Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1834-12-25
INTERNAL IMPROVEMENTS
EXTRACTS FROM

EXTRACTS FROM
An Address Of JOSEPH c. CABELL, Esq 10 the
Citizens OF Richmond assembled al int apiiol Oh
Wednesday evening the 10Th De- Tor the pur-
pose of taking under their consideration, the best
means ct completing tn subs rlptioa 10 the stock
oithe james River and klnawha Company.
Tic PfoqcJticS Of TIE JomcS RiUer and kanaaoha
.Sloek.
|. The charter is perpetual and the chartered
privileges will endure foreyer-a feature by no
means peculiar to the charter of the james River
and kanawha company but of the highest interest,
when considered IN connection with the best right
of way to The western waters, the Importance of
which may be well illustrated by the supposilicn
that the Baltimore and OHIO Rail Road Compa-
pany, seeking 10 give the western trade another
and foreign outlet to the sea, were now, instead
OF the proposed company, the object Of the grant.
= he capital OF the company Is exempt from the
usual annual taxation incident to lauds slaves, and
other property, and Is not subject TO Il bonus, like
banking companies at the commencement of their
operations in return for the important privileges
Sroutcdby the l. gnl turc.
). The instdments Of principal, will he easy and
Convenient to the s.oellhol ers, the first instal-
msn' h-n- onc per cenf, whilst the second 10 be
called H. ~ The course of the next year, II Is cx-
pected, viii not exceed tel, and the remainder of
the capital VIII MOI probably be all required ill af
ter the lapse OF four OF five years.
4 Inc stock will be transferable without further
responsibility on the part of the Original hoaafr, af
ter the payment Of 5f25 upon the share--ap amen
daDory provision introduced into tie original char
ter with view to enhance its value IN Ire ealma-
ton Of the commercial community.
T. The security and stability Of lac sock arc
guaranteed by the alliance Ct The State, and the
partnership of powerful corporations IN the scheme
the States interest IN the stock, and in the sue,
ccsstu results Of the measure were other guards
wanting, bang a sani 'cnl barrier against itil-
riorS cgisleion, whilst that of the corporation will
prompt them 70 exercise their well known lnnu-
cnce in sustaining It's character and value with the
public.
T. Whilst the stock of the minor companies of
The State can find purchaser ouly in the limited
districts in winch tIloy operate, that Of the james
River and Kanawha Company from the magn-
tudc of the work, coupled it will be with other
more valuable properties, will be yendble in the
great markets of the world
T. In all the meetings of the stockholders the
States vote bearing to that OF the prlynte stock
holders present upon any orcasion tie proportion
of only one to four, The government of the compony
is secured elftc ually to the private subscribers
/ capital provision most ma ,nanim5usly conceded
| by the Legislature ami pre- nant with wholesome
economy and good management. IN the admnstra-
/ ton of The business OF the company
g. The company is compelled by the charter,'o d.
vide its surplus profits, alter the payment OF an
| nual charges and the dividend sd 600 10 the
old James River Company and the STATE by the
Transfer 10 the Company ofthc surplus OF the james
! River Tolls, amounting in ordinary years 10 up
" ards Of $4,000, has furnished the means OF
making respectable dividend, until the works
Shall arrive a, Lynchburg, where the new Tolls
will commence and yield a greater profit TO the
Company.
0. The dividends will gradually augment dur
ing the progress of the works; and speedily after
their completion will reach the maximum Of 10
per cent, limited 10y the provisions of the charter.
The first eight propositions speak for themselves
and require no additional explanation, The last
involves a vital pom, in the discussion, and de-
mands particular Development.
The question whether the stock of the James
River and Kanawha Company will be a profit able
stock, depends upon-the selection of juiIcious
plan for the works-thc qudn,am Of capital to be
myested-and the amount oftoooase which Will
pass upon the line.
4 The irst enquiry then, will BE- as 10 the
I'laa NJ tie Works a5d oftlets q ne He4AtsH'
capital.
) Let it be supposed that in exercising the lbera
dscrctiou allowed by the charter in regard to tn
plan Of the works, the Company should uecide