Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-09-25

i'll, ,uI Dirrrtors of the James River and hanaWhi
Company have entered into negotiation WIN ee ta',,e' Y
the first part, and have, with the appreciation OF tne boar
of Public Works, agreed to the PROJECT OF III executor!
agreement with them, ~ hereafter expressed, Hheh Tue.
hereby pledge themselves TO procure n 1uul.on pi ~uu .a =.
Knnnwha Compuny in general meeting, II they can, III
Board Of Public Works also agreeing TO instruct their proI
les in the said company to vote for the auop'ioh anu r1us
cation Of The same; and the said party OF the hrst pat
pledges himsel! and his associates TO spiue oJ ana ,aiIhiu'
~ execute the same, IF IL be approved ana rauheu ny IN
stockholders Of the said company In general meeting as
semblrIl: Therefore, subject TO such !atihcatioh ana apPso
val, or rejection, By the said stockholders IN general meet
ing, The said President and Directors OF sne 'snS' h.se
OF the Board OF Public Works, rs c!incea ny the s,onaluf
of its President, to this paper and the Sa,n Ernest as bslo
DIES Minicres, acting for himself anu heno. Gs sLnietes
Freres CT Conpanie. do contract anu ds'ec ." "" e'he
Us follows, that is TO say:
l. A new company shall he formed by The name and 'tyl
of .'Thc Virginia Canal Company" with q capital stock o
no; less that $4,000, 900, In shares OF Slou each; 10 whicl
shall be transferred all the property anu franchises VI tn
James River and Kanawha Company; the stockholders II
Inc James River and Kanawha Company, other than tn
Commonwealth Of Virginia, TO have one share OF stock II
The said Virginia Canal Company FOR every Two shares 0
stock they now hold In the said James River and kanawhi
Company, and to have equal rights anu privileges win tn
other stockholders In the said new company III proportion t
their stock; and the State TO trnnlser 10 The said virgins
Canal Company all the rights and Interests OF the State a
a stakeholder In the said James River and kanawha Com
pany, upon condition that they perform and fulfill the term
and conditions herein after imposed upon them.
.. The Virginia Canal Company shall be organized with
charter similar to the original charter o! the James Rive
aud Kanawha Company, with such notifications and add
lions as lnay he necessary and proper for adapting II to tn
purposes of the new organization. but his stipulation !
not 10 affect this agreement II The Legislature shall refuse l.
make such alterations.
3 The Virginia canal company shall clear out the depos
its in the present line from Richmond TO buchanan, and re
pair all the present works, that Is, the enbankmen.s, aque
ducts, bridges, culver,s, waste wrirs,l locks, dams and Struc
lures Of every kind, repairing those wanting repairs only
and building anew The works requir. ng 10 be made entire,
anew, so a. 10 make the whole line from Richmond to Buch
anan Of Il depth Of not less than five feet ut any point, an
in all respects pu: in 4 perfect state OF repair.
4. They shall keep on all the line a sufficient number O
drcdge boats to keep the water way continually free frol
deposits and Instructions Of kind, and shall also keel
on the line u sufficient number Of extra gates ready 10 b
inserted In case Of accident, and also duplicates OF all valve
OF wickrts for 4 like purpose. They shall also have veig
locks at not less than three points on the line.
s. They shall complete the water line OF improvement
from Buchanan TO the Kunawha river, and also conplet
the Improvement of the kanaTia river, so rs TO make
continuous water lite from the tide water At Richnon'
10 the Ohio river; constituting the works on the genera
plan Of the part OF the improvement thai has already bee
made, b, with the notifications herein After pescrieed, t
wit:
The new locks TO be built from buchanan TO the Greer
br!er river shall be not less Than one hundred nnd twent
feet long by twenty feet wide in the clear, and the locks o.
the GrernGrier and New rivers, and on the kgnawha rive
III or above Loup Greek shoals, not less than Two hundre
feet long by forty feet willie in the clear, instead OF one hun
dreL by fifteen feet, the dimensions Of the present locks
and the works on this part OF the line, that Is to say, frot
buchanan to the kanawha river, shall be so constructed 4
To give a depth Of water way along the whole OF II, Of nc
less Than seven feet at any point.
