Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-11-28

James River and In
Az adjourned meeting Of the Stockholders OF this Com.
p.uv w.s held, at is Office. last Thursday evening, TO
receive the Report Of the Committee Of Thirteen Gin the
psslssdon OF whose nance, in Thursdays paper, that Of
William n. Mssaisnd. Eco. was accidentally omitted. )
appointed on Tac.diy evening, TO viii b the Presidents
Annual Report and other Dooum0ns had been referred.
Tat Ccnn.ies presented a series OF resolutions, seeom-
panied hy hdrf sai lac deNplsast,y remarks, setting forth
~, rsasoas which had let them TO the conclusions therein
snbosicd, nd eafcseins the eSPedisacy Of the several
important measures presented Toe the sanction OF the
t~,oskhoae-s The resolutions were, after a Pcouseied
GseussioA, s5rPssd. IN the following words:
RrNA That m Do.ra 81 u rctOs - ipuuetel % re-
~tsA n Et rtessf tE. @ rJs9Na Na "a n C-nR IS Az
Alsn NJ y 4 =. SEA " uA isu Provide that to q eetaT.
- ~ CcsP nv SO, r-vrts P-St - mAss sosh shtus : IN
u tn, ne nO' ,oass a. 10 Nhs' TOT. more ra L a PNPor
"a A. wa. clue Ntees taa Pslei oa n C.sAL
? R-sSNrt. ratt'Fra Hoahi n Dc me S'nrIa, Assem-
~ 70 toa,et b. t'b q rron nc Conan, 70 h CODnnr-
VIE, sni sro the g. { 4, be COM y d-e BY boni', o. Which
III Clnnozv-sa t' 81 tsHtor irio siek OF usCouP 4 a
PAr cu To, ~t4sARly ., Just ts vesa ne Goa oOnwea II 49,
R.4vsA INT spIeAucn h made I, the I.gi' aprsa ~
nsv thsC Ou.a any ton III fOrsnsre and ohSr Us'i-toa' ard
Souei os un7osed by he set OF March I6Jh, 1854, as FenAt ss
ior a hi ere 20 e"mtle's ID work n a hmi1crt M
4 Resolved, That tic Il gA'tare Be INFO msd that the ComPa-
n wl be uu,blc to pay It's in ertS in January nsat Ent re-
&C I'd o Sdvan; q the san Of eIIrSSs &c, 70 enable II 70 pay The
cane
Tnoc was bu, little opposition TO either OF the foreSo-
iug res plutious. In tho existing financial condition OF the
Company. IL, inability 20 prosecute farther the line OF i'm
Proyement. except by j direct appropriation by the Legs
lature, rs obvious unless, indeed, by the conYersion inIosicek
Of he Conpany's debt, amounting 20 nearly two million OF
dollars, upon most % which the Commonwealth ! suaran-
tor, and the remainder Is due to the State itself, the Com
psny shall be relieved from the payment of a large annual
interest, and it, surplus revenue, thus released, be e'nsu-
iatoi a fund for mat purpose. 1t seemed to be unani-
m,uiy Goneeds- thet the latter proposition would be mos,
a coyiaole 10 the Cenersl Assembly rs well as TO the peo-
pc, involving the assumption OF no additional responsibility
on the pat o. the Commonwealth, while It will relieve
thc Company from present embarrassment and imPaTI new
NgT to lis future operations. 1t the Legislature sha
refuse to grsnt this application, the Company will neces-
sSnly be unable, without : direct appropriation, 70 progress
further with the work, CT 10 complete its tide water and
lateral Connections for an indefinite period. Even with
This alternative before them. however, il Is impossible to
anticipate the decision OF that honorable body.
The hrst resolution, proposing an Increase in the tariff
OF tolls, was adopted By an almost unanimous vote-we
believe ihe proxy Representing the stock Of the corporation
and inGiwdnal citizens OF Lynch6uTg alone being opposed
10 II. Il appears that the tonnage on the canal has aug
mcntcd, while the reoeAus has decreased. 1t is imPoSs5-
bic, we think, to doubt that the admitted Augmentation Of
trade upon the line mas resulted from the previous reduc-
rion in the rates of toll, and il is not to be doubted, if this
be the fact. that IL will be again driven TO other routes by
the proposed increase in those rates. The deficiency in
last years receipts. though attributed TO that redue-
non. ", in our estimation, more nationally accounted
for by the comparative failure OF The crops in the sec-
ton Of country the products Of which are transport
ed upon the canal. 1t is to be upprehendcd, too, that
the people living on tho line, who already SO loudly COM
plain o! The heavy burthen upon transportation consequent
upon the existing tolls, and vino aaege, I've think ero.
