Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-12-11

wSfSSs OF INTERNAL Improvement in the
State, will be reported upon by the
Board of Public Marks, and TO their re-.
port beg leavr To- refer yvi FOE such ins
formation upon this srbject generally as.
you may desire To have. Iwoa'd how
svor, especially rucorpmcnd 10 ysur al.
fention and li-cral regard. the case OF
the States subscriptions TO The baltimore
and Ohio railroad cnmpany; and would
also bring to yonr noti..c certain su u es
tons an the report of the Richmond.
Fredericksburg and Potomac railroad
company, touching the application which
IS proposed TO be made of the Slate's
share OF the divideuds on its stock.
The g'eat central line Of improve.
ment, extending from tide water al Rich
mond 10 the Ohio river, which has been
entrusted to the james River and K,nsw
ha Company. is in so many respects PC
cuffar, IS 50 connected with the most ex
tensive and fertile dependency Of our
only maritime cities and is withal in a
situation so embarrassing al present to.
i,s further operations, that 1 ;aka leave
TO recommend itl your ear i~st con-
ALTERATION, with such remarks as the iu,..
tsrests involved seem To require. Pas.
!. sing over the variols md anxious er
tofts OF which this sine,. in .some form g.,
20 some extent or other has now been the
subject for upwards Of sixty years. il
Will be enough, historically, 10 say; that
: IN 1882, Thepresent. James River and IA
ndwha Company was incor pc rated with
I: acapital stock OF five. millions OF do lars
and with the right Of augnenting it 10
eight Mullins that the State became a
subscriber TO this Company FIRST TO the
amount OF two 6sths, aud afterwards OF
tiree hiths of the five millions, paying
one nth OF the sub cription by The trans
Ter to tho Company OF certain works up
: on the line which she had previously
constructed with hero fluids, and the
balance or two millions in money, and
hoiding herself by charter free TO take
or not 10 take any share in the augmen-
ted capital. The other shareholders in
this company are individuals who hold
about eigh, hundred thousand dollars of
the stock, and; the corporations Of The ci-
tS OF Richmond, the Bank OF Virginia,
the town of EynchJars; and Washing
ton College, who held the residue, The
Company thus constituted, was charged
whh'ihe sum at which the State in 1920
had purchased out the sights oflhe first
y
perpetual annuity OF twenty one thous-
AID. dollars; and il was further charged
with the daiy Of com lctm5 the whole.
line. from tide water at Richmond, to the
Ohio river, upwards OF 400 miles, with
IN twelve years from its first organiza-
aIens under pain OF forleitiRg its charter
THIS organization having been effected
ia December. 1884, the Company pro-
ceedcd at once 70 the execution Of the i'm
mense work which was committed to |
their. hands, and since that time, have
haIshed the existing Improvement be-
tween Richmond and Lynchburs-have
exPeaded heavy sums in execution de-
fached, but, as yet, incomplete parts OF
The daae, between Lynchbdg and the
mouth OF the north river, in the county
aoi kockbridge- have provided, at great
trouble aud expense, The surveys and es.
Inmates which were requisite. both TO
n Jndicious selection and location OF
the foute-haye paid large damages to
property holders fer the right Of way
have added, by purchase, the Richmnnd
dock TO their chartered limits, aud nave
so improved this, as 6t il to become a
useful apPendage, not only to The COM
npefce Of the CRY bur 70 the final profits
OF the canal. 80
In these various operations and ex PEN
dltdres, and perhaps others connected
with Them. the capital stock Of the com.
Pany has been fully expended, nearly, il,
not altogether the additional sum.of one
million six hundred and fifty thousand
dollars, of which one million four hum
+. dfcd Thousand we're borrowed BY the
company under guarantee of tie State
and two hundred and fifty thousand al.
rectly advanced by the State a. a loan
Looking ut these expenditures, and hen
at results, IT IS proper to TecoIIeot, that
one million Of the Eve consisted OF work
which have availed but little for actual
benelt-that the annuity Of twenty- one
thousaad dollars. charged upon the com.
Pany was equivalent to the abstraction
from its capital Of three hundred and
hhy thousand, that sum being necessary
10 produce u 81 six per cent.-that hun.
hired thousand dollars, or more. have
been lost by delinquent subscribers, and
that the work has been prosecuted under
marketable rate for professional wa
ges, aad Tor every description OF mater.
al 30 exlrava2ant bcyOnd all former ex-
ample as 10 have added, IN all probabili.
~, nalf a mill Of dollars extra, to its
coss- When these items are combined.
whategor - the tight 10 which the oper
aiioDs and expenditures or the company
are still considered, il must yet be admit.
ted that they have been c0ndacled under
BARRIERS and atdisadyanfaRos which have
lost to ID many q mile Of Additional Inn