Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-01-04


f'nE JAMES RIVER AND KANAWHA CoMfAh !.
II is quite fashionable abuse this venerable
|, is popular 10 represent il as driving ever e'uSs o
ness with the Commonwealth. The idea mas go' aoiou
that VIRGINIA has been non eOmpos ment in her
with this Company and requires committee 10 prevent
nm idle waste Of its substance an idiot The sympathy
~ ,ro Commonwealth in this behalf is mmcnsei especially
,mono pe enave aspiring out The subject furnishes
rani,s jacobs ladder by which dreamy adventures es'
10 mount suddenly into high pitches OF lame and po-
pularly The stole patience with which THIS Company en-
durcs the bakings of Tray, Blanche and Sweet
heart It's hee EFFORTS involuntary admiration rom i's
enemies Frma fdcie would conclude that all ms as
sault could be silently allowed without some secure onss
of character stand upon and strong inherent merit
nerve cause eoquen, in silence There is true nero
and genuine pluck of,cnmes, in calmly smiling al uh-
meed revng. There majesty in the attitude OF Tue
TALL massive rock enduring bengnanty for ages The mpo-
tent peing of the surf.
Unpopular and questionable such thing may now oe'
it is WELL just present. look at the reverse of the pic
which is daily exhibited TO the public on this subject
to consider the other side of the story.
Some twenty years ago many public spirited citizens OF the
State determined to realize the ayorte scheme oil George
Washington and John Marshall by uniting the waters OF Inc
James and Kanawha rivers; and 10 accomplish for Virginia
what De Witt Clinton had just accomplished Tor Ne" ofk
They subscribed millions of dollars 10 the enterprise
and paid the money down of their pockets by Pesua-
sion and cnrcay. they induced the State to suoscoe ana
pay down The like Of money her par when sue ou
only upon condition. that she should be credited with shares
for additional million Of dollars consideration Tor Inc
imperfect improvement she already owned upon lhe
james river which was 10 be broken up and Abandoned
Thus The james River and kanawha Company was orsa
nized with capital nominally of fve but really OF but
four mil State
private shareholders owning two 6fhs of the stock.
In the course OF me the four millions of Unpaid capital
was all expended upon the great undertaking. The TWO mil
lions of dollars which had been paid by private shareholders
was an immense be raised in an agricultural COM
munity at that time; would be at any time The TACT
Of large being collected from farming community
the os remarkable instance OF widely prevailing, gen.
erous public spirit that be found in the annals OF human
enterprise.
Such an act OF elevated popular beaty OF course could
moi be repeated after the expenditure OF the original louf
millions of Unpaid capital This expenditure left the Work
far from complexion according TO the original design Inc
active friends OF the work did not expect hope io or a.
tempt 10 procure an additional private subscription al that
crisis There but open for the additional
means requisites which was their patron and joint part
ner The Commonwealth. They hoped for too much from
their mammoth cnteprise and felt much pride IN their
undertaking 10 reinqush their part and lot in III as they
might then have DONE by selling their interest TO the STATE
at price approxima,ng cost. They proposed 10 ooro"
from the State The additional capital which they needed and
to mortgage the whole partnership property Tor the redenp
lion OF oan That they preferred 10 risk Their all upon
the of their enterprise under mortgages loaded W.T."
p,n.Ities and foreurcs rather than sell of their interest
for IT'S approximate cost another instance of genuine en-
teprsc they furnished which this later and more re-
fugen period Of the nineteenth century would lind DIM
cult parallel They had an abiding confidence IN Inc u
innate surcess of their work They had still rmer conf
dencc in the maternal lenency and orbearance during sea-
sons of adversely Of their patron partner and CREDITOR the
Common wealth.
They morgased rhei, ALL therefore, and borrowed Of The
State from time time, the sums necessary to construct
the different prDongations of their work-borrowed in the
horc and lia confidence until they betrayed wlul
neglect of their obligations AFFECT inability 10 meet
them they would not be visited with the hard penalties OF
forfeiture and coniscuton.
By these and these liberal openhana sacf"ces'
they have built great work. invaluable 10 the country con-
leuous; largely beneficial 10 the general interests o 'e
State; The most capacous substantial ana oeauu cun' "
the Unon-hc admiration of The traveller ana s'rans''
They have uniformly paid 10 the Stale The interest acc'us
,on ,b lorce loans which they obtained On the few
and rare occasions, when temporary misfortune n"H
ed this punc,ual payment they have spoken frankly ana
honestly their condition have readily obtained from 'e
so,e m indulgence or demanded by the eXisency and
have invariably on earliest OCCASION made up the deh
cheney or returned III. advance The state mas mus reg
received sem-anna six per cent dividend from me
company for her entire expenditure upon inc WORK. S'ee
the exhaustion of the original capital stocK ny paying
this interest from the dates when the sums borrowed were
,ved The company has invariably paid dividends upon
rho cos OF their during the progress Of their con-
srucon and before they yielded rercnue-dnd PAID mem 10
The Stale The aggregate of these dividends paid before Inc
objects Of expenditure became productive Is out traction
short Of half million of dollars i is portion oil 'n''
dead expenditure paid the State before The OBJ
Of expenditure produced revenue and appearing now
in the shape Of deficit in their resources which the COM
,,, nc. Tho Commonwealth 10 refund to Them for time
in Tho way of loan upon mortgage of their property,
finished and unfinished.
Daring the whole period OF their regular payment OF dvl-
dends 10 the Stale the stockholders OF the company nave
not received They have never enjoyed doar Oh
return from the millions Of original cash outlay amount
ing now with interest, 10 four and quarter millions OF
dollars The liberal citizens who expended this large sum
unon nuhc enterprisc stand upon the brink OF the
grave or have gone down its narrow house. leaving via
and orphans occupy thei! relations WIN Inc oae
This is not idle can't homey fact 1t not from debt
ors who are in their prime, that the State Is receV-
ing full puncua dividends of the which The
grca, par, from aged widowed and infant heplessness
The companys works yielding more than S5oOOUO OF
annual revenue in their present unfinished condition. mne
a after material reduction Of the reduction
has had lime produce consequent augmentation OF trade
Additional works. nearly completed and soon TO De opened Tor
use and navigation together with the natural accretons OF
trade upon newly extended works. and from lately reduced
tolls will shortly swell this income 10 s5OO0OU which VIII
pay two or three per dividends TO the stockholders be-
sides dsca!sng the six per cent interest required by The
State upon her loans Thus the dawn of brighter day is
just beginning brcu upon the company The long night
of adversely which has rested cheeessy upon their des
tiny is drawing to an end The patient stockholders, or
widows aud heirs least enjoy prospect OF them
selves participating partial in those
which have hitherto been exclusively engrossed BY the
State
Ii is Ibis juncure that the commonwealth is urged 10
avail herself OF temporary embarrassment in The companys
affairs and TO conscalc whole property her venerable
opaTnersleroc In their pesistency of purpose
through generation of continual Observation-Disclosures
the first band of her citizens whose public spirit led them e