Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-03-21

! original stock. large portion taken by th'
b'nks under Instructions from the Gsnefa Assem- assem-
bly, and bi corporate towns, and that tiese oonus
clothed with security valuable, could only hne
purchasers in loesn markets. clearly Indicate la' nehe
rca willing TO Invest money in further etios 70 pro-
secuc this work. Tho only which the company
could rely to supply The enormous outlay necessary 10
achieve It's great OF in treasury or cfcuit OIL he
STATE Applications for aid from this source ha7e been ne'
oY advances of money far exceeding the amount Whic p
vote enterprise would have supplied And Whee he re.
sources Of the company exhausted or mol Waen tne
guaranteed bonds sold has had none since 10 apply
any purpose nor have s condition or prospects Ptesent
any private capitalists TO come 10 ts a
eiIhet ny loan or subscription to s stock
~ 10 ho. le uesgn or desire OF this committee 10 uePIe
clae me salue oil this Improvement II is the most mpor'
tanI In the commonwealth The OF it's citizens
But doubt as 10 tile possibility Of prosecuting 10 the Ohlo
aod The difficulties AMI delays attending s past operations
with other causes have excited dstnt and prejudice
which diminish the value OF Its stock and esciualy pre-
vent any capitalist deeply interested the
State OF Virginia from rlskng any n advancing Its
fortune Under management which present President
approves. this improvement has COST tho State In the var
relations II holds to the company SO 600 0OO
and the private subscribers s2OooOOO while 1t sill tes
5OO00O 10 complete Its construction TO Covington, point
near Two hundred miles short Of lis final destnaiion.
Tho difficulties in which tho company has been Involved
may In measure bs due TO tho inability or unwilling
of the Legislature 10 make advances In the form
and tho its necessities required But that unwi-
Iingness produced BY policy pursued by those who
charge Of The interest Of the corporation BY this de-
parure from the prescribed by law, by their diversion
Of revenue devotcd by their contracts 10 meet their In
fort they have made to substitute their Judgment IN place OF
the authority Of the legislature they have deprived this great
work of all The advantages which the magnitude o The ne
dependent its gave its application Tor e
eslatiye aid With whatever reluctance they may have
adopted the policy selling the companys bonds they have
constant and earnest applicants Tor loans from e
Stale. The which these loans have been made
been deliberately assened TO- the money received and
used The conditions of the 10 some instances viola
ted and The forfeiture incurred Under these
when the State has become heavily ourdened win DEBT
In extensive and costly system OF improvements
Il s absolutely necessary that he re-
should be entirety under her CONTROL that the puoc
should be subjected unexpected demands ana
Its collection impeded by sudden Interruptions IL VIII DC
necessary 10 mako an annual addition 10 The present
State debt for many successive years, unless the pup
| lie works under construction are abandoned
| The constitution requiring the Legislature 10 meet
each increase of debt by corresponding aug
menaon Of the taxes aud the credit Of the State depend
ing upon the maintenance OF this ratio between the oso ano
revenue very existence Of this internal improvement
system demands that discretion should be allowed 10 any
body OF corporaon reduce The receipts or
ply the funds Of the Commonwealth over when hsY may
havu CONTROL Should his practice Of diyerlng funds ad.
vanced for specific Duposes objects not oy
tie Legislature which made the oan and Imposes tn7 lax
bly, would only be justified but constrained, 10 ass
the control Of The company thus defeating ia aco" n'
embarrassing the finances OF the commonwealth: ,.,,
An idea seems prevail with these corporations ana ner
friends that the State cannot enforce l!s Hens on tho eocs
OF the company without doing soms Injustice TO the
stockholders. 1t would be difficult 10 show IN ~hat INC
prosecution and exercise OF right acquired oy the advance
Of large Of money and secured by special contracts
with parties authorised TO act by The property hooers oos
from tho ordinary prosecution OF rights held by crecofs
against their debtors II II differ at OIL The hight oi lhe
Commonwealth is clear the duty OF the Legislature 10
enforce public claim moro imperative, ana the haaship
10 the dpfautiug debtor lees than in most sales
property under mortgages The payefs OF the State are
The largest os.rs theso corporations They are induced
to IN s IN
originating with the private subscribers The Legislature
should ucious trustee and suffer the loan
thus obtained lost its chance Of collection seriously
yps liz Ire % %pe 81 pad a
subscriptions and then stopped their pecunary coutrlou
ons they have written memorial, and petitions con.
san,ly ask aid from tho Legislature. They have done
more they have authorized and sanctioned Tho diversions
OF funds made by their officers aud agents. and thus become
parties 10 the violation OF their own contracts WIN M tnS
State In the time the State has been burdened WIN
the Of this work. her property has borne the Increased
taxation her credi, weight her finances the embarrass
nent incurred n behalf Of this company With what ioce
then can any private Of it's stock make objection H.
years of continued xn;ion and the unre4ul.
expenditure of Millions the Legislature should decide ina
justice the payers the puoc Creditor and ohe gteal
interests in the State demands that the public claim on ts
private property should be enforced and rendered available
part OF the public resources There can be no rational o.
sc,ion 10 such course hen the public interest shall de-
nand these liens intended TO deude and de-
fraud constituent body 10 be rendered effective only win
the assent OF the private stockholders when II was DEEM
cd proper make mock sale and real release OF the
interest," by converting the loan into STOCK and mus making
the commonwealth larger partner in un unorohaoe enter
| prlse
This il doomed necessary slate 10 dtsabnse The
hoss Of private stock in corporations indebted to the State
and the public of the Idea that legislature has any ooec
lon enforcing any lien held by The State on this or any
other corporation In her limits, when the public ineres
shall justify or require It.
At this lime no good end would be attained by such
proceeding against the James River and hanawha Compa
n.y. AS the State has the 10 take possession s
and extIn .ush existence 1t would bs useless eApena
Of money purchase its stock which must tot years
continue improbable. And the committee conslder lht
Legislature will only be justified 10 deslroying an etmen
essential to the corporation as the large private hete
II ahaUh ha
benefits will be secured by The prosecution OF lis ents o
that great mschefs will result from failure 10 exercise
Them would cruel and mischievous o make nsea
les. assault upon corporation so important eon.enans
with such difficulties, and cheered by hoPc OF 'ng sn
achievement OF great object as II would De unwlse 70 LOT
bear to correct the and cure the abuses INTO "hcr
fortune or On exclusive devotion to It's own oteres
may have seduced IT,
an Of which is respectfully submitted
Il g. r. HARRIS,
Il WILLIAM OLD, JB.
\ OF the Senate.
i JAMES L. KEMPER
J SAM. DOWNING,
| House Of Delegates