Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-11-27


| There may be received from the
debt due from Gen. Hamilton. 100000
From w. b. Chittenden s estate. II 900
slll,0oo
Which will be applicable to the extnquishment of the
balances due from the company. Both claims are in
The hands OF counsel, aud payment may be expected
II Is hoped but it is not certain THAT these debts can
be realized during the fiscal year. think, however
that they may be relied on as the means of meeting the
anticipated deficiency OF The current fiscal year. The
condition OF the finances of the company present.
ed was anticipated; and in my reports, and in your
last general meeting, called attention to the ausss
| which must produce the result OF deficient income
account OF the increasing charges on the company
Tor interest on the cost OF unprodu tive works. The
amount OF deficiency ls larger than apprehended; this
is because OF the nexpecedy increased cost of con
stfucting the works which have been mentioned and
the unforeseen delays in getting hem into operation.
ln The estimates submitted, nothing is anticipated
from the Iidewater or Souhsde conuectons-when
completed they will unquestionably be of in =
creased income. The revenues OF the company may
also be increased by modification OF the tariff of tolls
There are some articles which are now excluded, but
would pass over the canal with less tolls-others
which would be increased i'll quantity, with more mod
eratetos. beg leave to refer to the views expressed
IN my last report, suggesting revision OF the tariff of
tolls,
No company for the construction of work of inter-
nal improvement, has been placed in the situation
which this occupies Its capital stock was exhausted
In completing portion OF its work. The means to
progress have been furnished on loan, the company
struction as the work progresses. Since the second
division was commenced to the end OF the last fiscal
year, the company has paid $43l, PA of interest on
money borrowed TO construct works, which TO that
date had not contributed cent to its revenues
This is continuing charge, and any modification of
the tolls should be made with view the increase
of reysnuenot speculative patng in the future
increase OF freight, BY the creation OF articles or
additional quantities of freight, but to secure pre-
sent revenue sufficient to meet the pressing and una
vodable demands the company. have looked to
the financial condition and prospects of The company
with the deepest solcude. | wish that the burlhens
those using the canal could be lessened-and ii the
improvement could reach the ONO river and compete
Tor the vast freight now IN existence beyond it, great
reductions might he made IN tolls and yet large in
OF revenue result. The facility afforded by the
improvement would induce largely increased pro
ducon OF freight along The line, of articles agrcul
tural and mineral, which now cannot be transported
market and the reduction OF tolls would then invite
freight which now seeks other avenues TO market
But would dePore the greatest calamity which
could beilll the Improvement such reduction of its
income would render it unable to pay interest
the bondhoders and suhecs the State TO the liability
OF its guaranty.
In eiyiag aid TO the company TO carry on its works
siace the original subscription Of stock the legisla-
re of the State seems 10 have proceeded on the prn
CHILE that thls Improvement must from s own accru
ing revenues meet thu demands for interest and re-
deem the principal of bends loaned or guaranteed
without resort to the State treasury Every loan OF