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

M h common wealth 10 the interests Of its citizens hI
committee further slate that at ms tme no souu
he attained by enforcing the lien held by The ConoH"s'
or by purchasing the stock OF the Company;
The following the Of the President 10 1he
,oontory "wheher not the interests OIL inc Co,n ~
wcnb REQUIRE the foreclosure Of the mortgages eo Wy "
State upon the property Of the said Company ,h;oc, nj
Ayswrn-In presenting my views upon the suo!cet "
his rnouy shall moi be 30 unjus, the General Assem-
bIy az to presume that the interests OF the
in the opinion Of that body are 10 be esiimateu oy
calculation OF pecuniay eain IL ID only 10 tua Gu 70
scnac which comptchends the honor OF the State anu IL
spect for the rights OF Others that the interests OF M
monweallh can ever be viewed oy e h1es of her ct
zens than her wealth. and do justice e Tie duy as
ceive it is the right, of all men, IT., 49,, uiowe to
As II becomes me 10 be bIie in presenting my We've
the Committee shall content myself win s'thp'e
cnce 10 facts which may be found in the prn,ea E
of the General Assembly, and Of the James tyei a ho
nawhn Conpany holding myself ready 10 produce e
horty upon which my statements are made "ne ; n
shall be The pleasure OF any member Of the Com''''e'
call for it, tho Committee
with reference 10 the propriey Of the action poposeu
ing regard The rights and interests OF an @ 20 the pre-
vions action of the General Assembly and OF inc '
River and Kanawha Company we all Koo% o a aoN 9TH
Company was organized lis caPS, waS subscriber for
hrec.flths of this capital And we know .oo .a f the
in In part satisfaction of her subscription the Nod
James River Company at bna Estimating them
81 900 OOO the State did ren1ulsh inc ence Of
contrary she required the Company 70 pay M River Conpa
ipfc.
rest on money ia equal S35OOoO Ana mus s ~ bs
the Company these works al more 'hun '''0 " WV -
construction. r. ,Lo lama. r liver and
Between 1892 when The charter oil me James net r
Kunuwha Company granted, ana iooo, hd satisfied
pany organized enquiry aha ance successfully
for tho trade of the great West was necessary 10
the size of The canal much beyona in Goochand
md nj the Grs meeting Of tho stockhoaos ~ Sve feet
mined to fix it at width OF fifty ano be nroIv of the
and this was heartily concuIIon @ To enlarge the old ca
h i;r. red for the work, experience mas proven "
be az expensive TO have ,ho pine Ridoc.
n, which the old canal, and that through tie G s;i
~ VIM" r,ed to the Company total loss; ior whist
hv did moi diminish the cost OF The improvement. u Uo
.y h bceo saddled with the payment OF INC annuity Oh
p9 mn IN the stockholders OF the old James ie'er EoPa
NJ The STATE herself being the largest oil mem ,,,a
Having thus secured bene! from these Two 1--WE ~otSa
h frsi of which cost S6i0l i3 l., ana inc SECOND
s2Ga EOS g. capital OF the company reay lot
thc execution OF their great work. was but Co
mcncIng with that amount OF capital II elhu Lr ,h
arctnp man that should have been exhausted before 1e
canal was completed Lynchhurg Such certainty ~ds we
fact and tho winter of 1888 tho company appeo 10 e
General Assembly for an increase OF capa anu io' SUI
scption OF threeifrhs Of the proposed hcreuee " Tue
Sale II was this application mat lhe oehe-
raj Assembly determined aid the company no. oy suo
scripton but by authorizing the company 10 borrow money
10 carry s work. and by guaranteeing lts oonas Ana
thus will be that The policy OF eHeeu.ug u sea
work by means OF borrowed money was Inc pocy MOI OF
the company but Of the General Assembly, and was poi
lev most reluctantly assented by the company ny Inc
act of March 22d 1889 tho company was authorized 70 Dor
row the 81 10000 upon the guarantee OF me olae
payable either ia this country In Europe For h's guar
anee security then required and VIC may wen oe
eye that # such security has since been required mao
been then demanded the company would nave declined me
guarantee Being authorized by the act to negotiate this
loan Europe large amount of the bends oil Inc compa
ny by the State placed In the hands OF Gen
Hamilton of South CarOnu, than whom, In the estimation
of all men ut that time could have been selected bet
Ter qualified for the Office confidently 10 be relied on
both for integrity and capacity Subsequent eyons PROVED
mad
with certain houses in Europe for his own puI
poses large of the bonds Of The company and
became necessary that application should be MADE 10 ne
General Assembly for aid enable the company to redeem
these bonds Accordingly at The session OF lo4 me com
pany applied the General Assembly for loan OF sZoOuO
enable TO redeem bonds and that body by ts act OF
March 25h ls42 authorized loan o! the asked but
coupled that loan with the condition that the company soud
mortgage upon all its property and income 10 So
dempton of the principal not only OF the soUUO hen
borrowed but Of the s500000 of guaranteed bonds issued
under Of 1889 and also OF the annuity OF 81 UOO TO
the stockholders of the old James River company And by
this act, The company was prohibited from entering
any contract for work 10 DO done upon the limo
its improvement.
