Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-03-04


company indicate bat they are alive to th;s rrre,
and startling fact--that every years DELAY IN tbe
completion OF their work, produces loss IN tb
Virginia pubic OF $3.50, 000-one halfto the Stat
treasury, and one half to those private stockhol
ders whose interest they claim to manape 90 din
diciousy." ~ j"
But the lmFnense moneyed capital which has remain
cd so long buried IN consequence of the feeble and da
tory management OF this Improvement wis, oop,,a r
with the capital which would have been hronght int
lie by its completion, sinks into absolute notIna
ne 'lnoeis OF the vast forests of Western Vrgini,
wcn now wave lelf dense foliage in solitary grandeu
YOU'D ere TINS, have been bornh upon its bosom IN ON
Eastern ciles wond have built 10 commercial nav,
iof virginia, and added another LEADING tem 10 ths
commercial resources OF our State The camel coz
va. same 'eeion' now lying scattered in useless pro-
iusloo among our mountains which can be lifted owe,
lhe Aiegnanes by no other than hydraulic power and
can eacn our coast from It's present distance by no 9th
el o wafer transportation, would ere this have been
Irving ocean steamers from the cities of Virginia to
European ports " Hs'''" "
SIR 1t is Impossible TO calculate The loss direct and
consequential which annually results to the State bv
inc II M progress OF this Improvement Time sir
ep0l atl-ilporant IN an investment of this ma q.
Hnluoe' ana ms company, by paving no heed 10 The
lac and betrayng careless Indifference to so imnor
al an element OF calculation makes itself an execution
nom those ordinary principles of investigation hv b;ch
II would otherwise be entitled to be tried Rut ha time
this company has consumed in constructing its work
~ not all that needs explanation and fnvestg,
M Ahat It's expenditures nave been exorbant and
"lay extravagant, s sentiment universal among the
people, have already said that the first cost ot itS
Worksto Buchanan, actual and estima ted exceeds M
opoooo confess that cannot state the exact amount
VI ts cost, Ia dollars and cents. The COMPANY in its
annual reports, has way of mixing the ORIGINAL cos Of
their work with its whole subsequent disbprsenents
down to the days OF the annual meatinrs of ito stool
holders me aggregate OF this original cost and these
subsequent disbursements at the date Of the
last report, was S9,S43,359 49, t,smatnr its argre
gate annual disbursements s43 1858 80 which allows
more than Sl5o 00O pr ann for the ten years during which
.e cana o mas psen w operation the original ofhe
WORK, l95 miles long, is found to be SIS 900 600 Sir
the cost OF the great Erie canal 364 miles in enoh ac
cordlng to the report of the New York State Conn
troiler. was only s7A37s9; that's say, 1893 miles
our canal has cost nearly million dollars more than
the great New York canal, almost double its enotb
Is not this a tact strong and overwhelming enough to
throw the burden otpoot upon the officers ofthat com
papy? " '''A' oo"
] am accused of condemning without nve.4;c.,;,,
ana OF denounclngm men who have not the opnortunitv
OF beng heard Sir do bat state facts Fl ,hare y
condemnation and denuncation it il not in nv voice,
ob m .e tiuhe zones OF these astounding and melan
Richmond to the Great Falls If the Kanawha ia ~
nles, or only tnrleen miles longer than the great i'm
pTovem I'm Oh New York Had this company dis
WORE, our canal would have been comnleted hefore
ms ,me and would be engaged in relieving the peonIe
OF Virginia from loads OF taxation: and not So nnw
I'LL .no.l 10 'ne EARN Wnh lnordinae burdens
M conteht myself with this single comparison and
ioloeatlFom Introducing any OF the numerous other ex
a,pe9 Witch ieaoiiy occur to the mind equally as con-
demnalory as that which | have adduced 60 oo"'
SIR, can the State afford 10 tolerate thsse
extravagancies Are her finances in snnb o
TO enable her to bear the heavy annual loss resInn
nom .he oiatofy conduct OF these officers? Her or
sai c n 10 the capital stock of this COMPANY
was S3oooCoo upon which she has never received nra
cent OF dividend. Three millions of her nyeSant ont
Standing ponds were Issued in order to raise the
subscribed to this company. The interest which she
-
ton is $3.50 900. Everyyears DELAY Of tbe ISL
0e costs the STATE lii taxes upon the peonle lao Oo0
he recent report OF our Committee of F,nonSa t:
Us ,e ,act mat the internal Improvement and public
ueol OF the otae.W cost the Treasury DURING tha cur
rent year, S42220 So. The prncinai lien, of 49,
THIS sum Is composed is the annual charge of $50 nno
oceasloned BY the James River and Kanawha Gonna.
