Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-04-27
I,mes .siyer aud Kanawha Company.

James River and kanawha Company.
i called meeting of this company was helt
at the company's office on Wednesday night
The meeting was called to order by Genera
| Vim. r. Taliaferro, and, on his motion, Geors'
W. Randolph, Esq, was called to the Chair.
Colonel Thomas II. Ellis, the President o
the company, presented the following report
1t is with uuleigned satisfaction | lay before
you this evening an act Of the General Assem-
bfy converting into stock the debt due by the
company to the State, the debt oi the compa'
nv guaranteed by the State, and the annuity
to the old james River Company.
More than fifteen years ago, a petition was
nraseutei By order OF the stockholders to the
| LEGISLATURE, asking precisely what has now
been granted. Even at that early day, the in
adequacy Of the original capital was so serious
" felt, that the company found itself unable
to comply with the conditions Of its charter
nevertheless, 10 continue the improvement
upon exclusively borrower capital, was an eX'
hausting process, which, it was plainly seen,
would sooner or later result in the most painful
embarrassment How sadly thisa apprehension
has been realized, | need not undertake here
10 recite.
Although the policy of converting the debt
into stock was not pressed upon the LeSisla,
turc for several years after lis first presentation
in 1915, it was renewed at the session Of
lS5T'-S, and has been advocated at the three
subsequent sessions rs the preferred measure
of tic company.
The bill which | had the honor TO report to
YOU at your meeting in january last, was
amended in several particulars before beng
read Il third time and ordered to its cngrosS'
mcnt, and when voted upon in the House OF
Delegates, on the 25th February, was defeated
for the want Of 4 constitutional majority. On
the motion of the Delegate from Stafford, a
Joint committee, of seven on the part OF the
House and five on the part Of the Senate, was then
appointed, to whom the bill, and also Il subStl-
,ute submitted therefor, were referred, with IN
structions 10 consider what was cXpedient to he
done in tue case oftlle James River and kanawha
company. This committee having, after full
consideration Of the subject, reported L bill
which was acceptable to the friends Of the com
pany, it passed the House Of Delegates, on the
I'd of March, by the decisive vote OF 81 to vi.
In the Senate, the same bill underwent various
notifications. and in that shape was defeated
but upon a reconsideration, and further discus
sion, received the requisite vote there, also;
and the amendments proposed by the Senate,
having been concurrcd in by the House. the
bill became q law Oh the 23d Of March.
In addition TO the conversion Of the debt 10
which | have first referred, 4 subscription O.
$500, 600 on the part Of the State, to the en-
larged capital stock, is authorized, to be paid
for in State bonds, which arc 10 be applied
10 the ~cXtinguiShmcat Of an equal amount
of the floating debt. Authority is given tc
the company TO borrow money, at a rate Of in
tereSt not exceeding seven per cent. per annurn
and not exceeding two million, five hundred
thousand dollars in the aggregate, nor exceed
Ing five hundred thousand dollars in any one
year, for the purpose Of completing the cana
10 Cuvingtoli, carrying on the other works o.
floating debt. 1t is further enacted that there
shall be issued and placed under the exclusive
control Of the Kanawha board, by way Of loan,
three hundred thousand dollars Of the six PEI
cent. registered stock Of the Commonwealth, tc
be disposed Of ut not less than par, for the
purpose of improving the navigation OF the
Kanawha river from its mouth TO Loup creek
shoals; but the Company is TO execute i deed
Of trust or mortgage upon the works,
property and net revenue OF the Ma
nawha improvement to the Commonwealth
for the payment Of the principal and in.
tercst of this loan. The rights and powers OF
the Kanawha board arc more clearly defined
than heretofore; additional rights and powers
arc conferred upon the company for the collec-
ton Of tolls OH the kanawha river l larger
vote is allowed TO the State in all elections
and on all questions arising in Il meeting OF
stockholders, except the election OF directors
on the part Of the private stockholders and
the canal is to lie completed To CoVington Or
the Western terminus of tie Virginia Central
railroad, within six years from the passage Of
the act, without further application to the lie,
g%islature for aid, upon pain Of forfeiture. Fl
nally, before this act shall take effect, or the
Board Of Public Works shall make the sub
s~criptiun to the stock, authorized by il, or re-
lease or discharge the liens which the Common
wealth holds on the property Of the company,
the private stockholders are required in gen.
eral meeting to accept the provisions Of the
act, and duly certify their acceptance 10 the
Board Of Public Works.
Such, gentlemen, is a bricf history and out,
line Of the important act now submitted Tor
yorr acceptance Or rejection.
Grateful as | am to the friends Of the inca,
sure for their successful efforts in its be-
half, could yet wish that it had
pleased the Legislature to abstain from
making the new stock Of the State preferred
stock, from increasing the power Of the State
in the administration Of the company, and from
still further separating the kanawha Improve
ment from the homogencouSucSS Of our Linz
and policy. And especially in reference to the
two first objections, firmly persuaded, as
am, that the private stakeholder interest il
this company tends to secure economy ant
efficiency of administration, | would, by ever!
proper means, foster and encourage it, rather
than ALLEVIATE it by ovcrpowcring its vested in
lucncc and diminishing its pccuniary induce
ment.
Nevertheless, | doubt not, that, like myself
overcoming these, and, perhaps, other ohiec
tons, you will see in the act of the 23d o
March, a new existence for the company. new
hopes, new zeal, enlarged usefulness, greater
satisfaction to those who bear the burden al
well as those who roam the benefit. in short.