Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1853-01-05

CI3 tie proportion 20 loan money 20 We
Jan,es Riuer and Kuna,gaa Company,
made IN the House Of Delegates, Dec. II,
1859.
Mr.. Lewis reported bill authorizing II
loan to the James River and Kanswha
Company, with an amendment proposed
by the Committee on Roads. MIR. l.. sta
ted that the bill, rs proposed TO be amen
ded, did not meet with his approval; and
gave notice of his intention TO offer Il sub
stitute for the bill, whenever it should be
taken up: and moved that the bill and
amendment. together with the proposed
substitute, should be laid on the table
and printed.
Mr.. L. said he desired to make an ex-
PLANTATION in relation to the character of
the bill and substitute, which would have
been done in minority report. if time
had permitted: and y general consent he
was permitted to do so. Mr.. L. said that
the bill made loan to the James River
and Kanawha Company" of $4,000, to
enable that Company to pay the install
ments of interest which will fall due on
the first day of January next, on ''the
said Company's bonds guaranteed by the
State, and the interest on State bonds
heretofore loaned to said Company, aud
the annuity to the old James River Com
panv; also to refund to other heads of APP
preparation, the amount borrowed from
them to meet the deficiency of the late
State loan, and TO meet, if necessary, any
deficiency which may exist IN the funds
of the Company for paying the interest
due in July next, for which the State is
bound; and to be applied to no other OBJ
iect whatever, so as to relieve the State
of its Inability for such interest"
These are the purposes to which said
company is directed to apply this loan.
and, it is saids it is necessary it should
pass before the list of January in order TO
preserve the credit of the State. And
the question involved is this: Is the pres
ent bill necessary to preserve the State
credit ? If so. Virginia Legislature
would not hesita to pass 1t, If the
amount was twenty millions instead of
$4,000. But the minority of the com
mittee Thought that the bill which they
propose AS substitute 10 the bill OF the
majority. would preserve the STATE credit.
and At the same time protect its Interests
and legal rights The bill will no doubt
effect The object prOfesSedly had in view;
blu. it will do more; it will take from tie
State the legal rights which have or will
inevitably accrue under the several mort
Cages, heretofore executed by that com
pany to secure the State against loss on
account OF the various liabilities it has in
CURED in behalf of that company; and
looking to the circumstances under which
this bill Is pressed upon the House, and
the singular character of the bill itself, it
Is difficult In diyest ourselves of the I'M
preston that the chief object of the bill
/ Is. not to preserve the STATE Credit. blu, to
relieve that company of the legal c0n>e
ouences of It's own solemn con racts with
the State Ii the object be not such as
indicated, why do not the friends of the
bill accept of The provisions of the substi-
tute 1t will preserve the credit OF the
State in As ample manner a the bib 1t
self. and will not place The State in the
anouauIous position Of loaning S18J,ooo
to the "James River and KanawhA Com
pany" in order that it may be Immediate
liy paid back to the State by that compa-
ny in discharge of debt due the State
from the Company.
What are tia fasssi Tbs State las