The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-08-31
The James River and k.na~ha Canal.


interest OF the Stato in this concern, could
have met with the slightest opposition among
the private stockholders. We were mistaken,
however. 1t has been very earnestly opposed,
chiefly nv persons who hold a very small por.
tion of the stock, sometimes by individuals
representing one, two, and rarely as much as
three shares. The real motive is the fear that
the completion OF the canal may be beneficial
TO the city OF Richmond. The esiess,bie mo-
tive is repugnance TO allowing foreign capital
to do for us, what we will not or cannot do
for ourselves. This last argumen: is exaui-
siteiy demagogic. 1t takes the ear OF people
who know little of the subject, and will TAKE
no trouble to know more. Nevertheless, IL Is
supremeIy ridiculous to employ itat this time
Of Sav when there is a press in the country,
uhen facts are always liable to be laid
nsfars the country as soon as they occur,
when A man has nothing to do but TO
subscribe to a newspaper, to learn that
the great improvements Of the North
west. that which has given her, or is fast ac-
curing for her, appropriateness in the nation
which can never be overcome, were all built
In a very great degree with foreign capital
thai foreign capital is invested in nearly every
Joint stock company in the country-that in
the blow up of 1857, nearly 3 thousand mil
lions OF foreign capital was sunk by the
failure of such companies. throughout the
North and Northwest. The people of Vir-
ginia are proverbisiiy slow coaches. In spite
of the railroad and telegraph. they do not usu-
ally learn the news until IL has grown stale
We do not think this argument--or semblance
OF argument-would be addressed to any other
people on the continent, north of the Rio
a. ha is
should be, the object of every people to invite
as much capital rs can possibly come into
their country. They know that any legisla-
ton which would keep it out, is absurd
in itself, snd totally imperative, if the
scheme uniting it be good. But here in
Virginia we find gentlemen soiemnly tell
ing the people that it is bad thing for
,reiru capital TO come into the country,
and that you must not let foreigners have
a bit of your stock, for love or money. Doubt
less the same gentlemen would be greatly
shocked if the Reggie or the RoTHsCHILDs were
to buy hosshead of their tobacco. Never.
theiess, when any new scheme is on foot it is
common enough to send agents TO England
and France TO negotiate loans, and We hear no
complaint from the quarter whence comes the
objection la ques ton, provided il be not loan
of Richmond, directly or inciden tally. Do not
employ foreign capital say the objectors-you
will sell the whole country TO foreigners if you
do. Now, no doubt, the foreign capitalists
who were swindled to the tune of eight hun
dred millions in 81, wish from the bottom of
their hearts that this were true. But with
such recent example before their eyes, we
know not what could have emboldened our
a. L.. Sr,t. how tyoa oh
q notion. Surely they never read SIDNEY
SMITHS diatribe against the dIab coloIed
men, of Pennsylvania, who got his money,
and would return him neither principal nor
interest therefor The worthy Canon of ST.
PAUL's" did not consider himself as having
bought Pennsylvania On the contrary, he
found to his cost that Pennsylvania had bought
him, aud he failed not to complain loudly of
the "sell.'
1t is disgrace, we are told TO have this work
done by foreign company! Well, we have
been trying TO do it ourselves for seventy years
and have not done it. Is not that disgrace
Virginia, then, has the alternative presented
to her of two distinct disgraces. One most
profitable disgrace, and the other a most I'M
profitable disgrace. Since she is compelled
TO choose one or the other, which shall she
TO that question. But 10 call an advantageous
sale by the State of her interest in a particu-
lar kind of stock disgrace to her, is the most
preposterous folly We ever heard Of She has
found this stock Improbable, and she wants
10 sell it. What is it TO her who buys it
Whether her own citizens or foreigners Why
is il more disgraceful 10 her to sell the stock
in the James River and Kanawha Company,
both, we presume, for the same reason be-
cause she wants money. Is it any disgrace to
be in want of money! And if in want of
money, is il a disgrace to sill property and
get i'll
In probably no instance that ever occurred |
in this Commonwealth was greater pains ever |
taken TO misrepresent transaction. A large |
number Of people have been induced to be-
Iieve that it is the intention of the stockhold- |
ers to sell out, stock, lock and barrel, to a |
foreign corporation-that this corporation is |
TO enter and take possession as a conquering |
army enters a surrendered city-that hence
forth they are to be supreme, Iording it over |
precisely as they please. We hardly know
whether we ought TO take notice Of such an |
absurdity. But the minds of some men are so |
import Of a contemptnous silence Be 1t
known, therefore, to all whom it may con-
Germ, that the new company is TO be incorpor-
ated by the Legislature, with a capital of not |
less than twenty, nor more than thirty mil.
lions-that 1t is TO consist of the present stock.
holders, with the exception of the Common.
wealth of Virginia-that in place of the Com
monwealth of Virginia, a new corporation fbe-
hat in ic
frat subscribed bona ITO an amount of stock
sufficient &c complete the impro vement to the
Ohio river and enlarge the present improve
ment TO dimensions correspop ding with those
on The new works. The new corporation in
question takes the place of the State by buy |
ing the States interest. For this interest it |
pays, heneeforth forever, SI35 600 per annum, |
or should ii at any time prefer 10 extinguish |
this annuity to the State, it can do SO by put |
ting down the round sum of S2,250 600. They |
deposit in the treasur of Virginia the sum of
& 00J, coo as forfeit, if they do not complete
their work ia eight years. The State is in |
debt head over ears. 1t Is trying to borrow |
money, and its bonds are down to ninety |
probably less. Every raving, ranting, mouth |
1 ng oemagogue in the State is trying TO ride |
into Office upon the high taxes which Cypress |
the people. And this is the time, and these
are The circumstances, in and under which |
the Common wealth is advised to throw away
this large sum of money, by gentlemen who
have such tender regard for her honor that
they prefer even Republication TO accepting it
A the same time, be ii renem bered, the State
preserves the absolute reguia ton of the tolls,
and is TO be represented in the directory. In
short, che Is to retain precisely the same au-
thority over the new James River and Kama
VIVA Company that she holds over this The
new corporation admitted as a stakeholder is