Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-10
VOLUME %. NUMBER lss.

hanciai concerns OF the company. The first
ed Is the delay in collecting the in-tameuts . for :. 81
from individuals. convinced that there ha. bss, No
negligence ON this point positively assured bat n
received the anxious attention Of the Directory at every
meeting OF the Board, since the fall OF 1897 Bur ma ON.
with the details appreciate the deult.
oy wch the subject was surrounded though some eenrr
notion OF them may be gathered by connecting with the
growing embarrnssments OF the country during thai me-
o. the Impotence which every feels under pecunary
pressure, at the necessity OF paying money which he
does not expect to yield him RETURN the shape of
ior several years. In numerous instances necessary
to balance between the Of positive loss bv ,nnI
ing the legal remedies and the probability of realizing The
whole arrears, by giving time, in the hope which all men
cneshed OF an amelioraton of the times. Perhaps "A
Citizen OF Virginia knew that the condition of the cuntv
d commune 10 grow worse instead OF better and FORE
'e present aanpled distresses Of the community
50, he was wiser than his generation yea gifted beyond
the most eminent hnancers the land and ougb, 20 have
proclaimed the truth from the house tops
For full vndcaon Of the Directory from the cbarc.
hegecung To take the measures ordered by the Stock
hoaers Tor negotiating the loan of and half millions
under the act OF March, 1882 refer the Presidents
NTH annual the close of that yeor The ,s.,,l
ant asserts that Eat that State securities were in d
hah1 IN Europe but he will there find documentary
PROOF That THE foreign market literally closed agnins,
ainerlcan securities, except which the loan act
dld not allow This being the case il is not at n, nroba
Die mat las the writer asscl the loan could have been
negotiated by Mr. >, Minister at the Court of 81,
James, But the assaan expressly blames the Irec
tory Tor suffering "he golden opportunity of empovng
,e services OF tins distinguished gentleman, pass il is
proper 10 make passing remark upon the subject The
PRESIDENT IN common with the Board Of Director adonr
rune Oh prudence and propriety, in reference to the
s measures Tor the negotiation Of the loan to take
no step without consultation with the most di,tingusbed
inends OF the Company the OF Government This
RUE was ngldly adhered to- in the appointment of an
agent IL Is ue that among the persons sege,ted for the
agency the American Minister London was named and
al the Inst blush it appeared the Directory most spi
Ole appointment But upon further examination and con
suauon the employment of that high fnctionary in bus
ness OF tins description, appearing as general ntac,;c
TO be inconsistent with sound policy inasuch as IL pb
-; n 10 tne mputaton OF improper influences in his
fhae IL,
was abandoned TT
But although the European market was so unfavorable
LOT Anencan stocks in 1882 it will be from the re-
Por' Just auced TO, that the Directory INDUCED the conf
dent hope that the measures which they contemplated re-
hewlng IN the following spring, would be successful: and IN
~ De fecoueced by many that they in thai
oenei This being kept in view, the enormity of putting
uoer contract the line between Lynchburg and the mouth
oil North River, will be much diminished On this
point desire to recall the recollection of IA Citizen az
virginia few iaets, tending to shift upon other shoulders
than those OF the Directory, portion of the responsibility
oil tins much denounced transaction.
by the original plan of works adopted At the frat general
meeting of the stockholders the Directory were 20
execute the inst division of the Canal and on its compile
on To proceed TO the second and afterwards To the third
ana so on IL was subsequently decided by stockhod
&c ai operations might commence the second division
(aoove Lynchburg) before the first should be competed M
a prevent the dispersion Of the and ens
nee ana 80 as to Keep the works in progress
son which was considered due the subscribing coma
ues ON the western portion the line. AT the annual
nng OF the Company December 1888 the President
IN ms report stated be the object and desire OF The
directory, the works should advance 10 conclusion beov
ynchog to extend the line OF location above and place
under contract the work the second DIVISION This
course received the approval of the sockhoders Never
mee, when, IN the fall OF 1899 time had arrived for
Pug IN execution, and the line from Lynchburg to the
mouth OF North River placed under provisional con
ac e directory, Tor greater security deemed il expe
dient To delay the ratification of those contracts unt after
the meeting OF the Legislature which gave an opportnnt
Tor the propeyo opening the works the second division
10 be brought distinctly before thar body And it will be
that the subject taken up in the House of
delegates on motion OF the member from Lynchbug To
forbid the execution of the contracts; and that after full
dscusson large majority of the House decided i'm favor
OF the progress of the work.
