The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1853-12-30
THE JAMES RIVER And KANAWHA
COMPANY.

being requested thereto" ameeting is called
"for the purpose of considering the question
whether it Is advisable TO offer the said Com
pany's work 10 the State at such price ms
may be agreed upon by the State and the
Stockholders, or of converting the debt now
due by said Company. to the State, into stock
of the Company, at such price as may be
agreed upon by eparties aforesaid"
AT whose request has this meeting been
calledi Certainly not at the request of the
President, or of any one who has ever been
| recognized as a friend Of the Improvement.
| 1t seems TO us manifestation of the same
spirit which has prompted for long time past
a war upon the present organization aud pc.
LEY of the Company.
| Do these gentlemen expect or desire the
State to convert tho debt of the Company into
stock7 Would they not be the very first to
raise the constitutional objection to such an
act, and pronounce it a palpsble violation Of
the section which provides that-"The liabil-
| ity to the State of any incorporated company
or institution to redeem the principal and pay
the interest of any loan heretofore made, or
which may hereafter be made by the State to
such company or institution, shall not be re-
| leased; and the General Assembly shall not
pledge the faith of the State, or bind it in any
form, for the debt or obligations of any com
pany or corporation
| Would they not insist that the release of
the Company from its liability to pay the in
terest and redeem the principal of the loans
made by the State, or the pledge of the faith
of the State for the debt due to the holders of
| the Bonds of the Company, would be vio-
! laton of the letter as well as of the spirit of
the Constitution? They can have no expec,
tation that such proposition would be for
moment entertained by the Legislature. They
can only intend to gild the bait which they pre-
sent to tho Stockholders. Their object must be
to embarrass the application now before the
Legislature for the extension Of the canal to
Coyington, snd in the event ofthe failure ofthis
design, to surrender the work into the hands
of the Board of Public Works, which is be-
lieved to be hostile to the extension of the i'm
| proyement.
The first proposition submitted in the res
olution, was fairly presented to the Stockhold-
ers at their meeting in October last, and after
the most elaborate and able discussion was
rejected by the following vote: Ayes aooa-
! Noes 273s.
Has any new light been shed upon these
benighted gentlemen
If the decision of the Stockholders at the
| October meeting should be reversed ard the
proposition submitted to the Legislature,
| what amount would probably paid for the
stock? Its present market value is Sic
| Would the State be willing to give more than
double this amount, say 1888 per share' Is
| the condition of the finances of the State such
at present as to induce the Legislature to give
| as gratulty to the Stockholders an amount
commensurate with their expectations! Many
of the Stockholders have declared thor in
tention to give their stock to the State as
present, sooner than receive from it one dol
lar less than the par value
Can the City of Richmond be willing to
surrender its influence in controlling the at
fairs of this Company, for the small amount
to which she would be entitled under such sn
arrangement The City now owns 5768 shares.
| which entitle her to l449 votes, or one third of
| the votes necessary to constitute majority
on any question. Should one-tkird Of the
par value of the stock be paid by the State,
/ the City of Richmond would receive $780,.
| 266 &c, or an annual interest Of sll, So. Co.
| For this small return she would surrender
stock which has cost her S576eoO, and 10: e
all control in the management of an improve
| nlent, which is of more Importance to her
commerce and manufactures than all of the
railroads that have been constructed or pro
jeoted within the limits of the State. sa.
| The extension of the canal to Covington,
| and its connection at that point with the Co
vingten and Ohio Railroad, is the only means
of securing to the City of Richmond the vast
| trade Of the West now seeking an outlet to
! the ocean. A bill making an appropriation
| for this purpose has been reported by the
| Committee to the House of Delegates, and no
| doubt is entertained of its final passage. The
| opponents of the canal have been defeated
| in every contest before the Stockholders, and
now that there is n strong feeling in favor Of
| the extension OF the improvement to point
at which its value and Importance viii be
most apparent, they endeayor to throw dis
credit upon its organization by proposing
| sale ofthe stock to the State. The State does
not wish to buy the stock The Stockholders
do not desire to sell The prosperity of the
Company is now established upon the secure
basis of public confidence, its revenues are
steadily increasing its Importance as one Of
our great improvements is generally recog-
nized. and nothing is required but generous
support from the Commonwealth to make it
what it was designed to be by its original pro-
iectors, monument of the enterprise and
wisdom Of the State
We trust that this effort of the enemies of
the Company will receive a signal rebuke at
the hands of the Stockholders, and that the
State and the private holders of stock win
| continue as heretofore, to prosecute in har-
mony their great enterprise to its successful
| termination
SIEOpE.
| This town has become an object o. especial in