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

oecosed the State must be the purchaser without com
pettor.
would respectfully ask wha, has the James River and
kanawha Company done, neglected to do in relation lC
her engagements the Commonwealth which requires such
measure of gor towards the private sockholdcrs2 The
company commenced its operations in 1885, and has been
progressing for nearly nineteen years In that time there
been dsbursed by the company about twelve millions
of dollars; Of which there has boon paid for interest," the
sum Of S23l0653 3d. In this long period whilst her works
were unfinished and there necessarily great expcnd
tue before could be any returns for H. the company
has occasionally asked the aid of the State Ia the
the interest upon her deba debt contracted under po
Icy Of her dsvlsing but adopted at the suggestion
of the Legislature OF the State The of 1926 204 g.
advanced by the State for the payment OF the interest
due from The company has been secured by mortgages on
the property OF The company and Interest thereon has been
paid 10 the State from the day II was advanced up 10 the
prcsen, time with the exception Of the semiannua interest
due the let January, 1853,
The acts Of the General Assembly, authorizing the guar
antces The companys bonde and the loans 10 the
NY for which the mortgages were executed provide that the
Of the company shalt constitute fundfst, fo
keeping the improvements In repair add paying the ordinary
expenses OF administrations and secondly for paying the
semannuu interest The loans guaranteed by the State
and loans made by tho State including the annuity the
stockholders OF the old James River Company The mort
cages executed in of these acts of the Gen
eral Assembly
The revenues of the company were always taken care or
and disbused according the provisions Of the
and Of the under which the executed
until The year 1885,? And for many years past they ha
been sufficient with such temporary aid the president
and directors always able obtain the credit of the
company in emergency to defay the expenses Of repair
and administration and pay the semannua interest
company's debt ns il accrued
In the progress Of the companys operations in 1851 in
completing The second division or the canal and advancing
towards completion the South side and Ryanna connec,
TONS ascerlancd that the loans made guaranteed
by State for these objects would be adequate and
the company could supply the Deficiencies from its
and also pay the semannua interest
ing on its debt.
In this of things the stockholders assembled in No.
vember 1851, and tho President submitted them his an.
nua report In this report page 2O0 referring TO the de-
fceuces then existing and anticipated exist the presden,
says:
Another mode OF relief for The company Is 10 ask of the
legislature TO loan The company three hundred thousand
dollars OF State bonds or 10 pay the semiannua
accung the companys bond debts until the ls of Juy
1885, and with lis prospects Of revenue when all its works
now in process OF construction shall have completed
the company will be justified in undertaking repay into
the treasury the 10 be paid within FIVE years
recommend that application be made for aid 10 this FORM
The State Is already bound for tho payment OF this inter.
est and 1t be the policy Of The legislature By re-
fusal of aid compel the company make default TO it's
creditors"
The presidents report with this and other SUBJECTS en-
baced in it, requiring action the part of the sockhold.
ers referred committee Of thirteen, in which num-
Der included the three proxies who represented tho
State The committee In their report forth the fact OF
the deficiencies In appropriations as well &c small def