Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-01-06
The lanes River and kapawhs Company.

The James River and kanawha Company.
The Board Of Public Works has called meeting
Of this Company for the 18th inst, to consider the
proprety of selling the individual stock to the State
proposition to that effect made aud discussed
at the meeting in October and rejected by large
jor;ty That the Company. after recent and decided
action should be called together in the dead Of win
ter, at much expense and great Inconvenience, TO
consider the proposition, was calculated to ex-
cite surprise. The presumption was that the move
ncnt emanatcd from persons hostile to the Company
and had very much the appearance Of persecution
The dispatch in article on the subject, advert
ed to this circumstance and ascribed il TO hostile
source The "Penny Post" alluded to the position Of
the dispatch" and thereby drew down upon itself
and its contemporary the following card from Mr.. d..
II. London
ITO Me Editor, Of lie Penny Post: You charge Ger.
tain persons with enmity to the James River ard
Kanawba Company, particularly such persons favour
the sale Of the stock of the company the State with
being enemies the share holders of that COMPANY
Now the whole of this charge unfounded in toto as
far 1t s intended to apply to me, any agency which
may have had hereafter have in the sale of the
share holder interest in that company have denounced
in unmeaured here oore aud repeat every single
and all OF nv denuncations against its waste cxrava
giant, foolish aud corrupt management. am nor, ami
always have been the advoce of great central improve
along the valley of the James River to the Ohio;
1 advocated a railroad from Iynchburg westward; ad.
a buchanan, West,
determined stop the canal at that point Now it has
been decided to carry the canal Covngton. saw let
it be taken that point The nsnua,ion that this effort
sell originates in purpose defeat the present app
cation for aid to Covington, Is unfonnded every par
ucuar far as am concerned favored during the last
winter the plan Of converting the debt of the State into
the stock of the company and have Tor years been the
friend OF that suggestions but it has been adopted In
s43 introduced and carried the resolution sell the
Banks interest the State upon which the reso-
lion will show You that the President Of the compa.
is III
vious be gets $4,000 year for the services he
ders TO the present organization. To change il throws
him and hoard which costs nearly 500 900 per annum it,
10 the position of finding employment il they from
che State. This they do not like The whole OF the inn
organization known the James River and Kanaw
LA Company is regarded by the officers their individual
property aud they uniformly dcnouuoa every body who
opposes the management enemy TO thcis Improve.
nen The folly ofsuch accusations needs but little reuta
tlon. do not however think that you be informed OF
te fact that the Bank of Virginia and the largest private
shareholders in the company, Richmond united in the ap
pcation the Board of Public Works for this called
meeting 10 which you refer Are they enemies OF he
compdnH am of the opinion that shareholder in that
company should refuse a three per cent. stock from
fiIe State for his interest, IL he can get it,
The interest Of the share holders is merely nomi
Aai, and the present organization results in high
coils and eKtavagant Encouragement. wish TO see
the whole line to the Ohio under organization
cheaper and facilitate transportation. wish the inter
opened early possible, The present company
mas been eighteen in existence, and has gone
hundred miles-lsd out ncirv twelve millions OF money
altogether paid the shareholders nothing; is bye.word
reproleh the State wish the hae.iolders to get
something, and wish the Improvement completed
Those who shall oppose sale TO the State the
snes OF the city OF Richmond enemies to the Improve
ment aud enemies every interest connected with the
company except the Office holding interest.
should have written this card hut for the agency
have had in forwarding te sale which would have been
caused the last meeting of the share holders by
~hemng VOTE have been informed but for the per
sonnl absence OF of the proxies of the city and the
lecacy which the Jynchburg proxy felt in voting upon
proposition which him aud the parties he rep.
resented As to the opposition and i'll feeling which hiss
been charged upon the Board OF Public Works towards
she company apprahend that they quite able
the people for their opinions the ~ho
wrote the article i'll the Dispatch is TO them.
am most respectfully yours,
ID. ii. LONDON,
1t must be conceded that Mr.. D. ii. London is a
very freespoken gentleman, and indulgesa commend.
able christian charity in Judging of the motives OF his
neighbors. One so free to animadyert upon Others
should not be very sensitive to imputations upon
himself In fact the stress which he lays upon Col
Ellis salary Of $4,000 wond almost justify the SUI
pcion that h the Company had bestowed, at its OctD-
Der meeting, that salary upon some other individual,
aud along with il the 100000 which the "hoaTd'
receive, we might never have heard of this PROPOSE
ton BE this, however, as it may, we are opposed
on every ground to the project. The affairs Of the
Company may not always have been managed iu-
dciously Us they might have been; but have iatl!
that they have been and will he better conducted by
company Of individuals, who have an interest al
stake, than by irresponsible and mercenary politi-
clans or by Governors Kitchen Cabinet. We have
very few instances of the successful prosecution OF
public works on State account. Indeed, we do not
know fone. Prodigality and corruption have been
the distinguishing characteristics of them all High.
ly as we may think of Yirginians we have no good
to suppose that they would not be accessible
TO the tenn tations-b before which others have
fallen.
The question Of the right of the majority Of the
Stockholders TO sell the shares Of the minority has
been discussed and legal opinions have been given
in favor Of the right. That may be the casc-and il
does not necessarily follow that would be cxpedent
to exercise the right Neither does it result that the
Legislature would have the right to buy. On this
point the Post quotes a clause from the new Const-
tntion follows
"The liability TO the State Of any incorporated company
or Institution to redeem the principal and pay the interest
oi any loan heretofore made, which may hereafter be
made by the state to such company or institution shall
not be released and the General Assembly shall, not pledge
the faith Of the State bind any form for the debt
or obligations Of any company corporations"
We concur with that paper that this is an cifeciual
bar TO the proposed proceeding. We are glad tl,at
itisfor, Independent Of the objection grand and in
superable with u.s. Of carrying Internal Improve
ments on State account to buy out the Stockhodcra
10 ts Company at the proposed price would cost the
State million of dollars Jhe Treasury is in no cons
diton TO lose that amount at this time. Other i'm
provements need all the resources we can command
and II would he rather too much to ask the Legis-
tIre to make debt Of a million merely because the
James River Company would not appoint particular
persons 10 particular Offices
The Land Distribution Question Ia Congress.
The House Of Representatives had the Land Dis
Ruionuon question under consideration during the
present week. Mr.. Bennett Of New York, moved
that the bin heretofore introduced las, h;,, , ;