Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-03-12
MANAGEMENT OF THEcANAL

MANAGEMENT OF THEcANAL.
Ga this subject complaint heard by and so
say nothing tia, general heed unless shall be embrs
ced in some one OF the new objections directly OF by mF'
BOOKS, PAPERS AND ACCOUNTS.
On this head add but little what is said by the
former committee. But from the resdae,s with which
oil information furnished by the officers i the
Psny from their books and papers. and the system
which appeared IN all their which have
amncd have doubt but that all right in this tepsr
ment We did not feel il necessary examine critically
this department. IL had been practicable to d. in the
time allow ed for our abours, because did not uujers
tand amy objection casting suspicion Of doub,
this subject indeed two OF the who appeared
before US and made objections expressly ajmd that they
had no doubt bat that every athng which had reached
the cvnpany from had been expended accord
ing 10 law. Another which induced Us Ia de-
cline attempting such examination thstws were far
nshed with certificates and statements Of examinations and
settlements snnuslly made by competent book kee
per, and committee of highly Intelligent and respectable
stockholders who have heen distinguished mcr
chants in this city; copies of which furnished in
pendiS marked (BD
AGENCY.
On this head COMMITTEE will add but little TO whi,
the former committee have eaid They have received from
the engineer CT the company f. H. Gill; comparative s;a,e
nenf which Will he found I'm the appendix marked tC)
the annual "otdnay expenses OF this and other lines
improvement; and from that statement IL appears that the
annual ordinary charges Of line, less than like char
gcs those lines Iii believed, Also that ne i
oil but construction, the ordinary expenses growing
out ct annual repairs will diminish TILL it becomes
say 20 substitute stone Tor the wooden locks now IN use
part OF the line.
Your committee, however caused statement 10 be laid
before 'hem showing tho salaries and compensation OF nj
the companys oicep whch will be found IN the nppcn-
dix marked IDl and they OF the opinion that II the
work s To progress originally contemplated, those sala
mes are but reasonable But At shall be the will ct the
legislature to deny further aid at this time 10 resume the
progress OF me WORK WESTWARD IN that case your Commit
tee are OF orGion that the salary OF the president, and Of the
secretary now each $4,000 ought to be reduced SSOo
:, . 80 senn "o -. 800; ~ ".e ;, '''''
.rb.o ,,, .,.' g - 1i ".s" . 49,, =;
IN. nr,s.,, ,n,,i,,,r ~, a. ,,,.', III 10. ,a..,,.o.
h,,rrJ - h,stII y; -. 80 ~. - - - ' :;
f,isI.,on, aS ;,S -, .,. ~ ~ wv "
~ nrrr 49, ,.,,-, ,,, ,,,.,,
ii'E'''iS3Nb VI Ezra IoNS-iSS.S oE foSi
NoIES.
On this subject refer TO the evidence did tie
former committee vindcang aud unns the issue OF
post notes annual report of the company dated 18th
December 1889, pages $40 10 SAG appendix IL will
he by that report that the canal then unn
shed state throughout tie whole line from RicLm md
Lyncheusg and but Tor the issue Of these post the
company could mol in the then state oi the market
IN THIS country and a5icad (Which utterly forbade the
soanon % 'ne bonds on the terms provided 10
the act o 80 MsTeh 1889 have completed their line "a
Lynehonrg In the language OF the document referred to-
Tue issue hau ho' oeen mace the works mus inmenia.y
have sioPped AMI the suspension would have been followed
ov the meet !su Consequences IN The various forms Of
damages recovered by the whole line OF contractors for VIC
aucn OF enat,cts OF the destruction OF capital by tho de-
cay OF unnsG works. at the less OF tolls by the failure
TO complete the canal 10 ynehburg; % the total dsband
ent ana dispersion OF the whole crops Of engineers o the
disgrace. and perhaps entire su5yesiOn the whole
scheme OF Improvement" As tits, note work sin
cessnl oppeIsOn l1b3 miles, aud II Is believed that we
are indebted Tor It 10 the issue OF these post notes
ms Is Ho' a'. IN december 1883, "hen amonon was
macs 10 arrest Inc wOa ABOVE Lynchbag on the ground
'na' wouid Cost too mueh, as 1t was to be pad fr IN
me posi- hoes Of the company whch mad deprecated OF
with uePecie IN 'ne naTHe the legislature refused 10
interfere, and thereby implicitly sanctioned the issue OF
hese notes
NEGOTIATIONS OF THE GUARANTEED LOAN.
Concurrng las your committee dol in the general views
expressed by former committee under this head they
have yet deemed due the Importance OF the subjects
TO examine IN detail all the evidence documentary and
oihcr which they have had access relative 10 the nero
tsons of the loan authorized nv the act of in, m March
1899 fEc subject has been considered hy YOUR commit
unaer tue following general heads: LIST "a Respects the
employment OF agent 10 effect the negotiation: ID as
relates the coanenance alleged TO have been given by
the president the company To the employment Of the
funds republic of Texas for the usr Of the James
aud kArawha company; 81 "a respec, the extent
% the Just n rsby ul the president and for the
commitment, vi the : sterling bonds in E,n, ana
ii respects renewal OF Gen Hamlions se,ncy on
his Extopa in the summer Of 1912 In making tins
Investigations s nlo
nectOn wia, the presented and statements made
by gentlemen who have er2esred before then, in ,io nc,
gross OF their enquiries esaiaaed and passed in review
yoamnous correspondcace covering prioi m more
hau years. sud they viii now proceed TO sate r, y
the results which they have come 4 detailed exnosi
of their this liae is not oaly impraciicahs
bu; also perhaps rendered unnecessary by , ,x.Dnn
ton which this subject, has be,etofore -eey,d "a ~ a,
hands OF te former committee as before , le;.iaur
OF the stae.
J. Under the first head, Iher does no appesr 10 your
committee Ihsi President or Directors ere Justly liable
The gentleman selected hy them VA. nc ,ybo
had filed large space in the public eye and whose epu
il"n plGlc and private was such as 10 insnrc IN. fl,
confidence, boii an his integrity and ability TO J.char,e
the duty GevOlved upon him. Aihe same lime the
mai relations of an gentleman the then minister of the
United States the OF ST. James were understood 10
be SUCH that his selection while it obia;ed any objections
that might exist 20 the matter e ihs Kind
to one filing a nigh diplomatic station n, ,ba 80 ,
the company that no aid which cyud
properly DC furnished mat quarter would be ved
. Under the second head your committee would re marx
that after tie hypoheca io Of the sterling bonds with the
house OF Mtrion, Sons & Co. Of London Cen Hamilton
addressed 10 the president company two letter., one
dated the III. and other the 10th lrch 1871; m the
former Of whch, he referred the fact of his having con
Guided for the Texan loan and io the latter he
stated that he should IN London before the drafts on Nor
nson Sons Co. were DUE and would make
with his own credit and resources d, ,,kc ,bor &c, - -
prevent either sacrifice or forfeiture of the stock and
would also cHdeavoUr make arrangements for the want.
| Of the company the lat July following