Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-09-15

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nually forever the sum of sixtyseven thousand fiv
hundred dollars and as guarantee for the faitbfn
| compliance with the stpulations OF this sgree
ment, they shall deposit with the Treasurer O
Virginia the Of one million Of dollars in the six Pc
cent registered stock Of the Commonwealth of Virginia
to be held by him upon the follow terms bud conditions
that is TO say The interest upon the said STOCK wh
on depOsite, shall be paid to the said company Wher
tic canal shall have been completed the town of Gov
ington and the Kanawha Improvement completed from
Loup Creek shoals to the mouth Of the river If within
the Zines prescribed half of the said sum shall bt
returned the said company; and when the entire line
shall shall have beer completed in the manner before
mentioned 10 the Ohio river If within the time prescrlb
ed the other half snail be returned the said company
provided the annuity to the State OF Virginia and the
five per centum interest TO the private here
| in before provided for shall have been punctualy
paid and if the shall not have been puuctually
paid, then much Of tue said sum of one million
Of dollars as may be necessary shall be ap-
propriated to the payment OF the same, and
the res due returned 10 the said NJ. de Beot
de Mncres and bis associates or TO the Virginia Canal
Company be proper but the said company shall
fail to complete the construction of the ine Coyington
and the repairs Of the line from Richmond to Buchanan
within three years from the time OF the commencement
herein prescribed shall fail to complete the Kanawha
Improvement from Loup Creek shoals to the mouth Of the
ryen within four wears from the time OF the commence
ment herein prescribed shall fail to complete the entire
line from Richmond TO the mocth of Ksnawha river in all
respects except the enlargement of the capacity of the
canal from Richmond to Buchanan within eight years from
the time Of commencement herein prescribed shall fail
to complete the enlargement Of the Richmond dock and
dewaer connection well the deepening of the ca
nal to Buchanan, within years from the time of
mencement herein prescribed the said Of one million
Of dollars shall be retained and paid to the Commonwea
Of Virginia stipulated damages 10 money for such failure
and all the work which may have been done in repair aud
construction well all the rights which the said Virgin
il Canal Company shall have acquired in the property and
franchises Of the James River and Kanawha Company
sha be forfeited aud revert TO the latter company at
present organized which company shall be thereupon
ins;ated IN all Its rights this arrangement bad
been made and shall have full right and authority to re-
enter upon and resume the control Of the whole line OF
Improvement and for hat purpose the present organza
ton Of the James River and Kanawha Company snail be
continued Provided however, that if the said Virginia
Canal Company shall be unable to complete the said
water-ne improvement from Richmond to the Ohio
river within eight years as aforesaid or TO com.
pete the enlargement OF the Richmond dock and tide
connection and deepening of the canal from Rich
mond to Buchanan, within ten years aforsad, they
may have two years extension OF time IN each case by
paying into the treasury Of the Commonwealth of Vrg
na for the said before the expiration Of
the said period of eight years. half million OF dollars
they require the extension OF time for the completion
the watcrne well as for the said enlargement or by
paying hundred thousand dollars before the exp,
ration Of ten years il they require the extension of time
only TO the enlargement aforesaid which said sums
agreed upon quiddted damages be paid to the
said commonwealth in the contingencies aforesaid for
the loss sustained by such delay deys in the compile
tion of tie sad works herein required Provided how
ever that If the sail Virginia Canal Company shall have
proceeded in good faith execute the said works then
the general assembly may suspend ihe said forfeiture
and allow TO the said company such further time as 10 il
may seem just aud proper to complete the said works
10 The said Bellot des Maieres Brothers and Com
plny shall pIy 10 the Commonwealth OF Virginia so
utue n he rec Of Qtata hon a.
prOprGted by the act Of the General Assembly of Viz
gnia, passed March 2Srd 1862 for the Improvement of
the Kanawha river shall have been issued and sold
and expended bona tide on the improvement when they
shall become entitled TO the property aud revenues Of
the James River aud Kanawha Company; and upon
he mortgage given by the said James River and Kama.
wha Company the said Kanawha improvement to &C.
