Staunton vindicator and general advertiser. (Staunton, Augusta County, Va.) 1858-1860, 1858-01-30
James River and kanaWha Canal.

OBSERVATION-DISCLOSURES
James River and kaRaWha Canal.
We have read with much interest an able
letter addressed by the President of this
Company, to the Senator and Delegates in
the Virginia Legislature from the City of
Richmond, in relation to converting the
debt of the Company into stock.
We have only one objection to the letter,
and that is, that instead of being addressed
to the Senator and Delegates from the City
of Richmond, it should have been addressed
to the Legislature. 1t treats of subject
in which the whole State is vitality interest
cd, and makes proposition, to which the
Legislature should give most favorable
consideration. Mr. Ellis well remarks, that
''this Improvement in its magnitude and its
consequences, is emphatically astate work
1t has been so considered from the date of
our existence as a State. 1t is not to bene
fit, simply, the strip Of country thro' which
it passes, but is to create, build up,~and es-
tablisi, the commercial wealth, power and
prosperity of Virginia. 1t is to create that
centre of trade within our borders, Of which
Governor Wise speaks in his Message"
Recommended by our own far-seeing
Washington patronizcd by Madison-pro-
we'd to be practicable by every Engineer who
has examined it-this great work, when &C
complished, will have no equal, or nearly
equal competitor, for the rich and increasing
trade between the great Valley of the Missis-
.sippi and the Atlantic shores It's business
will only be bounded by its capacity, & thro
the very heart of Virginia it will bear the
products of the whole West to our ports.
It's capital stock is only $5,000,000, Of
which individuals contributed $4,000, 000
the rest was contributed by the State.
It's private stockholders, in addition to their
stock subscribed, have generously and pa
triotically devoted to the prosecution Of the
work, all the income from tolls, rents, &C..
for more than 20 years, amounting, with
out interest, to nearly s. 600, 900 more
the whole income being $f,700, 1G6 %
thre ffths. Of which belonged to the State
as stakeholder. In addition to this in
yestmcnt of their whole income, these pub
lic-spirited men have consented to be sad
died with three-ffths of debt Of near six
millions Of dollars, which, at this moment,
burthens and paralyzes the Company. This
is the debt which the President of the Com
pany now proposes TO be forgiven, but
that it shall be converted isto stock by the
State-and this being done, that the Com
pany, thus freed from debt, Mill, without
further aid, proceed to the completion of
their great undertaking, by borrowing mo-
ney, and continuing to devote the whole in
come to the prosecution Of their enterprise
The President undertakes, and we think
successfully, to show that this can be DONE
and further, that the work cannot be prose
cuted on any other plan. Will the State
abandon the enterprise in its present unfn-
ished condition, when, by adopting the sug-
gestions of the President, she loses nothing
only the interest on the debt which sssne is
now paying" and, by abandoning the work
she will lose her large investment already
made, together with her hopes Of future
prosperity and greatness?
Mr.. Ellis combats so successfully the
constitutional objection urged, as he says,
by some, against his plan, that it is hardly
necessary to add anything to his argument,
even if anything remained to be added
Surely no one will insist that q liability to
the State may not be paid off, with the con-
sent of the State, in stock, or anything of
value which the parties may agree upon,
without violence to the 2Sth sec. Of the 4th
article of the constitution. Such a trans
action is not release Of the liability which
the constitution forbids, but payment or
compromising Of it, which it does notforbid.
Engine HGuse.-AVe are requested again
to call the attention of The Town Council
to the necessity Of having erected house
for the better keeping of the Fire aprara-
tus now under the care Of the Augusta Fire
Association. We are informed that shese
necessary articles are in bad condition, and
cannot be kept in proper order in their
present place Of keeping. Certainly an ae-
dition can be made to the Market House, or
suitable building can be put up at trifing
expense, which will afford accommodation
for the Fire Company, aud also place for
the better keeping OF the Engine, Hose, &c.
and in.such manner that these latter will
always be in order.
TniyerSity.-The Charlottesville Advo-
cate states that there are 627 stud, hts at ii G
University Of Va. the present scssion--357
Of whoa.are from this State.
Fire.-On Wednesday night the Goth