Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-11-05
COMMUNICATION.
To the Editors of the Lvnchburg Vi,gin;

The author oil the plan c raising funds Tor the James
River and kanawha work, set forth in the Memorial Nh
Isbed In the Rircmod Enquirer OF the 9th aud in your
paper OF the 30 of last mouth has aentveiy adj the
comments Of Joseph G.. Cabe with the same
friendly spirit with which he heard them delivered at the
Franklin Hotel He complains not Of the speech, or OF
Its pubcstion' free comparison OF the advantages and dis
advantages vi different plans is calculated elicit truth
and lead the mind TO safe ,ich he
y hopes may bs the result in the present instance.
Alter giving to the observ OF Mr. Cabel all the
enon and deberaon which his personal respect that
genenan and his deep regard for the ton OF the
work required, the writer bring his mind
with MI A. in his conue atoms OF the ont s,ock n,n
which has been before the public Tor the last
year, with his objections TO the plan presented in the
Memorial And he proposes now reply to the principal
positions sken by that gentleman; though i'm
the order in which they laid before the public.
The writer feels much satisfaction the silent al.
mission OF Mr. e. oil the principal grounds OF preference
TAKEN IN the memorial III favor State aud District
plan aud his like admission Of the leading to
an incoI porated company by his silence these points
Mr. e. appears TO admit that the former promises first
more energy and dispatch in the execution of the work
secondly, 'ihe adoption OF mode OF Improvement O
greater Ibersiy aud more commensurate with The pre-
sent aud prospec i've wants Of the c0un -; and thirdly
the reduction OF the tolls to the standard Of
and superintendent OF the works the tolls have dis
charged the debt contracted for their execution III il
true that In part OF his Speech but in either his
six positions, Mr. C. throws the idea that the State
and the District may possibly agree reduce the toll
but his sound judgment and his candour him
relying much on that point) Now these are import
ant admissions; AMI to plain mind would seem to be
conclusive of the question. But Mr. C's silence Goes
farther He does not reply the principal objections
advanced in the memorial TO the joint stock plan
For instance, he does not deny the danger that joint
stock company, looking to its interest more than "a
public accommodation will adopt parsinonious poll.
cy," and construct their works limited scale he
does not deny that the nett profits OF fifteen per cent per
annum TO the company may be kept up forever even al
ter their capital has been again and again refunded to
them: he does not deny the advantages OF obtaining mo-
ney fom abroad be expended in country nsea of
drawing on the little capital 10 State the very time
when commerce is extending and business should be
brisk he does not deny that the stock decline
ing the progress Of the work, aud proven,
additional subscriptions: and he does point out any
by which the balance OF the money l. 10 be oh,
tanned These again are important objections. and
conclusive against The joint stock PLAN But if Mr. e.
calculates that the company borrow the balance of
three four millions after the expenditure of their own
capital, IL does not refute the objection Because the COM
pany cannot borrow favorable the State and
the payment OF interest will reduce its dividends and re-
duce the value OF the stock.
with brief statement OF facts the writer will leave The
question OF Mr. C's complaint against the time which
the State and District plan presented the public to
The good sense OF the community. An outline OF the plan
was hrst laid before the public Immediately after the
decision OF the Farmers Bank against a subscriptions and
sent TO the Enquirer before the call of the second me
ing of the Stockholders Of that Bank From the Rod of
the refusal OF that Bank the writer been of opinion
"vaid subscriptions TO the Of three millions could
not he rased and that the effort raise il would fail On
the second refusal OF that Bank appeared the gene
raj opinion that the scheme had failed So strong was this
conviction, that the Board OF the Virginia Bank in as.en
ing their for declining obey the call of Bsz
Gordon and others, for another meeting OF its Stockholders
to consider their in favor OF subscriptions adopc,
and Published the following 3d. because the
by the Bank must be Imperative in consequence OF the
deficiency OF upwards OF 100000 amount OF sub
scrpiions requisite 10 authorize the establishment of The
company; and therefore another meeting which might
either confirm or reseind the other alre ady made is
tohofy unnecessary Did MIR. c. complain OF this all
nuncialion
After the first publication in the carly part of June
and during the summer, outline OF the plan again
published i'll order that public attention might be attract
ed to another and which the writer believed preferably
plan OF raising the necessary funds But the yla was moi
Of
informed that Mr. c. had assaulted il la speech at Nelson
Court House, and had pointed to him as the author Afr
which, justice 10 the plan aud himself required that il
should be brought more directly 10 the public notice and
the form of Memorial to the Assembly was adopted.
This statement, II is hoped, will suffice for the en,ir,
vindlcaion OF The author tor The Of right be
longing 10 the citizens Of every free community An,
the reflection here occurs, whether il would not be advi
sable That every measure involving the general
OF The State should be laid before the public before il re-
ceives the sanction OF the public authorities and the OBJ
lgaory character OF legislation, Had the cbarac,cr nj
the James River and Kanawha Company been laid be-
tore the public and its provisions fully canvassed not
unlikely that lis character would have been materially
changed. AT what time may the citizens of Virginia look
into this measured They had opportunity of doing
so teiore its passageor publicity given tn,
plan and its details Aud they 10 be told that
late alter the law Tor the charter has passed? If we are
await until Mr. Cs confidence in the scheme fails whe
is that likely TO occur? Before the second Monday il
December last he had got the time extended anobe
twelve months, taking TO weeks in III,
next session instead OF one in the sand before the
Monday ~ December next, there may lie further X
to effect birth of the corporation, perhaps into more
| feeble existence than was at first intended.
VI " cannot wish To convey the idea the public tina
every name the books constitutes "vdll subscrp
ton The address OF the central commit ee OF the 1911
August last, holds different aDgusge.--I frankly ADM,
that the supposii every subsciiber cou,pvnq viii
the law 10 pay five dollars each share within w emf
days alter notice that the subsc amount nonins
to three mions) is "quiie mp obable." II is jndee,
more than ''inprobable Should there be such
cy, them what will he tie consequence! whit epcou
rage or dampen not to say that particular plan, but h
cause itself! iIh soch prospects, prudent forecas
would seem to recommend those ho aly pre
Ter the Joln-slock plan, the poptiety Of giving ateDio
10 o,Ier modes OF accomplishing the work
But let us look FOR moment 10 the scheme which la
enlisted so much zeal and perseverance; looking AT III
synopsis exhibited in Mr. C.'s pamphlet as wen az IN
prOvisons OF the charter The latter provdes taf il
canal be adopted james and JdcksoDs rivers il shall b
at least forty feet wide AT the top, and twenty eight fee
at bottom, with four feet of water; the latter
sumo that il 10 he fifty foot canal, with five feet
ter Now, where is the security hat the company vii
adopt the larger plan, in which the community so
W Interested The public has such security III
were plainly the interest OF the company adopt the
ger plan, why not have so provided
The charter provides that the tolls shall exceed
Average Of three per per nile the canal 40
agricultural products Generally than two and hal
cents; but tie synopsis already holds the idea OF
OF one cent only such ar, les as shah traverse ih
whole line from tho Ohio liver TO tide water. II that be car
ried into effect The citizens OF other States will have tn
OF works for less tJn half the price charge
to citizens on the articles. The toll o.
flour tobacco would not be much the Ohio as
would be from Paronsburg. For this difference Their
10 be sufficient reason the most that other
eau ask, Is TO be charged more tbsn we pay our
( selves " II be for The policy Of augmentDg III
quaDHy transported, the policy equally applies TO
citizens Lessen the tolls the articles transported
them, aud they will send more. VI IL be 10 oyercon