Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-30


8. other party 10 the contract" He says the
contract should be ratified as made, and that
the charter should be simply the reproduction
of the contract He combats the idea that the
investment of European capital would tend TO
create a dangerous European influence in
American affairs. This, however, he says is
not exclusively French cOmpany-English,
German, Belgian, Dutch, Swiss, and other
capital being employed in it. He adds 81
&c might say from nearly every country in Eu-
rope" He throws out the idea that those
who furnish capital and incur hazards, rather
than those who receive money, are the persons
who should demand guarantees. He says
" We have never for single moment had an
.Sidea of accepting the charter as it is. 1t
20 would be bargain of dupes and Simpletons.
% We should lose money" He estimates that
it will be necessary TO find, in one way or
another, from five to six hundred millions of
francs. He expresses the opinion that the
canal is not worth now what it was when his
company bought it, but says he does not, in
consequence, demand better conditions than
have been granted. He refers to the rise in
the value of money, and declares that the
troubled and uncertain condition ofaffairs in the
Southern States not only increases the Difficult
ties and risks of such undertakings, but also
increase the interest upon the money required.
He saws it is a hundred times more difficult to
procure capital to-day, than it was before the
war, adding, " Some years money contents it,
% self with a moderate interest. 1t is quite
6. the contrary now. Europe is inundated with
GO American and EuropeansecuritieS, guaranteed
@ bv the governments, which yield from IA to
g Is per cent. interest; and the guarantee of
q Governments is one of the things which CAPT
" tai seeks the most. There are very few
a. public works which have not the interest
% Guaranteed by the State. The canals not
{, having It, is one of its great weaknesses.
{, There are billions of American securities in
" Europe, which have been hOught at rate
s which Yields an enormous interest. All Of
% which renders capital so much more exact
" ing.
Brazil, whose credit is of the first order,
" guarantees seven per cent. to its public
works and its loans. The selling price causes
"these securities to bring twelve and fourteen
Wper cent. In the same way, those OF Turkey,
of Austria, and even the bonds of the French
"railroads, guaranteed by the government, are
sold at these rates. The Mexican Emperor,
q guaranteeing against all chance of loss, gives
" eighteen per cent. Is it possible, is 1t Just,
sis it reasonable, in the face OF such facts,
whose number could multiply-iacts known
"to the public-to suppose that money can
" seek an undertaking of such uncertain char
"acter as that of tho canal, unless with some
uparticular advantages Who does not pre-
g fer fourteen to fifteen per cent. guarantee by
'"a solvent government, to the chance OF re-
"ceiving perhaps nothing at all, in an unknown
:. work of this kind in country placed in the
q condition that the South is ?"
He represents the expense, risks and dan.
gers incident to hydraulic works, saying that
freeze is sufficient TO damage the works con-
siderably, and that freshet may sweep them
away in moment, if new and unhardened.
He expresses apprehensions in regard to in
trigues of Northern capitalists, and the in
fluence they may exert upon West Virginia,
and dwells upon the advantages that would aG-
crue to that State from the completion al inc
canal. He says his company will purchase all
the salt establishments in good order, and will
omen new ones: will assist in all kinds ofmanu-
features, and will introduce, " in unlimited
quantities, English, French, German, Dutch,
"Swiss, Belgian and other capital" lie urges
the " unity ofthe canal" and contends that the
division of the State has not divided the canal.
He SAYS " There are, in all countries, null
ttude of undertakings, well known to be very
good, which are not carried out because OF
% the opposition of rival interests, or because
" they do not hold out as great inducements as
&" others, not so desirable, to those who have
g. the means of executing them. | ought to IN
" form you honestly, that if these hostile ma
" nnuvres should, by any means, prevent us
{, from succeeding in our attempt, i is almost
certain that our friends, disguised, will carry
g their capital to another part of the country
and that it will, in all probability, be to the
" Chesapeake and Ohio Canal.
Towards the conclusion of this letter he
saws: al repeat as the company keeps Its en-
" gagements we keep ours, By the company
d" understand the State to be included, Tor the
State is a stakeholder. 1t is as Stockhold-
er that the State has sold. The State Legis-
..I,,, ~, - that which
6. the State as stakeholder has done"
The last letter from Mr.. E. BELLoT DIES MI
NIEREs, published in this closely printed pam
phlet of ffty-fve pages, is dated London, De-
cember s, 1865. 1t is in reply to a letter Of
Col. ELLIS, which suggests that, at the time OF
presenting a memorial to the Legislature ask !
ing a renewal of the charter, he should otter to
deposH in adUdnce in the State Treasury the
one million of dollars ofthe registered stock of
the Commonwealth, which, by the 18th article |
of the cxecutory agreement, he is required to
deposit as a guarantee for the faithful compll-
ance with the StipulatiOnS i'll the agreement.
He denies having asSented to such an obhga-
ton, and all eyes that the contract would have |
been refused had such an eXaction been pro-
posed. lie says-''H is in consideration Of the
transfer of the property that we have agreed
to deposit security, and not for nothing"
He quotes article IA as follows: 1.-The said
" company shall, in consideration Of the trans
3. fer aforesaid, by the State Of Virginia, Of all
:. her riqhts as stakeholder in the james Rirer
" and Kanachq Canal, etc., deposit, etc"
He says it is evident that our people over
estimate the value of the canal, and err in sup
posing that his firm will accept it at whatever
price" He says; "With the charter 1.-THE pre-
= sent one), it is worth nothing; and with the
8. contract there are many objections lie
saws the reasoning, "that there is none but
9. the Virginia canal, and the people of Europe
are lucky in having their money accepted"
is a very erroneous policy. He alleges that
many competing propositions for investment
are now before capitalists that are free from
the risks of war, domestic or foreign, and from
negro Instructions. He declares the "abiity"
of his company to be greater now than when