cure he payment OF the said bonds
ID Az soon a3 tho .ij Al dc B-iiUJ des Mnierea aud
his rlail have been regularly incorporated
cordng 10 the laws OF France and Virginia and satisac
tory authencaon of thatfsct communicated to the pres
lent Of the James River and kanawha Company and the
Board of Public Works, and shall have deposited with
tie Treasurer Of Virginia million of dollars in the
per cent registered stock Of the CommOE wealth. and
shall have deposited in OF the banks Of the
city OF Richmond to the credit Of the President and D.
rrctors Of the James River and Kanawha Company for
the purpose Of paying the floating debt Of the company
the Of four hundred thousand doars to be applied
the payment of the said floating debt as far as neces
slry, and the balance if any, to be returned to them
and shall also pay into the Treasury of Virginia the
amount agreed be paid by them under the next prece-
ding sectiOnthen the James River and Eanawha Compa-
ny shall by proper deeds convey its entire property eve.
~ kind to the said Virginia Canal Company subject to
the charges before mentioned in favor OF the present
private Stockholders and the Commonwealth of Vrginii
and subject TO any present subssng contracts for the
of the water of the canal aud subject all the pro-
visions Of this agreement And until this CONVEYANCE
t4u ha nala fIa ~.
shall manage the said property effects and revenues un
der the existing laws the aAd n. de Bellot des Aineres
aud his associates furnishing all the means aud money
that may he necessary TO carry ON the business Of the
company complete lloshers dani the Joshua Falls DAM
the dam at lynchburg, and the North River improve
ment, and keeping the canal in proper repar-they re.
ceying credit for all the Of the company But
the President and Directors OF tho present company
shall have power authority to charge the property
Of the company with any debt except for the purpose
of keeping the line in proper repair and working cond.
on and completing the dams and North River improve
ment, as herein before mentioned.
II. Tho said Virginia Canal Company may at any
time discharge itself from the annuity the State of
Virginia. by the payment into the treasury Of Virginia.
of the sum of two millions two hundred and fifty thou
sand dollars in specie but until the same shall be paid
the annuity Of hundred and thrtyve thousand dol
lars to the Commonwealth shall be forever charge upon
the whole property of the company and the Legislature
may provide by law in what the payment Of the
said annuity shall be enforced
lS The European parties and stockholders may, as
between themselves determine what their relative rights
and obligations shall be.
49, The Stockholders in the Virginia Canal Company
shall be required by their charter hold at least one
general meeting every year in the city of Richmond.
90 When this agreement shall be approved by the
General Assembly and charter shall be granted as pro-
vded in the first and second sections thereof the said
agreement shall be binding upon all the parties thereto
without any further action the part of the stockhold
crs directors Of the James River and Kanawha Com
panv and the said James River and Kanawha Company
binds itself TO use Ito best efforts to oban at the earliest
day possible the approval of this agreement and of the
charter provided for by the General Assembly and
in the time the said agreement shall be obligatory
upon the said James River and Kanawha Company, to
the full extent that the said company has the legal
thority to act without the approval Of the General As
sembly.
And to prevent delay In the commencement of the
works herein before contracted to be executed the
said parties of the first part shall be authorized to pro-
ceed forthwith in their said undertakings; and if the
General Assembly shall fail approve the said agree
ment and 10 grant said charter then the James River
and Kanawha Company binds itself to issue bonds un-
der the Of the 2Sd day Of March, 1860 TO the said
parties Of the 6rs part for amount equal to the prn
cpa sam which may have been expended upon its works
AS contemplated In this agreement, and the interest
thereon from the time when the same shall have been
expended until the repaymentin bonds aforesaid; and
the said James River aud Kanawha Company shall there
upon be restored to all the rights conferred by its char
ter as If tbs contract had be made and the said
contract shall therefore be null aud void.
In testimony whereof, &c.
The report and amended agreement having been read
the question on approving the decided in the
affirmative by viva vOes vote Il having been sug.
gested however that in 90 Important a cas-, there
should DO scale vote Mr.. Grattan offered the following
resolution
Resolved That the agreement reported by the COM
mittee, he and the same is her by approved and that
Thomas H. Ella, president Of the company, be and he