Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-05

] PROVISION
ioa u the charter OF the Company IN respect To the
tolls upon James and Jackson's Rivers.
One object oi the proposed modification Is 10 obtain
increase Of the arising om tolls Such an
increase for the present al fas rendered necessary 10y
the present financial difficulties Of the company and
important element in the scheme which the resolutions
adopted BY the company 1T their late meeting present,
for relieving the company from lis present etnharrass
mcns, and gradually paying oil It's funded debt, without
loss aud with little senenee possible tc Tie
Stale. The prpriey OF allowing tins uue an increase
of the tolls upon tins Obvious fne OF JUS
iice and policy, thai the Necessary charges and EXPENSES
of maintaining an improvement suck rs road or cana,
must be bOrne principally by those who derive most benefit
from IT. that is To say, by these who use H.
A, the time OF the adoption OF the charter Of 1912,
II supposed thai the Trade in articles mol enumerated
in the i4th section might he great ss TO make the ave
rage tolls Of the company three Gems per ton per mile
notwithstanding the rrsIictlans upon the enumerated ar
tcoa. But experience has sheWu The effect al these re-
str,cous be To reduce tho average toll to less Than
ceais ton per me.an average far lower than thai
contemplated by the charter, and II viii be generally
acknom lodged far oo low, al least In the present early
stage OF the Improvement Il j. mol contemplated fy The
company 10 abolish all discrimination in leyyng thei
tolls. for tho interest Of the company and Of The public
cclleldence In requiring those articles 10 be most highly
taxed which btsi Afford 10 bear high tax but II ~
believed thai this discrimination would be better lelt 10
the company and their president and directors. who
regulate and modify the tariff Of tolls from time
according equitable principles aud The varying ccum
stances Ut trade, with nnuicEess aud justice which
cannot be attained by the general and unyayng stan
Jatd Of a legislative act.
! The company in ishing care To- k.cp their average
TOOLS within the maximum ot three cents per ton per
mile. will in practice fall below it, pom the supp5si-
ton therefore that the average tull, 1t the
ttieiinns upon the enumerated articles are removed,
should actually amount two and bali cens per lou
per milolt Is estimated th,t such toll would IN the
present state oihe trade, Yield snuual income Of
bout $!Is.000
sum supposed IT, sufficient 20 pay the an
/ nual charges aod ssI,'szsel the eohIay,
and leave sntass II a9ont tf2.fO
portion (Which, It viii be seem is roposod to be
set apart as sinking fund Ia extngush the funded debt
OF the company.
The adoption Of the ton of 1000 pounds. will iaeili
tate greatly the application Of The la If tolls, aud Will
be measure ot couseHer.e and economy.
! iae preseh, Tolls lof Shut distances extremely
10" rs not To compensate fer the OF collecting and
accounting for them. 10 remedy Ibis it is asked that
the company may IN all cases, take r the tnnsporta
non OF any article upward downward at the eastern
end of their canal toll at least equal 10 wlal the James
River company might have charged. The whole effect
of this provision viii be sJuNat 10 increase The toll for
short distances upon the easiem part Of The canal And
If the toll formerly paid 10 the james River company
WAS mol (e eaprossyfy il will he still less felt now
when the transportation IS much safer, cheaper and
better
The second provision asked frr is that the state will
provide ir the payment of the interest ihe comanys
bonds guaranteed By the STATE, due the h3t Of Jan
uary next, upon condition thai the advance shall be
imbnrscd as sooo as practicable by the company.
The company would not Lave permitted the state to
be thu, called upon 10 any extent whatever 10 redeem
the pledge made 10 the public by her guarantee Of the
pnneina payment OF the utere vi these bonds If had
been possible 10 avoid H. Within the past year every
effort has been made reduce the expenditures of the
company within the narrowed practicable limits. To
those who remember the condition vi the company aud
/ "a 4 N,lfa ts
to state that the receipts Of the company, from its tolls
during the past year. have been much less than there
was any reason 10 anticipate Al the beginning Of the year
while from accidental causes the expenses of repairs
during the year have been lar greater than usual. Both
these results are chiefly attributable To The disastrous
storm which occurred on the l3th July last. from which
great INJURY resulted 10 the company IN various forms,
IN the interruption OF the trade for considerable time
The bnS'asi season OF the yplf ~ the destruction OF crops
and consequent loss Of tolls, and IN the "\benslve repairs
Which were necessary 10 restore the work Of the cumpa
ny to usefulness. From these and other causes and it
Is believed without any fault the part Of the company
or rs officers. the prescott application has become noces
say. 1t Is confidently believed that the other measures
proposed by The same resolution OF the Stockholders WILL
II acccdcd To by the General Assembly. enable the com
pany speedily to reimburse the State the advance now
asked for, and provide cccmav against the necessity
OF similar application for aud hereafter
The third and fourth provisions proposed, part of
The plan l1r remburslng the advance asked for and
and dividend debt. 1t viii be recoec,cJ that the oil
crrsoi the company darn. the last of the legs
ature, prey the passage Of heac Of the 2jh of
March, estimated that the samuf 25lolo dollars was
necessary 10 eEreae the company from the enbarrass-
monts which were then pressing upon IT, The Lcgis .
atnre accordingly. al the request ui the company and
for It's relief placed It's disposal under certain rosirc
tons, S21000 IN shares OF STATE stuck, npon tins col
dition, however moi contemplated by the company that
loOooO DOLLARS Of the guaranteed bonds Of the company
TO be redeemed frum the proceeds Of the sale Of
these shares OF storks should he delivered To the |
treasurer OF the commonwealth aud cancelled; thus in
uec augmenting the Resources u the cummpanv To the
extent only OF one hundred aud fifty thousand dollars II
viii be observed, therefore, hat notwithstanding the dis
asicrs of the past year, aud the small amount Of tolls
collected during the year il Is uuly asked now to aug
ment the available resources Of tho company the same
extent thought necessary for relief year AFRO and
asked IN form which Instead of throwing any burden
upon the state or suh,ractn9 thing from treasury
Is calculated 10 preserve It's faith from dlshonur and all
lis interests from injury. Ia the of the year 1913
perhaps III the FIRST half of the year these pro visions
are adoped II is probable that ali The the standing
post notes OF the company vii have been taken up and
cancelled 50 that the receipts oi the company from its
Tolls VIII then be III money, instead Of deprecated Scrip
ana VIII place the comPcny al Independent foot
ing.
The filth provision PROPOSE II establishment of snl-
ing nnd OF oHt - Il per tsum n,r arta. f.pJn die
amount ui the company peaHaH.elt = 80 say lis
funded debt. The whole funded debt uI me company
Including the estimated capi,. OF the dividend payable
to the old James River Company, and the debt the
State, is estimated at 81 1000 600 !
And one halt Of one per cent upon that
sum, is Ia 5OO