opate to- meet the ESQ., Sa OF The Treasury made
ana we are informed officially that unless the taxes i'm
posed by ths Legislature be increased over those f The
past years. there will be deficit OF 1852 46 1o At the
end OF theyear Sir, ask again if the Stat is hie
to indulge the Incidence of this companv and IS h
not an improper time, while deficit exists in The Teas
ufy Tor increasing, by round thousands OF dollars the
m ,ha y. o t WIN increased taxation staring us
honor shall we draw from the exhausted cnHars ~.
treasury TO pamper luxury and avarce? I anneal ~
every vrgnlan here who prefers the cause the
ny 10 lhe cause OF private individuals TO aid me in
bringing these officers under the lash of nnhc liz Al
until their cries shall indicate some tokens of ,ene'.
lance. " AePei'-
proposition was submitted at the last meetino #
n 70 lis tolls upon the produce pas
guy over lis WORK. he proposition originated in the
oellef that such reduction would invite nav traaa
ana iiRparl an impetus to the agricultural and nine
RAJ resources OF The country which would considerab
argument the revenues OF the company The pronos
ton was opposed by is President from
pfehenson that It's finances were not in oond;,;on -
FISK the step. Yet sir, it seems that this annreh;
became entlrey quiet and doce in the face of another
m. Ivnron the Pra-il
uuetioh Oh tolls was opposed by Mr. BAXTER who T
understand, IS the annual retained counsel of The com
a. salary, service or no service, of $780, on the
,es a would SUBJECT the sgners OF the guaran
zee PONDS gwen in l647 by citizens of Boletourt and
osnefs 70 the hazard loss Yet, SIR the most promi
nent auvocaes OF the reduction themselves The
largest SUBSCRIBERS upon those bonds.
eif am thoroughly convinced that such n redpction
"oud result In an increase ofrevenue A rednc,;on
W." nue last winter upon the tolls OF the Erie Canal
anu e result was large increase in TONNAGE nassing
opvi Tue Worh, and handsome augmentation of rev.
ehue. lie tonnage upon the N. York canals during
Inc TWO years preceding, and the wear succeedng th
REDUCTION was as follows, viz: In % "'0
1919 '''''''"...''..''...i III 4e6 tons
o''-'.-. Il SS5 4l6 "
io'o' 800. .................24 AIS 500
showing an increase in 1850 over 1919 Of 500 1s4
.ons. ne revenues upon these canals for The same
years. as were follows, viz: In
40 ''.'.''.. .&3,2522l2
90 '''-''.. ...................,32 65 2O6
~ '.''.'.'... 1915 903
Showing an increase of revenue, Notwithstanding the
reduction oil tolls in 1885, over ls49 OF SlI,6o7.
1haVe no shadow otdoubt that similar reduot ion
upon upon our own canal would produce the ike result
ne company with is characteristic leisure and ndil
terence to the demands and necessities Of the country
instead OF making the desired reduction at once has ai-
po'eu committee to consider the subject one whole
year, and report next winter to its stockholders Mr.
TOOK occasion to rise in his seat and pronounce
lne action 'Judolous, and publications in the news
cious" ." o"'hehuy Juoi-
sucn IS the system OF management and conduct to
S %nch ins great work has been subjected from The rs
Jay o ,s eommeneement. Is it at all singular or
strange hat II has become unpopular in the State and
by-word among its enemies Il is strange thatit can
HVt nov command corporas guard upon this aoorl
w oulu not such course of management have detea