Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-07

present action premature Even if this resolution is
adopted, it cannot be executed at once, and nothing will
DO gained iby action to-day. We should not PREJUDICE
this company. lie maved to lay the resolution on the
table.
Mr. EpNrSps trusted the House would M, Law the
resolution the table. On Saturday last, $40 600 Of
the bonds were signed, aud yesterday, $4,000 were
signed Hence, unless &C, CT once, We will be lihe
man who locks the Stable DOOR after the horse rs
stolen. The Finance Committee are unanimous Tor Ia
vestigaton. Ills crnion was, that the company hau
violated the law OF last session and shall we not inves
raie charges 50 sorrows this because it would III
yolve the character of the company lie could prove
10 the House that The company had violated The law
Mr.. ANDERSON hoped The gentleman from Henreo
would withdraw The motion 10 lay on the table ("'f'
McRae withdrew his moi.on) lie hoped the tious'
would adopt this resolution without debate IL 10
simple request which the Directors OF the company a"
their friends should grant at once, and ao"
stand they do now, until we are sa'shed ai'cf ~"
investigation that every thing isright: - r.,
MIR BococK did not rise TO place hiihseh Is 'e"0
Of the James River and Kanawha Company Ou' ne re-
GREETED that he could not go with gentlemen, anu i'
this reason. The President oi t,s James ' a.N
Kanawha Company is not the officer VI "a,' g.,
and is not bound 10 obey our WISHES :, ~.
Stock holders have made arrangements, ny wac" 'iI
President is compelled 10 give out these @ua'a"eI c
bonds in the redemption OF the post Eo'e' '''1 .
Gates of the debts Of the company anu o"' '1' '
trIII
Of the honor Of Virginia, if, after passing binding
law and pledging faith, act so As 10 interfere
with lis preservation; lie opposed TO The smallest
shade os repudiation. =.
MIR GARxETr moved TO amend the resolution, bv aa
ding the words Prov;dcd in his opinion, the faith oil
the Commonwealth will not be violated and no irJnry
result either the company or individuals thereby
Mr. GARSgrr The faith OF the State has been
guaranteed for tes" bends and lie was opposed 10 every
Species OF ne wished the moci-
6c,,;on Of The resolution which he liked 10 make us
paa:able possible
Mr.. EpucNn. thought it the mos. extraordinary pro.
,,s;,on that this House should repcsc the bosom OF
the President of this company the power to judge OF
the faith and crcdi, of the State This question has
| no,hing 70 do with the credit of The State. These
bonds have never been the basis OF debts. The reso-
linton merely proposes 10 prevent these bonds from
goine into the hands Of an insoivent company. I'm.
ya,c creditors cannot look 10 this iund, and lie ia OF
the State is not at all involved.
Mr. ANDERSON regretted that his friend from HALIFAX
had been forced 70 into the merits OF the question,
because he differed with HIM entirely. lie was no ad'
yoca.e of the company, but lie would do justice ana
saw that as far he had Investigated, lie was o: OPT
mon that the company had performed their duty but
suspicious had gene abroad about the company, aud
tins resolution should he adopted in oIce. TO clear up
these suspicious. lie assured his friend from Bucking
ham, that this House lar from reputation as
himself: but thought :as resolution ought TO receive
the favor even OF the friends OF the company who
should desire the fullest investigation.
Nj TA1IArARKo insisted, that the resolution report
ed from the Committee Of Finance ought not 10 DC
edop.ed because IL could result in nothing but evil
The Sta e had empowered the James River and Ia
nawha Company to borrow 81. 100000 and agreed Ia
guara:ee the ultimate payment OF The principal ana
the promp. payment Of TIE interest l. Is nov proposed
to decline the guarantee q the Company, on the ground
tl; / had u;isuana -ed ITS ataiis Ii ta ~ TIE pr"
position then II amounts ;is, that after giving the
Company powe. 10 contract a oan and agreeing Il
guarantee the Commonwealth proposes TO refuse The
guarantee whether the Company has contracted loan;
or not on the piicited faith Of the STATE This is re
pudiatlon, which strongly reproduced in all quar-
ters Of the House. If THIS not the proposition, then
i; amounts 10 nothing for good, as 1t would result IN
this that the guarantee should be suspended un an
examination OF the management ct the Company,
be then made whether that management shall be found
to have been good or bad In tins point of vew the
resolution amounts 10 nothing, AID should be rejected
But il should be rejected for other reasons equally
strong. The work is in exposed and critic a.
