Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-12-04


: other connections 5o'ooo W
Nett income Western improve o an
From u division, directly and Incl 49,, ooo 90
dcnlaiiy, i-o'o ,2S ono 90
slO672l 2s
The statements will slcw that the capital stock, which
il il known has been available by any means - ~ m
extent n active capital for the company, III IL ~;
nanizat0n cannot promise any return III the Sliape " NV
pend, unless the work progresses 80 as ~ seou !, "a
trade than BE- expected rom It's present FEMININE,
50 shows that very large amount al Inc hiohcs -,
pended in The construction Of the work. does MOI sr
risks of capita stock, but far preferred u ''c NV ~
mcnts Of the stockholders as 10 cmDafras' ne 'o', y,
,h nnol CHARGE of six per cent interest on nearly i"r
millions of dollars while the Stock amounting - NV m
lions divides nothing and the State IN addition ~ i's
,pent of tire millions is the creditor, or directly reaPoso
@ h n,ire omount of the conpanys debts, with the eX-
ccption OF the annuity 10 the Old james KSer Company
and indirectly for that, as IL Is preferred ch'fse " m "
j, ula income of the company.
mI 1rmrp coysIpERArioSs OF INTEREST, CONCERNING
THE CoxpIrIos FrTrRE PRosPEcTs Of THE IohPASf
think that the foregoing exhibit viii justify the opinion
seay EXPRESSED that the stock cannot prove productive
investment unless large increase of business can OF "n
taned for the improvement THIS, appears 10 M e "
be ACCOMPLISHED extending the works and establishing
connection with the of the Mississippi al IN oh"
river.
Thu navigation east of the Allegheny will i'll the course 81
the next wear be completed for hundred and Ninety sA
miles On the other side steamers are used although NC
navigation is by such the company "'i@li' y"
have from the Salines 10 the mouth o the kanawti re-
commend that application be made 10 the legislature 10"
loan Of stale bonds enable the company IL continue me
canal from Buchanan Coyngton, and 10 improve TIE
kaliwla river from the Salnes the mouth 81 Galel ray
en- bc issued quarterly in sufficient i"r te current
expenses the work progresses, commencing III 1921
The amount expenditure will not probably exceed, IN
25 and o52 millions and hall vi dollars ana me tS
hibi, already made of the of the company VIII JUS
i the undertaking pay The interest on tln bonds as me
company doing the bonds loaned by The state ir
The extension of lis works But if that expectation should
moi be realized la liz full extent the inability can exist Tor
I,pI,,, ch
addition he cpmpanys receipts, when the contemplated
works and III operation viii cover the Increased
, chara,. this account.
The connection across the mountain by which The COM
pauy -woks BE- united, will be postponed until III"
line each side shall have been completed and rolin'
nicao BY established 10 Covingion Oh The Fast sIe
the mountain and Gecnber bridge on the West SIDE
Of tse character of this connection il will hc expected ha
slopt say something. am aware that II Is subject Oh
which diversity Of opinion exists amongst thc Stockholders
and IA, Of the copany depends so largely on mar
mon,, hat would be extremely unwilling 10 do any 'hhs
10 disturb H. =,
Wlea The company did the honor Ia elect me Ia me
2 olic. which now hold had formed opinion Oh ne
question brcamc my duty exalne The subject ana m
form myself in regard TOT a. Tar as could Inc solution
Of III. question depends facts which controveed ana
requires an 'H.e saowledge Of I 1p"sapy VI ' E n
IN, cardor which, trust, will characterize my coinhica-
lions with the stockholders long bear any official re-
alOn an, will submit some suggestions "hi'n .p
pca 10 me- WORTH of consideration The question l., whe-
hc the connection shall be by water line or canal "r by
railroad! , l-,
+
win im,r, ctnr essentially thorohrt for navigation
anlas NJ both cNrrcmcs il has been adapted To use a,
wat line great cost and can only be used AZ uc
transit Doa il is true policy To continue rs iai 10 Pi"c
c,lr without lser oi freight from one mode oil convey
ance by gatcr another BY land Such uasilii''s III
add go largely the cost Of transportation AZ 70 destroy al
hn unciorv OF climate and position which the route now
ENJOYS and give other competitors Tor the western trade,
with an uniform mode of transportation such advantages a.
