Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-12-25
MEMORIAL OF A COMMITTEE
the Stoc khoidcrso OF the Jaues River and " n
naWha COMPANY, asking an extension al shs
Shertcro OF said Company. auo cg i,IatIvc aid
tn the inrtncr prosecution OF the work.

Company, IN City OF Richmond
the Esd day OF November, lsi6, the following resolutions
| among others, adopcd:
6esoisd That application DO made to the General As.
semby to convert the debts due itom the company 10 the
eommonwci lth and also the debt OF The eomnapy ,u. hv
bonds, OF which the is guarantee into STOCK
ct the company at par terms which Just bcw en-
the commonwealth aud other stockholders: me- re-
commended by the consideration that the
can IN no other form extend cceua aid to the
at 80 ue rick and burden itself and secondly by the
sonsiiciauon That will enable the company by uncter.
ing ITS revenues, to extend canal TO Buchanan Ia corn
pe'e the RNsnna aud soutsde connections to make the
connection between the basin and udowaer and To con-
struea dam and lock the Ksnawha ver At Tyler
shosl and b. the turihor n, IA tb nm
ictcun; &C the existing revenues would .n,hl the cor,
pany to accomplish the valuable improvements Indicated
50 tae large and certain increase OF revenue which
ouu ehAHs on the cotnPlcuon ot those improvements,
would enable the company extend the canal west In
pon whence may he advisable TO substitute the canal by
railroad, and contribute eecua and towards tho c,
sFneu'n ct such tnad TO the ohiJ measure thus re-
enumerated, which will cnable the company accomplish
what the commonwealth without tn,
ony avenue to and permanent iraernsl non
between the two great divisions of the common wealth. il
enhued 10 the favor OF the General Assembly uns, shall
devise other means OF extending e-ctus aid to tho COM
Psny lees burthensome aud more efficient"
htsored, Tuat application be made To the legislature
teeNe 'he company from the forfeiture and the other
seuons and conditions imposed by the March lob
1852 as penalties Tor failure complete work in Ii
| mlted time"
hesoired That the legislature be informed tha, the
company will be unable ray interest January next
and requested TO advance the of $50 SO enable
| 1t 10 pay the same"
And BY another resolution. the undersigned wcro an
pointed committee to draw aud present To the legislature
memorial embracing the several applications ordered to
be made 10 that honorable body"
In entering upon discharge OF the duty thus thrown up
on ht your ncmoriass cannot refrain from expressing
their deep ut the importance aud magnitude Of the
subject presented 10 the consideration OF your honor
bic bodies. That the company unable with its present
proceed farther with the great work undertaken h
IT, IL uudeniable fact aud need be disguised As
consequence o this the Of charter in the cnsu
ing month Ct May under the provisions Of the law creating
the company, inevitable. Under these circumstances the
question presented TO the wisdom AMI patriotism of the
legislature is shall the company be left the impe nd
ing over It, and the work in which il engaged be
abandoned, will the legislature afford the necessary aid TO
enable the company TO survive the which has come
upon it, and to commence active operations again The
question IS solemn involving does not only the
tate ct the company hut in tho estimation of your memoirs
a.ists, the prosperity OF tho state a large.
The AID asked for the fret resolution itis believed
will not only relieve the company from aud
furnish II with the means II accomplish, IN reasonable
tine the works therein Indicated but will go tar To enable il
to carry on the improvement to its final complexion That
may appear oNravsEan, upon th. subject it may
be proper that should the legislature with The da
ia upon which calculations based.
The bonds issued by the company and guaranteed BY the
treasurer OF the commonwealth, under authority OF hc act
OF the 23d March 1889 partially restricted by the act of the
25th March 1912. amount to the Of 81 100000.
Tine states loan 10 the company Of Stock under
S25OOOO. "
Toe companys bord the state pursuant to the &C, Of
Iih February lsI5 Tor loans of money I, paw the in
the above guaranteed bonds states portion
Of the purchase money OF the Richmond dock and for in
erest on SAID osns and purchase money the
Of SECS els 80.
These three added together make the sum Of SI
9ls6i5 %, and this is the amount which, by the rcsou
ton OF the Stockholders the Legislature asked to con-
into stock Of the company par. The effect of such
Of the annual interest accrung upon the said sum OF 81
9ls,645 50, which al per 10 the sum OF
SllJlis a. In other woods, the effect will be 10 in
the Of the company, IA which II may com
operation. anew the converted into stock;
tor Is but reasonable to suppose, that the company will
be enabled with revenue ranging from Sl7l 900 to
$4,000, to borrow thai by p'edgng IT. revenue or
the liquidation OF the annual interest Ih rcon.
