The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1858-01-30
James River and Kanawha Compa-
underwriting the Debt OF the
anfn Stock.

=
nv-Coayerttng the Debt Of the
Company into stock.
A ,.t,er published 10 pamphlet form, from the
President Of this company to the representatives
3, ,ha ai,v In tho Legislature, sets forth some rea
..,,s Gar the application which has been made 10
sha legislature 70 convert tho debt Of the eompa-
,v ans 70 the State, aud that for which the State
/. ra.nousble, into stock OF the company. With 3
.onvsr.,ou OF the debt into stock and the State
Hens discharged, the company would DO in posses-
sion of an amount Of property and revenue which
would enable It to complete its improvement with
out farther aid from the State All will agree that
the great interest OF the Commonwealth is to get
the Improvement completed. "If' as the Presi'
dent remarks s'she can do this by an almost insig
niAcant present expenditure, II would seem sue
ought not TO hesitate about the payment of bonus
ia future. which she could so well aiiord 70 pay
when enjoying the munIncent resurns Of an i'm
provsment like this. For It must be remembered
that the interest Of the Commonwealth as stock
holder 10 by no means her only or even her great
eat Interest. there must be added the enhance
ment 10 the value Of lands, the increase OF popuia
ton. and the growth Of the mechanic arts and Of
commerce"
II virginia had carried out the earnest desires
water Hoe to the Ohio, the Old Dominion would
now Be the Empire State OF the Union. General
Washington, a. we learn from the pamphlet be
fore us. was the frst President of the James River
Company. lie had previously, in October, l774
scsilad the aftent ion Of the Governor of Virgins
TO this subject IN letter, forcibe and explicit
that Il was communicated by the Governor to the
General Assembly. In November OF the same year
he came from Mount Vernon to Richmond, for the
purp ose, In part Of promoting In the Legislature
his views for a plan Of internal improvement
soon after his arrival, and after the House OF De
Iexases had unanimously adopted Il resolution ex
pressive of their reverence for his character and
affection for his person, leave was given to bring
IN bill for opening and extending the navigation
of James river. Mr.. Madison was the patron OF
tho bill. It became law on the 5th Of January,
lTss. Under Il the old James River Company
was formed, and General Washington was elected
the frst President Edmund Randolph being one
OF the Directors, and, In the absence Of General
Washington, acting President, until 1882 when
he was appointed Attorney General Of the United
States. Chief Justice Marshall was another of the
great men Of Virginia who was deeply interested
in this scheme. And the whole State, from 1855
down to late day, have evinced, by repeated acts
Of legislation, their sense Of It's importance"
Would It not be graceful act in the present LIE
gislature. and an appropriate tribute to the memo
~ Of Washington, to seize this suspicious season
when the memory OF his wisdom and virtues is I'M
pressively recalled to every bosom, for the pur
pose Of carrying out that policy so dear to his
heart, and the value and Importance of which have
been only made more manifest by the flight Of
timer
1t 10 impossible that Virginia can abandon the
water line for any other improvement. Fifteen
railroads to the Ohio would be barely able &c
reach the capacity Of the canal for the Transports
tion of freight Without wear or tear, It would
convey its three millions of tons year, requiring
. commercial marine of twenty five hundred ships
each Of one thousand tons burden, and, after pay
ing all expenses, producing $2,7oo,00o annually to
be divided among the stockholdersi Whilst rail
roads, and prominent among them, the Covington
must always command the passengers, the canals
must always command the heavy freight, and
therefore Can never be behind the age, unless an
age shall come In which the earth shall contain
treasures either of the field or mine.