Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-06

as the necessary effect of its ruin; ana the work
of Internal Improvement will receive shoch
from which it will not recover for long perloo.
AS fiscal agent, the Board of Public Works
has been, and under judicious management VIII
continue to be- of great advantage to the Com
monwealth So long as its plans meet pupllc
appreciation it will call into useful action the I'M
employed capital of individuals, making inns
productive to its proprietors, and benehcial 10
the community. The very debts which IL may
be compelled to contract occasionally, will effect
all the beneficial results, without producing any
of the evils attendant upon public debt-pro-
vided they are confined to limit, within whlcn
the income of the Corporation, after satisfying
its expenses, will certainly pay the interest, ana
its capital surely reimburse the principal. But
if different course is adopted, this Institution,
instead, of being an useful fiscal agent, will be
worse than useless. 1t will then become posi-
lively mischevous, acting as perpetual drain
Of the Treasury and eXhausting its funds replet-
ed often as its Golfers must be, by heavy eXac-
tons from the people.
| One of the great corporations created Tor pur-
poses of Internal Improvement: in which the
| Commonwealth is now concerned exclusively,
is :" the James River Company" The origin OF
this must be sought for as far back as the year
| 1854 In that year, the General Assembly pass
ed an Act, whereby they Incorporated Com
pany under this name with capital OF 100 600,
divided into 500 shares, of $500 each, Tor the
pupose of clearing and extending the Navigation
Of James River, from tide-water upwards, to
the highest parts practicable on the main branch
thereof By several other acts passed after
wards, it was declared, that the highest place
practicable within the meaning OF the hrst act,
| was Crows Ferry at the mouth OF Sooney'S
| creek in the county of Botetourt; and the capt.
! tai stock of the Company was increased to 100
shares. OF these shares, the state became a
subscriber for $50, with which the Board of Pub
! IL lie, ffnr dc q NJ
Of its capital, when this Institution was created
| in 1916.
After the work for the accomplishment OF
which this charter was granted, had been COM
/ pleted or very nearly SO, il was thought beneh-
! cal to the State, to improve the navigation of
James River beyond the highest point first fixed
to the mouth Of Dunlap's Creek-to make con.
venient road from thence to the great falls of
the Kanawha River; and 10 make the last men,
toned river navigabe from the great falls there
of 10 the river Ohio But rs their charter i'm
posed no such obligations upon The then exist.
ing Company, il was necessary 10 enter into
contract with it, for that purpose. This was ac-
cordingIy done, by an act passed in February
| 1920 Under this new act. the State undertook
to pay. semi annually, to the Stockholders of
the James River Company dividend upon
! their stock OF II per centum per annum Tor Sc
veral years. and Of Is per centum per annum
| forever thereafter. The State undertook fur
ther to carry into effect the contemplated i'm
provements, by appropriating TO that purpose
the requisite funds; and in consideration Of these
things the Company assigned to the Common
| wealth all their tolls and income Of every kind.
The State having thus acquired all the inter-
est Of the original stockholders in this Compa-
nv. the General Assembly abolished the former
Directory Of the Company, by an Act passed in
1928, and appointing new Directory OF the
same, committed the management of its con
Germs to this body. To enable the accomplish
ment Of the object specified, sundry Acts were
| passed by the General Assembly, from time to
time, authorizing the Directory to borrow large
sums of money. For the payment Of the inter
est of the sums so to be borrowed, and Of the
annuity aforesaid, all the income Of the Compa-
ny was appropriated to that purpose; and the
General Assembly pledged its faith, that it would
provide such other revenues as might be neces-
| sary. Until such other sufficient funds should
be provided, however, so much of the revenues
of the Board Of Public Works as might be neces-
sary to supply the deficiency, was expressly
pledged.
Under this authority, the President and Direc.
tors Of this Company have borrowed at various
periods since the authority was given, and at
various rates ofinterest, sundry sums of money
the aggregate Of which amounts now to 81 ,324,-
500; and the total amount of the annual interest
thereon is computed at $76463 so, exclusive of
the perpetual annuity Of $21, 1000 payable to the
original stockholders of the Company, for the
surrender of their Charter.
In 1892, the policy which seemsto have guided
the course of legislation upon the suject of the
James River Compay until that time, appears
to have been changed. Until then, the policy had
directed that.the Commonwealth should possess,
the exclusive control over this great institution.
To give complete effect to this policy, the State
had expended much more than million and a
halfofdollars in completing The work. But on the
inint toto
again Incorporated, Professionally, to effect the
great purpose Of connecting the tide water of
James River with the navigable waters Of the
Ohio. The capital Of this Company was to be
five millions of dollars, divided into shares of
one hundred dollars each. To this stock, the
State stipulated, that she would subscribe at
once ten thousand shares, or one million of dol
lars, to be paid for by a transfer of the whole
interest of the Common wealth held in the works
and property of the James River Company;
and when three fiths, or more of the capital
stock should be taken by others, the state agreed,
to subscribe for the residue of the five millions,
be this what it might. Time until these cond
Monday in December 1882, was allowed, for