Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-01-20

ton and Ohio Railroad, and Is pressing tina. mporan
| work onward with commendabie energy, which, whel
connected with our water line, IL must be- will civ,
us direct Intercourse with the Ohio opening TO us III,
vast resources OF the West aud securing with all it's ad
rauages tho long desired connection through tho ccntr,
| oil our State.
Is impolilc because tho great improvement, of IN,
South west the Virginia aud Tennessee railroad is rapid
g stretching Its arms tho South to embrace trade Il
productions and minerals that will exceed the brghtcs
hopes OF its projectors and uniting with line,
bestow upon heavy portion OF its invaluable contr
buttons increasing the prospect to Of speedy
ration Cor the capital invested.
Because when the great lines Of the State which are
now being urged TO completion, shall be finished there
will DO lie aud energy infused into all the cuisines,
Of the State; agriculture win ba stimulated TO improve.
ment manufactures will increase, aud rich mines IL
DO opened and enlarged tonnage be tho
of excited industry and increased wealth.
Because, with such prospects aud under such circum.
stances the stock OF the company must be speedily ell
HANGED In value far beyond price that could reason
ably expected to be offered by the State or that ought
! now to be accepted by stockholders.
Because, large majority Of the private and corporate
stockholders have paid par value for their stock and
received as yet no returnand It Il Just that they
should be subjected heavy loss BY those many OF
whom may have purchased stock at s deprecated and
nominal value.
Because it Is due the early friends OF the work no,
to strip the company Of the credit Of its
even to Covugton aud OF the credit great rise In
the stock which will evidently from carrying the
canal TO the terminus OF tho railways that point
Because even II the stockholders desire to realize the
value oftheir property by SALE would wiser to wait
ill the work Is completed to Coyngtou when its value
will be better established.
Because, great doubt say the least, is entertained
about the power Of majority of the stockholders to
compel minority to part with their psivate stock in
the company in favor of one OF the corporators
Because, the sale Of the private stock would depriye
the company OF that element Of vigilance in the amin-
ration OF Its affairs which private interest alone can en-
sure.
Because, the company is one welding necessarily
large influence; and, in opinion that well balanced
IN IrntNf laa, H. O.
corporations and private citizens engaged In almost eve
~ pursuit. representing various sectional feelings and
views yet all working tremendously according to scale
OF votes approved and just in its principles is wiser and
better nan exclusively State power having regard 10
the true subject of such an improvement
For these aud other reasons Irospeclly r.ccommena
that the proposition to sell be rejected
The question Of converting tn. debt of the Comnanv IN
to Stock retaining the present scale Of votes one which
does not present To my mind the difficulties While
am aware that doubt Is entertained the constiu.
tiona power OF the Legislature in such case vet woud
be willing TO submit 1t entirely to the Judgment and dis
cretion OF the General Assembly.
Whatever decision the Stockholders NAV arrive nj
whether they shall determine sell their corporate rights
and privileges, shall think that both public and private
Interests will be best promoted by adherence to the
joint stock prncple-wil be cheeriuy acauesced In by
the Board of Directors.
Ny most anxious wish and desire is, tina, .he de-
cision may be such will best tend promote the pro
gress and ultimate completion of the connexion be-
tween the waters OF the James and the Eanawhs Ri.
vera.
All which is respectfully submitted
THOMAS II. ELLIS Presd't
On motion Of Geo. n Johnson the Presidents r.Do,t
laid the table. f
Mr.. Johnson then offered the following resolution
Resolved, That the Common wealth, by her proxies
ought not vote in this meeting on a proption IN sell
10 tue state the stock IN the company held others than
the State.
Mcssrs Douglas and White, State proxies opposed tho
resolution and informed the meeting that they would ex
ercise their right to vote any question that might be
presented.
Mr. Gooch presented the following resolution which he
wished to read, by way ofargument
Resolved That II in the judgment of the Legislature
the interest OF the would be promoted by
purchase the part of the State the interests of the
shareholders oil the James River and Kanawhn Company
and transfer OF their interests in said company To the
State, the shareholders, will oppose any obstacle
to said sale upon fair aud equitable terms to be agreed
upon by committee OF nine, who to be constituted
follows that is To say, the part of the city of
Richmond, two on the part Of the Bank of Virginia one
on the part of the Corporation Of Lynchbnrs and four ON
tue part of the shareholders large.
James Lyons moved to lay on the table tho rcsoluo,
offered by Mr. johnson.
The resolution was laid on the table by the following
vote: ayes $3.50, 2siO.
Mr. Gooch then offered his resolution
Thomas NJ. Boudurant called for division of the oues
ton.
The chairman announced that too question would he
hrst taken upon the portion of the resolution in
TO the sale Of the incres, of the shareholders and after
wards upon the appointment Of committee The re,or
ton was advocated by VIM C. Rives and. James Lyons
auu opposcu oy ueorge ~ Johnson, Conway Robins
John Early and Henry G. Cabel.
motion was then made by Mr Cabe!l TO Law the reso.
luton on the table.
The motion discussed by Mr. Cabcl in favor aud by
Mr. Lyons in opposition.
TN motion of Richard c. Morris, the meeting adjourned
until the next evening al I O'clock
fntDAY, JAN. IL, 1854
The meeting convened agreeahly TO adjournment Mr.
Myers again in the chair.
The chairman announced the question as being on the
motion of Mr. Clbe lay the table the first clause of
Mr. Gooeh's resolution.
The resolution was advocated by Messrs Gooch and A
b. ID. Clifford, and opposed by Mr. Peachy r. Grattan
At the suggestion of Col Morgan, the resolution was
amended so rs to read "the said company will not on
pose, &C., instead Of eve the shareholders will not Oh
pose" &c.
Mr. CabeI moved the indefinite postpouement of the
resolution.
The motion was advocated by Messra. Early and John
Robertson aud opposed by Mr. Lyons.
Mr. William ii. Mcfarland opposed the resolution
Col Morgan stated that the proxies of the State were
not advised rs to the opinions of the members of the
Board OF Public Works the subject under consiiera.
ton He desired that the question should be taken upon
the resolution OF Mr. GOoch and upon the motion n-
definitely TO postpone.
Mr. Cnbel thereupon withdrew his motion
The question the adoption OF the resolution was de-
cided in the negative, by the following vote ayes 1OT
noes 1886 the State proxies having declined TO vote
On motion OF d. p. Gooch, Esq the meeting adjourn.
H.