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

COTFpdny
as 1t accrues, and mortgage required to secure the
| Commonwealth. With these repeated pledges of its
properly, The company, unaided by the State, cannot
effect loans and failure fulfil its obligations in re-
gard to those debts, for which the State is bound will
probably preclude hope OF future aid from that quar-
ter. Thus compelled TO rely the companys unald.
co resources 10 meet lis heaVy engagements 1t must
be obvious that those resources ought be increased
as far as practicable, and not be subjected to the risk
OF being reduced, SO rs not TO secure adequate
venue for the purposes of the company.
And may not an appeal be successfully made to
| those along the line of Improvement, who complain
that the cost OF It's use to them is 100 high They will
perceive from the statements of the compaHys condi-
ton, and OF the causes which have led it, the high
est necessity for such revenue will its homer
| able engagements; and they ought to bear in mind
that the stockholders, individuals well The state
| have not derived any income from their large in
| vcstment OF five million of dollars, except diVi-
send OF one per cent. since the organization OF the
company
| recommend that some measures be adoDted at
your present meeting, to provide for the Deficiencies
now existing, and which will exist in the course of the
next year by The completion of the several
and by the second division
1t ls question of grave importance. what is the
most JudlcIous mode to adopt.
| IT the General Assembly would assume the bond
ed debts OF the company, and convert the amount in
to STOCK, 1t would leave the income of the company
Tree from the incubus of the interest, which OPP
presses 1t. With lis available means thus released,
the company could pay the deficiencies, and in short
time have surplus revenue, which would enable ii
to make dividends, or to raise funds carry on its
Improvement towards Its western terminus. How far
the general assembly would feel authorized to make
this arrangement, cannot express an opinion ap-
prehend that there is impeachment to their pursuing
that COURSE If deemed best for the interests of the
State, in the provisions of the new constitution
Another mode of relief for the company, is to ask
of the legislature either to loan the company three
hdhdred thousand dollars Of State bonds, pay the
sen'annua interest accruiog on the company's bond
debts, until the 1s of July, 1858; and with its pros
poets OF revenue when all its werks in process
OF construction shall have been completed, the COM
hP fed Har tok ioto, ba
treasury the amounts SO to he paid within five years,
recommend that application be made for aid in this
mode The State is already bound forthe payment of
this interest; and 1t cannot be the policy of the legs
ature, by refusal of aid, to compel the company to
make default to Its creditors.
ILL., OTHER MATTERS OF INTEREST, CONCERNING THE
CONDITION AND FUTURE PROSPECTS OF THE Cont
pANY.
The funds which will be applicable to the third d.
vision or the water line from Buchanan to Covington,
are wholly Inadequate to the accomplishment of the
entire work. As presume that both the legislature
ana the company will desire to complete the improve
men at as early day as practicable and in future
the sessions OF the Legislature will be biennial,
commend that application be made to the next gen
era assembly at its next session for such aid as may
unnterruptedy with this important work.
Informed you In my last report thatthe board OF d.
recors had adopted measures for the examination of
the line from Covington to the mouth ofthe Greenbe
west OF the Allegheny, with a view 20 the location of
tne line OF Improvement and especially with the de-
sire OF settling the disputed problem OF the practical
bhy OF carrying the water line across the Allegheny
mountain with reliable supply Of water for the sum
nit level.
A patty of engineers, at the head of which was
Mr. Ed. Lorraine, have, under the direction of the
chlet engineer, made the Reconnaissance and sur
veys L he field notes are not yet worked up. As
soon as they are in such condition to be reported
they Will be presented to the stock holders This APP
Prehend cannot be done in time for your present
meeting. Professor Tuomey of the University of
Alabama, who Is the geologst of that state kindly
complied with the invitation of the board, and made
a aOOrlOJS Examination nj
summit level and have the pleasure to communicate
herewith his carefully prepared and satisfactory
report am happy to ind, that III the opinion of this
distinguished man, the geological structure is adml
raby adapted to the purposes OF the water line
the mountain. The formation is most favourable for
the construction of the work. for the establishment of
reservoirs hold the natural st1eams for the supply
OF the canal, and the facts and reasoning Of the
report would seem to leave well founded
doubt of the entire feasibility of this part of the water
ine-both as to execution and reliable supply OF
water The advantages OF a continuous water line,
instead OF mixed Improvement, partly of canal and
partly of railroad, other mode of crossing port
age over the mountain, are becoming obvious, in
my judgment, as the competing works of other states
progress. The vast trade of the popuous and pro-
ducllve stateG north of the Ohio. may seek
market down stream to New Orleans, or by way of
the lakes to New York Boston. Besides these out
lets to market, Pennsylvania and Maryland have
tered INTO the competition by tffxT improve ments
stretching from the asst to the west Railroads are
partly executed or planned extending southwardIy
across the Ohio river 10 Mobile, Augusta, Savannah
west to east across the states lying north of the Ohio
river, about to be located and will be vigorously
prosecuted Your Improvement will have advantages
over them all-and will secure still greater if Virginia
shall declare her will that the long hoped for
ton of the Atlantic with the western waters shall be
made. Wisdom and patriotien alike appear to call
tor such determination and Tor the vigorous prose-
cuton and completion of the great work. On the
western slope OF the Allegheny the difficulties of the
undertaking are not near great as those the
which have already been overcome with the most
complete success. Steamboat navigation be
tabshed to the mouth of the Greenbrisr river, and
with adequate means the whole work can be COM
pleted within few years. If completed, | cannot
doubt, that with reduced tolls, the company vii! re-
ceve an income sufficient to defray its debts and u
timately make the stock a profitable investment to
the stockholders, of which the state is greatly the
largest.
Il is not improbable that the Legislature assembling
under the new constitution, may DEVISE general
system, by which the great works OF Improvement IN
the state will be completed, and large investments
in them be made productive. recommend that you
authorize memorial to be prepared and presented to
the legislature, asking that your improvement may
be provided tor, If such system shall be adopted.
make this recomme nddtlon with thorough convic-
ton, that the complete execution of the company's
work, connecting the eastern and western waters,
would be most wise as financial measure, securing
to the state satisfactory Income on large investments
now unproducuve, would enlarge the trade and com
merce and general revenues OF the state, and relieve
her from heavy liabilities for the company, which,
with its present limited means, it cannot hope to meet
within any reasonable time, and would enable the
company without injustice to other portions of the
state not using the canal, its stockholders
to reduce the cost to hose who may use it
The price OF slaves has been high during the |
past year, that 1t has not been deemed judicious
to purchase any as authorized by the resolution of
the stockholders of the last meeting.
recommend, that the time of the future general |
meetings OF the soc kholders, be changed the 4th
Monday of October in each year. This change will
conform to the change made in the fiscal year, and
VIII meet the wish OF the board of public works. that
the annual reports of all Internal improvement compa-
MES, IN which the state isinterested as sookhoder
may be communicated to the board by the first of No
vember,
| have the honor to be,
Very respectfully,
Your ob't servant,
J. Y. MASON.
November Gath, 1851.