Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-01-18

" about $50 sharc. d It's oun .,ocA rrse-. ssr,s
hsdssen nsds 20 dispose % IT, Taoss who anxious
that the Bank should accept the law learning ,h., stock
could be purchased determined buying ell Of this stock
and ls2 PERSONS took the whole Of s eli0 per share
and stands there poinne the transfer bookl transfer
rs ~ tho then CssAiss ef IL Bank. acting ~ IL sssho
~ of the Board VI Directors, these real ses bona 6ds
purchasers of tho stock, oil of whom paid the Bank oiit
for each share thus transferred These purchasers among
the most respectable persons in this State let any
look at that list before and no will say th,
Is 40. Shortly alter the general meeting. tho mos
OF this Stock sold and transferred person, bu
oil OF not thus transferred. Of yet remain,
un,ranscrrcd. and part Of held and sold unit
brought Sle share. stop here and ash, Docs
man here charge that this stock transaction
Mr. Cabcl had any participation affirm, that he neither
directly nor indirectly took part in ton tho contra
~, he then than hundred mile. from Richmond
At his home. now hear il said. that who active
in getting list for these transfers. afterwards received
and holds lucrative office the service Of the
Pany and the inference is avowed that this the
ward bestowed by Mr. Cabei tor these prior services
hardly know how to meet such suggeson the inference
totally unsustaincd by the fact existed
that cannot see how any impartial and unprcjudeed
mind could draw il. But the fact so-hc company
organized until ls35 the office referred to was
then filled; the incumbent died. aud appointment
made; this ncwy appointed oiccr-I the Col
iector, at ACKNOWLEDGEMENT in office until 1870,
when he died. and then, aud until then, the pre-
officer appointed slow, indeed Was the President in
bcstowiny the reward for the services rendered in 1881
lie gives the desired office To others before his impu
Ted agent has it bestowed him. But in TRUTH there
nothing in all this the gentleman referred TO had removed
to the county OF Abcmarle aud there purchased large
and valuable property. which, several years. he con-
tnucd to reside. until overakcn by Of fortune
he returned the City OF Richmond highly esteemed aud
respected by his friends until another vacancy occurred in
tho Colccorshp heres and 1t then given him by the
President aud Directors With the action oi the stockhod
OF the Bank making the subscription the stock Of
the company, Mr. Csbc have every reason To believe
had directly otherwise.
IL IL secondly objected. that Mr. Cabcll has proved him.
self without capacity for managing this work. because Of
the unnecessary and lily dimensions OF the work.
too magnificent, crclams gentleman-a canal OF fifty
feet width aud five feet depth, unnecessarily LARGE
and gravey told that Engineer really Thought
Canal OF 30 feet width and three feet depth ample
size Are gentlemen really serious when they urge such
aguments Trke their 30 feet canal and how many boats
propelled by horses think you there would 10 IN Such
work might afford passage for the Indian canoe, but
certainly Tor the heavy aud rich trade OF the James
River Valley.
But appropriately here (sad Mr. ScotD may pause
and insist that there has been sngl. objection urged
against the capacity of Mr.. Cabe director OF ths
work, which is answered by the fact that every
complained OF has either been first directed by
At the very frs, meeting OF the Company in 1885, n
committee composed among others, OF Mr. Chapman John
son. Gen John H. Cooke and Col John Rutherford Of this
city, were appointed TO take into consideration
matters relating To the Company. Among the important
questions then debated and decided rst what should
be the plan Of improvement and record, what should
the dimensions OF the Canal Both deliberately con-
sderod ably and olaboratey discussed And with all the
lights then before ,hem tho Stockholders sm.res deci
ded that the Improvement should be made by Canal and
thai, its dimensions should he so feet wide ind feet deep
Here i the recorded evidence OF these proceedings con-
tanned in this pamphlet. Aud now it is denounced as an
offence Of Mr. Cabe tina, he has made this work too mag
| nIfceul-too costly.
The ncapacityi further proved, say gentlemen be-
the Canal cost great deal more per me than Judge
wreh estimates made the cost and that Mr. Cabel ought
have known that these estimates allacous This
imposing and Unprecedented responsibility on the
President OF this Company-one which il applied TO the
Presidents OF other like Companies would strip them
OF power aud authority. ask said Mr. Scott where
has such rule been adopiedl The Engineer is Sc
ecied ior his superior skill in, md knowledge Of his par
teuIar calling. Upon his judgment and integrity you must
rely II you adopt different rule Why employ the seTy-
OF these professional Let your President be En-
gneer and President Look abroad and learn from
the experience OF others. In England tho is
the possible, that the If their Canals Rail
Roads, other great wort OF internal improvement cor
respond with tue estimates of their learned and ex.
periencod and tsiy Engineers The almost invaa.
bly, exceeds the estimates from Is per cent under the
mos, favorable circumstances In in New York,
the actual exceeded the estimates many millions of
dollars But whose fault ,hisl Whose incapacy
did prove! II that of any one, surely Of the Pr,s-
dent al any one OF these various Companies.
Let 1t be borne in mind that in crse, the reasons
why this difference between the estimated aud actual
Of tho canal has existed have been long gwen
public. Judge WHghrs estimates were made upon the
low prices Of lS3l-ls32, &c The contracts were made
under the high prices Of 1886 1885, &c. Who does not
remember the contrast From 1891 1896, no man with
truth deny, that prices advanced from 80 to 100 Ger
The average increase IN the value labor and ma
ieul, least GO per cent This ut once
great extent for the difference alluded to. Look fur
Their the change and IN 1882 when prices were oc
ming trade become strgnant and revusion in the bust.
ness Of the country had takcn paeo--ooniracis above
LynchbuTg made, a decline prices from IS 10
so per cent, payable bank noes, post notes
OF the Company In with the Pcnnsyiyania ca.
nal the Chesapeake and Ohio canal the cheap
est by many thousand dollars per miles And say what
others may, comparison Of the construction Of the one
with that OF the Others, will prove the inerury of the
James River and klnawha Company Again. and again.
upon various calls, and many reports, has this charge
against Judge Wright and Mr.. Cabc been explained and
fefutcd, and abandoned by it, original pronu gaors-sl
1
tile reasonable limits OF such address this, Mr. Scott
said, could hardly be expected, that lac should 60 into
all the details Of the contracts, prices. &c.
III terms 81 unmeasured condemnation has the Of
post 1879 been alluded to here and elsewhere This
hs- been done total disregard oi the difficulties that
environed infant work. Permit me, said Mr. Scott,
here briefly them IN consequence The failure
of the Of the Company, and It's inability 10 meet
the demands upon IT, by the neglect inability Of the sub
scfbors Ia pay up their subscriptions law passed
durng the session Of 1893 and 1889, msko large oan
the d the Bond. Of the Company lie guaranteed
by the state Energetic in the carly part
~ the 1899 adopted aud pursued negotiate te
Al proved unavning. The di.crod that had fallen on
Of the States made 1t very difficult II impossible
to negotiate loan for any considerable amount Moro
than S70Oo00 OF outstanding subscriptions due the
Company, Of which near S3OO,OOO was due from the
| City Of Richmond. Such the Of the
the Company. These not avnilable at the moment
Il -, Ia. ~ IA