Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1860-02-13

II pFCvlSlunA OIL the Dill lur ~ auie nhAlc5is
T lof he cbaFttf Of The james River al'd
q KAhawIiz CompsnyI IS es1inentl5 calru-.
4 lated 10 1--WE value III the present stoek Of
the company 10 relieve The Stale ID : few
yeAts ft0iii The burden Of paying the in-
iefest UPON tlseaiehf Of the company. and
Il of completing the. Improvement accord
] ling 10 the original plan and puFposes Of
The State 10 undertaking il ths, bill sub
fsta1,iaiIy such As tiiat reported. 10 de-
Imaided BY the iiniefests Of The storkhold.
IIers and the State, and it's atgenlyP press
ed hpon the favorable lpnsidefalioni Of
lihet General Assemhly =
i Ii will BIZ observed, that the bill
i contains two prominent features. -
i The first is the provision Athat the
EStafe shall takeSflty Thousand afii-s
.Ifional shares of the capital stock Of
! the company. which shall be taken
4 in full satisfaction Of the debt now
line from the company to the State,
land for the assumption to the State
lof the debt for which the State Is
bound as the secnfity for the icoinpa-
lnys and the anntfiky to the old James
| River Company. s, !.
T. This is simply what is now called
! the. conversion scheme, and which
4 for some lime has engaged the atten-
ton and Commanded tile appreciation
Of 80 many uffheF chief promoters OF
the cause Of State improvements. -
/ That our rea.lers may the more thor
ongllly understand the proposal we
! state the amounts1ihvulved
i Asbi due lhe State S3s35t,14 20
bonds granted By the State .. $4,000 Q
i ss4Sgss ga 81 800 w ---------
i S5.bIl, 7s4 10
/ And the annuity to the Old james
I River. Company (also guaranteed by
/ the STATED amounts to $4,000.
| As cyileerns tlla debt due the State,
! II ot course cat, By wiped ont without
i8iding 10 the gross amount of the
States own debts Take this fact IN
.Econnection with the further facts, that
the State already holds much the
1 greater portion of the capital stock.
land is thus virtually in the same pro-
portion her own debtor; that the debt
pressing on sthe company teRls to
Il keep theimarket value of the stock
\ down to merely a nolninal price, and
I also tends TO impair the general cred
4 it of the State. and deters Che COM
1 plctionl6f the work. ii is TINS sniff
i GENTLY apparent that the conversion
j Of The debt info additional stock TO
be&h hell by the State, will increase
j iiisteatiHois diminishing the revenues
Of the State.
i Regarding the conversion eof the
i debt due the State. then. as we safely
may. in the LIGHT of ap immediate
benefit to the Staie, we have only to
I. discnss the matter as regards the
guaranteed beHslsePand annuity.
/ Tie annuity reprrsepis'a capital II Ss1n,0oo
Add guaranteed bombs 2,260, Coz
And we have 2,6it,M9
i Representing the gross addition to The
State debt which woulIE result from
i the conversion scheme fully carried
j ont. Surprising the annuity to be
4 capitalized and converted into State
bombs, and apply the system Of the
4 sinking fund. and the annnalexpend-
EEitare Of sSIs2, 100 dollars for thirty.
Hour years will wipe out al scopes Of
Indebtedness on file part of tte STATE
as we'll as Of the Company The con-
fseqnehces ot so3wise a measure would
be The State would be relieved Of
Etheoaus. Of Il perpetual guarantee for
considerable annuity. fwould be iur-
ther relieved from the weight iipoll
itsown credit now naturallg, incident
to the extremely depressed market
J value Of stock. bfwhich eisllefsell
THE principal st3ckholders and 7tronl
1 the still more depressing Influence o.
guarantee on her part Tor the de
pressed stock. The company woull
be relieved Of the weight Of. indebted
mess which now s99presses its ener.
h gies. would thus be enabled to push
It's works with new vigor toward,
J. complexion. 9Ihe Increased value p
Hands. incident even 10 the first tteps
l Of progress will do, much to relieve
A the State Treasury even OF the very
burden incident to- the conversion
scheme, securing at fhe same time an
L1restirnahfe addition 10 the m.iividua,
!. wealth of the State. And, finally, il
Twill. ensure 10 the State Treasury the
lions share In d work whiclI,A wher
completed, cannot fail 10 yield much
fmuch more revenue. In proportion e
, the capital invested, than any worn
of internal Improvement On tire con
tinent, o. perhaps, in the world, \ hi
Edeed, to adopt Che cautions calenla-
/ tions Of one of the ahlest men whf
have eversdeveted time and labor e
I this subject, Swhsn completeds (atsar
, additional cost say OF SIS. 900, 600
making d total cbst Of about $25, 900
, loco. \ the James River and Kanawhs
j Canal cannot tail to yield to itsshare.
sIhol,iers nett income exceeding
q So, 000. 900 per annum, large pro
portion Of which if the conversion
y. 4 - 4