Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-09-15
they respectfully recommend to the adoption of the
PROJET OF AN EXECUTORY AGREEMENT


france, Of the one part, and the James Rirer Ght
handUha Company Of the other part:
Whereas, it is matter of the highest Importance tC
the State OF Virginia. that the waterine between the
Chesapeake Bay and the Ohio river, which will open the
great West aud Southwest and It's immense trade 10 the
markets Of the world by the shortest cheapest safest
and most certain route, and lead to an incacuabe in
of the direct foreign trade OF Virginia. should be
promptly completed, the parties of the first part des
ring, not only TO secure TO themselves and their asoca
| tes the profits OF the line when completed, but TO
France, the primary advantages Of the direct trade with
her. which the line must establish have proposed puI-
chase The line from Richmond to the Ohio river with
the right and obligation to complete the same, and the
President and Directors Of the James River and Kauawha
company and the Board of Public Works Of Virginia,
coucurring in these views andgsympathizng strongly
with the parties OF the first IN their desire 10 estab-
sh direct trade with France the ancient ally Of tie Uni
ted States the sad President aud Directors of the James
River and Kanawha company have entered into nego-
tatou with the parties Of the first part and have with
the appreciation of the Board OF Public Works entered
into provisional agreement with them, herein set
forth And since il is necessary procure the approv
al Of the General Assembly to the sid agreement there
FORE subject to said approval the said James River and
Kanawha company do contract and agree with the said
parties Of the first part a. folows-thatis TO say:
/. A company shall be formed by the name and
style of "The Virginia Canal Company" with a capita
stock of not less than twenty, than thrtyve
millions Of dollars in shares Of hundred dollars each;
TO which shall be transferred all the property and fran
chises Of the James River and klnawha complny-the
stockholders in the James River and Kanawha company
other than the Commonwealth of Virginia to have one
share ofstock in the said Virginia Canal company for every
tWosharcs Of stock they hold and e State to trans
fer TO the said Virginia Canal company all her rights
stockholder in the said James River and Kanawha COM
pany upon condition that the new company perform and
fulfill the terms and conditions hereinafter imposed.
3 The Virginia Canal company shall be organized with
charter similar TO the original charter OF the James
River and KanaWha company, with such notifications
and additions may be necessary and proper for adapt
ing it to the purposes Of the new organization.
3. The Virginia Canal Company shall clear out the
deposites in the present line from Richmond 10 BGchan
an, and repair all the present works that is embank-
ments aqucducs bridges, culverts wasteweirs locks
dams houses and structures of every kind repiiring
those wanting repairs only and building the works
requiring to be rebuilt, so that the whole line from
Richmond to Buchanan shall be OF depth OF not less
than five feet at any point and in all respects in per-
feet state OF rtpair.
(. They shall keep on all the line sufficient number
Of dredgeboats to keep the waterway continually free
from deposit aud distractions of every kind and suii
cent number OF extra lockgates and wckets ready to
be inserted in of accident They shall likewise
have weigh locks at not less than three poiuts on the
line.
3. They shall complete the water-ne of Improvement
from Buchanan to the Kanawba river and the improve
ment OF the kauawha river as to make continuous
waterine from tide-water Richmond to the Ohio river
constructing the works the general plan of the part of
the improvement that has already been made but with
the following notifications, to wit:
The locks from Buchanan 10 the Greenber river shall
be not less than one hundred and twenty feet long be-
the gat by twenty feet wide in the clear and on
the Geenbrcr and New rivers and the Kanawha riv
at aud above Lykens shoals not less than hundred
feet long between the gates by forty feet wide in the
clear aud the works from Buchanan 10 the foot of Ly
kens shoals the kanawha river shall be so construct
ed as to give depth OF water Of not less than feet
at any point.
The Kanawha river to beimproved from Lykens shoals
to It's mouth in such secure depth Of wa
ter OF not less than s feet at a of the year
the channel through the shoals be eighty feet vide at
the bottom, anu one nnndted aud four feet M tho ton
The capacity OF the Improvement from Buchanan 10
Richmond shall be enlarged by increasing the depth OF
the water To not less than feet at any point and
by increasing the dimensions Of oil the present locks
less than hundred and twenty feet long between
the gates by twenty feet wide in the clear by doub
ling the locks, and making the locks OF the dmen
ons aforesaid But the Increase in the Dimensions
the doubling of the locks need not be made until the
locks require reconstruction the trade of the canal
shall demand it.
