Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-19

until in investigation Lad been inaae INTO tic t3iccfhs
| ut the Company.
Mr.. Cmichiied replied that ting Committee had made
full inquiry into ali that relates guaranteed bonds, aud
had deliberately Ia the resolution reported.
Mr. Taiaierro hoped that Mr. Taylor would Withdraw
his opposition. The House would collect that he the
gentleman from Richmond. had uppased1he resolution Of
the House, the ground taken by tie Committee.
thai the management OF the Company had connexian
whatever will the signing Of these bonds-and that the
obligation OF the State could be impaired by with
holding the signature Of the Treasurer. The Commit
tee find that this the fact, aud that injury has resulted
10 the Company and to scnpholdeIs, aad they report
unanimously that the res luton ought TO be reseindcd
Mr. Anderson urged the views.
Mr. Taylor had received no rnore information than he
had, ~heu he voted lJ the resolutions; aud he could
therefore change his lie desired that the subject
might lie over.
A long debate ensued, in which Nessrs Toler Crucl-
field, Anderson VERIFY, Randolph aud Daniel Of Rich
mond urged the adoption of the Committees Report,
and Alessrs. Taylor and Iloeman opposed it,
Mr. Randolph had, from his position the Finance
Committee occasion olokinlo the aairsof this Comply,
and to consider them in all their bearings upon the fnan
Of the State. lie had come the consluslon that it
best 10 rosclnd the resolution and grant all that the
Company asked at the hands Of the Legislature. lie
made statement To show that this the best policy.
The substance this: That the Company had out
standing $3.50 600 scrpo meet this they had Of the
loan authorized ~ the State $35o,W0-the signing VI
which by the Treasurer was the subject Of the present
controversy. He would give them this signature which
pledged, & endorse 500 600 10 take up 9th
CT SO, 900 Of scrip BY pursuing this and author
zng the increase Of tolls asked for the Company would
receive all the tolls in money. and be able
pay the January interest and provide for all future inter
est But II the State stopped the issue Of bonds, the
$50 600 IN scrip would be receivable in tolls. and re
ceiving nothing but therown scrip, they would be uu-
able to pay the interest on their debt for than
yoarsiur which the State would have to provide ont Of
Inc tIan t,1,
whether the State should sion these bonds and uve the
further endorsement of 100000, pay the 100000
in actual money to meet the interest the Company S
debt. In these times. Mr. Il. could not hesitate " hat
COURSE to pursue He therefore would respond vorabIy
to every request Of the Company's memorial; but he
gave distinctly To be understood that it would be up
on The condition. that The State should take into hands
the election Of the officers and tho management of the
concerns OF the Company.
Mr.. lolleman deemed it but jus, and proper that the
Treasurer should retain enougholhe guaranteed bond,
to the State harmless account of paving the in
terest on the debt Of the Company To accomplish this
end, he moved the following substitute for the resolution
Of the Committee.
Resored, by Me General .lscmb'y. That the Trcasu-
rer 0i the Commonwealth be instructed to withhold his
signature from many of the bonds OF the James River
and kanawha Company. which were To be guaranteed
by the State may be equal in amount the sum which
the Commonwealth may be required TO pay on account Of
interest due from said Company the first day of Janu-
airy. 1913.
Mr.. Daniel very strongly cprobaod this proposition
lis morality and justice, he contended could not be do
tended 1t WIS the game of grGb, which was unworthy
OF the Commonwealth. The Treasurer could come into
possession OF the bonds only for the purpose OF signing
them according to the law; and 10 retain them would
be in bad faith and Mr. d. earnestly hoped the House
would never give lis sanction to such proceeding.
MIR. Ialiaorro suggested that the hour was late,
and the proposition OF Mr. loeman required considcra-
ton il would be better To lay the subject anoth-
er day; which was accordingly done
MIR. Icltwich offered resolution requiring the Com
mittce of Courts tot bring in forthwith bill TO empower
the Speaker OF either House to issue To wnes
cs To appear and give Testimony before committee Of
Their House, under penalty. &c--agreed to.
FINANCE REPORT
The Finance report was taken up and moved to be
made the special order for Monday.
Mr. Daniel suggested distant day, and gave as
reason, that the Stockholders of the Virginia BauL
had adopted resolution making important PROPOSE
ton 10 the Legislature, and before it could be presented
the Directors who meet Tuesday next would hav,
10 act upon it. lie read the resolution of the Stockhold
as follows:
Resoircd Tha, the Board of Directors of the Mo,he
Bank take into consideration the proprcty of making thu
following proposition 10 the legislature, with such mod
lfcailons the Board may deem expedient VIZ to re
ceive from the State $500 shares of the stock of TIN
Bank of Va, aud pay TO them 5000 shares the a
mount Of the subscription TO the james X. x kanawh
Company. aud $3.50 600. in the notes Of the Bank in tn
following manner $50 900 LIST of May $50 900 LIST
June, so, 900 lst July, $4,000 LIST August. $4,000
LIST September 100000 lst October, and 900 Is
| November.
Mr. Randolph remarked that the Finance Report on
y settled general principles, and could have bearln
upon the proposition from the Bank.
Mr. Daniel thereupon Withdrew his objection, and tn
Report was made the order for Monday.
PETITIONS.
BY Mr.. Crz, of tho officers Of l5Gh Regiment; b
Mr.. Anderson a rcmonstrancc of citizens of Prince I'D
nerd, against changing the time of holding Courts
said comfy.
The Has adjourned