Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-12
aiirntmta ze0taiaturc.
HOUSE OF DELEGATES.
WEDNESDAY,. Jan. ath. 1913.
Junes Pirer and kaaatrha Company.

Ltaes Hircr and haadtcha Company.
NJ. Randolph, from the Committee on Finance, Of
fenJ the following:
Re,irea. That the President of the James River and
Kanawha Conn aav be requested To delay the prescnta
tim To the Treasurer Of the Commonwealth for ins sig
nature. any other certificate OF debt authorized 10 he Is
sued under the Act Of Assembly, passed 23d March.
1899. entitled ian act 10 provide an additional capital iur
the James River and kanawha Company and tor other
purposes. y until the concerns Of said Company can be in
vesuraicd by a joint Committee OF the Senate aud House
Delegates, OF a separate Committee oftbis House.
Mr.. Rudolph wished II 10 be understood that be of
(rrrd the Resolution as the organ Ct the Committee Of
Finance, ami no, as expressing his views. lie gave no
opinion on he question. He hoped the House would
act deliberately, aud with duo regard 10 all the great in
,-res,s invalvcd. The rights Of indisidualS, the interests
OF The Commonwealth. were 10 be considered. II was
~ be considered that the Company had only been able
o. obtain credit IN virtue OF the law-and tBose indtvid-
uals who had loaned their money. relying upon the
pledge Of he State, were entitled 10 the favorable consid.
Grafton Of the House.
Mr.. MIR observed thai the resolution was not re
sp ,nsivc to the resolution oil yesterday. That directed
the Commiiice TO inquire into the e~Nredieucy Of request
ing the Treasurer TO withhold his signature. But the
Committee, instead OF making That inquiry, had reported
that the President OF the Company present no more bonds
Tot signature. lie had another Objection 10 the resplu
tion: ltimpliedly cast censute upon the officers of the
Company. without assigning any cause. lie therefore
moved 10 lay the resolution on the table.
Mr.. F.Imuads, OF, II. could not 90 into the mel, is on 4
motion 10 lay ON The table; but he could state as a reason
against delay. that 10000 OF bonds wrrc issued Sa,ur
day, and S50.AD yesierday-and unless action WAS had
now. il would be too late Ia act at all. It would be
like hacking the siablc-door. after the lnrse is stolen.-
HThe matter seriously involved the finances Of The State.
Vie repeated his conviction that the Company had villa
sd the law ol 1872.
\Mr. Anderson thought the "fic8f.a the csnpany
tht to acluiese. in the adoption ct be H., luton. OPP
Ptiun Ia ii had the APPEARANCE of anticipating the pro-
P,N investigation of the concerns Of the Company
sd voted yesterday against the resi- ullUn then cirT
bit this was very different one. As 10 reputation,
wAsesaed 1t 10 be universally L"3,sa, ,,at us ,,oust
,;aasAnt IN ass shape OF form r%epudiale any Of the obhca-
~ the CoHimonw wealth. lie repeated this assurance
nn,, 9pbasis. lie had always been opposed Ia tins i'm
p.,i,n".N; but he was for justice. From, sucl, oNami
ns,. a. had made. he was persuaded that the Com
~ ~, ru st,ful!y discharged ITS duty. Mistakes n,
49, zen committed, but very unavoidable IL az
-, ,lf' s gtsis magnitude. lie thought it The policy
lion. ,ai a. = &c Company. to concur in the resolu.
the in,r,'ia,,ion y y should take no new position unit
Al Mr.. Andeson's red, A. NJ =.
motion TO lay on the table. "' II "i'nuie" "'
Mr.. II Cock was opposed To II, =,
state a single reason ior his oppDs4.aa' %" 1u "9u.
