Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-05-12
WYrnEvLLE, May 1st., 1851.
Gen. o. G. Clay, President Virgin
In and Tennessee Kali Road
CNmmnnV.


Dear Sri hereby tender, through you,
my resignation of the office of member Of
the board of directors of the Virginia and
Tennessee Rail Road Company. 1t Is due
to the individual stockholdcrs--by whose
kindness and partiality l have been honor
ed with this Office from the organization Of
the Company-as well as to myself, to
state why now surrender this important
trust. At the last annual meeting of the
stockholders OF the company, the stock
holders appointed, on their part, Messrs.
Henry Davis, John r. Mcdaniel, and
myself, as three out of the FIVE directors of
the company for the ensuing year; while
the Board Of Public Works claimed, on
behalf Of the State, the right to appoint the
same number, although the States sub
scription, under the law, as it thcr was,
could not quite reach three-ffihs Of the
whole stock. The 3rd annual Report Of
the President and Directors of the Com
pany and the Report of the Board of Pub
lie Works to the last Legislature, furnish
full report of the controversy on this sub
ject. A few days after this meeting of the
stockholders, the Board of Public Works
declined to pay draft of the company for
n part Of the States subscription, upon the
ground, l was informed, that the board of
directors was not legally constituted. This
objection, however, was waived shortly
after, and the draft was paid. know of
no similar objection since, but believe the
drafts Of the company have been regularly
paid. The Legislature, at its recent ses-
sion, since the meeting Of the stockholders,
passed an act authorizing the Board of Pub
lie Works to increase the States subscrip-
ton to an amount fully equal to three-ffths
of the whole stock.
This increased subscription has been
made, and the State has acquired a right to
three out of the FIVE directors of the compa-
ny. By the provisions Of the Code Of Vir-
ginia on the subject, believe this right can
not be exercised till the next annual meet
ing of the company. The Board of Pub
lie Works, however, have taken different
view of their rights, and have appointed
MIR. Joseph Wilson of Liberty, in Bedford
county. a third director on the part of the
State, with the view of his becoming
member of the present directory, and of
displacing one Of the three who We're APP
pointed by the stockholders at the last an
nual meeting. Torcmove all conflict and
ensure harmony between the Board of
Public Works, and the individual stock
holders, and to prevent recurrence of any
thing that might tend to impair the compa-
ny's credit or retardits operations Think
1t better that one of the three directors, ap-
pointed by the stockholders, should resign
and create vacancy, to be filed by the
appointment Of Mr.. Wilson by the board
of directors themselves, who, alone, in my
opinion, have the right by the provisions
OF the Code to fill such vacancy. With a
Wow to effect the object referred to, Mr.
Davis and Mr.. Mcdaniel, while / was in
Lynchburg some days ago, each, express.
ed willingness to resign. The interest
and convenience of the company demand
that they should continue in the directory,
and cheerfully yield my place, believing
that thereby subserve the bcstinterests of
the company. yield the more willingly,
because from what have been able to
learn of Mr.. Wilson, ! believe there is no
man more worthy of the confidence of his
est, both of the State and individual stock
holders,wil be moro carefully guarded and
protected.
Have the goodness to furnish cory of
this letter to ono of the Editors in Lynch
burg, with a request that he will give ii a
place in his paper, in order that the stock.
holders of the company, to whom take
occasion here to tender my sincere thanks
for their confidence and kindness, so gen.
crously manifested on four occasions, may
know why have left their service. Please
remember me most kindly and respectfully
TO the other members of the directory, and
accept for yourself Insurance of the warm
est regard of
Truly your friend and
ob't servant,
TH(CS ROND