
teres OF all will require that it should be done spee
ly as il can be judicously done.
have been much too prox to expect TO be read; and
yet the subject Is not easily he explained in fe,
words, and | was unwilling TO omit any thing that
thought properly belonged TO it, orbear TO press il on
the patriot as work truly Vginian he will act SO
as lac is able, without admonon from me- NV obie c
has been TO satisfy the Capitalist whether he is
Vrgnan or not that in all human probability there is
stock in which lie make permanent investment Of
his money to better advantage thann this A. b.
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