Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-03-10


lrncs rsa att rtDafesilrp eisnas 10 leei d=but's
r5enls, and state that tbs Of O0 viii, 10 iheiI
Judgment be sufficient 10 supply oil these dehcence' Eha
conclude ds follows:
"ln relation 10 this subject, the committee recommend
that tho stockholders adopt the following resolutions:
~ Resolved That the president and directors on
OF company apply The legislature Tor aid in relation 70
the existing and anticipated deficiencies in their revenue 30
10 enable the company puncuay 10 pay their semi s"
Two other resolutions were reported under this head-one
appointing committee of stockholders 10 aid by hel e'
forts, in giving effect 10 that application 10 the
and the other asking the Legislature 10 convert The ooha
debts of the Company into stock.
These resolutions adopted by the stockholders.
IL will be observed that the Committee, in their report
treat the of the Company resource from which
The Company Is 10 pay make up the deficiencies OF aP
propTaton as we'll pay INTEREST," and looking 10 the ap'
pIicaon OF -rs 10 supplying tho deficiencies oil appr0-
praon conne their resolution quoted above 10 the single
object of obninng aid from Legislature for the punctual
payment OF the semi annual interest 1t is manifest there.
lore. that subcommittee although they did not express
themselves in terms approved and intended the adoption
by the stockholders Of their report and resolutions 10 be an
approval bY lhem OF the alternative recommendation OF the
President TO supply The deficiencies Of appropriation from
The revenue and oblnn loan from the Legislature for the
payment of interest.
The President for himself and The Board in behalf Of the
Company prepared and had presented the Legislature
petition in pursuance OF tho resolution OF The stockholders
and printed proceedings of the stockholders their
nua meeting with the Pfespen,s report placed upon
tables OF the MEMBERS according to CUSTOM as well as
referred TO in the petition.
committee OF finance, by unanimous vote oil the commit
tee after full from the PRESIDENT authorizing
loan s300000 in of the prayer Of the petition
provided that $l5U0OU TO be paid IN time TO meet the
interest due the ls Of July 1852 and S5OU0O in tmo 10
meet the interest due ON the Isl Of January 1853.
After The Dill was reported the chairman OF me committee
ny and learning from him that Sl2OOOO would Do sufficient
for the Immediate purposes of the company, proposed Tor
reasons connected with the tax BILL then untred 10 re-
jnce The amount reported in The bill sl2O0G0bu with
the understanding that the Legislature would adjourn 10
again in November December the balance oil the
sum reported. wit $3.50 000 would be appropriated in
u.s. ISIS - p'' ''' 'A''e'' ''''''S ''' =" WV " "
motion was accordingly made by the chairman Of the
committee Of finance in the House. 10 reduce the aPpropr
alton Sl2OOOO and as believe explanations Of the char
ace above stated made by him 10 the House at the
time.
The bill was then passed. by vote OF 81 10 3-was sent
TO the Senate and there after reference TO special COM
mtee, was unanimously passed on the same day
After the Legislature met In November, 1852 bill for
$3.50 600 was reported II is believed there was majority
OF the Legislature in favor of passing it, but opposition de-
layed action, and that combined with The absence OF
members during the Christmas holidays defeated its passage
before the lst OF January. The company then having
pended its supply the deficiencies Of appropr
atoms, had no alternative but TO make default.
Had it not been for the we'll grounded belief that the LIE
gsaIure would grant the means TO pay the semannun In
teest the president and directors would not have permitted
the of the company TO be diverted from that object
in the early part OF the year. This belief was based upon
The proceedings of the stockholders in which the three State
proxies concurred-the fact that The Legislature
fused TO supply deficit Of means 10 complete unfinished
work any improvement in which The State was largely
Interested and which large amount had already been
expendcd-and the consideration that the loan OF The money
for the paymen, Of The interest, instead OF an immediate
loan and sale Of The bonds 10 supply the deficit would be to
the advantage of the Stale we'll 10 the advantage OF
the company and upon the further fact that SO lar as the
sentiments OF the members Of the Legislature could be as
certancd during The session of 1852 did appear pro-
babe that there would be any serious opposition TO The loan
for the purposes ndcaed as was afterwards abundany
manifested by their upon the bill making The appropr
alton OF S20 000
After the default had been committed the General Assem-
by by its Of the 7h of January 1853 authorized the
Board of Public Works pay the interest on the guaranteed
bonds Of the Company, due on the st day oil The same
month which interest has been paid 10 the amount oil
s67 627 So and this, with the interest due TO the conf
monweah for herself and for the stockholders OF the old
James river company, The same day amounting 10
s5S $780, ia the only for which, upon any grounds OF
law eyen forfeiture of the mortgages OF the company
could be authorized.
