Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1860-02-20
FsoIb .ks Richmond Enaaifets
RE Nil 10 FosilIta.a The Completion >
Jaines AiFsf ard EanaEha Canal.

james AiTtf AID kanaEha Canal.
mother bfisf rtsisw 81 this bill. calf
ing atientioa 10 5one particulars which
ws have DOT yet discussed, may BE- serv,
iceable 10 our readers. 81
The scheme 81, 1.-The bin. ~ Ne ,sndeF-
stand IT, is thai the capital stock OF the
cdmpaliy il 70 be increased, id shares 81
1 one hundred dollars. Il
M The State having heretofore gsaFaptssd
lcefaia bonds Of Che company md q so
Ian annuity 10 the atoskhoiders Of the Did
James RiYer Company il To- assume the
payment Of those debts directly. Pro-
visionEis made FOR issuing TO the holders
Of those bonds 4 corresponding amount
/ of the bonds Of the State parable, thirty
EGour years after date,
/ The Board Of Public Works is 10 sub
scribe on behalfof the Commonwealth for
E6lty-six thousand shares .of the new stock
Eify six thousand, part Of said 9 700
shares, are To- be received by the State
i'll satisfaction Of the debtof tile company
toF her. and of her assumption Of the gaarr
Fteetl debt and the annuity. For tlis rel
manning Ave thousand shares part the
said sixty-one thousand ahe State tis ito
Issue 70 the company State bands3 plade
i'd The manner prescribed by law, the pro-
I eqeds df which ARE 10 be applied The ex-
tihguishmentof the floating debtef the
Company. fst s.3si Rtet
1.-THE residue ofIthe new stock ls9 QUO
fsftaresl lis bto be sold or disposed of at
par, in any manner that may seem 70 the
}cdmpahy iadicious. If any persons or
dcdmpsnies shall contraetto construct any
4 portion Of the work on the line Of the
Improvement. 81 the whole thereof. so
much al the work thus executed AS shall
Eba agreed upon. may be, from time 70
tinle, after the same has become due, in
J. vested ,in stock until tlia whole capital
|stSek has been taken. Suitable provision
4 is5made for The voting Of such persons OF
lseampanies---th State always retaining
har present controlling vote, which is
equal to two,thirds Of the whole number
Eoisyo,es given by others than hetself.4n
the same etaetionror op the same question
Before making the sales Of stock, OF
maklng' Ina contracts SutnoIlAeu'5 'itIlt
ptppositipns for the same are tosbe sub
limited to the Beard lof PUBLIC w orks
aud no such sale,5or .GoutraeE shall Elskt
lHest9ect, or be bindings until The Board o
! Public Works sllaifcsnse TO be endorsed
] on the certificates Of stock. or on. sucl
\ contract, that they haye assented to suGl
i safe Or contract. and that. theirssassent
lib entered on the journal Of ibeirIprof
fceed Inpss. I'll 555.ss45eI sasi,fy&d did, r
fAufhority issgiyen|to thejconpany 4
4 borrow money for the purpose oi cam
/ pisting the canal to Gosinglon, and Iel
icaFrying on tleir other works, and - ex
ernte bonds Tor the amounts borrowed
l'and execute deeds of lrusEser mortgages
/ pssdsing the 'nett revenues Of the comps,
Eny for the payment of The same provided
Ethst they shall not bori 4in any one
year, gseater amount than five hundred
/ thousand dollars without the assent Of til,
Beard Of Public Works provided more
over. that no such bond ! deed sor mort
rttgage shall have any effect until tiie ,Boart
of4Public Works sliail cause . certihcat.
#toHbe endorsed thereon, Of tn if approva
5ofthe same, as in pursuance Of thislac;
I ard provided further, that as :. part o.
\ the contract forsanv such borrowing, the
lender and gthe company shall agree tina
4 the company, besides paying interest. a
la rate not exceeding sixi per eentuIn pei
lanpum, to be paid semi-aulinally, ultfo
ttheir nett revenue, shall sci apart 4 sisted
per cenlufh. to be approved by thereon:
missioners, Of sthe 81 king Fund, on III,
amount bofiowed, rs assinklng fund 70,
Tho redemption Of lie priAclpal. iAhe
provision is made for the inreethiens Q
The Sinking Fund. sas
The State is not TO be liable In AMI
manner whatever, otherwise than a.
stpckholder, for money borrowed unde
,lthts act. 5,s lis8t
\ The company isrequired TO pay{semi
Eannually to the Commissioners Of III,
sSihking Fandone-hslilof one per cent. OF
the amount Of the present guarantees
a debt Of the company; andupon such pay.
nsnt being made, the Board Of Public
Wprks.is required TO issue and deliver I,
Eths company the bonds Of the State 70
\ the amount paid. and also, to, issue an;
II deliver TO the company similar bonds fo
1.-the interest as il becomes payable ami
1.-THE rompany tballg HoId said bonds as |
Y dividend fund, to be accounted for as be
tweenihe State and other stockholden
VIXEN hecompaty is prepared 70 maze
dividend. 's M ID :d5f !
Il Thus the passage of the bill in ques
\ tiohFwill not ouly relieve the company .
5Edebt, and thus allow il, even under =or
diusry cireumstances,t ito promote mucl
mere rapidly than AZ presenttl,e progress
Of the work; but il will secure al al
Judgement inviting large, capitalists /,
advance funds, ON the safest and most sd
Fyantageous terms, towards therapid com
pietion Of the canal. . 49,
@The passage Of the bill will undoubt
Eed4y rsnder the Investment Of funls ii
4 the undertaking. much more sale ant
profitable than any stock subscription /,
Eother public works !; indeed. equally SAT-
,lwith Investment in any species Of stock
Island Welding 40 income Of six per cent
u How eagerly large amounts Of capita
twill seek investment may De partially de
Il sermined by The negotiations already ol
ltoof. and which seems only 70 need