Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1860-03-06

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Jsnnes River and Ksnawha Company.
A, many Of oar readers are interested in this
imnortsus work, we yield much Of or editorial
suscc 10 The publication. IN esfessc. OF the bill
which passed the House Of Delegates on Friday
last By the decisive yose Of 81 10 81. Its proni-
nent features may be indicated thus AN increase
Of The sapital stock 10 $i2 400.0 900. The CONVEX
sion Of TIE debt due the State. and her liabilities
on account Of the Company. into stock Of 1900
sharsa. which shali be in foil REIMBURSEMENT Of
aid debt and liabilities. An appropriation Of State
bonds 10 the amount Of 500, 00o-ior which the
State taxes additional stock in the Compauy--fof
the purpose Of paying Oh the floating debt of the
Company. An appropriation Of the six per cent
registered stock Of The Commonwealth to the
amount Of three hundred thousand dollars, to the
Kanawha Beard, for the purpose Of Improving the
navigation Of that river.
s. Asthority Is also given 10 the Company to Dor
row two million Eve hundred thousand dollars to
enable il to carry on its other works. and complete
the caua1po Covington.
For many reasons we regard this as q liberal
concession on the part Of the House Of Delegates,
and trust that Il win meet the concurrence Of
the Senate, so that the work viii be speedily com.
rleted to Coyington.
We append the bilis
|. Be it enacted By the General Assembly,
That the capital stock Of The James River and Ka.
nawha Company he and tlfe same. is hereby in
creased to $l2 400, 600, IN shares Of one hundred
dollars each.
2. That 10 addition to The shares now owned
by the State in said company, the Board Of Public
Works DO and is hereby directed 10 subscribe on
behalf Of the Commonwealth for 1900 shares Of
said capital stock, whereof 72, 900 shares shall be
taken in full satisfaction IF the debt now due
from tho said company t. tho State, and for tho
assumption by the State of the debt for which the
State is bound as tho surety for said company.
and the annuity 10 the old James River Company;
and for the residue Of two thousand shares, the
bonds of the State for the aggregate amount Of
two hundred thousand dollars are TO be delivered
to the company; provided. that amount of said
debt equal TO the amount OF said bonds, shall be
extinguished thereby.
g. Upon the receipt OF the certificates for the
said 1900 shares OF stock the Board of Public
Works shall give othe James River aud Kanawha
Company q receipt in full for the said several
debts due to tho State and for any claims against
the company on account II the debts for which
the State IS responsible ns security of tho Compa-
ny, or on account OF the annuity to the old James
River Company; and shall by proper deeds, re.
lease to said Company all liens. whether by deeds
Of trust " irtgagcs or otherwise hold by tho State
upon the works and property Of tho Company, to
secure any debt due to the State, or which may b.
guaranteed hy the State
4. Upon the receipt Of the certificates for the
said shares of stock, tho Board of Publ, Works
j. hereby Greeted upon the surrender by the hold
ers thereof of any of the bonds Of the James Riy-
4 ~ n
which the State il Responsible To issue to said
holders, q corresponding amount of tho bond. Of
the State, made In the manner prescribed by law,
payable thirl y-four years after their date, aud
bearing interest at the rate Of six per centum per
nnnum payable semi annually And the board
shall ,hereupon cancel mud flo the bonds so sur.
rendered, aud deliver to tho James River and IN.
nawha Company a statement thereof, with the
number. auioudt and date 81 each bond
5. And upon the receipt Of the certificates for
the residue Of two thousand shares oi sad stock.
the Board OF Public Works is directed to issue
md deliver to tho Company tho bonds Of tho
State for tho aggregate amount Of two hundred
thousand dollars, to be applied to the extinguish-
mant Of the floating debt of tho COMPANY.
6. The Jnmes River aud kanawha Company
shall have authority To borrow MONEY! Mt rate
Of interest not exceeding seven per ceutnm nor
nnnum pavahle somi.nnnuallg, ind not exceed.
ing twa million five hundred thousand dollars Tor
the purpusc o completing tho canal to Coyinaiop,
earring On their other works and uaving the rr,.
iiue Of ihcir floating debt. aud 10 cxccuI. bonds
for the amount borrowed. mud deea.of troat or
MORTGAGES. nledping their works. nroncrty and
net revenues for the payment Of tie same: Pr
y;led. that they .ha,l not borrow in nnv one yoa,
n greater amount than five hundred Thousand dol.
lara. The said interest shnll 10 raid s,mi.annu
ally into the treasury of tho commonwealth. 70,
the benefit Of the holders of said bonds on ar bc
fore the first day of January and july in cnrl
year: and the same shall be paid to the holder,
thereof upon the warrant of the Second Auditor
ont of saia fnnds 80 paid into Tho trc,sury Il,