Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1834-12-04

lie. 'o" Inc peo'
One ct The great corporations created for No..
VI 'n'erha' Improvement, In which tn. Comma,
wea'hl - no" Concerned exclusively is " the I,na.
River Company" The origin Of The . s
souS". 81 ST lar back as The year 1854. In ,h,,
year the General Assembly passed n, A., .,ha's
by they incorporated a Company under ,b's 49,
with a capita. of $l00, 600, DIVIDED into ,oo sh..as
OF S2o' each, tor the purpose of clearing and e,,e,'
o'"S inc navigation OF James River from ,ide.w.-
'' upwards 10 the highest Patis prac icabic on the
At ''aneh e'ete"t by several other acts passed
Afterwards, II was declatcd, that the hichest Mae
practicable within the meaning of the frs, ac, was
Crows Ferry ut the mouth of Looney's creek n ,bc
county Of Bo.etourt ; and the canilal stock If Tho
Company was increased to 100 shares. or thcse
shares, the State became a subscriber fer 25D with
when the Bosrl of Public Works was afterwards
endowed as a part of lis capital, when this Insti-
tuition was created in 1916.
Alter the work for The accomplishment of which
this charter was granted, had been compIe,eJ or
very nearly so. it was thought bert fetal tn the
State, to improve the navigation of James River
b'yonJ the highest point flsl fixed, to he mouth Of
')unlap's Creek-to make a convenient road from
thence to'the great falls ofthe Kanawha River : and
10 make The Las. menionei liver navigable from
the great falls thereof to the river OHIO Rut MS
hN' q iifbsCi 0b SuCn ODIludtOnS uDDu the
then existing Company, it was necessary to enter
Into a new contract with II for that purpose. This
was accord ngiy done, by an act passed in Febru-
AIRY 1920. Under this new nc, the State undertook
to pay, semi-annnally, to the Stockholders of The
James River Company, a dividend upon their
stock OF IL per centum per annum forever thereaf.
ter. The State nndertoo TX further, 10 carry into CT
Let the contemplated improvements, by appropria.
ting TO thar purpose the requisite funds and in con-
slderat'on of these things, the company assigned TO
the ommon wealth, all their tolls and income OF
every kind.
The State having thus acq tired all the intere.,
of the original siockhnl!-rs in this COMPANY, the
q neral Assembly aboiishins the former - recIo-
~ Of the { npany, hy an act passed IN 1923,
ana appointing n new Directory of the sans. CONS
united th' management ofis concerns to thiSIhody.
10 enable The ccomplishnen of the Object speci.
ii q >undfy acis were passed by the General Assem-
bly, from time TO time, anth afising the Dir Glory 10
borrow lar e sam OF money. Far the payment Of
the interest OF the Sums SO to hr borrowed, and OF
me annuI'y aforesaid, all the income OF the Com
panI vas Appropriated to dat purpose aud the
General Assembly pledged It's faith, that il would
provide such other revenues as might be necessa-
ny. Until such oihpr sufficient funis should lie
provided, however, SO much of The revrnue OF the
b ,aTd Of Public Works as night be necessary TO
supply the deficiency, was expressly pl'dged.
Under It's authority the President aud Directors
ofth,s Company have borrowed al various periods
since the authority was given, and at various
rate. Of in crest, sandy sums Of money, the negre-
gate of which amounts no~ 10 ) 1921, 800, and
iie tptal amount OF he annn,l interest thereon is
computed AT $40, 565 80. exclusive Of the perpetual
annuity OF S2l 900 payable 10 the original stock.
ho'iers OF the Company, fr the surrender Of their
Charter.
II 1882, the policy which seems to have guided
the course 81 legislation upon the su ject OF The
V,,a. tg.,,.. IHA,t. a., ...tl fnnf tin,a n,a 10
save been changed. Until then, thi, policy hai
directed, that the Commonwealth shouli possess
The excIus We control over this great institution
10 give 60 npleie eft CT {, his policy The State had
bound iselfto pay a perpetual annuity oil $4,000
10 the private stock. !iers, and had expended
much more III IN a mii un anJ u halfo DO lars in
60 n iIetug thr work. BIT o" the 10th Of March
lS}2, n JOINT stock company "as again incorPora
Ted, Professionally, to I'll CT the great purpose OF
connecting ii, tide water of the lanes River wit,
The dayiga1ie waters OF The Ono. Ihs capital Of
THIS company wa 10 be I've millions Of dollars, di-
v,ded into shares of one hundred dollars each.
TO this stock, the State s,ipul tied, that, she would
Subscribe al once ten thousand shares, or one mr.
ion vi dollars. 10 be pali for by Il transfer oi the
whole i0t-resi The Co n~non"eahh held 10 TIE
worxs and pro, C ~ Of tHe Jane. RNei amp any
and when three fnhs, or morf,oi the capital SOCK
sh ,H!d he taken by otrrrs, thu state agreed To
sub Cribe Tor the residie OF the five millions, he
this what il might Time Until the second Mon
Ia, in December 1882 was allowed, Tor making
an the subscription of the private stockholders,
but befote that day another act was passed, extern
dug this time II TIE thtrd Monday IN December
1888, aud TITS extended time was again prolonged
by another Act, passed by ihr last Assembly, until
he 3Ist OF Decembe OF the present year lhe
latter Act binds the Commonwealth 10 subscribe
foI the remainder OF the capital stock oil III" con
tempiated company, Whenever one mniety oil II, or
more, should have been taken by other snbse'i-
hers.
Ia This state of things, while the faith of The
state is pledged 10 comply with The conditions pro-
irssd by iiself, pr viicd those conditions are ac-
,ppted by others, | feel ny self restrained from II
Cring a single remark as To the justice or policy
Of the concentrated scheme. T5a proi'scd con.
tract must be carried INFO fleet by the Common
wealth, be its effects hat they may. pioviird
those TO whom the proitar has been made accfp'
its terms. on their part, within the time l'milei'
Rn, sbould these term, not he accepted nithin the
time prescribed, would recommend to your most
serious consideration a careful revision OF them, u
A farther extension OF The time is hereafter propo-
sei. "
la any event il i'll be wise TO provide some
means now, by which the debt due by the James
River Company may be Ultimately reih'oe'se' ;
because, whether the proposed arrangement oe
completed or not, the payment OF tho p''nc'Ps' u
this debt will remain as a charge uPo" Tue oh"'e
exclusively. Although the payment ct me purpr'-
nal annuity to the original stockholiers IA ms
Company, as well as ofthe annual ihieres' a"e "
the lenders Of the la,g. sums tofro"eh 10 ca,'y
on This great woi k, j., sell aud amply proF'ofn 'of
alrpndy, no provision has ever orrh maue u '"e
,eimhurspmenI Of ite dpni itself. II IS true, hat
no part Of his is ye' payable, nor VIII become a"e
TO, man, years tu, soiud policy requires, tina,
whenever "A dpbt is contracted, fuods adequate 10
the pstnct,on OF il, at some tIm' or othcf' sh""li
he spasonably appropriated 10 that object should