Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-29

thority to re-enter upon and resume the
control Of the whole line Of Improvement !;
and for that purpose, the present organl-
cation of the James River anu hana"ha
comnanv shall be continued provided, howey-
er tb,tirtbe said Virginia Canal Company shall
he unable 10 complete the said water line i'm
movement from Richmond TO the Ohio river
v,tbip eight years as aforesaid, or TO complete
tbc enlargement ofthe Richmond dock and tide
water connection, and the deepening ofthe ca
nal from Richmondto Buchanan, within tenyears
as aforesaid, they may have two years eXten-
sion of time in each case, by paying into the
/ treasury ofthc Commonwealth ofYirguia, for tho
/ said commonwealth, before the expiration of the
said period OF eight Years, a-halfmiilion OF dol
/ lars, irthey require the extension OF time ior
| the complciion 9th water line rs well rs Tor
the said enlargement or by SO paying one
hundred thousand dollas before the expiration
often wears, if they require the extension of
/ time only as 10 the enlargement aforesaid ;
which said sums axe agreed upon as liquidated
damages to be paid to the said commonwealth
in the contingencies aforesaid, for the loss SuS-
tanned by such delay or delays in the compile
ton of the said works as herein required pro
vided, however, that it the said Virginia Canal
| Company shall have proceeded in good faith to
execute the said works, then the General As
Semblv NAV suspend the said forfeiture, and
allow to the said company such further time as
20 it may seem just and proper, to complete
the said works.
The said BEILoT DIES MINIEREs, Brothers and
Company shall pay to the Commonwealth Of
Virginia So much of the three hundred thou
sand dollars of State bonds appropriated by the
NOT Of rbe General Assembly Of Virginia, passed
March 2gr,i, 1860, for the improvement Of the
Kanawha River, as shall have been issued and
sold. and expended bona flh on the improve
meut, when they shall become entitled to the
property and the revenues of the James River
and Kanawha Company and upon payment
thereof, the said commonwealth shall release
the mortgage given by the said James River
and Kanawha Company on the said Hanawha
Improvement to secure the payment of the said
bonds.
1t is stipulated that upon making the depo-
sits and payments referred to, the James River
and KanaSha Company shall convey the entire
property Of every kind to the Virginia Canal
Company, subject to the specified charges in
favor Of the present stockholders and the COM
monwealth of Virginia, &c. The agreement
provides that, until this conveyance is made,
the James River and Hanawha Company shall
manage the affairs of the company and COM
plcte certain specified portions of the improve
ment, by means and money to be furnished by
the said NJ. DE BELLor DES MrNIEEEs and Com
rauy, they receiving credit for all the revenues
e.. the company.
BY the payment into the Virginia Treasury
of $3.50, 900 in specie, the new company may
at any time discharge itself from the annuity to
the State.
This eNecutory Tor as it is in the conSidera-
ton clause termed-proyiSionaD agreement is,
of course, made dependent upon the approval
"r the General Assembly. As soon rs 4 chart
co is obtained, it is to be binding upon sail par
ties thereto" without any further action. The
James River and Kanawha Company engages
to use its best Efforts to procure such approval
and charter " at the earliest day possible = in
the meantime the agreement to be binding
upon the james River and Kanawha Company,
60 the full extent that the said company can lc-
gllly act without authority from the Lcgisla-
lure.
To avoid delaythe new company is to be per-
mitted To commence its undertaking forthwith,
and should the General Assembly G,iltoapprove
The agreement and grant the charter, then the
new company to be reimbursed for its expendi-
lures and the interest thereon, by bonds to be
issued to them under the act OF 23rd of March,
1860 which being done, the James River and
kanawha Company is to be restored to all its
original rights, and the agreement to be null
and void.
The Board of Public Works gave its assent
to- this agrecmcut-aud the General Assembly,
at an extra session, called, in part, for the pur-
pose of considering this subject, also ratified ii,
by passing, on the 10Th day of March, 1861, an
act entitled an act to incorporate the Viz
-iuia Canal Company, and to transfer the rights
and franchises OF the James River and Kanawha
Company thereto" This act provides that, on
the failure Of the new company to organize by
the appointment of president aud directors
within ten months from its passage, the act
snail be null and void; also, il said company
shall not b5Du tiic commence It's works within
six months AFTER its organization, or if, after
commencing its works, it shall suspend its OPP
cr.,tiouS for one wear, or il it shall fail To
comply with certain other StipuationS, the
General Assembly may abrosate this char
ter, and declare that the corporate rights and
privileges @? the company shall cease ; or it
may allow said company such further time to
complete the said works and to comply with its
engagements as to the Legislature may seem
Just and proper.
Within twenty days after the passage Of this
act the ordinance of secession was adopted 10y
the Convention Of Virginia, and very soon there
alter the war commenced. At the ensuing
regular session of the General Assembly, and
upou the petition OF the james River and IA
u1whI Company, an act was passed extending
the time limited for the organization orthc Viz
GINA Canal Company one year, and provision
ally two years in the former case the act ex-
pirins on the 10Th day of January, 1868, and in
the latter case on the 29th day of January,
1861.
The war continued beyond the latter period,
but the James River aud Kanawha Company,
Tor obvious reasons, although urged by the
French company, did not apply to the Legisla-
Jure for further extension Of the time allowed
Tor the organization OF the company. Imme-
ijatcly after the close Of the war, Mr.. ERNEST
BELLor DIES MNIEEEs wrote in behalf of his
company claiming their rights under the agree
mcnt, and expressing their readiness and their
wish to comply with its stipuations. They take
the ground that the existence Of war rendered
the execution OF the contract by them impos
sible, and that their rights under this contract
were only suspended, and not abrogated, by the
war. In this view, the James River and Ka-
nawha Company concurS, and have presented
their memorial to the General Assembly now
in session, from which We make the following
extract: