Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-02-07

contradiction, But the statement Oh Ihe
"WhTr" has so positive un air, that, with your
permission, desire to give it positive denial.
Briefly, then, have never published or writ
| ten any account whatever touching the sale or
treatment of slaves. 1t is hardly important to
add that never was in South Carolina, though
hope to visit that State at no distant day. Let
me further say, that all the letters have ever
written concerning the South, were published
in the "Boston Post" and that several Of them
were copied, with appreciation, in such papers
as the Nashville Union and louisville Jour
nal. aln, gentlemen, yours cordially,
JOHN G. SANE"
New York. Jan. 2Sth, 1860
The lsiII TO Facilitate the Completion OF
the James River and Kanawha Canal.
We Law before our readers the bill now pend
ing before the General Assembly, concerning
the interests Of much the most important ol
all the internal improvements of the State:
gcpored II, the House of Delegates f. om the Committee
Of Roads and Internal Navigation, December "st, l>'
bill to amend the charter or the James RIVER anu ha'
nuwha Company.
The mode Of constructing the works on the lht o 'c
Jaues River and kanawha company By loans OF money
wing involved the company in cInbarrasalneHts winch
render inpractcabc carry the work longer on mat
au and the General Assembly deening II OF the
Importance that the Improvement shall be compieteu anu
being anxious to the undertaking thereof there
fore,
River anll KHnawha company hr, and the same Is hereby
increased TO twenty-five millions Of dollars in shares OF one
hundred dollars each.
In said company the Board OF Public Works be- and Is
hereby directed to subscribe behalf OF the Common
wealth for fifty thousand shares OF said capital stock,
which shall be taken In full satisfaction Of the debt now uue
the said company to the State aud for the assumption
by the State OF the debt for which the State bound s tG
security for said company, and hr annuity to the Old
Jnlnrs river company.
s. Upon the receipt Of the certificates for the said MY
thousand shares Of stock the Board Of Public Works shall
give 10 the james river aud kanawR company receipt
in full the aid several debts due to the state nnd Tor
any claims against the company on account for the debts
for which the State Is responsible security OF tie coi-
pany account Of the annuity to the Old James river
company and shalt BY proper deeds relrnse to said COM
many all liens whether hy deeds of trust mortgages or
otherwise held by the State upon the works and property
OF the company any debts due to the Sste Or
which rnuy be guaranteed by the State.
A. Upon the receipt or the Certificates for the said hhy
uusan shares Of stock the Board Of Public Works Is
hereby directed upon the surrender by the holders thereof
any Of M bonds OF the lanes River and kann"ha con'
pany the payment Of which the State responsible 10
ssue said holders corresponding amount OF the bonds
CT the Snte made in The prescribed hy law raya
M vcnrs after ;hcir date and bearing nrrc.,
nuar And the hoard shall therrupon cancel n,I file the
bonds so surendered and deliver to the James River and
Kanawha company statement thereof, with the number,
amount aud date Of each bond.
y
Interests on the honds OF the James river and kanawn
company for which the State responsible until the said
bonds are surrendered herein provided for shall he paid
OF the treasury OF the State In the mode provided ny
law for the payment Of the bonds OF the State issued Tor
purposes 0l internal Improvement
o. The remaining one hundred and fifty thousand shares
OF the James river and Kanawa company created
by this act, shall be sold disguised Of by the said coma-
in manner that may seem most judic3ls 10 IL ro
vde That they shall not be disposed o! for less than er
par value.
nf hcrnh
subscribe behalf OF such city, town or county Tor
stock created by this nct und TO borrow from time 10 tiIne
money will he required to effect said object and 10 lew,
an collect such taxes as in their opinion will be
cessa for the purpose Of paying the interest and ree"-
ng the principal which the snid council or authorities or
county may negotiate by virtue Of tlis act
any persons companies shall contract 10 construct
any portion or section of the work on the Lac OF the
provement the whole thereof much OF the price Of
the work executed by such companies as may
be agreed upon between the James river and kanawha
company and such companies may he from Time
lime, after the has hrcome DUE Invested in The
stock Of said company Until the whole capital stock Of the
company shall have been taken.
O. II any persons or companies shall Jointly make
for the execution OF the whole OF the work the line
OF the Improvement or on the main line thereof they tha
VIXEN they hold live thousand shares Of said stock have
In any meeting of the stockholders Of the company
equal oneour, Of the vote given matter or ques
ton which shall arise in such meeting by others than stat"
and themselves When the said work shall be- completed TO
Covngton and such company shR hold twenty thousand
shares OF the stock their vote such shall be equal
onehalf Of the given by others than the State and
themselves and the completion Of the work. II such
company shall hold hundred and fifty thousand shares nf
said stock their vote shall be equal 10 wotrds OF the vote
hy others than themselves and the state Andf they
shall hold than hGndred and Hy thousand shares
Of said STOCK their shall he diminished in proportion.
oflhc shall he oneihrd OF the vote given by
others than the State and such company, and o:cthrd ot
the vote given by such company.
10. This act shall be in force from lis passage.
At meeting Of the Stockholders Of the
Company, held January, 10Th, ultimo, the fol-
lowing resolution was adopted with reference
to the foregoing bill:
40 Tha, the company approve the provisions Of the
bill for the amendment OF the charter Of the James River
and kanawha Company enincnly calculated To give
value present stock Of The company. to relieve tn.
Sta:e few years from the burden OF paying The interest
upon the debt Of the company and OF completing The I'm.
proycmen according the original plan and purposes Of
the State III undertaking IL that bill! substantially suc rs
that reported demanded by the interests OF the stock
holders and the State, aud Is urgently pressed upon the
favorable consideration of the General Assembly.
It will be observed, that the bill contains Two
prominent features. The first is the provision
that the State shall take fifty thousand addi-
tional shares OF the capital stock Of the COM
pany, which shall be taken in full satisfaction
Of the debt now due from the company to the
State, and for the assumption by the State of
the debt for which the State is bound as the
security Cor the company, and the annuity 10
the old James River Company
This is simply what is now called the con-
version scheme, and which for some time has
engaged the attention and commanded the ap-
probation Of so liany Of the chief promoters
of the cause Of State improvement That our
readers may the more thoroughly understand
the proposal We state the amounts involved.
Debt due the STATE. S3,35l ISL %
Bonds guaranteed by State ..... 2,2GQ, 600 %
Sj,GIl,7S+ 80
snd the annuity to the Old James Ri"cr
Company (alSo guaranteed ny the State
amounts to 50 900.
As concerns the debt due the Slate, il Of
course can be wiped out without adding 20
the gross amount of the States own debts
Take this fact in connection with the further
facts, that the State already holds much the
srea,cr portion Of the capital stock, and is
thus virtually in the same proportion her OWE
debtor, that the debt pressing on the company
ten,ls to keep the market value Of its stock
down to merely nominal price, and also tends
TO impair the general credit of the State, and
deters the completion Of the work, it is thus
sufficiently apparent that the conversion Of the
debt into additional stock 10 he held by the
State, will increase instead "f diminishing the
revenues Of the State
Regarding the conversion OF the debt due
the State, then, as we safely may, in the light
of all immediate benefit to the State, we have
only 10 discuss the matter as regards the guar
antced bonds and annuity.
The annuity represents capital of....... f&uOoV
Add guaranteed bonds .................. .Z'oe9'
Representing the gross addition to the State
1-tl u. Il ,in