Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-26

III: Legislature. BY compact Ia 1880. obsinsd Go,a
tho Old James River Company, Of their rights
IN the improvement of the river by paying tho Stock
h0idcrs therein the OF eight hun.
dred dollars per up ill the LIST JAM 1882 aud the
amount of thousand per annu forever
afterwards with view to the of the work by
the State.
The improvements since effected arc well known;
and that their cost SO FAR exceeded any which
been formed that II was Judged advisable stop in the
prosecution thereof as did appear tolls had
been much increased in consequence of what had been
done.
Much Of the i'll success attendant upon this business
may be ascribed to the novelty undertaking in this
country and want Of skill in the conductors; but
ALI to the vacilatng policy OF the country, which
may still be expected to follow it, unless change can be
made and the work be conducted under happier auspices
10 enect this, would propose that the Legislature
should incorporate joint stock company, with capital of
hive millions of dollars for the purpose of forming con-
nection between tho james and Kanawba rivers nv goo
navigation and roads, to command free and unn.
terruptcd communication between the Eastern and West
ern waers:-Tha the State should take two-ihs of the
capital therein and that should sell to the company
its interest In the improvements made on the James and
kanawha rivers, and Kanawha road, at a fair valuation,
which should be received by the company such vaa-
the State. = I'-71' 90 =
To come at the value of the improvements take their
cos and the revenue arising from them, follows viz:
The 900 payable annually the stockholders of the
old James River Company from LIST January, 1882 es-
innate at an interest OF per cent, as capital Of
Tho lower James river canal to Lowry's
crock and river bed, at 6t0.Ia3 70
The Blue Ridge canal also, at cost, 36s, 40I 81
The Konawha road do h- l76 100 OF
The kanawha river do l,766 ~
Forming aggregate of SI,626,5oI so
Tho nett profits derived from tolls and for the year
1880, as per the Second Auditors Report from which,
deducc the foregoing data, amounted to 49, being
little under l2 per cent. the whole amount of COST
Out az the revenue for the 1880 exceeded of
preceding year, by about six thousand dollars il might be
lair TO estimate the nett revenue fifty thousand dollars
annually which should deem equivalent to the payment
Of one million towas.the of the State as
he State at 4 ner
cent -
On these premises think there is every reason to bc
heve that the remaining three millions might be sub
scribed in the Of the present year. provided char
terwas offered on such terms as might hold suitable
inducements.
As many persons, having money to spare cannot get
along without an interest hcreom, and uctuang or
uncertain income during indefinite PERIOD perhaps ten
years, while the works were i'm progress miah he CON
sidercd in the light of no income ALL would propose
hat dividends be paid 10 the subscribers semi annually
TWO per cenW till the time when the improvements al
least as far Covngton, should be completed: and
AFTER that, time, that the subscribers or stockholders
should be entitled TO dividends of all the nett profits
forever, till they exceeded eight per cent per an
mum, ana when the nett profits should exceed eight
PSs GEM: per annnm, that the surplus should be
iaid out In such further improvements the sockhold
cs might conceive would promote their advantage or
hatof the State; OR in lieu thereof that they should so
graduate their tolls by avoring such articles as could
least bear them bring their nett revenue to an
amount equal to the payment of eight per cent Oh the ca
IN order that the funds subscribed might not be brben
ed by the payment OF dividends before the works were
as before mentioned, would that
Judicious augmentation af tolls, by new tariff should
commence ON the first of January next.
understand from the reports of the principal Engineer
that hve cents per ton per mile would be rate sufficient
iy low Tor transportation canal: this rate however
suppose to include the tolls the Company and The
freight to the boamen: therefore, until the Connany nm
dertake to become carriers would propose to allow the
company than three cents per ton per mile for
80 much distance as their canal rail road might be used
IN ADDITION to such tolls might be thought to be fair and
proper for the OF the only; and that as far as The
a was exclusively within the canal the tolls
ior ,he use OF the canal only should be collected
TO illustrate my meaning clearly will state that
the tonnage carried up and river rated at about
S5s,777 22. p"'' III '0''S ''' gross sum oil
Inc same amount of tonnage, according TO my plan,
Suppose hafthe tonnage taken in below Maiden's Adj
venture locks should pay for average distance OF 20
miles, at . cents per ton per mile, the amount would
And suppose half taken in above Maden's Adven.
ture locks should pay iflhs of the old toll
And also for 2s of canal at cents per ton ''0O0
per mile 2l 600
These would form aggregate of 500 600
Or about eleven thousand dollars than produced
by the present tariff.
miles, and that hall the tonnage was taken in and carried
on the canal average distance of 80 miles at the same
rate per ton per mile before, tho product would
Lnd ,h $22,500
pay Tor river toll at three-iourths the old toll 81 500
''hu also LOT ior'y miles oil canal toll $4,000
m In ali 81 900
Thus Tor twelve miles of additional canallne which NJ
twenty thousand doarsper mile would amount to 900
there would be an increase in tolls ofaLou Sl 400 with
out making allowance for increase of trade wbiI
the work carrying BY attention TO the amount
oil tolls now coeced and what might be expected TO re-
sun from The Increase thereof in the manner before sta
ted think 1t will be that | have made adeouate
provision Tor the payment Of the dividends of per
cent without touching the captal an equivalent in
crease IN tolls think. might be expected to be the gene
raj result while the work was in progress least far as
byhchourg Whilst on this part of my subject think il
proper 10 observe that reference the List Articles
Wbcn PAID toll on the lower section of the James River
canal during the year ending Dec $780, find fifty thou
ad IONS Is lar below the aggregate the articles of to-
oacco wheat Hour corn and coal alone brought down
VIII form an aggregate OF upwards of thousand
'ohs without taking into account the on stone wood
Pa &c or any part OF the ascending trade but
standing ms and that made my calculations as on fv
thousand tons, because that the coal and other ar
cIes taken IN below Madcn's Adventure locks would form
considerable part OF the tonnage, doubtful whether
o Oh ree cents per ton mile for the of James
ver canal or even hvc cents per per mile for trans
Pos'oh on railroad, viii be sufficient compensate
Tor he expense OF making and keeping them in repair al
erPassing ynchburg; as, notwithstanding the increase of
Uduc, Which may be expected from increased cultivation
anu ue'eopment oil new sources of revenue vet fear
h' or some fe II can scarcely be expected there will
DC 80 inuch trade above Lynchburg, will afford sIi-
cient remuneration for such expensive improvements
therefore incline TO the opinion that the company ought
TO be at liberty to form tariffs of tolls suited TO the ,ses
ana me circumstances OF their operation that their la
is should undergo rcvisa once in every three mr. Eve
hiatt hax. dbl l..