The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-03-11
JAMES RIVER COMPANY.

"a xsrSc nyNYEp r,nMpANy
Sa" Eo NJ en- S s'''l. ~
Having given synopsis OF the reply OF the
u...s;aa,,t ~ ,ha Jsr,as I,;var and Kapawha
AEesiuciA1 VI sAe oaA0S
Company, to the inquiries OF the iegiSi =
fyomm;ttaa we nnhl;sh in to.day's paper his
So.'oS' W ...a~ az caraxaI
answer to Question ., as AHat'eA VI
p.hl;c ;ut.rast
-
a6th-whether or mot the interests Oh the COM
gases held by the State upon the property Of the
ma companyf"
Aasacer-in presenting my views upon the SUD
jecs Of this enquiry, snah not De SO unjust 70
the general assembly as 70 presume that Tue nte
rests Of the commonwealth IN the opinion Oh tnat
body, are to be estimated ~ single calculation OF
pecuniary gain. Is only In that enlarged sehse'
which comprehends the honor OF the state ana ~
respect ior Tue Ish.s u o'nsrs, ina. .n bv tbs
OF sns ....,h,. Ths hornr ~ yir,in;a isdearer
ssn .snh"r,h,sst ~ h.r .t;,ens than her wealth:
~ :. A. :s.;s !. ~ LIT, &C 20 racei We IL is the
.uu wy ySs ss - 'AA' ~"''' 80 ~
IisnS va al I1en. \, h;.f In nresent;ny nv
!. o. ~ ss.. LIE r shall content myself
views W tns eonnl.ssee, = 81. wb;eb NAV be fonnd
VIVA si.lpie hs s s.. nf tbo GENERAL assamhly
IN .ne printed ooc uins ad Esnsvha camnany.
ana Oh tne ssmes s :. nrn.,nee the an.horifv m
hoioius myseii snts are made whenever Il
on wnNa my "s,ra ~ snv m,mher 81 the enm.
snAn DC Iaie pt.. - -
mittee TO cal ior II; M hof,,. Tho
~ VIC %. " s-n.a 10 tha ,,roc,;a,,, nf tha a.
mIee, wiz Wiz, hax;ra rsgs-d r. tx .;ghts sna in
tion pioPou - nare;ss 70 ha .frac,as Nv - !. l.
tsrests on -. ~. hn,,,S - - a. ~ -, >. =,
necssssy wa aarsrai ssse,rMu md - az Iareas
Iou y. ~" SsSawhs .o,nany We al w. TIT
river suu 10 o..y,as -. 49,, VIC. .s
xn en- . ano Da;,h or ~ ;narssss :. pa The.
,bs Ststs was y Subscriber tor three-ffths of this
csnitai. And we know. too. that she put in in part
ssf;sfset;on Of her subscrintion the works of the
lanes river comnanv Mt n 0Of, 600. These works
rad cost tha state 81 ala s0a 81 Rut in TINS es-
timstino them Mt n 600 oo0 the State did not re-.
i;nouish ,ha excess On the contrary she required
,ha ocrrr.r, 70 no the ann ntv NJ sol OoI 10 tbo
s,o s Shoidars If the old lanes river comnanv
wh;ch a. stact Of s;x ner cent the legal rate ~
;ntaras, ~, ynonav Is enua, IN x3a0 0oO And Tins
srs sold 10 tho co,nnanv these works Mt more thsn
~ Ell oo.t 81 tha;r cons,rnet;on
W - 80 81.
