Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-12-16
o. Perks still selngM SO here and purchasers
thus ldt have been quite lai,ed.
EDITORS CORRESPONDENCE.

Ed TORS CORRESPONDENCE
RlonMoND. Dec. Q, 1880.
Aliera long debate TO day, the iesoluliun, some
days ago unlimited. expressing the opinion that the
Interest Of The Commonw eallh, kholder hc
James River and kanaWla Company, iequited the
suspension ot lis operations above Lyhchbure, AID
nsltuctlug the State proxy to vote, IN the general
uc,ung Of Stockholders, Monday next, against
entcli into f.rher contracts until the scrip OF the
Company shall he at par, were rejected, by vote
Il uc.aly 3 10 1.-The lluuse Of Delegates in Other
words, doclding that it Is expcdicnr and proper 10
pay hreHiy pr cent for money 10 enable The Com.
pauy 10 push tt Inc to North River. although,
when Il at point shall have been reae ed, the IN
creased revenue III the share OF TOLLS will not, il
all probability amount to once eight OF ore per cent.
upon tie cost OF tie construction Of the additional
section, aud although, in the present state Of The
mon, yed market, at home and abr adj lis friends can
terrain but CANT hope of beiug enabled TO cx-
TEND II laltlter, within any reasonable period. Tie
great atgument relied upon Ly the opponents Of the
resolutions. was, thai the contracts haltmaturcd al
LyuehJors. and which Il course Will he ratified
here on "Wednesday nex, were entered INFO al
prices nom 90 10 50 per cent less MaR lie contract
lr'ccs on that Port5on Of The line beote Ly"elrure,
lor which fact lie authority Of the Chi,l Engineer
af!duced Ii tins be SO, II is attributable 10
three causes: LIST, the abundant crop by which the
costs OF living is reduced, 2diy, the eonracuona
OF bank uarion, By which the value OF money
enhanced aud lily, tie decreased demand for la
Tor by which tie wages of the laborer dimln-
ished Neither Of these CAUSES, ii is evident,
touches the objection to the proceedings Of the
II L. Il
though they may be lower than those entered into
Il year more ago. lcoutd hare been StlI tol0cf
than they are, II, nsiead oil being pad FL in medi
am Ia per cent belgao par, they TO be paid of
IN medlam al par! No one doubt lhs for
to tLe assertion, attributed to of the
tractors, tn l. IN making their contracts, the, hadno
reference 10 The depreciation Of the medium IN
which they are by agreement To be pad, - as al
IN my eye" That's pitch Of generosity rather
TOO subIitnaed for Belief There be, in one
word, no doubt that The contractors have made all
due allowance for the difference between scrip IA
cent. below par, and bank uocs at rar,-unlrss,
deed, their profits to make l6 per cent. matter
of no consequence with them, although it be more
than twice the legal interest Of money. And il this
be 1t is clear that the Comopauy IS borrowing
do by law, but virtually 30 per cent. which
they are authorized TO do, either by Law,
SON or justice. The corporation Of Lyuchburg,
large stakeholder in the Company, Is deeply IN
lcIesled ~ the question, whether she Is prepared 10
pay this exotbtanl rate Of interest," in order 10 com
plete few miles OF Canll, which, when tLey shall
have been finished will add nothing Of consequence
IL the trade of the town, aud which viii absolutely
diminish tie comparative roGis upon the stock oil
the Company, rs every additional expenditure,
which does not bring TO the exchequer OF the Com
pany fair remuneration in The shape OF tolls, must
necessarily do. Aud besides, the contract prices
below LynchbuIg do not furnish fair criterion by
winch to estimate the character OF those above. II
may be, aud the current opinion is that IS so, that
the contracts below Lvnchburg were made generally
at prices which enabled the CONTRACTORS 10 'eaze
most exorbitant profits. II this be so, there ought
TO have been a reduction of prices independently oil
the other causes. contributing 10 that result To
which have before adverted.
Gut perhaps the most formidable objection 10 The
resolutions and that hich contributed most certain
y to their defeat was the adored eorr podace the
impression that they dictated by an eifart on the
part of the clizens of Lyuchbur5 to stop forever the
Canal at thai place, BY which. we were told byhch
burg would become the great commercial emporium
OF The State, to the great deriment even oil h'Ih-
mond aud NoriJIk This argument oil course con
solidaied the whole Western soie against The ieso
uons in solid phalanx, together with the Eastern
vote interested in those cities. But the uue ques-
lion Is If the work stop, either Temporarily or
forever, at any point on this side oi the terminus
originally dssis mated by its P"J, ciois, whether
Lynclbure or North River he the f'e'e'a''e 'I,"'
ion It's leimloaiioni Aud tins question Is A''''a "