OF the ComIaay is not the Off ier Of IT, II | fesoe"'
the agent of the Stockholders; aud bound 'ouse, ''H Is
wishes. Since 1889, the Company has is w, u'e'
certificates OF deb'-post notes, &c, eojorsed H., ii, '%"r
wouhh oe exchanged Tor current nutes. or the bonds ~
Ooinpany guaranteed by the State. The StpckhulH,'
were bound 10 redeem this promise. and thcy would Q,
Ptsa that the President would intorplsc NJ obstacle.
the holders OF these bonds called upon that officer for ,L
Guaranteed bonds, he had no alternative. but In compl
w4ah their requisition. Mr.. b. considered # snbstani,,
repudialion for the Stale 10 refuse 10 give lis bonds.
pursuance Of he law. lie did not cano forward AS III
special friend OF the Company. He was the friend ,
justice, and IN favor of preserving unlanished the fat
Of the Common wealth,
Mr.. Garneit had never been an advocate Of this Com
pany, but he had objections 10 The resolution. To obyi
! ATE those objections he moved an amendment 10 he enec
That The President be requested to withhold the bond
Nc-itin his opinion, the iaith OF the Common wealth wi
hot be violaied, nor the interests Of individuals and IN
COMPANY be injured Mr.. G.. could vote for nothinu
: which savored OF population.
Mr.. Edmunds expressed his surprise at the amend
ment, which he pronunnced most extraordinary Rcfc
10 the discretion OF the President of this bankrupt Gonna
ny tire Faith oi the State lie had already buried tn
n, credit Ut the Company in the Canal, aud that of III
State would soon follow suit, unless the Hons
i~nterposed. Mr.. h. proceeded at much length to al
raign The whole conduct of the Company, as illegal an
wasieful, and he made a statement toshow that the Stat,
VAS not bound Tor the debts of the COMPANY. lie rem,
dated repndiation, but warned gentlemen. that unles
they dissolved all connexions with this bankrupt cor
Germ, which had brought the Commonwealth to the verp
Vi ruin. the people would rise in their majesty, and hun
= out The responsibility of this House. aud send np fttip
= instruments to do the n amous deed Il. @. r~epudiate0 II
y seemed to favor the idea otclosing the mortgago-sellin
out the company, and takiag charge OF the improvement
on State account.
MI. laliaierro replied al large TO the remarks of Nj
E.dmunds. lie anlmadveried upon the character of III
attack upon the Company, and the critical period. whe
every thing was depressed, selected for making it. II
cnilended that there was M conneNion whatever be
Tween the signing of tlese bonds and the investigation
IN inch was to be had into the management of the com
pany. What, lift should turn out that the management
b mad been most ceDsurahle, would that relieve the Stat,
\ from lis obligation :? Would that justify it in saying j
Z would not pay what it had promised to pay Would
b deprive individuals Of the right arising under the law
individuals, upon the faith Of The States contract witt
b the Company, had loaned the Company money-if the
company had been extrayagant, as alledged by the cen
! tleman from Halifax, would that release the State !
d What had the investigation, then, to do will, the siq,ino
I Of these bonds 2 Mr.. Il. expressed his willingness "a
y have the most searching investigation into the concerns
s. Vt the Company-and he felt authorized TO say sucL was
\ the wish Of the officers Of the Company. MIR. Il. pr,-
4 ceeded to viDdicate the Company from the attacks ofNIr
e Edmunds, and to dwell upon the injurious effects of i'm
3 pairing its credit still more. II had incurred great loss
j ~ the fresh Of last year II had recovered from that
and the canal was now in good condition.
But there Were no hands uipn the whole line-and il
: small breach should occur the whole navigation would
be instantly arrested. As to selling out the Company.
lie desired to know if the State would take for Il double
the amount it cost? Would it not prefer to we double
the amount, than that the Canal should not exist? The
Nsompany, il was said, bad violated the law. Mr.. r..
EshaSfd hat il there was any violation. it was merely
! ttctuhcaE AMI that the spirit Of The act had been rigidly
,ahsrrved. The Company, however, had acted hy the
hest legal advice. Mr. 7. regarded any refusal Oh the