Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-29

be attained by the general and unvsing standard
of legislative act.
within the maximum of three pcr per mile. will I'm
practice fall below it, Upon the superstition therefore that
tcles removed should actually and halt
cents ton per mile is estimated that such toll would
in the present state of the trade yield annual income OF
aboai S2ls.00o
sum supposed to be sufficient TO pay the annual
charges and expenses of the company. and
leave surplus of about S42 900
portion of which, IL will be seem proposed be
apart as sinking fund exngh the funded debt of the
company.
The adoption of the of 1000 pounds instead of that
of 22io pounds will facilitate greatly the application of the
tariff OF tolls, and will be of convenience and
economy.
The present tolls for short distances arc extremely
as not compensate the collecting and
ing for them. To remedy this asked that the company
in all cases. take for the transportation of any article
upward or downward, the end of their canal
toll at least equal to what the James River company might
have charged The whole effect of this provision will be
somewhat to increase the toll for short distances upon the
eastern part OF the canal And it the toll formerly paid
the James River company felt opprcssively will
be st less felt now when the much
safer, cheaper and better.
The second provision asked for is that the state will pro-
vide for the payment companys bonds
guaranteed by the due the st of January next
upon condition that the advance shall be reimbursed
as practicable by the company.
The company would have permitted the State be
thus called upon. to any extent whatever redeem the
pledge made 10 the public by her of the pCnctUs
payment OF the interest of these bonds it had been pos
slbe to avoid IT, Within the past every effort has
been made reduce the expenditures of the company
within the narrowost practicable limits To those who re-
member the condition of the company and its finances
was year ago, is perhaps sufficient that the
cepts OF the company from its tolls during the past year,
have been much less than there anticipate
the beginning OF the year, while from accidental causes
the expenses of repairs during the have been great
er than usual Both these results chiefly attributable
The disastrous storm which occurred the 18th July last
from which great injury resulted the company in various
forms, in the interruption of the trade for considerable
Tho dasf
crops and consequent loss of tolls and the heavy and
pensvc repairs which necessary the works
the company usefulness From these and other causes
and Is believed without any fault the part OF the
Its officers the present application has
cessary confidently believed that the other
proposed by the same resolution Oi the stockholders will
acccdcd To by the General ASSEMBLY enable the company
speedily 10 reimburse the State the advance asked
for, and provide eecuay against the necessity of SINH
lar application for aid hereafter
The Sd and 18th provisions proposed part of the plan
Tor rembusng the advance asked for and of cnsurng
the payment Of the company July interest and dividend
debt II will be recoocted that the officers of the company
during the last session of the Legislature previous 10 the
passage OF the Of the 25th March, estimated that
the OF 2JOOOO dollars 10 eNtricate the
company from the embarrassmcns which then press
ing upon 1t. The Legislature accordingly the request
OF the company and for its relief placed DISPOSAL
der certain restrictions 25OO0O in shares OF stock
upon this condition however, not contemplated by the
pany that 100000 OF the guaranteed bonds of the conpa
NY 10 be redeemed from the proceeds of the sale of those
shares OF stock should be delivered the the
commonwealth and cancelled thus in effect augmenting the
the company extent only of one hundred
and fifty thousand dollars. Ii will be observed therefore
that notwithstanding the disasters of the past year. and the
small amount OF tolls collected during year. il il only
asked now TO augment the available of the com
pany the thought necessary for its relief
year ago. and asked IN form which instead of throwing
burden upon the subractng any thing from its
treasury is calculated 10 its faith from dshonor
all its interests from injury In the ofhe wear 1913
perhaps in the first half of the year. these provisions arc
adopted is probable that all outstanding post notes of
the company will nave been taken and cancelled;
the receipts OF the company from its tolls will then be in
money instead of deprecated scrip; and will place the COM
pany at once upon an independent Joting
The fifth provision proposes the establishment of sink
ing fund OF one hall OF centum per upon the
amount OF the companys permanent, that saw fund
ed debt. The whole funded debt of the company inclu
ding the estimated capital of the dividend PAYABLE 10 the old
James River Company, and the deb, the State esma
ted at 50 100000
And one half of per cent. upon that
sum, is O5O0
This small annual reservation from the surnlu, income Of
the company will yet be sufficient extngu.h the whole
permanent debt in forty three The value of sink
ing fund in speedy reduction of the debt bu
in the certainty that the Of the debtor are annu
ally increasing, and that the ultimate payment rendered
The stockholders have agreed this just and
prudent measure, and objection from any other
quarter is anticipated.
The Undersigned fobear repeat that in the aid
now asked for, the James River and Kanswha Company
stands upon the ground which occupied when last
before the General Assembly II then asked the aid of the
States credit the hundred and fifty thousand
dollars in the form Of loan Of State stock 70 that amount
and that the company might retain command of all qua
antced bonds which should be redeemed by of that
stock. If that had been DONE the company would not now
be applicant for the assistance Of Legislature not
whstnndng its mSortunes during the past year before
mentioned fer with the aid OF the 100000 guarart ed
bonds OF the of which deprived by the act of
March last it would have provided for the and d
ydend debt, which unable meet. During the
past year, from the combined that one hundred
thousand dollars Of the deemed necessary free
the company from the embarrassment of pressing engage
ments withhed,tha the trade Of the line common
with the business OF the whole country, unusually de-
prcssed-rom the accidental interruption OF that trade for
considerable PERIOD and the loss of crops and consequent
y OF tolls produced by the great fresh of July last-from
the great expense Of the extraordinary epnrs rendered ne
cessary by the destructive sormrom the crcum.
stance that nearly the whole OF the company
received IN its own post notes, not in noneyand lastly
from the fact that all the property of the company was
mortgaged to the Sate,-from all these combined
the company almost literally without money and with
credit IL has therefore been reduced the necessity
calling upon the State to pay the January instn
ment Of interest upon the guaranteed bonds and propos
ing for the sanction OF the Commonwealth the best plan
which the company could devise the Of oxtrcatng
itself from its endorsements without loss burden
State. BY proving the world, the State Of Virginia
doubt will, that she will fulfil her guarantee Of the pune
ua payment Of the interest Of these bonds be-
yond oil cav the guaranteed bonds of the company will
equal State stock in the market aud both will rise nearly
par plain, therefore, that the Of the hundred
thousand dollars OF guaranteed bonds asked for com
ing in aid Of the increased from tolls certainly
cipatcd, If the proposed plan adopted by the General
scmby, will afford ample security for the speedy REIN
burscncn Of the January interest," and for the payment Of
the July interest And in future 1t be reasonably
doubted that when the tolls from this great work shall be
received in money, they will be than sufficient de-
fray oil the annual charges upon II.
The undersigned beg leave also respectfully present
the legislature the consideration that the aid sought
not asked for private purposes merely but in truth aid for
public purposes be rendered great public work. the
N. g. ~ al A.. a.