Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-03
EDITORS CORRESPONDENCE.

RICHMoNp, Feb. 20, 1872.
Tho bill granting the application Of the James River
and kanawla Company for a loan of ,OOO was de
batcd on Thursday aud day, (havng been superseded
Yesterday by the order of the day. Tor the election ola
MAYOR General in place OF Gen. Brscoe &. Baldwin, re-
signed, which resulted, you will have seen. in the
choice of Gen John Sloane Of lIampshire) The debate
covered wide space not being confined the proPre-
~ Of making the oan tu, bringing noroslew the whole
administration OF the Company, which was vigorously
assailed by Mr.. Cmtchfcd. There may have been
msnaragement-in extensive line OF improvement
under the control of persons practically inexperienced
such works it might naturally have been expected, to
some extent But, the accusation whether well or i'll
founded. has nothing 10 do with the application pending
before the Legislature Mr.. Cruchtcld was very ably
replied To, this morning, by Mr. Caperion, who rlveted
the attention Of the House. by his eloquent defence OF the
Directors his lucid statement Of the condition and pros
poets of the Company and his clear demonstration OF the
absolute necessity o the passage OF the bill as measure
geconomy and ~sdem on the part # the State tsey--
The Company if it obtain this loan, will be enabled
to redeem It's guaranteed bonds, pledged in EuroF'
amounting To S36l eco. with which it absorb its nut
standing scrip amounting to about 500 OO, andleave
SOL 600 applicable TO other purposesto its other debts
to complete the Blue Ridge Canal, in such condI
ton as to render the navigation peros alike to life and
property-to place It's incomplete work above Lynch
burg IN such cldti,n as 10 protect it from dlIaP'
dation and decay until the arrival of better times shall
enable it to progress westwardly-and to effect the con
necon between the canal and tide water, in which the
interest OF the people of the upper country particularly
are 50 deeply involved And, the outstanding scrip DC
ing thus exchanged for guaranteed bonds, the tolls, now
paid III scrip viii be paid in money, and the Company
will thereby realize cash resources with which to meet
ING the interest on It's due next July and January (S"'
ooo) and to pay the State $2l 600 annually accrung
on account of the old James River Stock. Refuse inc
application however. require $3.50 900 Of the guarah
teed bonds to be cancelled in lieu of the so oaned
and the consequence will be that the works must every
where stop-the tolls will be still paid in scrp-and the
Company, having no cash resources and no credit VIII
be unable 10 pay the annual dividend of S2l 600 to 'he
State, the 500 600 Of interest on its debt, for which,
be it remembered The State is bound in case Off default
and for which, therefore, in that event, the State must
make provision. The propriety, even in an ccono'n
cal point of vew of granting the loan is therefore mos
nanliest:-and more especially it when we reTe"
Der that the State. by granting it., will really add not
one dollar to its debt. subject itself TO the payne'
OF cent from its treasury ,-the bill providing thai Inv
Company shall pay the interest the amount so oane"'
and likewise set apart annually from its tolls an aou
sufficient TO redeem the principal the period when the
bonds Will fall due The ability Of the Company 10 u'