This act OF The 25, of March, 1912, has been the grea
source of the difficulties which have since that time oeset
the james river and kanawha company BY Inc ac o.
movement was 10 be carried on by subscriptions 10 Inc
stock The company, but by borrowed money anu oy
the act of 1872 ncumbcrng the whole property ad income
NJ the company for tho indemnify Of the State 10 the
Of annual interest and principal sum
from other Than the State utterly desoyed
and from that time the General Assembly must have con-
tempacd the necessity OF itself supplying tho means or
carrying this work BY this act too, Inc company was
prohibited from proceeding further with liz work Tor the
time and consequence of prohibition the large sum Of
of S4ad25 81 which had been previously expended between
Lynchbure mouth OF North river has been nearly
ali The company whilst the interest upon II Ia Sill
Bv an act passed March lst ls47 the General Assembly
provided for further loan OF 900 to the James river
and Klnawha company in annual payments extending nom
far hn nj
provemen 10 Buchanan, and again required as security
for the oap mortgage on the property and income Of le
hs act o9 further required PERSONA oa
the whole line OF the canal, between Richmond anu buc
hanan for five years. commencing three months alter Inc
companys should be completed and put 10 actual oPe
ration from Lynchburg Buchanan not fall below tho
average of S267 600 annum And this equ'sl
ton met by private individuals living IN me Vaney OF
Virginia and The city OF Richmond The General Assembly
by this poyson indicated the measure Of business on the
canal which would be satisfactory 10 that body for the mrs.
fvc years Of its operations between those places The WORK
was completed and put 10 operation up TO Buchanan In
November 1851 and In the year ending the 30th oil Sep,
tcmbc 1852 the receipts from tolls between Richmond and
buchanan 1868 2l0 e while for tho end
ing the 10Th September 1885, they amount to 993 60
thus exceeding in each year Of its operations the average
for five stipulated for by the General Assem-
bly,. . |
Further loans have been made by the General Assembly
for continuing the work 10 the neghborhood OF Copington
which it is unnecessary 10 notice particularly they only
evuce the continued purpose OF the General Assembly 10
aid the company in carrying its great work. and assured
y give the stockholders appehend that at the
moment when their hopes long delayed promised soon
pen into fruilon it would be gavey proposed in The
General Assembly 10 orecose the mortgages which had
been executed by the company for The indemnity OF tho State
and thereby appropriate TO the State 10 effect without fair
equivalent the whole property of the private stockholders
invested in The company: for if these mortgages 10 be
forecosed the State must be the purchaser without CON-
petitor
would respectfully ask wha, has the James River and
Company DONE neglected to do in relation 10
her engagements the Commonwealth which requires such
measure OF rgor towards the private glockhoIdcs} The
company its operations in 1885, and has been
progressing nearly nineteen years In that time there
a been dsbursed by the company about twelve millions
Of dollars; Of which there has boon paid for interest. the
sum of 81 30653 49, In this long period whilst her works
were unfinished and there necessarily great expcnd!
ture before there could be- any for IT, the company
has occasionally asked aid Of the State Ia the payment
the upon her debt-n debt contracted under po-
Icy Of her dsvlsng but adopted at the suggestion
of the Legislature OF the State The of S326204 g.
advanced by the State for the payment Of the interest
due from The company has been secured by mortgages on
property Of Tie company and Interest thereon has been
paid the State from the day IL was advanced 10 the
present time with the exception of the semiannua interest
due the let January, 1853,
The Of the General Assembly authorizing the guar
companys bonda and the loans the comps