Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-02

respectable German gentlemen residing in this country
and encouraging application abroad, he undertook at
my particular request TO open negotiation for this OBJ
ject, and is in daily expectation Of favorable result
1t is scarcely to be apprehended that the concurrence
Of the State would be withheld from this plan, 1t s |
incredible that The Legislature will abandon the
work, and it is impossible 10 devise more economical
terms
am apprsed that this method Of raising the addi-
iiona capital will be opposed by upon the ground
of its supposed Justice 10 the present stockholders by
wlhdra wing from them The future dividends upon their
stock. But with all due respect beg leave I" remark.
that the objection seems spring from imperfect
conception Of The nature and operation of The plan Tor
be rccoliected, that if the loan be managed
as that the payment OF interest shall commence near
the period al which The money borrowed shall be IN
vested, the stockholders of the Company will have
dividend accruing upon their proper proportion of The
stock sci OIL against their raeable part of The
interest of the debt This difference would probably be
inconsderabIe and could scarcely be weighed against
the great appreciation in the price Of the old stock
which would ntalbIy result from the passage oil the
law.
There can be no we'll founded charge Of injustice
against the plan here Proposed BECAUSE the original sub
scrbers distinctly informed that ii would be called
into requson, if All immediate subscription OF Tie ad
donal capital could mt be obtained.
In my Address 10 the citizens OF Richmond in the
month of December, 1884, upon The occasion Of The
norabe subscription then made by the city, the follow
ing passage is 10 be found in reference TO The companys
future financial means:
"Bul, lei the WproOaDle SnpposltlOn De induEed
the remaining capital Of So 000 could not be raised
by subscription of stock, and that the company
like the Schuylkl Navigation and the Delaware aud
Rartan companies should be compelled 10 resort 10 the
system Of borrowing, either with without specific
pledge of its tolls guarantee for the interest and
principal Of the debt there cannot be reasonable doubt
of the requisite Legislative sanction 10 purposes oby
ously expedent and proper in which event, the above
stated income OF 81 Joy oOO, might be divided and ap.
proprated as follows:
"For n dividend at per cent to the stock
holders S49S,000
"For the payment Of the annuity 10 the old
James River company Il ,00O
"For sinking fund 10 pay the interest and
principal debt 2oO,OOO
"For keeping the works in repair and other
annual charges 100000
81 GOOSE
The address from which this passage is extracted was
printed in pamphlet form, and communicated 10 the
members of both Houses of Assembly was extensively
circulated among the citizens Of Richmond, and given
TO the public through the papers OF the day.
Is there any just ground for doubt or dsrust as to the
final success Of the great enterprise ITSELF of which the
plan Of subscription brought forward is intended TO
be auxiliary measure? Perhaps it may be alleged,
was said of the State itself during the State system Of
management in The winter Of 1923, that the estimates
have been greatly exceeded and that is better at once
to recede from unsuccessful and ruinous scheme.
The estimates which were put forth in the outset Of
line OF Improvement related 10 the time Of lis execu
tion the cost OF its construction and to the probable
profits to accrue upon The stock In regard TO the pro
gress Of the work, it must be admitted that if the whole
field of the companys abois be taken into view there
is as yet ground whatsoever for disappointment
complaint. Twelve years allowed for the execution
OF The work, and if the present scheme Of subscription
should prevail the whole improvement may be completed
the Ohio by the year lS40 that 10 say in two
less Than The period prescribed by the charter itself
There is every TO believe that The canal will be
finished 10 Lynchburg in the course of next autumn,
and should this out TO be the fact, and due allow
| ha ads fI,rt The N
character of the two works. the progress of our improve.
ment will undoubtedly have exceeded that OF the Erie
canal
In regard 10 the excess Of the expenditures the
original estimates which upon the line OF The canal must
be admitted be abe, il proper That should
remind the stockholders Of material facts and crcum-
which possibly may have escaped their recol.
! lection.
In the course of The three years which elapsed be-
tween the grant Of the charter and The consummaton Of
the subscription, two estimates OF The probable cost OF
the work were made by myself the one at the session
! Of 1S32-3-exhibed in a pamphlet entitled Synopsis
! Of the James River and Kanawha improvement; the
other, in the pamphlet already referred to- entitled an
address the Citizens Of Richmond The first Of these
estimates amounted, inclusive Of The million invested by
the Stale in Tie form OF her works upon the line, to S.,
1874 600 but this estimate expressly stated that it IN
cuded provision whatsoever for The very heavy
items, Of a line Of locks from the Basin IN Richmond
10 the head OF Tide wafer for the cqu pment Of the
railroad with engines, tenders DC. for the enlarge
nent of the Blue Ridge canal or of the 30 miles of
old canal between Maiden y Adventure and Richmond.
(See Synopsis page The other Of these two es,i
mates amounted inclusive of the million in the form Of
the States works the line, 10 s. 00OOO-but 1t con.
laned provision for the outfit of The railroad, and
proceeded upon the suPPoslon OF reducing the length
Of all the cuvPris upon the line OF the canal oil locks
10 be constructed Of hammer dressed stone and Of the
whole Of the aqueduc,s with superStrucures OF wood.
(See printed Address. page 10 10
These rough estimates were made without any de.
tailed survey Of the line TO he estimated Since that
petud the line Of The canal has been located for
sruction and all the aqueducts with the exception OF
that OF Rockish, coming within reach Of the floods OF
the tributaries it decided 10 build the supersruc-
lures Of stone instead Of wood the culvers have not
been contracted then suggested all The stone
locks built of cut stoe and the lower level of the
canal has been enlarged into reservoir for vast waller
power, aggregate cost Of upwards Of $500 ,0O0
To which may be added, that the damages for lands
condemned for the of the canal have very lar e1
ceeded the rate which was generally anticipated at tie
commencement Of the enterprise.
The price Of labor also, both mechanical and common,
has ranged for the last three years above what in
the three preceding years. by about 40 or 30 per cent
The present estimates detailed estimates made in
The field by parties Of engineers occupied exclusively In
the business for nearly nine months in the year. and
have been governed by the prices &" the canal
1t is true that the former estimates called Tor double
track at the railroad; but for this will be found a full
equivalent in the engines, tenders, &c, now included
in the calculation for the railroad, in the various tun
nels recommended in the present plans, and in the
peror style Of workmanship since introduced upon the
| line
If due allowance be made for the operation of all these
causes the difference between the amount OF capital
called for and the amount Of former estimates will be
explained to the satisfaction Of every just and liberal
mind
Is there just ground for distressing The profitable cha.
racter of the stock
No detailed be given to this question at this
advanced stage of The Annual Report brief lluslru.
ton is all that is compatible with detailed exposition Of
the transactions Of the year Instead Of going into Sta
sica details 10 the present actual state OF The trade,
let an amount of tonnage be assumed, which all men
properly Informed upon The subject will not hesitate to
concede The righiul property Of the line.
Still further to simplify the proposed illustration, let
nothing be said Of The exact proportion of tolls upon the
different, parts of the line, it being understood that the
| rate, in no case, shall exceed the maximum limit pre-.
scrbed by The charter and that the aggregate amount
actually levied for any of the supposed distances shall