, s,i,,sly impair the value of the Improvement " y,
o m determined establish the connection D! raioa
a. ric substitute .c water inc, il appears 10 me- una. t
: mixsd improvement VIII MOI ana ea'n' 'e " " ~
Hons lin. of transportation. ill.,,
can hardly be doubted that the lermni III The railroad
across The ncpniains would not BIZ stationary d, Tue ,1
of t,c companys water lines either side al ie noun
tain bu would be carried BY new CONNECTIONS Vi eA i
works Of the same kind the Ohio in the west ana ue"a
Ter in The oas and although portion OF hea'y ess p
sing the MOUNTAIN might continue " uf b hnrcs which
trade could not bo expected ever 10 realize ihc h"p
mov iustly b.. entertained if The connection can DC 81 g.
lsbsc u. that the boat can PA aSs b @ih are ,s
disturbed ht' g"Hi,itom r'o work water line. can
, h. questioned But from my 'ie" oil me country ~,
ri,1aet face and geological structure appeared w ' @
- lI ,l-,, , found serious difficulties IN cohsifueis
,rnaL Every ,ciliiy ought 10 be given to travel 10 nc
r,,.i,. with Their invaluable mineral springs hut INC
;,nproy e,cnt the gcat cenra! highway across Wv = Nv
hn. cos, TOO much and the return Tor the o"aj deus o
LARGELY on i'll! development Of agricultural anu ni -
soirccs and ~ ei,in. IT, The rich and heavy lh"e'"ii "
the mountans and valleys OF me '' al ne" 80, ,vhcn
10 change liz character merely to accolnoa.s
that NAV be effected without interference WIN wv
and utility of our Improvement ,,r;.,
Nv nninon clear and decided thai tho wafer c"mh'i'a
ZION is the best for the company, and the most certain
of commanding transportation and enhancing ''p
I h. ol,c o rhe entire line 0f The works II be pacc-
biz And would recommend that the decision OF 'e
lion h. nostpuned until the water line can be carried is mn
IN ho,h side, of The Allegheny, as Is hidoupfais i'''
bic While these works are u. poe.@s !. ' , ,,.,i,,
should br made by board Of engineers, mat tic ls'
may be settled whether me Saier ,n;ued In making
ths suggestion do wish 10 be understood ~ l7'ci
ic ,hr opinions expressed oi the practcnbhty OF ll
sure by Gnent engineers, or heretofore aI before w
ockholjcs Blu! The apprehension 81 an Insufficient sup
py of water the summit level entertained ny ''s, r
on which my mind IS not fully satisfied oeen: 10 a'
"a nos.ibc Ia be- removed confirmed before ""N :" "
much importance and involving So much cost Is e""''
ed. ~ =, h, ,rc.cntcl o
obvious from the exhibit winch ha- beeh PeIg 5
the liabilities Of the company that lis works a"a ~
endc1 grad'n',' and justice as well as pocy M bI
The Improvement of the Western portion of The me sio
progress with that the Es!eIn eide of the mountain
The considerations presented by The chief engineer III III
vor going with the work above Buchaa" coon a.
the line is completed that point. are entitled !" erca
weight suspension of the work for cven one year wout
add considerably the expense OF extension Inc apo'e
and mechanics on The line, the implements ana ma
chiucry for heavy work. could BE- replaced without gfed
delay and considerable EXPENSE Slave labor has been en-
;ersyely used good prices and many Of those VINO were
cnpoyei as aborers acquiring useful knowledge III t'
preparation and OF stone and ohe materials ana III
company as well the will be benefited they arr
not Withdrawn and their places filled, OF lhe resumption
!. with green and inexperienced hands
annex statement shelving The number and descrP'ioi
of hands employed. Appendix G.
In CONNECTION with the subcct the financial condition
10 The condition Of me post noe account II appears iron
tho records Of The company that post no'es were issued
, pr;o, 70 LAT December. l34l tot 1,7ll245 o.
, H' " -, leal $500 o.
oh 'ic -. 1r 1870 273a5 OF
l., Enhruarv * IL 1890 Of
-, March ie.3 62050 u
sl,953,53o o.
The practice has hecn on redeemng the notes to indcnt
bv marx the register adopted by the committee o. III
ectors making The examination the notes ecesmea, ANY
then to destroy them BY burning On the Isl November
e4s appears b. the last annual report and bs me stae
ments of Mr. Gerberdns that by previous payments, III
entire amount OF issue Of post notes was redeemed lee
1850 During the year ending the 3st October lois
the tolgaheero received in payment OF dues post noe
amounting TO Tho register shews that there are
notes which have been cancelled or burnt amounting
si2l0 There does appear have been any authority
reissue the None have been reissucd during me las
wear Mistakes may have been made in marking on IN
notes redeemed they may have been re-issued OF ma
form an addition the default already known TO exist but
am not aware Of any Of establishing the abllity
either Mr. Cittenden of Mr. Gciberdng The records d
moi furnish the evidence the of explanation re
commend that order be made directing public notice 10