Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1850-03-14
PASSAGE OF THE CANAL BILL.

We are gratifed to state that the amended bill
for the extension of the Canal from Buchanan to
Covington, was passed by the House of Delegates
Tuesday, and we sincerely hope it will meet with
no difficulty in the Senate. The BILL in its pre-
sent shape, authorizes an issue of certificates of
State stock Clearing interest payable semi-annual-
ly) to the amount of $360,000, in sums of
100000 monthly, beginning the lst of November
next; but the certificates are not to be issued I'M
til the Board of Public Works shall be satisfied of
the ability of the Company to pay punctually the
semi-annual interest on the certificates. The fol-
lowing is the vote on the passage of the BILL
AyEs--Messrs. Carter, Layne, MCue, shehey'
Brown, Bgrwel Gilmo re Wells e, Lacy Barbour Page
Price, Stova Lewis of H., Lancaster, Southall, Min
ter, schooley Jonesof M, Hicks, Williams, Coleman,
Warman, Belrne, Smith Harper, Butt, Wheate, IImer,
Patterson, Yancey, CULLEN, Campbell, Johnson,
George, West, Jacobs and Morfs-51. ),
NoEs-Messrs. Hopkins, ,ISpeaker9 Finney, Allen
Wood, Cook of G., Fleming, Powell, Duke, Wallace,
Tomlin Ball, Stokes, Newman Duckwall, Kilby, Yer
by, Henderson, Boswell, Neal Rives Harrison. Whea-
DON Nicholson and Robertson-30.
A BILL,
Providing for the extension of the James Rver and
Kana,oha Canal from Buchanan to Couington and
Be it enacted by the General Assembly, That shall
be lawful for the Treasurer of the Commonwealth and
he is hereby directed under the requson Of the Board
Of Public Works to issue to the James River and Ka
nawha Company certificates of State Stock, in sums Of
thirty thousand collars per month, commencing on
first day of November 1885, and continuing the first
day OF each succeeding month"; to the amount OF $780,
900, for the purpose of extending the companys
line from Buchanan to Covington and such certificates
shall puport that the Commonwealth of Virginia will
pay to the holder thereof his executors administrators
assigns, the principal sums mentioned in such certi-
cates, with six per cent interest thereon payable semi
annually in speceIor tsequvalent the Treasury the
Commonwealth and that such certificates have been
issued under the authority of this act and such certi
icates shall be signed by the Treasurer and counter
signed by the Second AUDITOR and shall be registered
and transferred and the rights of holders regulated
cordng to the provisions of the act passed April 9th
1888, entitled an act providing for the negotiation of
loans for the purposes of internal improvement; and
such certificates shall be rredeemable for twenty five
years. and thereafter redeemabe the pleasure Of the
General Assembly: Prorided, that the Treasurer shall
not issue the said certificates OF State Stock under the
authority of this act until the Board of Public Works
shall be satisfied of the ability of the said James River
| and Kanawha Company to pay punctuallv the semi
annual interest said amount OF certificates OF stock
Be it further enacted, That before the Board of
Public Works shall require the said certificates OF stock,
any part thereof to be issued the James River and
Kanaw ha Company shall execute to the President and
Directors of the Board Of Public Works, mortgage
other specific lien on all its property real and personal
and upon the nettncome of all its tolls and receipts and
cause said mortgage be recorded in the Clerks Office
Of the county court of Henrco county to secure the pay
ment ofthe principle of the stock loaned under this act,
well as the payment OF the interest there
on
Be it further enacted, That the said company shall
pay into the treasury OF the Commonwealth out Of its
revenue ater defayHg the necessary charges for the
repair support and management Of its canal and other
improvements and general administration of its AFFAIRS
| and after paying its semi annual interest and annuity
debts existing under prior acs the mannua interest
on the certificates of stock issued under this act specie
or its equivalent least ten days before said interest will
be DUE subject however to the liens thereon created I'M
| der prior acts ofthe General Assembly.
This act shall be in force from its passage.