With this the company could accomplish the works
indicated in the resolution Of the OBSERVATION-DISCLOSURES is ex
tend IT. canal 10 Buchanan, complete the Ryanna and
sonthsde connections, and construct dam aud lock at
y!er's shoals the kanawha and make the
between the basin and Underwater will appear from the
following estimate furnished by the proper officers Of the
company:
Required to complete the unfinished work
between LynchbuIg and tue mouth OF
North ryer, 6iI4s6 81
To make canal from mouth of North river
- Buchanan, 593 $40 90
To eiiec, ,dewaer. sou,hside and Riyanna
connections, 5O9,e5I 81
To build dam aud lock at Tyl,rs ah ais, CO,OJO 90
Making an aggregate OF SIsJI6I6 50
From this statement, appears that If the company can
borrow the Of 5 ,S0i.6f 50 which cannot doubt
ability upon the accruing revenue the n
the whole IT the above works might Re put I'M
der contract At once, and IN few years the canal would
un'-ntu 70 buchanan, situated the
valley ct Virginia, region OF fertility of soil
anc ab lund'g IN mineral wealth. Having reached this
point expect decrease and great increase
too, Of the tonnage Up canal unless e reject the
experience resulting from similar Improvements other
states, vel as he Dictates OF our common aud
judgment.
TIE country around 2. chan5n, composing tie counties Of
Boo,ourr Rochbr'rc ona AIcghany literally filed with
iron ore supposed acvh1ust!Le m quantity and o.
the yoy best atty. In proof oi he quality are not lett
10 lecture mere assertion IL mas been tested by
20 be best the IL
SAFES, for many purposes Fog cannon ms no rival
ior vic manufactured from IT, premiums have been
awarded aud II ssd, that the chain cab made from
this iron preferred by the government any Other
Here then have The material IN Abundance aud Of
the best quality with timber sufficient carry on the bus
ness Of manufacturing the ore into iron Tor many
and when ns shall be exhausted, having inc
bic mines Of sI9noc0al 70 a substitute char
coal being found only in BOictOu, but the adjacent
county ui Montgomery, where the seams uHcommOaly
wide end rich.
What amount Of iron h,n will this region produce when
the canal shall have penetrated ~ To this question:
must look results in localities, having no greater
facilities than possess, and with the Inducements
manufacture IT,
In Great Britain, the product Of iron in 1885, according
20 well tHrn'caiCd documents, OUO,OOO In
1896, ,2OJ. JOJ-aud in 1910, It was 500 OCO tons.
And YET great this produce, is. not equal to the
demand. late article upon the subject says
Tho railroads in contemplation, aud to be compile
ted IN England alone viii comprise 1921 miles; required
Tor railroad pufposcs France go mcs; Prussia 1900
miles; n luda lJuU miles; amounting IN the whole to I2
3l4 miles railroad, which be supplied minly from
H. gland. II Cstm1ICd iHat requires $50 iron
for every mic oi railroads that 10 supply the demando
c1mp,ts 'Ha roads mentioned, the will be wanting
millions enc huHd-,d anI y seven thousand tons OF ron"
And iarhof Dc this o3nusiC, 1t said, 1--WE have caicu
acd u quantity LOST 10 convo-rRp into bar IRON which
g -'Juri the quantity used Tor mHuufactu.
| rGg agricultural, do mC5uc AMI other purposes"
BOT t home, and enquire " ats the pro.
duct 81 % article Iu ,uusy Ivan o Stl;c
and hrrc Accord report upon the aud coal ndc,
10 BE- stated, tha'rs pr.duS f p. iron in Penn yIyan
for toe year lsi6, may tc tumuiod 1t 3Gs, OjG tons
Nov, let be remembered that ir manufacture Of iron
Is increasing cous,1Ut,. add where, PROBABLY, more
rap-y than 90 thc United Saic1 This mas be accounted
Tot in the recent development tho railway system In che
extended application Of iron To- shipbu0i7z, archcc.
iuI1 Ducc machinery, and count. other purprtcs.
Thee isC o. mentioned not only 10 show the ncrc1s-
/ ing m1nd l1r iuu throughout the word, AID the m
value oi . Interest wherever fully developed
.' also o. arfi sUa1lg d1a if,m which 70 calculate
r probable r.durt of oric'o IN Tho Valley 1T Vir-
sni1. ln hU region rf uutry already .c.ih.j, com
ru.1g the cruntea IT B1ioi0uu, Eookbrt-o oui AUc-