Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-09-18

suspend the said forfeiture, and allow to the
said Company such further time as TO it may
seem just and proper, to complete the SAID
works.
II. The said Bellot DIES Minicres, Brothers
and Company shall pay to the Commonwealth
or Virginia so much Of three hundred thou
sand dollars Of State bonds appropriated by
the act Of the General Assembly Of Virginia,
nassed March o3rd, 1850, for the improvement
Of the Kanawha river, AS shall have been is
sued and sold, anu expended 6ona .pde on the
Improvement, when they shall become cntltled
to the property and revenues OF the james NV
er and Kanawha Company; and upon payment
thereof the said Commonwealth shall release
the mortgage given by the said James liver
and kanawha Company on the said haha"ia
Improvement TO secure the payment OF TIE
said bonds.
lG. As soon as the said NJ. dc Bellut Gcs
Minitrcs and his associates shall have been
regularly incorporated according to the "
of France and Virginia, and satisfactory anthem
~tication of that fact communicated to the Pres
idrnt of the James River and kanawha Com.
pany and the Board Of Public Works, and
| Shall have deposited with the Treasurer oil
Virpinia one million Of dollars in the six per
cent, registered stock Of the Commonwealth,
and shall have deposited III one Or more OF the
banks Of the city Of Richmond, to the credit Of
the President and Directors Of the James
River and Kanawba Company. for the purpose
Of paving the floating debt Of the Company,
the sum of four hundred thousand dollars. 10
DC applied to the payment of the said floating
del. rs far Us necessary, and the balance, If
any, TO be returned to them; and shall also
pny into the Treasury Of Virginia the amount
agreed 10 be paid By them under the next pre-.
cr,linr scction-,hen the James River and
kanawha Company shall by proper deeds
con"ey its entire property Of every kind, 10
the said Virginia Canal Company, subject 10
the charges before mentioned III favor Of the
present pirate stockholders and the Common
wealth Of Virginia, and subject to any present
Subsisting contracts for the use Of the water Of
the canal, and subject to all the provisions uf
this agreement: and until this conveyance
shall be- made the James River and kanawha
Company shall manage the said property, ef-
fccts and revenues under the existing laws, the
said VI. de Bellot DIES Miniercs and his associates
furnishing all the means and money that may
be necessary to carry OH the business ofltIc com
! pany, complete BoslIcr's dam, the Joshua Falls
dam, the dala at L.ynchburg, and the North River
Improvement, and keeping the canal in proper
rcpair-they receiving credit for all the rev
cnucs Of the company. But the President and
directors Of the present company shall have no
power or authority to charge the property of
the company with any debt, except for the
purpose of keeping the line in proper repair
and working condition, and completing the
dams and North River improvement, us herein
before mentioned.
II. The said Virginia Canal Company may
1T any time discharge itself from the annuity
To the State Of Virginia, 10y the payment into
the treasury of Virginia Of the sum Of two
millions, two hundred and fifty thousand dol,
lars in specie, but, until the same shall he paid,
the annuity Of one hundred and tllirty-live
thousand dollars To the Commonwealth shall
be forever Il charge upon the whole property OF
the company, and the Legislature may provide
BY law in what manner the payment Of the
said annuity shall be enforced.
Is. The European parties and stockholders
may. as between themselves. determine what
their relative rights and obligations shall he.
-. The stockholders in the Virginia Canal
Company shall be required by their charter To
hold ut least one general meeting every year III
the city Of Richmond.
20. When this agreement shall be approved
BY the General Assembly and = charter shall
be granted as provided in the first and second
sections thereof the said agreement shall be
binding upon all the parties thereto without
any further action on the part Of the stock
holders or directors Of the James River and ka-
nawha Company; and the said James River and
karawha Company binds itself to uSr It's best
efforts to obtain, at the earliest dar possible, the
approval of this agreement and Of the charter
rs provided for, by the General Assembly and
in the mean time the said agreement shall he
obligatory upon the said james River ard la
nawla Company, TO the full extent that the
said company has tie legal authority to act
without the approval Of the General Assembly.
And to proven, delay in the commencement
OF the works herein before contracted to bc
executed, the said parties Of the first part shall
be authorized to proceed forthwith in their
said undertakings and if the General Assem-.
bly, shall fail to approve the said agreement,
and TO grant said charter, then the James Ri
yer and Kanawha Company binds itself TO issue
bonds under the act Of the 23d day Of March,
1860, to the said parties Of the first part for an
amount equal TO the principal sum which may
hare been expended upon its works as contcln-
plated in this agreement, and the interest
thereon from the time when the same shall have
been expended until the repayment in bonds
as aforesaid; aud the said james River and ka.
nawha Company shall thcrcnpon be restored
to all the rights conferred by its charter, rs if
this contract had not been made, and the said
contract shall thereafter be null and void.
In testimony whereof, &c.
The report and amended agreement having
been read, the question on approving the saline
was decided in the affirmative by Il ctcd roce
vote. 1t having been suggested, however, that
in 50 important a case there should br Il scale
vote, Mr.. Graltan offered the following rcsolu-
ton:
Resolved, That the agreement reported 10y
the committee, be and tie same is hereby ap-
proved, and that TlIos. II. Ellis, President of
the company, be and lie is hereby instructed
TO execute the said agreement on the part and
in behalf OF the James River and kanawila
COMPANY, upon the execution Of the said agree
mcnt Ly I. de Bellot dcs Minieres, on behalf o!
himself and the parties he represents.
The question on its adoption was decided i'll
the affirmative by the following volc-aycS
II ,332, noes Z.
Those who voted in the negative were Mr..
Francis B. Deanc, Jr., Of Lynchburs, AMI Col.
JOS. Fuqua, Of Buckingham.
The following resolutions, also reported from
the committee BY Gen. Taliairrro, were then
~adoptei-,llcre being but one dissenting voice
to the first, and two 10 the second; viz:
l. Resolved, That the stockholders Of the
james River and kanawha company hereby
express their high approval of the scheme ell.
tcrtaincd and proposed by Mc:sr$. Belln: DIES
Minlcrcs, Brothers and Company, Of establish
ing docks at the city Of Norfolk, or other point
in this State, with Il view still further to iacilI-
tate and accommodate the direct export and i'm.
lort trade Of Virginia; and they cordially re-
commend the said scheme to the favorable con-
sideratiun Of the General Assembly.
3. Resolved, That in view Of the magnitude
Of the public interests involved, and the lmpor.
lance Of speedy action, the governor OF the
State be, and he is hereby earnestly requested
To convene the GcicraI Assembly in extra
session, at such time as he may deem cXpcdl.
un, ,nr thn nnrnnsn Of considering the aurrc.