Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1859-11-01

Thrd--To loan al amoHnt Of capital, upon
ADEQUATE security, sufficient 10 corrI,lctc the
improvements to the Ohio river:
Fourth--To undertake Is contractors 20
complete the work, receiving in payment the
bonds Of the company, satisfactorily secured
the usual form Of contract being observed
with !lll right OF cOntro! on the part oi tic
company by il: officers and agents.
The Board can only reply, thai the ccm.
panv is not IN condition to act without the pre-
yious or concurrent action of the Legislature
Nevertheless, they are brought 10 the notice Of
the Stockholders Tor such action on their part
as may be deemed proper.
TIE report cluSfs ~ follows:
Withou, OBTAINING the stockholders by argu-
mcnt5 or statements vi facts ard circumstances,
with many Of which they are unhappily too
familiar. and preSunimS that the Legislature
means 10 prosecute III improvement which
promises, when completed, so full and rich =
return for ali that has been or can bc reasonably
, expended upon Il, and believing that the inter
cStS, public and private, which a." seriously
affected by the present exhausted ard burden
cd condition Ci the company, ought 10 ma
relief. in some just and proper form at the
! hands OF the representatives q the people. the
board recommend that application Ice made 20
the next Leglslaturc-FwSt, 10 pay The interest
due, and which may hereafter become due, IN
case Of default by the company upon the guar.
aniced bonds o! the company. Second, 20
fund the floating debt Of the company, or 10
make provision tcr dSc!!argins il. Thlrd, to
appropriate L sum sufficient to complete the
canal 10 COvington. Fourth, TO appropriate a
sum sufficient to improve TIC navigation OF the
kamnwla river from It's mouth TO Lplip Greek
shoals Fifth. to convert the debt due hy :Hc
company 20 the State, and that i0r which ih9
STATE is liable, into stock.
The meeting adjourned 10 "Wednesday rigat,
when the following proceedings trau,prcd:
G,,,tavus y. Myers, Es4., resumed the caai!'
The committee oi thirteen, 10 whom were
referred the report Of the Board Of Directors
the report CT the Kanawha Beard. the -c.Dg.
loa Of Mr. Randolph, and the report Of :he
committee OF cievcn on the adoption 81 plan
loy the Improvement: 81 the kanawha rIrer,
having maturely considered the several Subjects
referred 70 them far investigation. beg leave 10
report:
Jha, th.g have witnessed with satisfaction
the efforts made by the Board 70 reduce the
expenses oi the company to the most ec01oln
ca! standard ot efficient administration. The
committee are satisfied that the Board will. As
heretofore, by every suitable effort, cndcaror
to secure the best results for the company aEi
the State, Of when the improvement: - su.CCp.
iblc; ard they recommend that the SUBJECT oi
the tolls De continued IN their hands aud con.
lded TO their experience and discretion. JEcr
deem il proper. especially, 10 recognize the
spirit cYinced by the Board, in repeatedly en-
dorsiHg the HctcS Of the company. for large
amounts. for the purpose Of borrowing money
tor It's convenience and accommodation.
Tic suggestions oi the board on the subject
of ~ application 10 the Legislature for the rc
! liei Of the company and the prosecution oi the
improvement are fully co"currci in 10y your
comiaittcc, and therefore adopted. In seeking
rciici however, at the hands oi the Legislature
it seems to the committee cypedicnt to include
an application, that i no better arrangement
can be made, the COMPANY he authorized 10
abandon the Blue Ridge turnpike and ferry and
the kanawha road or surrender them TO the
counties through which they respectively pass.
, The duty oi keeping these roads in good re-
pair, has dcvolycd upon the company all an
nUal loss Of considerable GmoHnt for years
past, without compenSaiiny benefit; and II
Is thought that the several counties might
fairly undertake to keep their respective Sec
,ons in repair as county roads.
The committee respectfully recommend the
adoption Of the following resolutions by the
stockholders:
That application be made to the General AS
sembly,
|. 10 pay the interest which became due on
the first day o! July last, and that which will
be due on the first day o! January, 1860, on the
guaranteed bonds Of the company.
.. To increase the capital stock Of the com.
pany fifteen millions Of dollars, and 10 sub.
scribe for so much thereof as shall cXt!ngu!sh
the debt duc by the company TO the State, the
debt guaranteed by the State. and the iioat-
ing debt.
And that application At the same time be
made, alternative to the foregoing
!. To provide for paying the interest upon
the bonds Of the company which have been
guaranteed by the State, whenever tic Board
OF Public Works shall be satisfied, upon the
certificate Of the Board Of Directors. that an
ins;almcnt OF interest will become due accord
inc to the face Of the bonds and that the com
pany will be unable 10 pay the same or any
part thereof
2. 10 fund the floating debt of the company,
or make provision for dIscharging it.
6. 10 appropriate sum sufficient 70 COM
p!ctc the canal tn COvingtoI.
!. TO appropriate a sum sutic!cn, 10 improve
the navigation Of the Kanawha river from lis
mouth 10 Loup creek shoals
). To authorize the company TO abandon, OF
otherwise dispose OF, the kanawha turnpike
road aud the Blue Ridge turnpike and ferry
Resolved, further That the facts before the
committee io not authorize the conclusion O!
tie expiration of the kanawt.a Board by the
limitations Of the act Of February, 1865, IN the
face Of the report Of that Board 20 the company,
representing the commencement IN due tine Is
prescribed by said act, of the improvement,
therein directed but in view Of the early scs-
sion OF the General Assembly, and until aitcr
It's adjournment, it is considered ineXpedicnt to
authorize larger expenditures by the sad Board
than sufficient TO keep the works IN repair. and
to remove distractions in hc-channel Of the
river, which may be effected With the cash
means Of the company under their control.
Resolved That the President be requested
TO continue his cores spondence with Mr.. Z. dc
Bcot dcs Mininieres, with view to the nego-
ta,ion Of an arrangement for the completion Of
the James River aad kanawha Canal, upon
terms satisfactory to the Board Of Directors,
subject to the approved Of the General Assem-.
blv.
Resolved, lha; the report Of the committee
cE clever he received and laid upon the tsble
The resolutions were adopted down 10 that
one commencing Resolved further which
was discussed until about IL o'clock, when The
meeting adjourned to Thursday night,
LIST OF PREMIUM5
Awarded q: the Second Annual Exhibition o. the
Virginia Central Agricultural Society.
CATTLE DEPARTMENT.