Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-03

umeneing on the 2is, ard ending en- tie ga of De-
c.mber. John II. Pey,on, Esq. OF Augusta, presided
over its deliberations.
The Annual Repor, Of the Board Of Directors
read by the President Of the Company, Joseph {. Ca
hell. Esq on the first evening After an interesting de
,,il Of the operations u the Company during the past
year. and lucid statement of the presen, condition of
"a works its liabilities and its resources the Report
taxes bold and comprehensive view of future contenl-
plated purposes. As expect hereafter publish this
interesting document entire must our-
selves with brief and hurried glance at its mos, PROM
ncnt feature 1t proposes tina, application be made to
the Legislature for amendment of the Compony's
,r,cr So to authorize change in the mode Of i'm
prsvemen, originally contemplated in the dvi
son-substi,uting for Railroad Macadamzcd road,
q miles in length from Coyineon to Greonbrer bride,
and from that point continuous line Of improve
ment, partly by canal, and partly BY locks and DAMS
Is to render i, susceptible Of scamboa, navigation to
the western terminus Of the line. The additional a
II deemed necessary Ir tie completion cf the e,tnc
york is estimated at SIX millions Of dollars And 10
raise this the President Of the Company proposes
the creation Of additional !oc to that amount Of which
,he State is take three fhs. and to pay lis new sub
scrpiion in scm-annual instaments Of So 0Oo com
sncrcin. the ls Of July next. After the State sub
scrption shall have been exhausted. the Company TO
raise the other twolifihs, either by opening subscription
books, or by sale of stock, in such other manner as
the wisdom Of the Legislature mas prescribe Ii is
certainly grand and magnificent conception and fr
myself have no doubt the completion Of thus great work
would fully realize the sanguine ancpations ofits
energetic and able hcad-and that il would pay an int
rest Of per cent with very moderate computation of
tonnage, upon Nlnoteen millions of dollars. But then the
question arises State raise the money under exist
ing circumstances and ii can, are the people prepared
70 sustain The application On these points however
anon.
As soon the Report read. motion was made
for its reference committee of seven. Richard G
Norris Esq. Of Buckingham, declared his pref renee
for immediate action believing that the Stockholders
were prepared 10 vote upon its recommendations
For himself, he ayowed his opposition to them, bcliev
ing the actual cost Of the work would Tar exceed the est
mates of the Engineers, they had always heretofore
done but that whether this not, the State
in condition appropriate dollar the farther
prosecution of enterprise. He expressed the opinion
that the Company should proceed TO finish the work
far North River and farther with its present
and that if the views Of the projectors of this gigantic
enterprise to he carried out, it should lie done by
the State her account, and the Company should
have nothing do with it, lie strongly insisted
upon the hardship Of deprving the stockholders Of then
interest in the dirdcndS After some conversation
al discussion, however, Mr. Morris Withdrew his oppl-
siton to the reference, and the report committed
10 Massrs. Chapman johns n George w Munfn..
and Sidney 5, Baxter Ct Rcinc nd, Richard H. 'roler
Of Lynchturg, Garter H. Harrison Of Cumberland,
Richard G. Morris Of Buckingham, aud Henry Erskino
Of Grecnbrcr.
Mr.. Morris then gave notice that, at the next meet .
ing. he should propose reduce tho salaries Of the Off
GERS OF the Company, Commencing at the head And
the meeting adjourned until the ncAt evening.
On the ed, the committee not being prepared to re-
port, the meeting organized and adjourned until the 23d
on which evening die committee submitted resolutions
IN conformity with tho suggestions ofhe Annual Report
which, after earnest speech from Mr.. Morris in OPP
position, were adopted ty considerable najcritics.
MIR. Alorris's motion To reduce the salaries Of the
President and other 'tctrs rejected By large lna
pry. joseph {. Cabcll, Esq. then reelected
President Of the Company, and the old Board of Drec
tore was re appointcd-all nearly unanimously.