Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-31
COM UNIcArIoNs.

MIR Editor,--l Was a listener to the debate in The
Senate. on the els, instant. pending the motions to
strike out from the bill for the relief Of the James
River and ksnawha Company. the clause limiting
the relief TO mere exchange Of State stock for an
equal amount Of the Company's guaranteed bonds.
and the clause making the President and Directors
personally responsible for the fulfment Of the pro.
visions of the bill. The combined effect Of these
two clauses, though doubtless 6nintended. would
have been the prostration OF the Company's credit;
the possible loss Of more than half million Of ito
guaranteed bonds now under hypo,hecation in Eu.
rope; the sacrihee OF the residue Of its convertible
property, and the sequestration OF its income by
creditors; the necessity OF an immediate provision
Tor the payment, out of the State Treasury OF the
annuity TO the Old James River Company, and the
interest on The guaranteed loan authorized by the
act OF the 23d March, 1885, the soppase Of the work
now IN prosrcss-the consequen, loss OF the amount
expended on the unfinished parts OF the line. and.
IN all probability, the total overthrow of an enter
prise. with which, for onc believe the Prosperity
OF the State Is virtually connec;-d.
In the debate, several Senators took up the cause
OF the Company, but MIR Preston, MIR Anderson
and MIR Bondurani, bore the principal part The
remarks OF these gentlemen were pe,c with sound
views and useful Information. The speech of Mr.
Preston, IN particular one of rnro and irresiS,
able iorc-. The result was that the Objectionable
clauses were struck from the bill by decided m,
loriy. but the House Of Delegates uisaytred n.
the amendments; and at the instance Of the Senate
a conference was appointed. The Senate's Com
n,lttec consisted Of Messrs. Preston Anderson and
Lyons, all of them in favour Of the ground ,,k,n
by that body. or the Committee from the o,ber
House, majority held Tho opposite views, Their
conference lasted 1--WE hours. and ended in n Com.
promise-by which the responsibility clause was
let oli-the return OF guaranteed bonds limited IN
one hundsed thousand doli,r,. and the expenditure
OF 'ne Somp-nys remaining resources confined to
the work abcvc Lynchburs. The recommend tim
ot the JOINT committee was adopted by both Houses
Inc on ~ finally passed though containing some
refir cticrs which must cause much embarrassment
TO the Company, without possible benefit TO INV
party or Interest and are many obstacles To il,
man object, will, /, is hoped, enable the Compnnv
10 main'au rs credit, To restore the navigation
through The Blue Ridge, and 10 place the remainder
OF the work, above Lynch burg, in a safe condition.
although tie improvement of the Richmond dock
must necessarily be abandoned, Involving of
course, total loss OF the amount already expend.
eJ,) unless the means of proceeding with the work
can be raised 10y pledge of its future income But
as 'hiS consequence must have been obvious to the
Legislature when they restricted the EXPENDITURES
to the work above Lynchburs, the blame, II env.
vii! not attach to the Company.
As the proceedings OF the Senate are not regular
" reported IN the newspapers, I have given the
above narrative Of facts in order that the friends of
the James River and karawha Improvement, NAV
know by whose eXertiOnS It was saved in the hour
of It's creates, peril.
have another object in view. With the concur
renee OF many friends of the Improvement respect.
fully call upon Nlr Preston and MIR Anderson, OF
the Senate, and Mr Csperton and MIR Daniel. of
the House Of Delegates, TO write out and publish
trer speeches on the bill during is progress through
their respective houses. A sketch Of MIR Bondu-
rants remarks has already appeared.