Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-08-21
lcoNCLspED FROM FORMER rUMBER.l
THE JAMES RIVER AND KANAWHA
COMPANY

lcoNCLyDED FROM FORMER rUMBER.l
THE JAMES RIVER AND KANAWHA
COMPANY.
These improvements, il is also worthy OF remark,
have rStinguishcd nearly oil the expenses on ia bed
at the river. On the list of January, 1897 SIS per
shares 100000 are again paid. in all 50 900 0O0-
The above sum will pay per cent To the stockhold
rrs and other expenses, besides the
of the preceding year.
This additional million will have carried the " orks
by the end of the year 1887, beyond Crows Ferry
where the whole South western trade will d. int err
copied. The improvements and the wealth dis,ri.
but-d ON the line. will have begun 10 operate the
country below. ms well rs above and consequently
an increase TO amount the groS, tolls $780,
QUO at the end of the 1888, surely tie cal.
culated On the lst of January, OF this year. the
last call ot one million say n"dt. which the
ootc sum will pay per cent. and leave $4,000 fbr
old dividends and expenses, besides extra surplus.es
of the preceding wears.
These $i.0OU.U0O judcipu>y expended must carry
the improvements to Covngton. or farther. AT thi,
place junction will he formed with The turnpike road
To Big Sandy, which will SECURE the Western trade
travelling, &c. unriynled lay any existing work un-
ill the whole line is perfected. The toll, are now
received from Covington down, with great increase
OIL the turnpike road ard kanawha river, aud eve
ry section of ten miles the works they aJv ancc
that To say. that this would soon pro ducc
double the gros. amount OF tolls last above stated
,ud not be accused OF wild speculation. unless in.
deed the data which have proceeded upon are en-
tirely deceptive That must leave 10 the good sense
and cnndvr of my readers and of those well acquan,-
ed with the subject. II is not to be forgotten that the
Whole coal trade, aud tho tolls the kanawha river
and road are thrown in without estimate, as make
weights, to cover errors.
From, and after this period, the stock of the com
pany must be increased Tue State is to he at ber-
~ to take 5,hs OF it, and the s,ockhnldc the resi-
due This they will lie able To do, without any rrrs
sure. the surplus TO be divided will he enough 20
pay - or perhaps per cent. on the old aud
stock.
safe and profitable investment of their capitals to
examine the public documents from which my data
are taken, aud In make their estimates; aud let
me Know whether they can, any fair aud candid
calculation, founded on thG STONED facts which
those documents will establish. come to any other
concius'on than that, from the beginning the
'icton ot this work, the stock holders will at least he
receiving, on an average, 3 per cent. per annum
their money, with an absolute certainty, that they
will, on its completion, receive TO per cent
der circumstances promising increase that will nj
umniey, and IN no long time, give them their Ii
MUM OF ID per cent. Look at the travelling alone
on this linc from East To West, and West to East !;
with the numerous visitors our mineral springs
situated on this line, aud in the best climate
in the world. Look also 10 the ctrct of railroad
| communication from Lyn hburg Ia Tennessee, which
u,ust take place the main artery opened,
u not immediately alter the works reach the noun
tains.
have been little surprised to find that some
have objected tn subscribe la consequence of the pro.
vision, of the 9th ctou.
That provides that the work shall be executed with
diligence. aud II not commenced within two years at
passing the act and finished in twelve after the
first general meeting OF the stockholders, their capital
shall b" forfeited, and all their work. aud privileges
vested in the James River Company toi the benefit of
the Commonwealth.
Taking il for granted that If the contemplated
works are executed with due digen nee. and ordinary
Judgment and economy, the stock wall be valuable.
(or without this no will! subscribe and that
subscription to il would be desirable but for the clause
! in question, IT seems to the such clause is recon
mendation, rather than otherwise The al ect of the
capitalist Us 10 invest given sum in this stock and
he will keep il in tangible for that purpose: as
1 diligence q Ork
is Incompatible with sound dgme mt. is true econo
| my, aud precisely what he wants The work,
large scale, is more cheaply executed, and in proper
ton 10 diligence will th. receipt of full profits his
investment he FASTENED. Tardy members of the
Company who may be reluctant to pay will he urged
forward il being thus made the indspe nsable duty
of the President aud Directors as it will he the clear
interest OF The stockholders, 10 proceed viii, all dill
sence. Such ria,ioe, believe, every Act OF
incorporation ut Company for objects OF this kind
Without il great benefits mi gh be locked up and the
enjoyment OF them by the people eft to tile discre-
ton OF few indolen stockholders. Ia this partcu-
lar case the public mol only mhst deeply interest
ed, but the stockholders, If left 1T large, might so
manage il thaf, without heavy advances. they might
he in The receipt OF pretty good interest their mo-
ney, which might tempt tncm ia delay. Thus, sup
pose, after paying the frs. $40 per share in order
10 secure their STOCK they TO call in the Sd, 4
aud 9th, and even succeeding years, only for So per
sharc-say S2O0,00O; aud admit that these sums pro-
duce efficient, aud durable works FAR they CO.
q very moderate increase of trade would enable
them to divide 3, a, or perhaps per cent; but no
one VIII say thdt sUCu ought be lOle-
rated.
But suppose the work is proceeded in with good
faith aud such diligence have fiIs above suggest
ed, but IT. from some unforeseen difficulty, the whole
work shall not have been completed within the time
limited, does any brlieve that the State of Vr-
| ginia would enforce the forfeiture
| Such palpabIe violation OF public morals and pub
| lie justice. would be Indignantly put down by the
community Such fragrant injustice would put il out
of the power of the State 10 insert such necessary
and sauary clauses in future Acts of this kind aud
would be contrary to her uniform ctice in OF
similar or less favorable kind The Company have
only 10 act with good faith, and all due dilIgencen
other ords Ito do what is most for their inte-
rest and the clause will be wholesome for them
and the public. II comprls them to do what is for
thrir good, and take from them the temptation
TO do otherwise. THE State herself will be deep
~ interested in the stock to- permit the work to be
njudcIonsly hnsten"d, in order the forfeiture
whilst the interest OF all will require that il should
be done as speedily as it can be judicously done.
have been much too proix To- expect TO be read
and yet the subject not easily to be explained
IN few words, and was unwilling omit any thing
that thought properly belonged to it. forbear to
press II on the patriot work truly Vginian he
will act, so far as he is able, without admonion from
me. My oly"c' has Oecn to satisfy the Capital
it, whether he is Virginan not, that in all hu-
man probability there is stock in which he can
make permanent investment of his money 10 better
advantage than in this A. b.
From the Baltimore Republican,
Rio DE JAsEHo.--A friend who came passenger
i'm briU Natl Lila a.; a..