Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-31

g. The General Assembly of lS60-6l, approving the
objects and views OF the contracting parties, ana
being disposed % give To their contract validity ana
fleet undoubtedly intended 10 giant charter ac-
,eptlb.e 10 Mr. Bellot DIES Mncres aud ms aSSo'
ittcS But M this il appears, they werc mistaken.
One of the letters, communicated with the memorial
before referred TO- points out the particular eNcep
tuuS taken To IT, and asks certain amendments. lht
most important of these are lSt That the provision
.iu regard To minimum capital-oI what composed.
and how proyided-Shall DC stricken out; I'll, That
r1p provision for a commissioner 20 see whether tie
charter : observed or violated, shall be modified;
81, That the limitation upon the annual net pronts
% the company shall be reScinded; 4th, That the
works and property of the company shall be exempt
from taxation.
on these points would respectfully observe:
e. In regar. 90 tile nrSt, that | presume there can
he no objection 20 granting the application. Inc
provision in question .vas tended by the LegSla
ture Us an alvautl- s-. .r.lity to enable the par
lies on the other side t4e more readily 70 organize
their company according TO the laws Of Virginia
but since It is regarded by them rather rs prejudice
and injury, take it Tor granted that the General
Assembly will not object 10 omit the section.
In regard 10 the second the policy and object OF
the Legislature would seem TO be secured by the
,,maining provision of the charter, even after mod
fy.ug IL in the manner requested.
.. On the third point, the provision contained in
the eNecuOry agreement and in the charter also 10
which uOeNceptiOn Is taken, viz: That the tolls
on the line shall be regulated by the Board OF Pub
Ii, Works or such other authority as the General
Assembly may substitute for the control and super
utendence of the public works OF \irg MA Would
appear 10 be a sufficient protection Of the public
AGAINST unreasonable charges, and therefore pre-,
sumo in this also, the General Assembly VIII
make no objection.
lon the last point the amendment asked for Is
based upon the fact that similar provision Is found
/ IN the original charter Of the James River and ka
| ulwha Company. The Legislature at that time IN
/ tended 1t as bonus, inviting domestic capital 10
/ embark in this enterprise the company on It's part
| designs 10 oder the same premium now to foreign
capital and We should consider, that while the adj
vantage 20 the parties of such privilege. in
| enabling them to form tleir capital is great the
| benefits which the Commonwealth will derive from
the investment Of this capital here in enhancing the
value of property along the line OF the Improvement
| developing agricultural and mineral wealth estab-
| Il.hipg manufactures direct foreign trade &C. aud
introducing foreign labor enterprise and skill are
rL,uSsnd fold greater than could be derived from the
imposition Of any ordinary tax. Moreover, the COM
/ D,ny considered that they were negotiating an
/ arrangement by which both the Commonwealth and
/ tLe private stockholders would receive upon then
/ ,r,.ent stock an annual dividend which otherwise
they could not expect 10 receive for years 10 come
and perhaps never, without an advance on thelr par
| of th. large sum of money necessary 10 ColnpIe"
| the Improvement, at least TO COvingtOn. shOuI'
hone tbeD tbatin this instance, likewise, the Gen
eral Assembly would grant the amendment asAe'
Tor"
Remarking upon the extraordinary view
presented by Governor PEIRPoINT, in his las
annual message to the Legislature, concernin!
TINS work, and the unaccountable errors int
winch he had fallen, Mr.. ELLIS says:
IL Inc Governor expressed the opinion that Coying
.I I nus .e Ihe western terminus of the Canal am
sh,s Op,nIOu ne based upon the assumed impractical
ot''y oI eNehulhg the water line across the ALE
ghany mountains. He saws. To cross the Ale
ghany mountains It has lift of fifteen hundred fee
by means oil LOCKS to reach the summit over groun,
where there are no running streams in a.. ,,tbar
e banning ravines on the sides of the y,o,ntain.
l- where water only flows while il IL raininr. on,
r. holding that water 10 furnish a Canal With - -
b one hundred locks, doing business that would go,
y pensate for 50 large an outlay is, l thiuk simnI
3 out of the question
l. e. An examination Of the facts as stated in the 20
81 ports of the distinguished engineers aud seent;f
e gentlemen to whom this question has been referre
IT by the company will show, that the lockage fror
lie CovingtOn to the summit level distance Of twent
miles 675 feet and from the base of the Alleghs
\ ny mountains TO the summit level distance
II rather more than three miles, is only 800 feet-tl
greatest elevation to be overcome, in the most pr
e ciptous part and that only for the short space
three miles, being, therefore, less than 100 feet p
It mile The locks to be supplied by means OF rese