The Kunawha river 10 be improved from Loup Cree
Shoals to lis mouth In such a way rs TO Secure a depth c
wuter OF not less than six feet At all seasons OF the year
upon u surface eighty feet wide at the bottom and one hul
bred and four feet wide at the top.
AL the old locks upon the line whenever renewed sha
be made Of dimensions not less Than one hundred an
twenty feet long hy twenty feet wide In the clear, and the
shall be renewed as soon rs the business Of the canal sla
require it.
capacity or The Richmond dock, so as to afford adequat
accommodation TO the trade OF the canal, and shall ope
a second communication with tide water by the route OF III
liaxall. canal, or shall enlarge or double the present lock
between the basin and the dock, and the present sI!
loci.
T.. The sail company shall transfer to the stakeholder
in the James I.lvrr and Kanlwha Company other than III
State, ten Thousand shares of the stock OF the new compan
before mentioned, In full satisfaction OF al their lntere:
ia the present James River and Kanawhl Company, pre-
vided that there shall be no fractional parts Of Shares
And upon the said ten thousand shares the said new cor
pany shall pay 10 the holders OF The same five per centuI
per annum until the line shall he completed 10 the Oil
River In the manner before mentioned, and thereafter !
lieu of the said five per cent. shall pay them their ratabl
share OF the profits Of the company.
.. The stockholders in America and Europe shall EMO
the same rights and privileges In all respects, except II
herein before provided fo- the American Stockholders:
:. The Tolls on The line shalI.bc regulated by the LeSi
lature Of Virginia, but they shall never be reduced below
fair reinunerhiiDg standard.
.. The Board for the management OF The company sha
consist cf a President anu ten Directors; one Of the d
recfors shall be appointed by the State Of Virginia 10 sue
manner as she may by law provide; the other Director
shall he appointed 10y the stockholders Of the company
anu TIE iTtsiucHL snHlI also Z HppOiHtcH ny tHc hAoCi
holders, subject TO the approval OF the State, as She ma
By law provide.
~. The office Of the new company shall be at l;ichmonC
Virginia, but q branch Of IL may he located 1T Paris; th
dividends when any are declared, shall be paid to the II
ropeaI stockholders In Paris, and 10 the American stocs
holders IN Richmond.
" constitute II board. but the board may appoint an Exc
cu.iyc Committee To act In France, AMI another In Virginia
and ul the proceedings Of the Board and OF the Eyecutiy
Committees shallsbe recorded in the Office AT Richmond an
open a; all times 10 The Inspection Of the State and IN
Stockholders.
II. The said company shall he organized within 81
months from the passage Of The act by the Legislature Q
Virginia Incorporating II, and within the same time sha
commence bond .fde The work OF construction NJ Ruchana
and on the kanawlIa river, and -lIal also within the sam
time commence bonn .fdr the repairs Of the line betwee
Richmond and l.uchanan, and shall complete the construc
ton Of the line 10 Coringion and the kanawha improve
iment from Loup Creek Shoals 10 the mouth olihe rive, r an
the repairs from Richmond 10 buchanan within three year
fr".n The time Of commencement aforesaid, and shall cou
plr:c the entire line from Richmond to the mouth Of tn
kauawha river In all RESPECTS except the enlargement @
the present locks Ind the deepening OF the present canal I
seven fee, within eight Years from The time Of commence
men, aforesaid, and shall complete the enlargement OF III
Richmond Dock within ten years from the same time.
IS. Tie said Company shall not have the power by an.
mortgage, deed OF trust or other contract, to create ! lel
upon It's works and property, except that herein 0eiorec rea
ted, In favor Of the privat. stockholders and that herealte
created in favor Of the Commonwealth OF Virginia, and shal
not be- competent TO Sell anal convey the same to any pur
chaser or purchasers, without The assent OF the priyat
stockholders aforesaid and the Commonwealth OF Virginia.