condition; the Company is without hand Oh the Ca
nal from this 10 Lynchburg There is reason to fear
breach even a. this moment, and now this movenen;
comes 10 exaguish the already impaired credit Of the
Company, and render il impossible to employ hands a
ALL al grossly unequal TO rates al Nhc. they
can b. employed IN the country. This pnls the hole
trade and interest Of the upper country connected with
the Canal to imminent, peril We have already lost
enough fro the breaches, resulting iroE accidental
causes, without beng exposed 10 danger of soppage
affected by Legislative action IL Insisted that the reso
Company had violated the provision Of the OF the
last Ir. Taa.er5o SAID, that he did not stand
he-e the advocate al the Company, %, Ia defend it,
he must however be permitted 10 say, that the charge
comes with but lilte ground Of prop.iey from III,
STATE if even should be true in the letter. wien The
facts are understood. The referred loaned the
: Company $3.50 900 State Stock, and provided tha
The Company should with 1t redeem the bonds hypo.he
Gated in London and Holland and apply any balance
in The redemption Of their post notes and script The
rha 70 lat his hac pr
said the London bonds had been redeemed, and sui
fciency OF the stock, estimated nj SO per cent had
been reserved and offered 20 redeem the Holland bonds
Ii had been eced by the holders of the bonds al 90
per cent THIS was fixed BIZ the Board of Public
Works as the minimum at which The stock should be
Sold and the Holland bonds had not been redeemed
only because the stock could no; be sold, and the
stock, all other things, had since deprecated 1t is
in this state Of things that there not sutciency to
redeem the bonds. Mr. Ia.atcTTo submitted to the
House that the Company not Justly reprehensibe
for this Bat, is further charged that part of the
stock had been withdrawn from lis proper destination
and applied in othe. payments not contemplated by tine
act, and thus The Holland bonds not redeemed -
Mr. Taliaerro said The State t:e last from
shich this complaint should come. Upon docking to
the facts, it will be found that the July nstanien,
Of the interest the guaranteed bonds paid ont
Of tins fund, and also the States dividend The
first relieved the State from The payment of the
interest, and the second put money the Trea.
sury; and now we are found complaining Of this
and DANGEROUSLY insisting that in tie stead Of such
an appropriation of the funds, they should have
been applied TO the redemption of the post notes and
scrip, OF the Company In other words that the Com
pany did not throw the whole loss upon the State II
IS true that in this there may have been violation oil
the letter of the act but should not complain when
II reGcunded So much TO the advantage OF the Com.
monwcnlth aud the relief OF the Treasury Mr.. T. said
he would present one other view. The Company had
now ont, as he was Informed, something upwards OF
100000 post notes and script The entire tolls 10
the Company paid in these post notes, and the whole
amour, be absorbed, before dollar in
money come into the Treasury Of The Company =
This be- effected in less titan three years. In
the time, the interest on the guaranteed Loans has
10 he paid; and the effect OF the resolution, If adopted
and carried out, Will be TO throw the Lu,then of the
payment of this interest for three years The State
The State will he compelled TO pay the interest to the
amount Of S270,OD0. This, MIR. +. was ANXIOUS 10
avoid: and tor this he opposed the resolution
for, il the bonds permitted TO go, the Company will
redeem, by the first Of April, by their means and from
tolls nil these post notes; and then, receiving money