South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1834-12-20

1
this Company, the General Assembly a
polishing the former Directory OF the
Company, by un Act passed in 1923, and
appointing a new Directory OF the same,
committed the management of its con-
Germs to this body. To enable the &C.
complishment of the object specified,
sundry Acts were passed by the General
Assembly, from time TO time, authors,
ing the Directory to borrow large sums
Of money. For the payment of the in
terest of the sums so to be borrowed, and
of the annuity aforesaid, all the income
of the Company was appropriated TO
that purpose and the General Assem-
bly, pledged its faith, that it would pro-
vide such other revenues as might be me-
cessary. Until such other sufficient funds
should be provided, however, so much of
the revenue ofthe Board of Public Works
as might be necessary to supply the def
cheney, was expressly pledged.
Under this authority, the President and
Directors ofthis Company have borrowed
at various periods since the authority was
given, and at various rates of interest,
sundry sums ofmoney, the aggregate OF
which amounts now to 81 ,324, 500, and
the total amount of the annual interest
thereon is computed at S76 sos so, ex-
elusive of the perpetual annuity of SCI,
900 payable to the original stockholders
of the Company, for the surrender of
their Charter.
In 1892, the policy which seems to
| L 11J af loo ell
on the subject of the James River Com
pany 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 bound
itself to pay perpetual annuity Of S21,-
900 to the private stockholders, and had
expended much more than a million and
half of dollars in completing the work.
But on the 10th of March 1882, joint
stock company was again incorporated,
Professionally, 10 effect the great purpose
of connecting tho tide water Of the 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 dollars, to be
paid for by transfer of the whole inter-
est the Commonwealth held in the works
and property of the James River Com
pany and when three -6fths, or more. of
the capital stock should be taken BY 9TH
ers, the State agreed, to subscribe for
the residue of the five millions. be this
what 1t might. Time until the second
Monday in December 1882 was al
lowed, for making up the subscription
of the private stockholders, but be-
fore that day another act was passed,
extending this time to the third Mon
dav in December 1893, and this extend
ed time was again prolonged by another
Act, passed by the last Assembly, until
the 3lst ofDecember of the present year.
The latter Act binds the Commonwealth
to subscribe for the remainder of the
capital stock of the complicated company,
whenever one moiety oft or more, should
have been taken by other subscribers.
In this state ofthings, while the faith
oft State is pledged to comply with
the conditions proposed by itself, provid-
ed those conditions are accepted by 9TH
ers, feel myself restrained from Of
fering a single remark as to the justice
or policy of the contemplated scheme.
The proffered contract must be carried
into effect by the Commonwealth, be its
effects what they may; provided those
to whom the proffer has been made ac-
cept its terms, on their part. within the
time limited. But should these terms
not be accepted within the time prescrb.
ed would recommend to your most Sc
rious consideration careful revision of
them. if further extension of the time is
hereafter proposed.
In any event it will be wise to provide
some means now, by which the debt due
by the James River Company may be ul.
limately reimbursed !; because, whether
the proposed arrangement DE completed
or not. the payment of the principal of
this debt will remain as a charge upon
the State exclusively. Although the pay
ment of the perpetual annuity to the o.
riginal stockholders in this Company, as
we'll as of the annual interest due to the
lenders of the large sums borrowed to
carry on this great work, is we'll and am
ply provided for already, no provision has
ever been made for the reimbursement of
the debt itself. 1t is true, that no part
ofthis is yet payable. nor will become due
for many wears but should policy re-
quire, that whenever debt is contract
ed, funds adequate to the extinction of it,
at some time or other. should be season.
ably appropriated to that object. Should
this be omitted, there is always hazard,
that the debt wiilnot only become perma-
nent, but that its amount will constantly
augment and while this tends, by its
influence, to generate great inequalities
in State, it must in time disturb its leg
lslation, impair its credit, and produce eff
fects upon its currency which cannot be