Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-10-11


The substitute, no understood H. propo.c m .dop
the charter Of the James River and Kanawhs Company
with the exception only Of the fiscal part Of the plan
winch REJECTS, In favor OF entirely different mode
i raising the necessary funds
ny the charter as it stands capital Of So 900 OOO Il
10 oe subscribed before the company will
and Is authorised to raise any additional
cap"a' winch may be necessary to carry through the
scheme oil connecting the waters which Il is bound IL
complete snler the usual penalty OF forfeiture OF the
STOCK VI the first capital of So 900 000 the p-g
Ell 10 take 5hs-nsneiy, one million certainly ia,
.o OF her property and works upon the ine OF the m
provemeni; and second million, by a subscription "a
that amount, ii the necessity for such sou
not he superseded by an equivalent subscription from
oher sources the other 35ths TO be raised by voln
tary subscription by individuals other subscribers
the State But Of the additional capital which may he
necessary, amounting by estimate to about 81 600 600 4,
Is expressly provided that the State is not bound 10
any part, but may do so, at her discretion OF hi, fra,
capital OF O00 seems that the period of the re-
usai oil the Farmers Bank TO subscribe there remained a
deficiency OF only about 800 OOO thai il IN bu,
traction more than onetenth OF the whole amount: upon
the subscription OF which. the charter will he secured
the company will 60 into operation.
Inc substitute proposes TO discharge the whole Of the
present suoscnption-yes sir, the whoe-and start
anew IL rejects the plan OF dividing the capital into
P"rs and makes provision at for the whole II pro
poses that the counties bordering the limo of the con.
tenPated work shall constitute district, and subscrp.
on oil g. 5s he made in their behalf and the other 5ths
subscribed by the State; so as TO make the State and
the district the only stockholders in the COMPANY: that
the State Immediately authorize the borrowing of money
as needed for the execution Of the work. his
thereof to the district Aforesaid and besides the n
emny afforded the STATE from the tolls on the work the
lands tcfhi the district be responsible for ann
ey Of the tolls to meet the interest on ne oT
me loan contracted ia behalf Of the district
Against the substitute here proposed, Mr. CabeI said
ne would enter his protest-for following reasons:
Isl. assumes as basis that the present pon
has Jailed. which assumption is entirely uniounded.
IL discharges the State from her present
OF 2-5hs Of So 900 000 on the assumption that she
not only renew it, but extend once to 5hs of the
whole capital which may be required which is not mere
~ uncertain, butimprsbable.
IL TACT, that every coIntv IN III.
VIII consent to become member of the corporation and
is altogether improbable.
IL substitutes compulsory, for the voluntary prn.
ePe subscription in the charter. aud will the re-
@ % o. ne scheme In the local district ITSELF by array
ing me o"'sides against the nsides Of the counties il
county against county the ine from
the tax should not be npporiioned; and ii il should be
apporIoned from supposed inequality in the rate of as
sessment.
It combines the incOngruous featureso Of public man
agemen and private responsibility, which is inadmissibe
upon principles Of economy and safety.
o. IL is objectionable, to the time of its ntrodu ton
TO the public.
occupied, he could only glance these objections. and
would leave their full development TO the intelligent
audience, which he had then the honor to address,
Inc substitute assumes, basis, that the nj
subscription has failed
Is this assumption either correct in point of act or H.
beral and fair under existing circumstances, To raise
in the mode proposed was an undertaking vast
IN ITSELF and altogether unparalleled in the previous
history OF the State The capital OF the old James Ri
ls.
from the enactment OF the charter, we had NOV ed
steadily, although not rapidly, onward at the end of
tenth OF the whole amount Of the required capital with
every reasonable prospect OF making up, by the period
prescribed by law So far from being cast down by the
refusal OF the Farmers Bank 10 subscribe The coptrv
was rising in the majesty Of its strength from Richmond
to Point Pleasant Circulars had passed along the line
calling upon all the counties to raise the balance wanting
Dy partition oil II among them in reasonable and easy
quotas The execution Of the scheme in full career
The public prints bore ample evidence of the truth of this
statement, and OF the probable of the scheme II
in this posture of affairs substitute proclsims 10
the world that the enterprise has failed and invites us TO
renqush the fruits OF msch toll release the State
from her pledges; to give what have got the
commercial manufacturing and banking interests and to
throw the whole responsibility OF the enterprise upon the
real estate on the line.
2. The substitute discharges the State from her presen,
subscription OF two is OF So 900 OOO OH the assumption
that she will not only renew it, but extend at once to
two-hiths OF The whole capital which may be required,
In the original sketch OF the James River and Kanawh
charter 1t assumed that the whole work might be exc
IeS or 'o'a sum- inclusive OF the million invested in
The States works, Of $S,000000; and il was provided
that the State should take 81 hs of the additional
$4,000 900, as well Of the first capital SIS 900 900
Bnthe representatives, from the parts OF the i'm
medatey interested opposed such additional re.
sponsiby; and in order to the charter was strck
en- our, and substituted by provision giving the
pany me right 10 raise, indefinitely, additional amount
OF capital which might be found necessary; the State
taking or not taking part her discretion Even the I'd
million in the first capital SIS 900 900, refused as an
absolute subscription and could with difficulty he carried
in the contingent form in which appears the charter
Us not therefore, unsafe TO give up the subscription
the state Tor part, upon the presumption that she will
enter as partner for the whole Why should the invest.
ment OF the public funds be more advantageous on the
terms oil the substitute than those of the James River
kanawha Charter The lands within the local district
,oH be responsible for any deficiency of tolls TO meet
the interest on the proportion The loan contracted in
behdD of the district This pledge of the local lands
is expressly not to ertend to ensure the interest
on the public part Of the stock. For this the State
IL to rely altogether upon the tolls and there is as
much reason for the rest of the State distrust tile
result oil these tolls upon the terms Of the substitute
as OF the James River and Kanawha charter. Indeed,
there is more For az the men upon the plan OF
the substitute must necessarily fall the hands OF pub
lie agents, the work will than upon plan of
private agency and the charter, far
privilege TO levy tolls, is to he adopted without alteration
Indeed The substitute commends itself TO public favor by
The assurance That the investment will he reimbursed al
the rate at which the State will have the cant
tai, and that The tolls will then be RENTED dow TO the
point oil Keeping the works in repair make the
line essentially free highway for the benefit mainly of
the people in the counties the line. On the other hand
II is admitted and made objection that the stock the
James River aud Kanawha Company will speedily and
forever yield Is per cent With such reduced
as TO profit upon the stock, have any right TO ne
increased Willingness on the part Of the State give up
the surplus OF the James River tolls, 10 relnqush the
means OF indemDiiyng the fund for Internal Improv
Tor the drafts made upon that fund by the former
nitude and extent OF her Investments Mr.. Chairman the
charter of the James River and Ksnawha Company was
adopted alter much deiberaton, aud is founded upon
extensive and liberal compromise Of conflicting
~ we fulfil our part Of the contract the State will honora
bly, uIhi hers; and shall ourselves and our
we suffer the present charter to ali the ground the
western people viii demand another outlet TO the
ami ~ such event their demand will be resisted by the
southern ana Eastern sections Ct the State.