Between 1867, when Inc cnar1eI Vi Tue James
river ana hana~ha company was graneeo' ana
1859, when the company was Crgahzea, enquiry
and investigation had satisned the friends OF the
improvement that to compete successfully fer the
trade OF the great west, was 70 increase
thesize OF the canal much beyond that winch then
existed between Richmond and Malden,s Adven-
ture in Goochland; and at the irst meeting OF the
stockholders 1t was determined to NIX 1t at width
OF fxty, and depth OF nve 1eet; ana this was
heartily concurred In by the then proxy of the
State, the late Chapman Johnson, Esq. 10 enlarge
the old canal to the limits liked for the work. ex-
constructed it anew; and the price at which the
old canal and that through the Blue Ridge were
transferred to the company, was q total loss; or
whilst they did not diminish the cost of the inn
provement, the company has been saddled with
the payment Of the annuity Of 81 900 to the stock
holders of the old James river company, the State
herself being the largest of them.
Having thus secured no benefit from these two
vorks the first of which cost $500 43 - and the
second safS l0e e. the canitsl al the comnanv
rssIy .yaiIahle for the . recntion of their rreat
,vorE wss hit al CON 600 Commenc;ng With fra
s % r;tai :. nrot s,,-,.;. % " a. e. go
49,, 4hat - sha,i, ha 70 haa, aIhansta5 hasnn a. .
80, ' -. :. a,Sitas - T ,nhhnrn S,,oh $500;
"a a.s .n. ent 80 ~ - n,;ntsr - 1905 III
ran .ne SHa ~ tha re,arai as.anhI, 81, VIZ
sn.pos &c ppar;., ord a., shsc;n,;a,, y, .hr a
sf..s 20 81 rorosad ;oroa 90 hs N. S,..a r. ~"
IN 1850 ~ th;s annl;o..;on that tn .anoraI s'
.arohI Sa.~r,;naa r. "a The comna,s ,ot h, 90 :.
smhsc-nt;o,, hnt hv .uthor;y;nr tie comnan, 70
horrow monsv to carry IN it's work and nv Su ~
rsntsana it, bonds and tins Il viii hs sas sbt
~ .na;a nf an,,.;n ,h;s nras+ ra, hn n,aa.aS
~ $780, al nnomav W. tha nol;ov rot IS ;ho
n.nw Ut ~ tha CanaraI assarmhIyy, ona - 80
po;cy most rancfsntiv assentad to hv tho CONNIE
pA"y th. ct ~ 49, Saa 1000 H. VIC ,,.l.
was authorized to borrow the sum of Fl 500 600
upon the guarantee of the State payable either in
this country or in Europe For this guarantee no
security was then required; and We may well be.
leve that if euch security as has since been re-
uuired had been then demanded the company
wsuilkhave declined the guarantee. Being autho-
rized by the act to negotiate this loan in Europe,
4 large amount of the bonds of the company qua
ranteed by the State was placed in the hands Of
Gen. Hamilton of South Carolina, than whom, in
the estimation of all men at that time, no man
could have been selected better qualified for the Of
fee or more confidently to be relied on both for in
tegrity and capacity. Subsequent events proved
that the confidence was misplaced. Geneneral Ham
ilton hypothetical with certain houses in Europe,
for his own purposes, q large amount of the bonds
Of the company; and it became necessary that APP
plieation should be made to the general assembly
Tor aid to enable the company to redeem these bonds
Accordingly at the session of 1912, the company
applied to the general assembly for loan of $780,.
Nv " !. ~ s u.s. oonas anu that oody,
sn h.,t Ia loan OF
S;t;o .hs, 49, $4,000 h' 'oan WIN the con
oaa. non al. ino ito nroncr, siuuu mort
ehs nsnm,an, &c .h ~; aua inooe, W secure
r.damnt;o 80 ,ha x";a;rai t i.eies. anu the
o than horrowad mt af IL ~ yH sio ooo Tue
rsn,asd houds pua =. le ,Sso OF qua
of the annntv of saI coo w o ,h anu aso
ths Old Jama: rvss ~ 'iie OF
sct tha oamnon "a e. p;h!y anu oy this same
AM ~ a,,ra+ a y. 70 rom entering into
of IT, "orA W 10 aohe upon the line
'np'0'e"ou'
This act OF the 18th of March 1912, has been the
great source of the difficulties which haye-since
that time beset the James river and kanawha com