Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1858-03-09
Central RDaie- Nater Line s.ronTerzion

James River and Kanawba Company 10
she saate Of Virginia. we regard this
Bill ane of he greatest importance ID
bringing about direct trade between the
Watersof Ohio River. and the Ches-
apeakeHBag. We think its passage viii
tend greatly 10 advance and push forward
The CoFington and Ohio Railroad. Lei
Us exaInins the features 81 this Bill
which II called Che Conversion Scheme
Tho James River and Kanawha Com
pany up tos Slst December, 1887, had
expended and invested, IL and upon its
works. and property 1885. 8I9 o5 and
had paid forliinterest, dividends, &c, se,
t879,025 Az, making the t5tal amount d
expenditures, to the 31st div Of Decem
Der last upwards Of fsftesn Miz1ions cJ
doitRs .g65, 8a4, AZ. But where did
al this money come from, II may Be
asked : III the .frst place, the State sub
scribed three Millions Of dollars to the
Capital Stock, and individual sabscrib
ed two millions, making $4,000, 600.
Secondly, From time to time, and from
year to year Tie State made Icons 81 mon
81 to the Company. secured BY morlga-
GEES on the work, III all amounting to So
l28, 325,s4 and the State also !g,toranteea
tie payment of certain. bonds and debts5of
The Company, amounting il all to ST.
$40, 900. These loans and guarantees
together make the Company s indebted
ness, to the state SIS, 73s, s25, 80.
Thirdly. The rest Of the money Ell
pended was derived form the tolls and
profits oflthe works; for up to the Slst
December last the tolls, rents and other
profits Arising from the various works
and properly of the Company. amounted
10 nearly FIVE millions Of dollars, s4.
100, l6e, 28s
-1FAs PtSSSths ny NOlAi "a - = GU
annual revenue of about $3.50, 600 from
its works and property. This sum IS not
sufficient topay the interest On their in
debtedness 10 the State, to.wit on So
738, a25, $50. and therefore nearly every
Session Of the Legislature the Company
asks and obtains an appropriation from
the State to pay the interest on the Com
pany's Indebtedness to the State. in
such asconditipn Of affairs, it Is perfectly
impossible forthe various works Of the
/. R: 4 K. Company, 70 prosper ana pro-
gress. Relief They want, and relief they
oughtSto have, so far as is just and con-
sistent with theirights Of other internal
AT present. die Company
has neither means nor credit. 1t has ex-
haussed both, and yet # has 4 canal COM
pleted and in operation for two hundred
miles d dock lat Richmond, Incoming
moro and more profitable; the Kanawha
turnpike road the Kanawba iriyerl i'm
and other valuable property;
tie whole yielding q revenue of about
$3.50 900 per allnum. But how is relief
to beiobtainsd :? How cansthe Company
get rid Of lis indebtedness, and thus Be
able 10 make use.ofits revenue III pushing
onward and forward its works p The an
sweris, by the Legislature passing the Act,
now before III called the Conversion
Sch eme. I Fosgthis Act proposes 70 con.
pert into stock the amount $3.50, 325,
SO J of loans and guarantees, made By the
State TO and fSr the Company, and
thereby, extinguish the interest annually
accruing On THE Indebtedness ofthe Cons
pany, and at the same time enable the
Company 70 apply It's annual revenue
to the extension aid completion Of its
Works.
I'VE see no ob1sctiop to the passage Of
the 4 Conversion Bcheme.' but could
give many reasons Why II should Be pas
sed. AS matters sI&nd now, the Compa-
ny has. neither money no credit. nordoes
its annual revenue pay the Interest Oh its
debt due To The STATE, and it's debt guar
aatsed By the ssate. The Company Is
therefore compslIsd 70 call annually On
the Legislature fos an appropriation to
pay the interest on its Indebtedness -
But BY the Conversion Scheme, this
indebtedness {s5.7ss,325, 89l is con
yerted into slsck. and viii no longer Be
al intarest4bearing fund. And If the
Conversion SCHEME be passed. the en-
tirs avenue arising from the various
works Of the Company car be used in
pushing forward the canal to Covington.
and IN improving the navigation aof the
Kanawha river from Lonp Greek Shoals
to the Ohio river. II IS to accomplish
these two great objects. that the friends Of
the James River a Kanawha Company
are SO anxious and desirous to secure the
passage Of the tfConversion Scheme. 3
For its passage will give great faith and
credit 70 the waterrline; it will insure the.
completion Of the canal TO Covington, and
also the improvement of the navigation