Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-01-14
RICHMOND DAILY WING.
TUESDAY MORNING. JANUARY -. Is.s.
BANK or viRciNM-yAMEs RIVER q KANAwuA
Pm

| TUESDAY MORNING. JANUARY ~. Ists.
BANK or vIRciSM-JAMEs RIVER 4 KANAwpA COM
| PANY-MR. PRESIDENT CARELL.
The Stockholders OF the Bank Of Virginia will this day
continue their accustomed annual meeting their banking
house in ills city. for the pur pose Of e citing Directors
and giving the necessary and proper attention the
rests OF the corporation Were the meeting
only with the usual course Of the business Of the Bank
we should as usual not feel ourselves called upon
tee its transactions But having just heard that this meet.
ing to be made the OF what consider most
unjust attack upon the presiding officer the James River
and kana~ha Company. beg leave respectfully
nonsirne with tho body OF the Stockholders generally and
especially with those coming from the distant parts Of the
STATE against the character and tendency this extraor
binary proceeding.
IL Is now upwards OF fourteen years. since Mr. Joseph
c. Cabe the President OF the James River and Kama
Company, entered upon the difficult task Of endeavorng
to raise up and to carry forward the heavy and difficult
enterprise with which the Company is charged His Ia.
bours upon this subject well their results have
racted the notice Of the whole State. The annals Of our
State scarcely afford another Of such unng
perseverng devotion, under difficulties and embarrass-
mcnts calculated shake the courage and the stout
est heart IL is the object Of OF his eneme. to re-
quite him for all that he has DONE by dsmssng him alb
rupy, from the office Of President which he ha. held Mt
the invitation OF the Stockholders of the Company for the
last years, and ha the s blow shall be struck by the
| Stockholders of the Bank.
In order to understand and to appreciate lust val
We the camoT raised against the President of this Compa
ny, We respectfully invite the Of
OF the Bank to the following bnei specification Of estraor-
binary causes OF hostility to the James River and Kanaw
| ha Company.
l. This company certainly, although very uniustly has
fallen heir TO large amount OF dssatisfa con which
had been exced against the old company by various
e. but especially by the unfortunate and njudicous law
passed at the session OF ls245 which raised the tolls
the old canal in direct pledge contain
ed in the act Of ls21lha burhens in the form
oi tolls should be visited upon the people the line Of the
river, until the improvement should reach them and
then only the OF - OF saving in the expense
Of transportation produced by the substitution OF canal
| for the navigation the river.
In the extraordinary struggle up the heavy sub
scripon along the line OF proposed Improvement which
prevailed in the years 1882, 1899 and Is34-tbe popu-
!auon OF the county divided and those adverse TO the
subscription, subsequently lent n ready caumnious
charges against the company from the disposition preva
lentamong TO sustain their opposition scheme call
ing Tor liberal contributions OF money uphold tn, il
precautions TO superior sagacity and Judgment.
5 A virueni hostility TO the improvement existed
with numerous class OF small farmers inhabng the belt
oi country some ten miles in upon either side Of
James River who the old navigation by
OF baeaux and by the substitution the canal lost
the profitable branch OF business which they had previous
y enjoyed.
4 The hnal contamination Of the charter in May 1885
preceded by extraordinary regard 10 the
advisable plan for the advocating
n canal, lock and dam navigation and some con-
nuons railroad aud tho preference given by the Compa
ny the canal policy, mortified offended the advocates
of the rival systems of Improvement who 10 this day
seeking revive the question: and look with psiudiced
upon administration based upon plan which they
disapproved
5. As the Company organized the presiding
officer unfortunately incurred the dispeasure of the whole
line OF wealthy and influential propretors owning the rich
bottom aopg the river, by his before
the Board OF Assessors TO reduce reasonable standard
the damages claimed for the lands condemned
for the of4ic canal.
q. The inability of the Company negotiate the qua
ranteed loan in 1889 followed unavoidably BY the
issue OF post and these post notes. after their
ISSUE fell below their par nominal vaue whereupon
spectators in these post Richmond Lynchburg
and along the line Of the canal cried down the admnsa-
ton Of the company with ho view of reducing the price
Of the paper 10 make profit by increased dis
count. and an exchange for guaranteed bonds.
Z. The determination OF the President and Directors
Nov 1885, TO break ground above the of Lynchburg
and to postpone the building Of the bridges James
River, in order hasten the canal Valley although
a measure approved by Of the House Of Delegates
in Dec. 1891 excited violent resentment at ynchburg
and in the whole OF the South side countess IN
of which the enemies Of the company been enabled
10 give wide spread circulation uniounded Of the
administration OF Its affairs.
g. An original difference Of opinion among the friends
of the scheme OF improvement the question whether
1t should be organized the basis Of State SYSTEM or
upon the basis OF joint stock association has been anot
and inconsderbe Of opposition to the com
plny the advocates Of State system crying down and dispa.
raging the company in order make way for the nroduc-
riou Of what they deem preferable Attic me.
morable session of lo37s-he advocates of State sys.
Of policy-contended the floor Of the Legislature
that all the lines Of improvement should be
account. and ved and backened the Joint stock SYSTEM
stigmaizing it under the degrading ephes of stealing
and thevng system " and continuing their attacks the
session of 1889 succeeded in weakening confidence
far is confidently beeyed) have caused the rejec-
On Of the bill providing additional capital for the Com.
pany, which attempted with good prospects Of
in the OF that session. This unfortunate scheme
more recently at the Lewburg Convention in August last,
and still recently the late Annual Meeting Of the
Stockholders rise t. hostile tending the
overthrow Of the Company in the form either Of invitation
to augment the vote Of the State, give it decided
preponderance in the councils Of the company, Of
open and direct assault upon The charter by surrender to
the State OF all the Companys work beyond the OF
| Lynchburg.
g. To the causes of hostile attacks upon the adminra
ton Of the company specified above, is also be added
the unfortunate anxiety Of Of the class OF larger stock.
holders get VI the scheme and the desire
psh this end by the overthrow Of the existing company
and transfer and sale OF the works to the State.
TO- The opposite and conflicting interests Of other
lions Of the State, which opposed the heavy drafts
made upon the funds Of the State in favor Of the Central
improvement and which, under the inue OF violent
prejudice strike nj the system iise through the admins.
traon Of the Company.
u. Various focious interests along the line Of i'm.
provemen which the President and Directors, in the
firm and honest discharge Of their duty the stockhold
have been compelled to Offend aud consequence Of
which the parties Interested wage a vindctive warfare up
the administration Of the Company under the mask u
the public good.
~. The desire OF the cute disloJge the ms, and Ia
break the head VI work confcssedly and dis
ngushed IN the STATE the hazard Of destroying
public confidence 10 the scheme, and Il buryng unde
it ruins the universally Acknowledged have been
chiefly instrumental IN building IL up.
49, The necessary Of raising the tolls in order
the engagements Of the Company for interest and