Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-09-18


intelligence.
Deeply impressed themselves with these views, tn
CO nntee report herewith amended agreement whic
Icy respectfully recommend to the adoption OF th'
stockholders.
PROJET OF AN EXECUTORY AGREEMENT
To Be entered into Jeee Ernest De Beiot de AHiere'
for himself and his associates, under the frm daC
siyle Of Bello. ds Minieres Brothers and Company
France, Of tie one part and the James Rirer dH'
KdRanhd Company Of the other part:
Whereas, it is matter Of the highest Importance tc
the State OF Virginia, that the waterne between the
Chesapeake Bay and the Ohio river which will open the
great West and Southwest and It's immense trade TO 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 desi
ring only TO themselves and their associa
ties, 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 TO put
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 Klnawba
company, and the Board OF Public Works OF Virginia,
coucurring in these views and sympathizng strongly
With the parties of the first part in their desire TO estab-
fish direct trade with France the ancient ally Of tie Uni
ted States the said President and Directors Of the James
River and KanaWha company have entered into nego-
tatiOn with the parties Of the first part and have, with
the baton OF the Board Of Public Works entered
into provisional agreement with them herein set
forth: And since i, is necessary to procure the APPROX
al OF the General ASS mbly to the said agreement there
fore SUI Jet said approval the said James River and
kanawha company do contract and agree With the said
parties OF the first part follows-thatis 10 say:
!. A new company shall be formed by the name and
style of The Virginia Canal Company" with capita
stock Of not less than twenty, more than thirtyhve
millions Of dollars in shares OF one hundred dollars eacb
TO which shall be transferred all the property and fran
chises Of the James River and KanaSha company-the
stockholders in the James River and kanawha company
other than the Commonwealth Of Virginia to have one
share ofsoc the said Virginia Canal company for every
shares of stock they hoj and the State TO trans
fer to the said Virginia Canal company all her rights
stakeholder in the said James River and Kanawha CON-
pany upon condition that the company perform and
fulfll the terms and conditions hereinafter imposed.
.. The Virginia Canal company shall be organized with
a charter similar 10 the original charter OF the James
River and Kanawha company, with such notifications
and additions may be necessary and proper for adapt
ing 1t to the purposes Of the new organization
g. The Virginia Canal Company shall clear out the
deposes in the present line from Richmond Buchan
an aud repair oil the present works. that s embank
ments squeducts bridges culvers wase-wers, locks,
dams houses and structures of every kind, repairing
those wanting repairs only, and building anew 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 oil repair.
A. They shall keep on all the line a sufficient number
Of dredge-boats TO keep the waterway continually free
from deposit and distractions Of every kind aud su
cieut number Of lockgates and wickes ready TO
be inserted in of accident They shall likewise
have weigh locks at not ess than three points on the
line
s. They shall complete the wAterlirS Of Improvement
from Buchanan to he KanaWhi river AMI the improve
ment Of the KanaWha river, to make continuous
waternc from tide at Richmond to the Ohio river;
constructing the works the general plan Of the part OF
the improvement tina, has already been made, but WITH
the following notifications to wit:
The locks from Buchanan 10 the Greenbrer river shall
be not less than hundred and twenty feet long be-
tween the gates BY twenty feet wide in the clear and on
the GreenbrieT ard New rivers and on the kanaWha rv-
or at aud above Lyken shoals less than hundred
feet long between the gates by forty feet wide in the
clear aud the works from Buchanan TO the foot Of Ly
kens shoals tue Klnawha river shall be construct
ed as to give depth Of of not less than feet
at any point
Toe Kanawha river to beimproved from Lyken's shoals
to its mouth in such manner 10 secure depth OF wa
ter Of less than six feet at all seasons Of the year
the channel through the shoals 10 be eighty feet wide at
the bottom and hundred and four feet at the top.
The capacity Of the improvement from Buchanan TO
Richmond shall be enlarged by increasing the depth Of
the water not less than feet at any point and
by increasing the dimensions Of all the present locks TO
not 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-
sons aforesaid But the increase in the dimensions or
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 tde.water connection and Rich
mord dock shall be enlarged so to afford adequate
accommodation 10 the trade Of the line, by opening
second communication with tide-water by the route OF
the Haxal canal other suitable route or instead OF
that charging doubling the present locks between
the basin and the dock well the present ship lock,
in such manner as may be necessary obtain proper
result and by constructing all such other works as may
be Necessary for enagng the capacity Of the dock and
tide-water connection for the purpose aforesaid.
g. The said Virginia Canal Company shall issue to the
respective stockholders in the James River and Kama
wha Company other than the State certificates Of stock
at the rate of share in the company Tor every
two shares held by them in the James River and Kama
wha Company which shall be full satisfaction OF all their
interest in the last mentioned company and they shall
nav annually 10 the holders Of such certificates five per
cenum per annum on the amounts thereof from the date
of the organization Of the company, until the line
shall be completed to the Ohio river in the manner before
mentioned aud thereafter in lieu of the said five per cent
shall pay them their ratable share Of the profits OF the
company.
I. The stockholders in the Virginia Canal Company
shall enjoy equal rights except provided in the next
preceding section.
Toe tolls on the line shall be regulated by the Board
Of Public Works, such other authority as the General
Assembly may substitute for the control and superen-
dence of the pnblc works Of Vrginaprovded that du'
ring the construction Of the work. the tolls shall not ex-
coed two and half cents per ton per mile, nor be less
than one per ton per mile on merchandise ana man
ulactures sha not exceed aud half cents per ton
DER mile nor be less than five mills per ton per mile on ag
cuur products shall not exceed one cent per ton per
ton per mile nor be less than two and half mills per ton
per mile on products Of mines and forests and after the
completion Of the improvement 10 the Ohio river shall
not exceed cents per ton per mile nor be less lan
Eve mills per ton per mile merchandise and manuiac-
lures shall exceed cent per ton per mile, nor De
less than two and half mills per ton per mile on agri-
cultural products and shall not exceed FIVE mills per ton
per mile nor be less than two and bali mills per ton
DIR mile on products OF mines aud forests provided that
these rates shall apply to the through rates. but the toS
on the way trade may be increased onethrd aud pro-
yided further that the toll may be brought below the
minimum rate on any article by the ead board or other
authority with the consent Of the Virginia Canal Com
plny.
O. 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 OIL
ectors to twelve of the directors shall be appoint
ed by the State Of Virginia in such manner as she may
nv law proyde;he other directors shall be appointed Oy
the stockholders and the president shall also De aP-
pointed by the stockholders but his appointment shall
be subject to the approval Of the State IN sueh manner
as she may by law provide.
TO- The Office OF the company shall be at Rich
moud Virginia, but branch may be located at Paris
the dividends and other dues TO the American stoekhod
ers shall be paid at the Office in Richmond But the
dividends and dues Of the other stockholders may DC
paid in Paris or elsewhere, at the pleasure oil the ne"
company.
IL A majority Of the directors shall always be pres
ept 10 constitute board The proceedings OF the 0oarS
sail be recorded 10 the English language at the ONCE
at Richmond and be all times open to the Inspector
Of the stockholders aud the State by such officer as sh
may appoint.
- The said Virginia Canal Company shall be Organi
zed within six months from the passage Of the act Of tn
Legislature incorporating it. aud within the same tint
shall commence bona fde the work Of construction a