This subject was investigated by a committee Of the
House of Delegates last session Of the General AS
scmby-and the committee, while expressing their dsap
probation well Of tho policy that aeked as of the policy
that granted tho loan of sl2O 900 for purposes avowe
nevertheless declared their belief that the president aud d
of the company and The Legislature were prompted
by the desire promote the best Interests OF the COM
pany and the State.
In coming conclusion on the ntcHosaory PROFOUND
ed by the committee respectfully submit that s proper
take no confederation The facts herein before referred H.
10 wit:
FrstThnt the Stale holds stock in the company TO the
amount OF one million of dollars for which she has given
of no vniuo to tho company.
econd-That she not only holds this amount OF s,ock for
which the company has received value but she has been
in addition relieved from the payment OF perpetual annuity
of twenty thousand dollars which has been Imposed
The compapy and in fact she herself receives The great
part thereof and TINT she has thus in this shape rcceV
ed from the company avs1y large portion oil the Interest
which she has been required 10 pay Tor IT,
THrd-Tha the policy OF carrying this work BY means
Of borrowed money b the policy OF the State Imposed by
her upon the company and reluctantly adopted by II.
FourM-Tha the State having required and taken from
the company mortgages upon all liz property Tor her ndem
nifty and security thereby rendered impossible for the COM
pany borrow money from any other or body but
herself SO that whilst she required the works 10 be carried
by of borrowed money she alone could be expect
cd to lend il.
improvement above lynchburG in 1872 caused ose 10 the
company OF nearly ss2 42s 81, which had been Dor.
rowed from tho Stale and expended upon tho WORKS PRIOR 10
their suspension.
SirM-That the State having authorized the company to
the work 10 647 and lent the OF 81 36 OUO for
the purpose of carrying II on Buchanan; and having
since The company other large for The purpose OF
carrying and completing the work. after .he had paid for
the company interest 10 the amount OF 1886 2Oi 69 and nav
interest upon It, she hereby expressly and mpedy waived
any forfeiture of the mortgages arising out OF The failure OF
the company 10 pay that interest.
Sepen-That the policy OF the General Assembly and lib
past action authorised the company 10 expect her aid IN the
payment of its interests whenever the condition and the cir
of the company rendered that aid necessary
without rigdly exactng the forfeiture OF the mortgages
EighM-That the company regularly paid ts interest,"
from l9i7 until 1852 and that the difficulty in making inc
Soee ~
constructing The canal from the mouth Of North river 70
Buchanan had been incurred without any return therefor In
profits; that there had been largo expenditures upon the
dock connection and the Sou,hSde and Ryanna connec
TONS which s unfinished, and therefore producing
nothing TO the company.
.NnM-That the passage of the bill for the sum OF
$4,000 in June 1882 with the facts that fanspred In con-
necon with it, and which communicated to the board
by the President OF the Company gave the arrangement the
character of assurance and almost of positive contract
the part Of the Legislature, that if the company would
allow lis 10 be applied supply the deficiencies OF
appropriations the Legislature would provide the sum oil
$4,000 10 pay Interest before The first day January
1853 and that The President and Directors were therefore
justified in allowing the revenues 10 be 80 applied.
1enM-1hat the causes Of embarrassment which existed
1867 temporary The canal 10 Buchanan is now in
operation and accomplishing more than was promised
The Ryanna and three of the south side connections arc 30
completed DO used and beginning TO make some
returns and the dock will be completed within tcw
months when without doubt it will add Immediately large
amount 10 the revenues OF the company
Elercnh-That the money advanced by the State 10 pay
for the company has borne and made interest from
The time OF It's ADVANCE and in fact and substance whatever
may be n s loan 10 the company for the compile
ton Of It's works; much any Of the loans Tor thai
object expressly 30 called
1tcanh-That the difference between The mode in which