The capacity Of the tide.water connection and Rich
moud dock shil be enlarged 30 as 10 afford adequate
accommodation TO the trade of the line, by opening a
second communication with tide-wacr by the of
the Haxal canal, ohe. suitable route instead OF
that enlarging doubling the present locks between
the basin and the dock, well the present ship lock
IN sucn manner as may ne necessary 10 OBTAIN
result aud by constructing all such other works may
be Necessary for enrgng the capacity of the dock and
tidc-water connection for the purpose aforesaid.
G. The said Virginia Canal Company shall issue to the
respective stockholders in the james River aud Kama
wa Company other than the State certificates Of stock
at the of share in the company for every
two shares held by them in the James River ard Ka
wha Company which shall be full satisfaction OF all their
interest in the last mentioned company and they shall
pay annually to the holders of such certificates, five per
centum per the amounts thereof from the date
of the organization of the company, until the line
shall be completed the Ohio river in the before
mentioned aud thereafter in lieu of the said FIVE per
shall pay them their raabe share Of the profits Of the
company
T. The stockholders in the Virginia Canal Company
shall eroy equal rights, except provided in the next
preceding section.
s The tolls on the line shall be regulated by the Board
of Public Works such other authority the General
Assembly may substitute for the control and superten
dence of the public works OF that du-
ring the construction of the work. the tolls shall not
ceed two and half cents per ton per mie nor be less
than one cent per ton per mile merchandise aud man
ufactures shall exceed and half cents per ton
per mile he less than five mills per ton per mile ag
cuura products shall not exceed one cent per ton per
ton per mile be less than two and half mills per ton
per mile Oh products of mines and forcs and after the
completion Of the Improvement TO the Ohio river, shall
not exceed per ton per mile, be less than
five mills per per mile merchandise and manufac-
lures shall not exceed cent per ton per mie nor be
less than two and half mills per ton per mile agri
cultural products aud shall not exceed FIVE mlG per ton
per nile nor DO less than and half mills per ton
mile on products Of mines and forests provided that
these rates shall apply to the through rates but the tolls
on the way trade may be increased onebird and pro-
vided further that the toll may be brought below the
minimum any article, by the said board or other
authority, with the consent OF the Virginia Canal Com
pany.
9. The board for the management Of the company
shall consist of president and seven directors with the
privilege to the company to increase the number OF d
rectors to twelve two of the directors shall be appoint
ed by the State of Virginia in such manner as she may
by law provided other directors shall be appointed by
the stockholders and the president shall also be ap
pointed by the Stockholders but bis appointment shall
be subject the approval Of the State in such manner
as she may by law provide.
TO- The Office of the new company shall be at Rich
mond Virginia but branch may be located at Paris
the dividends and other dues to the American sockhod
ers shall be paid at the off e in Richmond. But the
dividends and dues of the other stockholders may be
paid in Paris elsewhere at the pleasure oil the new
company.
H. msiority Of the directors shall always be pres
ent 10 constitute board. The proceedings of the board
shall be recorded Ia the English language, ut the ONCE
at Richmond and be at all tmrs open 10 the inspection
OF the stockholders aud the State by such officer as she
may appoint
IL The said Virginia Canal Company shall be orglni-
zed within Six months IRON tue passage oi Tue ac' e
Legislature incorporating it, aud within the same time
shall commence bona fde the work OF construction at
buchanan aud on the Kanawha river ard shall also with
in the time commence bona hde tue repairs o tue
line between Richmond and buchanan and shall COM
pete the construction of the line to Covngton aud the
repairs of the line from Richmond TO Buchanan, within
three years from the time Of commencement aforesaid
and complete the Kanawha Improvement from Loup
Creek Shoals the mouth of the river, within Tour
wears from the time of commencement aforesaid; and
shall complete the entire line from Richmond to the
II, III ha in all the