Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1844-12-12
{ Continued from, 1st page. J

tnese means The company has never
yet reSorted, and could not, it is be-
lieved, in the present condition of its
affairs, with any reasonable probability
of success. SO neither has it ever vet
resorted to its credit separately from
the guarantee of the State, and as that
guarantee has not been sufficient at all
times to protect it from injurious sacli-
fees, it is in no respect probable that
it would of itself be basis on which
any considerable sum could be borrow
ed.
AS to the income of the Company,
consisting of its tolls and water rents
it is buldened with an amount of de-
mand upon ii already, which is almos:
if not altogether equal to its capacity.
The ordinary and current expenses
the annuity of twenty-one thousand
dollars due to the stockholders of the
old James river Company-the inter-
est upon its one million and four hum
dred thousand dollars of guaranteed
debt-the interest also upon ITS two
hundred and fifty thousand dollars of
State loan, not to mention smaller La
bilities, have all of them to be paid off
before dollar Of income can be APP
piled by the company to the resumption
and continuance of its work.
From this brief sketch, it may be
confidently assumed, that the Compa-
ny has no means of it's own, and none
at its command, with which it is at all
able to complete the unfinished part of
the great work confded to his hands.
In this situation Of things as the aban-
donment of that work in no degree
possible, it is matter of no little en-
barrassment to determine what is best
to be done. Several different courses
present themselves, each of which has
its difficulties, and each also in some
form, requiring the previous consent of
the company. One of these courses
is, that the State, which is now the
owner of three-ffths of the capital
stock, and which either owns it's own
right, or is bound by the guarantee for
the outstanding debt of the company,
shall buy out the other shareholders at
some agreed and equitable compensa-
ton, and then go on to finish what is
yet to do, as its judgment and ability
may direct.
Another is, that the State shall di-
vide the line of improvements with the
company, leaving to it all that it has been
able to finish, and taking upon herself
the completion Of the residue. An
other is, that the State shall advance
such amount of funds to the company
asshall enable it to finish either some
particular and suffering part of the
work, or the whole oft.
After comparing these several plans with
one another, no one Of them appears, upon the
whole, to be suited to the actual necessities of
the case,so little perplexed with practical diff
cultles or 50 consistent with the general duties
Of State to her people, as that Of taking back
with the consent of the company, such part of
the work undertaken by it as it is unable to
accomplish, and leaving it in the full possess
sion and enjoymens of every dollars worth
which it has actually done. By this arrange
ment the company ,on its part would relinquish
in effect nothing but its difficulties 1t would
relinquish its struggles to accomplish an i'm
provement to which its means are unequal and
would at the same time retire not only with
quiet title to such portion of the work as il had
been able to do, but would have the profits
and the value Of that portion greatly enhanced
by the execution Of the unfinished part at the
expense Of another. By this arrangement, al
so, the State having the command of the i'm
proyement, would upon her part, be enabled
to carry it on according to any mode, under a.
NJ agency, and with any degree of energy
which she herself might Judge to be best for
her own convenience, and for the wants and
interests Of her own people. Nor could she
doubt or hesitate, IN this case, as to the nature
aud measure Of her own obligations, because of
any expectation or any hopes Of release upon
any power but her own. No other company
could be better supported by wealthy partners,
by public confidence, or by liberal legislation,
than the present one has been, so that its in
ability to struggle through with this improve
ment may be taken az a final proof that the
State must do it for herself, Or must leave it
undone. To leave it undone, however, she
cannot and will not.
F0rbearng any further view of the MANY
which might be submitted upon this plan, /
recommend it to your consideration and adop-
ton, as the best which circumstances admit
Of, Should the Legislature disagree with me
in this opinion, the next most suitable measure
in my judgement, though to be adopted not as
plan, 5ut as temporary expedient is, that
the State shall loan TO the Company such sum
as shall be sufficient to save from ruin and rem
der available in some way its disjointed works
between Lynchburgh and the mouth of the
North River--slpulating, if it does so, that
lock and dam Improvement may be made be-
tween those poia.s, if desired by the company, |
or railroad. if desired and which it is thought |
can be made by a judicious use of the works |
already there, at some eight or nine thousand
dollars per mile. would recommend also. as I
accompanying condition to any legislative
grant that the vote Of the commonwealth as
shareholder BE- increased to something more
justly proportio1ed than the present one to her
stock; that it be divided equally between her
three nroyjaa yvhn abs N fhornoo1voo he ooJao4od