Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1834-12-18

IoeoSfss Assooo3y p8o8eo W tatns anas "
would provide ssch oxbsr rsveouss % might
fss&s should BE- provided, however. % much
Of he rsvsoss Of ths Board of Public WORKS
- night b ssessssry TO supply The de6ciss-
-, wss sxprsssly pledged.
Us6sr thb authority, The Presidsot and
Dirsetoes q oh Company have borrowed st
vsriess psrieds since the sushorisy vas givss.
80 q vsriess rssss Of istsrsst, ssodry suns
u oooey, he aggregate Of which Amounts
nov 10 81 ,32l 500, asd the total amount Of
the sasasl iatsrsst thereon 10 eo0puted st
t76. S6S 50, exclusive Of the perpetual en-
saity Of 81 900 payable to the original stock
heIdsrs Of tho CooPsny, for the Surrender Of
their Charter.
In 1872, the policy which seems TO have
guided the course Of legislation upon the sub
jset OF the James River Company until that
time, appears TO have been changed. Uath
then. the policy had directed, that the Coa-
neeveslth should possess the exclusive con-
troll over this great Institution. To give con-
Pssts eject To this policy, the State had
eesod itself 10 pay . Perpeiusl annuity Of
cal 900 70 the private stockholders, snd had
sxpsodsd much more Than . million end half
Of dollars IN conpIeti ting the work-. But on the
18Th of March 1882, joint stock company
vas sgsia incorporated. professionally. 20 ef.
feet ths great purpose Of coanee ting the tide
water OF the james River with the navig able
waters OF The Ohio. The capital Of tbi, con-
Psey vss 10 b ave millions Of dollars, divi-
ded into shares Of oee hundred dollars each
To this stock, the State stipulated, that she
would subscribe at once ten thousand shares,
OF one million Of dollars, TO be paid for by
transfer Of the whole interest the Common
wealth held in the works and property Of the
James River Company; and when three fifths,
or more, OF the capital stock should be taken
BY others, the State agreed, to subscribs for
the res,dus OF the Ave m lions, be this What il
might Time until the second Monday in
December 1892 vas allowed. for making up
the subseriptioa Of the private stoekhoiders,
but before that day another act was passed,
extsnding this tiae TO the third Monday In
December 1899, end this extended time was
again prolonged BY another Act. passed by
the iast Assembly, until the 3lst Of December
Of the present year. The latter Act binds
the Common wealth TO Subscribe for the re-
mainder Of the capital stock Of the eontem-
plated company. whenever one moiety Of q,
or more. should have been taken By other
subscribers.
in this state Of things. While The faith Of
the State Is pledged to comply With the con-
ditioos proposed By itself. provided those con-
ditioos are accepted By others. feel myself
restrained from Offering single remark as 10
49, l11aGe w R0ttCy % too Cootcm pt1tto
scheme. The prodersd contract must be
carried toto eject BY the commoa wealth, be
its effects what they may; provided those TO
whom the proder has been male accept its
terms, on their part. within the tine limited.
But should these terms not be accepted with
In the time prescribed, would recommend
TO your most serious eonsideratiou Q careful
revision Of them. 70 Q further extension Of the
time 10 hereafter proposed.
in any event Il will be wise 10 provide
some means now, By when tho debt due By
me James River Company may be ultimate
" rei0b1rsed; because, whether the propo-
sed arrangement be completed OF not, The
Psy0eai Of the principal Of this debt will re-
main ~ charge upoa the State exclusively.
Atthough the payment Of the perpetual an
noity 90 The original stoekholders 10 this Com
pany, - well 80 Of the annual interest due 20
the lenders Of the large sums borrowed 10
carry on this great work, b well and amply
provided for already. 10 provision has ever
eeeo maSe for the Reimbursement Of the debt
Itself 10 10 true. that no part OF this u yet
payable, nor will become due for many ysars ::
bot soaDd policy requires, that whenever .
debt 10 contracted, funds adequate 10 the ex-
tisetion OF u, 81 some time or other, should
% ssasonaoiy appropriated 10 that Object
Shoasd this be omitted, there is aIWsys ha.
GARD, that the debt will not Only become per-
@aaeat, bot hat its smouns will constantly
sagDent; add while this tends, By its inHu-
eees, 70 geoersts grest Inequalities in State.
u must 10 time destroy its IcGisiation. i'm.
pair lie credit. and produce effects upoa lie
euTrsney which cannot BE- foreseea or pre-
vented.
AZ ksesl scent, the James River Com
Paoy has boen Of no bese6; ss yet. The in-
cone Of lhis coTpoFatioa has not sulieed 10
satisfy lie ova expenses, the perpetual annu-
hy Sas 10 the original stockholders, and the
Interest Of The sums borrowed 10 carry on lie
works. Owing 20 this cause, the ability Of
the Board Of Public works has beea much
ezanped Of late. By the necessity Imposed
uPoa thst body TO proyids for the de6eieney,
eat Of its fueds. Bu, the resources Of the
James River Company have been much inlu-
eeeed for several 5sars last past, By the
shoSteeas Of the eToFs usually transported 20
market by he works Of that compasy; By
the Foauetioa Of the rate Of is tolls e. weiI
- y various casualties. which Il 10 Ao-
ped viii not again occur. Whsn these causes
snail cease 20 operate, the Ineoas eG this Coa-
Pasy vii BE aaemsntsd % eourSe and "
ever hs snosal resources shall sufies % meet
al lie aon1ai engagsmests, u must become .
mest vaiaabls iastaaiios, not oaly 90 afi tho,e
shO nay BE directly Interested IN IL, bot TO
tbs public sad 20 the Tressary crowded
tbs iaoone b nade liable 10 the rsimburss-
neat Of The griaeipal. and to the payment Of
The interest Of the debt due By the company,
for Which debs the Commo6Usalth h uliI-
stately bound.
AsosheF great Corporation IN which the
Co@nonvealth u exclusively eonesrned, u
that styled "Ths President ana Dirsetor, Of
. The North Western Turnpike Road." This
wss created ~ an aet passed IN the year
1891. tte obiset Wss. 20 construct a road
fro@ the tova Of Winchester IN the Counly
% Frederick, 70 soae DoisI on the Ohio River
70 30 thsrsaflfF selected. and the Corpora
toe Uas authorized 70 borrow. 90 the essda
% tee state, = ssn or SUNS 81 mOoey not ss
seeding el2S, 600 for The accomplishment Of
the offset Of ils eFsation. Durlsg the last
sssaioa % the osasfal Asssmbiy, 60 set uss
Pesssd. empowering The CorpoFation 70 Dor.
row, Oh shs credit o. he Conaoa wealth. FOE
ths purpose q the FOsd, further SON GOT
sHessdisE $4,000.
UsdeF The suthosIty Eivss 10 u b. tAsss
several sets, the eoFPoration has boTroved