neously0 that II costs them now moro TO convey their pro-
duce 10 market shan before the Canal was opened, will be
violently ciamorous against this additional eNaetion, how
ever necessary it may be deemed BY The stockholders 10
the very existence OF the Company. to say nothing OF the
future progress OF the improvement. What influence this
stale Of feeling, should ii be aroused, may exert upon tho
action Of the Delegates from the counties upon the line, in
relation to the application 10 be made by the Company to
the Legislature, remains 10 be seen. That it will be pre-
Judicial, We seriously a~pprehend. Whether 1t will attract
support from other quarters Of the State, sufficient 10 coun-
IeTbGlanee the detection that may result from this measure.
W. very strongly doubt.
After the adoption OF the foregoing resolutions, the Slate
Proxies submitted tho following, in obedience to instruc-
tions TO that effect from the Board Of Public Works:
5 Resolved, Tia, IN, sasry Of the Freseest be raised 10 s:SOO
Cld iha, he ns.es.aD eIpeIfes incurred by him in WIS ting tie
lH- o. improvements. be eefaJei out OIL tie revenue Of h. Com
PAM.
The salary Of the President Of the Company, prior 10 toe
adoption Of This resolution, was $500, and ms travelling
expenses were betrayed by ~hlmssli-hsving been reduced
10 that sum two ycars ago. THIS resolution wa not adopted
without opposition, siiaOugn the majority 10 Its favor was
very largs. lts opponents admitted the i~nsdequscy Of the
salary, especially when the eminent qualifications Of Pres
Gent Gwynn, which Oh conceded, we're considered. and ts-
Peclsily as il Twas probable that his valuable services might
b, lost by lie rejection. i wss eontended, hoasyeE snJ
NOW hon; iJice, that 10 the present condition cf the Com
psny, and especially Pror to The action Of the Legislature
upun the application for aid directed to be made TO that
body, The increase proposed ought not 10 be made. II the
Ho usksd FOR shll be refused, the operations Of the Company
vii be so contracted, that neither the duties 10 be performed
nor the sbiiiy necessary to their discharge will Justify or de
mand 90 nigh q rate q compensation. II, on the contrary,
Ihe Legislature stall disembsnass the Company, by sssum-
ing 10 guaranteed debt Fad by relinquishing the amour, due
20 the Stale, and tho Company shall be thereby enabled 10
resume the prosecution Of I've lOnJ.suspended works, il
would then be tine enough. as IL would be eminendy just
and proper, to increase the salary Of the President, 10 on
amount sufficient to TemuneraIe The services OF one 90 well
qualified % - Mslor Gwynn 10 conduct is AFFAIR.". Those
W 10 voted sgainstiho resolution did 30 with reluctance, We
OF, sure, but from a conviction thsi sound policy dictated the
postponoDent Of final action upon II until the fate Of the
company's application 10 the Legislature should be
usceuained. No fsslins Of ii-will iowSrds tho President
u the Company-no wish to withhold from him a Just re-
manerauon Tor hs t'y.ces-inAuenecd we hro saus6ed,
SOY one Of those who voted sgsiu,, tie rcsoluujn-al Of
whom ore satisfied u HE peculiar qualifications for tho &C.
fppusiblo and arduau US trust.
committee ofhyc--of whose names We have not been
inrormsd-was Hpp anied to draw and prcsentt 10 the Legr.
iatlro O Memorial, embracing the several applications d.
IcctJd ~ be made 10 tina, body.
Tire mesGuE then proceeded 10 the election Of lis officers
TO- tc ensuing year. wbcfoupon the following gentlemen
v.Te chosen, Esnias soatrad'e,Hr
WlLrFR GwYvS, President
Thos. NJ BondOruut. Of Buckingham
JIbn Br5ckenbroush. Of Bath,
ssmrsl MrCork'et Of Lyrc1b1rR.
Chsf.es bmmock, Of Richmond,
Thos. =, Ellis, VI Richmond,
The meeting Thea sdjoutned unul the fret Monday 10