Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-02

ing and pumping. | am aware, that writer in tho
Wing, lsu3pusrd to have been - denied that there
vas an aqueduct Tye river, IN answer In obec.
tons, which were likewise published in the Wing last
ra; out Tins Was mere evasion, grand mistake,
Tor there certainly is double eniyert or aauednct ST
Owens creek, few miles ADORE Tye river and Golfer
dams and babag and pumping carried on there.
ana The contractor knew and sdered his interest too
we'll, TO have done IL for nothing and although the item
Ter bai!'ng and pumping may n have appeared IN his
estih!aHs, yet higher price vac no doubt paid tho
other items of The worbs, and understand law suit
has been instituted fox bailns and pumping at the
guard lock on Tye river. The Aoats, too then nar.
eating the river, had to he unloadod and lie hauled
over the dams, by ch they wers delayed aud do.
msged very much; and if The company did not psy
these damages, (ant no such item appears in their
countD The owners OF ste boats hava kept very still
about the grea! loss they sustained by this proceeding
The late lrcsae,, too has done great injury TO the
CANAL because the works not sufficiently guarded.
IL guard bank bad been constructed across he low
ground al Joshua fas dam, that break which! has cost
large amount might have bsen saved, and Of course the
canal much prepared for transporting prod vce
ond ii, hsIoa each lock where there deep cut, the
earth had been put on towing path, naead of being
thrown away al spoil bank, the late fteshet woad
not have flown into the canal bnt in few places, and
the injury would have been nconsderah!e; for in al
cases, IS believed that the wafer flowed into the canal
near and below thu locks.
Commencing the whole line from Iynchtutg to Rich.
mond at time also showed q want Of forecast; by
uoHS a, Inc prce oil iaboT was enhanced, and conse
quenly the construction Of the canal made costly
than would otherwise have been TIE sendny to Eu.
rope Tor nasns and abnrers appears 10 have been
also wrong. Nany Of these men, 10 avoid paying the
debts contracted by them 10 the company, left
this and went other lines This might have beSY
reasonably expected. Other items of mlsnlanagenen.
might he urged, but the above certainly suilicen.
to prove 10 the community and 10 the stockholders the
unness Ct the president to carry the concerns OF
this company in proper manner notwithstanding his
zeal and general intelligence
| The financial concerns of the COMPANY also pro.
pose TO review; and in doing So | am compelled
the conclusion, that the general want of wisdom
characteHses u as IS apparent in the construction o
the canal The first objection ! will urge, the
delay in collecting the instruments due for stock from
individuals, which negligence has caused great loss
the company. Many individuals who we're able to pay
when the instruments were called for have become
bankrups, and II the stock had been sold the install
menla became due, it would have sold for enough
have saved the company from loss whereas, by in
duging par. Of the stockholders great Injustice was
done TO these who PAID aad le stock continually get
ting great loss has consequently been sustained
| The next objection will urge, was selling the Rich.
m0nd city bonds ct discount for the scrip the post
notes OF the company. | aware this was done 10
sustain the credit OF the scrip but ough not TO have
been evident to the directors that ths would be the
only long their Richmond city bonds lasted, Tho
public seemed ~ understand this better than the direc
tors, for the scrip exchanged Tor city bonds With great
rapidhy, and all the city bonds were dtch
oat the scrip fell By this transaction great loss was
sustained by the company.
The Stale, it will be- TemeInbered, to aid this compa
pGny, in March, 1880, passed act authorsng The
company To borrow u miun OF dollars, and pledge
tie faith Of the State tor the payment Of the principal
and interest. And ,acvng OF the stock ho!ders
afterwards, they 'ileso.rsd, that The president
AID direct"5 o. tie company he authorized and re.
quired to adopt necessary and proper for
entialing this loan soon practicable" Al this
me State securities were in demand in Europe, aud
his could have been negotiated, doubtless, a, that tim
By Mr.. :, our Minister al the Cou:: of 81 James, or
ay house in England, whose credit and stand.
ing were unquesiionable; but the wise directory sui.
tered this golden opportunity to pass thereby dsobeyns
the express will Of the sncs holders !; is true thai
efforts were made in rhilade phia and New York
which failed BIT it is believed, that il an agent hal
have been appointed 10 proceed forthwith 10 London
(Which would have been the proper coREsel had r
S, whose Willingness accep, the agency, the pres.
dent wiii not contest, been Ut authorized, the
whole loan could have been negotiated. NotwitllstaGG.
ng their failure 10 negotiate THIS loan, and their great
inability tn meet The demands against them and their
being compelled 10 issue scrip complete the canal
10 Lynchbufg; YET the directory proceeded 10 pct
der contract, some - miles OF canal above Lynch.
burg. This was certainly The most improper course
that could have been possibly conceived. And at this
time their paper al discount, and the work below
lynchburg unlinshed-und they ou At 10 have known
that they could not have commanded funds TO have
completed any contract above. The subsequent eHn,s
made to negotiate the 81 100000 sho we'd still less wis.
dom. n agent was appointed, who had expatrated
himself from the United States, which appears 10 ne
ought to have prevented his superintendent his
powers were s.il more objectionable not being able
negotiate tie bonds, Though he authorized f.
in the face Of the nc! OF Assembly which required tina
loan TO DC made at not less than par, carrying six peg
cent INTEREST," he placed large OF bonds, up
wards OF 100000, in the hands Of banker fer the
loan OF SleO, oU0 TO redeem which, the General AZ.
sembly, at their last session. forced extend ~.
credit OF the Gta,e though al sacrce-aHd fears a.u
still entertained that line State bonds cannot Re sold
even at $50, to enable the directory to reaee the bonds
in paaeH In addition 20 :hs, the gent mus cppro.
priated TO other purposes laro. amount of bonds
which, tie pTeaident tells us are sshypothecated"
lhe aseat, however, jnsi.nes himself in using the
BONDS, and throws the tla,Ge on the president-,hat
nasmnch as he had nse the money belonging Texss
fer this company, he apprised the president Of IT,
ami TO Which arao scclen the president made DO
lection, he, tie PRESIDENT should not find faul. his
using he ooE..sny funds for the benefit Of Texas
Cii's 10 G:oted from memory, and is believed TO b.
substantially correct though not having TO the
letter ?: the agent, a may DO somewhat different from
the language USED
The drectc.y, however, by using the money, for
which pat of The State bonds has been sold and M.
applying H. the Legislature evidently intended "to
| redeem the bonds in the hands Of Morrison & Co..
have not only acted unwsey, but unlustIy 10 hold
ers OF the scrip, which is redeemab.e in the bonds Of
The company, with State guarantee. A large amount
OF this scrip is in the hands Of citizens Of this Com
monWean, VINO cannot gel the oonds agreeaoy to the
contract OF the company as is manifest the face of
the scrip, and compelled to hold this SCRIP without
the security which is promised and without the interest
which has accrued but have to look and see the funds
appropriated by the Legislature 10 redeem these bonds
pad away for other uses Of the company; or unwisey
and against law pawned, hypothecaied, or otherwise
improperly withheld from those entitled 10 them The
conduct of the directory, in making such sacrifices az
they have made, and in being shaved, and pawning
their stock to keep up temporary credit, appears TO
me to be about as wise that Of an individual who
would put his bonds in market, sell them at sacrifice
to sustain Temporary credit, which system he con.
tnues and increases until he is completely ruined In
conclusion, think have shown that the conduct Of
the directory was unwise in the construction Of tho
canal throughout; unwse in ts financial eoncerns and
that II will be unwise for the stockholders f they wish
this work TO advance and do good TO the Common
wealth, as It would by proper management continue