Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1859-11-21


Of 84Oo, eos. and to execute . deed 81
trust g secure lie payment Of the same.
Copies Of. these proceedings were iaidsbe-
forthe Kanawha Board, alta called meeting
held on the 18th of March, 1859. when
the President pro tenn was instructed 10
for this Board, The prepsra-
lion Of the bonds and Deed of Trust, end
70 proceed, as soon as heEsame were com
pleted. to negotiate -the sale Of the bonds,
under the authority given him BY the fess
olution ofthe roth Of january. 1853.
In obedience tothese instructions. The
President pro tenn proceeded at once 10
Richmond. and having procured with Is
little delay as possible, d certiRed copy
Of the bond and deed Of trust which she
Eastern Board had authorised the Presi.
dent Of the Company to execute, he xis,
tied the cities Of Washington, Baltimore,
Philadelphia and New York. seeking 4
market for the sale of ths bonds; but lnei
with no encouragement my where, ex.
ceptI in Philadelphia. There, he found
parties who seemed favorably disposed
towards the loan, and appeared TO be sal,
isfsd with the security offered for the Jul,
innate payment Of the principal and in.
terest, but suggested that the tolls unou
the river were not OF themselves. q snf.
l6cient guarantee Of the punctual payment
of the interest semi Annually, upon iht
sum OF $500, 900, and advised him to ob
tain il lie could from parties Immediately
interes,edin the improvement Of the nv
err soma additional guarantee of Chg
pnnctual payment of the semi-annual III
terest. and then renew bis application.
Immediately after hisfeturn home. he
opened correspondence with some Of TIN
members Of tl,e,coal companies, interest
ed I'M the Improvement az the river AMI
was I'D 10 believe, that il the Eastern
Beard could be induced 10 reduce tlbt
amount or the bonds 10 be issued, to tiit
sum of 1880, 900, that he might probably
find parties, who would agree to guaranl
tee the punctual payment pf thes.semi-an'
nual interest on that amount. He these
fore wrote to the President Of the Com
pangs requesting him3to use his intiuerct
with the Eastern Board, % induce then
to reconsider their actioni n reference q
The Kanawha loan. and tos4amhoris'
him, to issue 800, 900 dollars iastead o
100000 of the bonds. giving as tn
reason for requesting. this change, III
probabilities held out, that parties coule
perhaps be found, who world guarantee
the payment Of the semi-annual interes
of the loan, If, that change was made. +
10 that lstter*sa reply dated the 18th .
June was received, informing us, tina
tie Eastern Board, BY a resolution pass
ed the ] lth Of June, had acceded TO th'
request of the Kanawha Beard, and hat
authorised the President Of the Company
to issue Bonds to the amount Of $500, 0ot
only. This reply was received too is Z.
to make any further effort ITO obtain tn
guarantees desired. or to renew the CT
Tempt to- negotiate the Bonds before th'
ist Of July aud on the 18th Of July, II,
Eastern Hoard passed q resolntion, d.
declaring, that in the opinion OF the
Board, tie Kanawlla Board had ceased I
exist as q legal institution on the LIST p
tJuly preceding. Thus ended the last ef
fort made BY the Kanawha Board to pro
cure the bonds, and negotiate the loal
for the benefit of the Kanawha improve
melit. i IN I'll
The Eastern Board Of Directors /
their goth annual report 70 The stpckhold
ers of the James River and kanaWt'
Company, say ,s51E 4
eli Is not to- be disguised however
that there is. IN the valley Of the Kama 2,
wha river, 4 feeling Of hostility on th
BART 1t many towards the James Rive
and Kanswha Company. which e nc
less unjust than embarrassing 70 its az
mtnistratiion. For years past this feelinl
has beensnnanifested, particularly IN prp
ceedinps at. law, which have resulted /
what liz Board have felt to be q denial 4
iustice.r stf
q This is certainly 4 grave charge 70 p
brought not only against lhe private cltl
Ezsns. but. the Judicial tribunals Of ~
whole valley.
SBut Mas not This hostility complain
I ed lof If any such exists, grown. oslt
the sadministration !" Of The Easter
Board VI Directors /. towards che vale
| of the iKanawha river From the g
ganizatiol of the James River and kanla
VIA Company in 1885, what had bee
,done ~ tie Eastern Board Of Directot
for the improvement Of the condltio y J, 4
I Ma Kauawha riyers The character
me Improvement - transferred 70 then
~ lie old James River COMPANY n
mained materially unchanged The citl
zena 81 the KanaWha valley bad agaa
abd aoain demonstrated against It z
be;no IS fact no Improvement At gali-a
a ;mnedimsnt rather than . beneflt
| The navigation Of the river az All times p
and actually creating - moderate RISES q
EUh;ah would otherwise haye been g
heat boating stages on the river. Pos
49, and unavoidable obstruction 70 .tp
ravioafion. Nor we're these cemp lain |,
and circumstances uniounded. Mr, Flsl
| he accomplished engineer Of the boa .ss
/ Il lis report to them Of the 2lstIol "
ltoher 1854, ON the improvement OF Il
lKanawha river, says 4 The present ~
movements were made BY the State, az
subsequently, transferred 70 the Jamts
River and Kanawha Company. and no
/ form 4 part Of its line of eonneciion w
i he vest. The contractors tor much
4 - n i f..8.l. J, Snka nara "a ii n