Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-29

cai sScyii therefore move T. enenA .hc .n>nsc,t &c
thc sena,c s. "a n give 10 the State every
Ten shares OF her whole subscription.
Mr.. JonNsos Of r.. sad, tht in order 10 enable
the horsc to Judge whether this amendment was re-
necessary u show What would be the actual state of the
vote az arrangcd by this bill When the ci1rtr was rst
granted no derence made between the OF the
state anu tue private stOckholdershey all had one vote
ivT very share up 90 ten II then appTchcncd by
seine, that TIC vote q The State would awa ~ be single
anu always present while the private stockholders w,d
be scattered and often absent and il was urged thai tc
state vote ought to be restricted But AZ the State then
contemplated taking but two-ffths the objection was
nor pcTsssci IN. When afterwards tne State took
and ADDITIONAL amount 10 one half of the stock il
was seen, TIM. almost all occasions the STATE
would nave the preponaCrancy and at the last SEES
SION. INC State vote was restricted TO one-aur;h of
NE stock represented This restriction was not then OBJ
Jrcrd TIL; was agreed to By the General A Assembly
and tic presumed the reasons ole rcd for it, were onsi
dercd sufficient Now. il proposed that the STATE shall
taSc ojVu additional shares ana the CORPORATION of Rich
n"nd ouO shares which they to have one vote fer
query ten sharcs Mr.. johnson here read series of
estimates % slew the weight of the States vote in the
meeengs which embodied in table inserted in our
last. -
The private stackhollrrs lac observed v,arc i; v;;
bic and the State would have in her power TO obtain
portion o, their votes and should there be differ
cnce OF opinion between the of the Stat,
an" me corporations. the private stockholders would
have It IN their power to ntcrposc and decide the MAJ.
t'rSqu'tiny and no man who friendly the work
the control of the State The private stockholders
would not and ough. be content to bc placed un
r. } Of le Staff.
was rather too large if any thing.
Mr. WircHrR wished to know what would be tl,
vote OF the individual stockholders i'm the city of Rich.
moad AS to tho remark of the gentleman from Rich
mond that no friend of the Improvement could wish In
cthc company undes the cnntro of the State Mr. w
would say IN reply that he did wish to the funds
:" 'Ae Commonwealth under the control of the corpo
ration OF Richmond The indvidual subscribers in the
city would doubtless side with the corporation and give
sn "niue power to the city vote II had been said that
an auVahtage would be derived from the influence of
private Subscribers in the cement of the company
on tne score OF vigilance and economy But he would
much rather trust to the Legislature mana the funds
oil inc state than - individuals or corporalor
Mr JonSsoS Off said in reply to MIR Witcher's ones
& hlt the private subscriptions in the city were about
Io"r tnouSand threc hundred shares. The gentleman
rom Pittsyvana was he thought in error in supposnr
mat the private stockholders in the city woad vote with
INC corporation and against the State contrary TO the in
terest OF The conpany-wle they would be capable of
overEuing either If acting in concert We believe Thai
Ie scale o the votes Is rs equitable it be made
pn one very serious objection 10 the gentleman motion
was that tho stockholders had subscribed under the un
aers1ndng Tint the vote the State been fixed and
would not he altered
MIR WlrcnER said he would obviate that obi,otion b
witharaWiag ms motion and moving to strike ot TIC
word ten and insert "fve give the State one
be subscribed. "'> ~
MIR JoliNsoN said this change removed The objection
ne mad alluded too II was question of pocySwhe
cT ihey should give the State additional power in her
vote FI - NJ
Mr. CAnrLL force in the argument of the zen
ueman from Pittsyvania in favor of making the vote of
a
c STOCK OF tile Company. He had already stated his be-
ci tat the stock OF the company would be productive Of
handsome Dividend and would be saleabe ia the, stocl
hnrkets OF the world II this correct opinion the
private stockholders would be able to raise the rcsdu IF
me capital, as required of them by te charter Tho
Staic would also, from the cause be able after
having secured the charter by this additional snbscr
uon, upon the payment of ss225 .pes-srarT. 10 dis
p.se OF milton oil her soc4f IN the company, and pay oil
the debt which galslm have been contractsd-Tbus rn
Sis fcr interest III the stack after havinp ren.red
u essential service 10 the company the usual
OF [-tS ms policy lie believed not only pricticobo
9 1 hShiy eXpcd'ent The gentleman FROM Pttsyvana
did not, surely, wish TO make this public eopanv and
heTcDy ultimately shin the whole burthen of iIc on
terpr.ze upon the Treasury of the State No conrs,
oYu'I DC more directly calculated TO produce that
an ovVr-ruhng influence in the COMPANY No nru
aent caPtniist would consent TO invest his funds
IN the STOCK OF company where his voice could
have no weight iii its administration II il ,verc
once known that, in the meetings of This Coo,.an,
the private stockholders TO be mere cvnhers
ana the Whole substantial government vested i'm
he oicerS OF the State, the stock would inevitably
remain un5od and the friends of Ilc scheme Ioi,id 6a
reduced TO the necessity asking relief of c Iegis,
ture from the burthcns of the enterprise He sIould
dread such result and had endeayored To avoid il nv
moderate limitation Of the mode and amount of the
State vote. Tie Senate amend mcnt had he thou,It
made tlle vote Of the State larger than il ou,b, 10 h
lie believed that fair scru:iay the vote of the STATE
as compared wih the votes OF the private ockoldrs
would convince any unbiased individual that the form
or was amply large enough to countcr,c i,,;us,jc ar
Encouragement. Farther than this lc did not th;n II
ought to be extended. lie could not refrain r.o, s,
ing tat he was Of opinion that the scale of voting 49,
amended by the law OF the last session was more eoui
table regulation of the relative influence of the partc IN
the compact In the spirit of Compromise no vac ;I
ing 10 acqdicsce IN tho amendment Of the senate vinr
an additional vote to the State the new stock to be
subscribed for. ~
Inc House adjourned without taking the question
z-s.a-sz-