Il. The said Company shall, In consideration OF the trans
fer aforesaid by The State OF Virginia OF all her rights ant
interests as IL stakeholder In the james River and kana
wha ym;Ilny, pay into the treasury OF the state semi-an
nuaily forever the sum OF si1ty.srven thousand five hun
dred dollars In specie, and as Il guarantee for the faithful
compliance with the s,ipulations or this agreement the,
shall deposit with the treasurer Of Virginia the sum OF on
million Of dollars also in specie; to be held by him for tn
commonwealth upon the following terms and conditions
that IS To say when the canal shall have been completed L
the tuwn OF Covington, onc.la!f OF the said sum shall be re
turned to the said company, ana when the entire line shall
have been completed In the manner before mentioned t
the Ohio river, the other half OF II shall be returned 10 tn
snid company-pruyided the annuity 10 the Stale OF Ylrg
mia herein before provided foI shall have been punctuall.
paid; and II the same sha!l not be pnnctually paid as
accrues, then 50 murh Of the said sum Of one mil
lion Of dollars rs may he necessary shall be ap
proprIa,ed 10 the payment OF the same and the resi-
due returned 10 the said II. de Bcllot d.s Mlnieres ant
his associates or 10 the new company as may he proper
bu. II Is hereby expressly stipulated, covenan,ed ant
agreed that II the said company shall fall 10 repair, con
struct aud complete the canal md Improvement OF III,
Kanawla river i'll the manner and within the time alore
said, the said SUN Of o,e million Of dollars shall be re
ta:nrd by the Commonwealth Is stipulated damages IL
money for the said failure, AM! all the work which ma,
have been done Ia repair and construction shall be forfeit
cd to the James River nnd kanawha Company as 1t nov
exists, and the said company shall be rclnstated fps0 JHct'
In all its rights rs If this agreement had never been entered
int, and shall have full right and authority 10 re-enler upol
and resume the control Of the whole line Of Improvement
and for that purpose its present board shall be kept up ant
continued, anu their corporate powers retained until III,
line Is completed and perfected in the manner herein before
specified.
Is. As soon as The parties associated with the said NJ. d,
Bello, dcs Miniere5, either rs principals or co.ordinates
shall satisfy the Board OF Public Works OF Virginia OF the!
ability TO comply with this agreement, and shall have duly
executed the same according 10 the laws OF France and
Virginia, and shall have deposited with the Treasurer o
Virginia the sum Of one million Of dollars, as aforesaid
and shall have deposited In one OF more Of the banks o
the city nf Richmond, 10 the credit OF the present rresi
dent and directors OF the James River and Kanawha Com
pany, for the purpose Of paying the floating debt OF LhI
said company, the sum Of four hundred thousand dollars
TO be applied to the payment, Of The said floating debt n
far as necessary, and the surplus TO be returned 10 them
they shall be considered as In possession OF all The proper
ty, effects and revenues Of the said company, and the sans
shall be managed under the existing laws. BY the President
and directors Of The James River and kanawha Company
for their use and benefit. until Z new charter Is nbtaIne e.
from the Legislature Of Virginia the said NJ. De l;eliot de.
M!nieres and his associates Furnishing all the means and
money which may lie necessary to carry on the business Of
the company, complete DOshcr's dam, the Joshua Fall.
dam, the liam at Lynchburg, aud the North River improve,
nent, and keep the canal in proper repair, receiving credit
for all the revenues Of the c"Inpany and when the water
line shall have been completed 10 the Ohio In the
manner aforesaid, the said James River AMI knnawha
Company shall cnnvry is entire property Of every kind "a
the said NJ. u. iiellot DIES MinicrcS and lis associates, sub
ject TO The charges before mentioned in favor Of the pre-
sent private Stockholders and the Commonwealth Of fIrgi
mia II the annuity before mentioned To The Commonwealth
Of Virginia shall have been runc;ually paid up 10 that time
But the President and Directors Of the preSrn; company
shall! have no power or Authority 10 charge the property Of
the company with any deb, except for the purpose OF keep,
ing the line in proper repair and working condition, and
completing the dams and North liver Improvement, a,
- AaN.-p