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

ABOVE par. SnOuld such la,-.. -. -. -.
paying IN $50 per share at which time she would be
exoneraed from any responsibility for after instruments
might cause million Of her stock to be sold and thus
reduce her subscription TO two-fths of the ncpicn
captal-thereby returning to the ground of the usua
proportion between public and private subscriptions tc
JOINT stock companies This was system of pccy
winch he believed would be found practicable and ex
pedient
The departure on the present occasion was not in
reality as great in point Of fact in appearance The
question should be considered first i'm reference TO the
nclpicnt capital and secondly in reference to the total
aptal. w
In looking at the subject in reference to the incpien,
caPai aJne two circumstances ought to be taken into
view. w
first--Ihc new company charged with the pay
ment OF the annuity of $2l 600 per annum To the old
James River Company, which equivalent to a prn-
cipal sum, at per cent of 1920 900 Secondly the
State had transferred to the Company in part pay
ncht oil hcr subscription, her works upon the line AT
valuation OF one million of dollars requiring that the
amount should be considered payment i'm cash and
entitled TO dividend from the CONNIE nccncn Of tbe
operations OF The Company The cost lhe State
$ioOOOO and together with the property in the waters of
Tie Rivers would utiaateybc worth the new Comnanv
tie amount allowed for them; but il was nctorious fact
tat considerable proportion Of those works were not
now available to the Company for the purposes of The
proposed improvement. portion as for example the
slucc navigation on the kanawla River would he alto
gelhcr lost whilst almost the whole of the rcsituc ond
require material and expensive alterations The prouer
~ IN the waters of the Rivers would doubtless NJ n H.
tant future day. be of great value the new Componv
but IN the incipency OF its operations would only Weld
moderate though an increasing income Due allow
from the proportion OF twoits and three -ths was not
as great in reality il might first appear to be-
But SecondIy-lf the whole capital be taken into view
IL would be found, that there no substantial dcnar
tu.e from the rule The total capital was estimated at
$I3O0OO0, the State being under no OBLIGATION 10 CON
tribute any part OF the remaining $4,000 600 but the p
vae subscrb RS being compelled by the provisions of
the charter. to raise that amount under the pcnay of
iorieng their stock i'll the incpient capitalit would
be found in truth, that whilst the State in subscrbing
irec millions, seemed to be subscriber for three
she vas IN reality, subscriber for less than two.hhs
of the whole amount
MIR Cabell aware that it was contendod an
the other side. that the company would be unable IN
raise the rcsiduary capital and that any such cxpecta
uon was the mere vision Of an enthusiastic brain On
the contrary, he firmly believed in the opposite op
mon Unless all the Legislatures, all lie Covrr-
nors, all the Engineers, and ether public function
areS had been for upwards of twenty years ndunng in
uVlusiohs; OF practising deception the People of
virginia, and the other States. the enterprise Of connect
ing the Eastern and Western waters was iudcious and
the stock would be productive. Upon that pont Inc on
ieTtaned not the smallest doubt and his views and cal
cuatlons upon the subject had long been under c vrv,
OF the Legislature. Should the stock of the James Ri
yer and Kanawha Company be productive of even
moderate and increasing dividend, there was every
ground to expect and believe, what reasonable donLt
coud be entertained, that upon the expenditure of the
Tour millions OF money embraced in the incpient capi.
tall the company would be able in the usual mode lac
opening new books, to raise any additional cnDal
tha might be required? Al that period Of time the stock
wonldb either above par about par or below it, I'm
Tie first case, the company. save the advance unon
the stock might think it cXpcdcnt instead of a new.
ny borrowing upon the credit Of the Company
Should the stock be at par, books would probaby br
opened, and tie requisite subscription speedily flied
Should 1T Lc below par. the Company lniah hnr,no,
upon specific pledge OF its tolls as security for ibe
principle and interest thc amount borrowcd and should
the State as member Of the Company, refuse 70 unite
with the )tcr stockholders in the requisite loans he saw
no reason To despair Of the ability Of the private stock
holders to meet the obligations OF the charter by ndg
{" their own dividends and other property He had been
an advocate Tor the original bill giving authority 10 tc
CITY Of Richmond TO subscribe $750iCO i'm addition 10
her Former subscription; hut the amen dncnt nro
posing that the State should relieve Gle civ ~
$lCOOOO OF that amount had been sent down from te
Senate hc hoped that the House would act with bcraIi
y and nagnanimity, by giving their sanction TO the
measure The city Of Richmond deserved it at the
hands Of the Legislature for tc spirited and noble con
duct which she had displayed in the picsen cnLarross
ed state OF the question We had been upwards Of TWEEN
u years making abOrtyc efforts 10 connect the eastern
and western waters though The territory Of the State
We had now only to give 10 the amendments
OF the senate IN order TO complete legislation ON his
great SUBJECT We had only 10 say aye ami the object
which we had SO long sougtto attain would be sperdy
accomplished We were in truth, losing precious
time, and the season for action had arrived The rival
lines through New York aud Pennsylvania were com.
pIctcd. and in successful operation Those through
other states were also in progress New lines were
springing up n other quarters from our dclav MI.
amount Of our annual loss for the want of the proposcd
improvement was much greater than the half million I'm
question aud cvcn more thln The whole amount Of the
Stltc subscription to this Company.
The real estate Of the whole State Of New York in
consequence Of the completion OF her Canals had do1
bcd in value in the short compass OIL eight voars from
lc24 to iT2. The real estate in this ralI lad
been valued in lol7 upwards Of two hundred millions
Of dollars Suppose half the effect 10 be produced
n ihis STATE, even oncloufth and il would be- appa.
rent That The interest Of !ly millions annually was lost
ia thc single article Of real estate for the want Of the
proposed improvement
tNlr rNrGr Of Essex, addressed The House at copsi
derable length IN Operation to this bill and to The
scheme generally Ills speech VIII be given here.
ancrl
Mr. GknLAND Of amherst did not rise 10 reply 10 all
fI4u mia ho hr.i al.
House he hoped, would excuse him for lrcepassing
icw moments The simpl question, VIII the Com