but following the order of the remarks of "A Citizen
OF virginia. let US return the subject of the guaranteed
loan; Inc transactions Of the Agent who ultimately
employed 10 make negotiations in Europe (which this WI
Ter next holds up ground OF upon the Directo
w have been fully laid before the stockholders and the
LEGISLATURE that II Is unnecessary oadveu them farther
an TO correct the recoectons of the writer bv
winch the mischevous impression left that the Agent
mao used money belonging Texas, for the companyp
and had apprsed the President of the fact who made mn
objection TO IT. On this point have obtained information
rom tne documents on file in the Companys Office and
una ne iacts 10 be as follows The agent had in Deem
per- lSiO, contracted temporary loan for the comnanv
from Messrs Morrison, Sons Co of London by bills re-
curing 10 be covered in April following. On the LIST
March, he wrote the President from london that he
would edeGvor To provide for all the Companys wants bv
inc LIST May and also take good of its on
tat side OF the water, and added las have concluded
contract for the Texan loan, | mention in confidence
that have he doubt shall have money enough under
my own control on the security of your bonds 10 take
care oil both, as above until make negotiation of your
stock Tn the 10th of the month"; he wrote again
from Paris, stating 81 shall, however be in London
before the drafts Morrison, Sons & Co. are due and
VIII make arrangements with credit and resources
taAe mem up 70 prevent either sacrifice or forfeiture
Oi the stock" These letters arriving nearly nj tho
same time, both were received befr an answer
was returned by the president On the 18th of Apu the
esdent wrote TO the agent acknowledging RECENT of
ms last letter above mentioned and after advertng to the
scourugIng news which It brought, added:"In this d
ienma, am much gstihed learn that your hopes of
ultimate success not extnguished, and that in the
iheahime you will be able and willing provide from
your own resources for the payment Of the Conlpany
drafts ON the house Of Messrs Morrison Sons and oven
TO make arrangements for the supply Of our indspe
wants on the LIST July" On the llh MAY the President
Wroe another letter referring to both the letters Of the agent
aforementioned and containing the following passage al
This critical posture Of nanc the Board assure v
are duly sensible Of the beraly and value of your friend
ocr To avert The sacrifice OF bonds by making TEN
orary provision from your resources rs well for the
drafts OF Messrs Palmer, McKlop Dent & Co ON NJ,
MORRISON, Sons & Co., for indispensable wants NJ
home This Is all that be found in the corresoon
oence having any alusion To the Texan funds That the
agent IN Whiting his letter of the LIST March, me 10
an intention to apply portion Of the funds OF Texs. A. IN.
use Of the Company, the security of its bonds cannot
be denied because he has declared such to have been b
0oIectin communication to the public since that period
bu there not the slightest ground for the allegation that he
was understood by the President Of the Companv o.
the contrary the fair be placed upon the pas
sages quoted from the agents letters Of the LIST and 18Th
March, taken together, is that the funds contempnted
to be applied TO the Of the Company were the heavy
commissions which understood he was TO receive from
the Republic OF Texas for negotiating is loan That the
President 30 understood the manifest from the fact
that inhe passages above quoted FROM his letters he peak
only OF the OF the agents town ources" and makes
mo- ausion TO the funds Of Texas At all adventures N the
President understood the obscure passage quoted from The
agents H. letter. prOfer Of the OF the Texan funds
the last letter certainly speaks only Of his own re.orcea