Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-29
RICHMOND WING.
MORNING.........JAN. %, IsGe.
james River and Yanawha Company.

Amid the devastation and ruin that have been
brought upon Virginia, scarcely OF. green >p"t
is left Her banks, stocks and securities have
been swept away, her industrial system broken
up, and the only currency she had was sud-
denly smitten in the hands ut her people, AMI
in one hour, rendered. AZ valuelcsS Is withcre0
leaves. She has no manuac;or.es to- speak "i,
aud her agriculture hnSa.shc, toy the "an' o'
money and OF reliable Labor. q. the loss 90
her political franchises i, q, needless to speak.
The most valuable possession ieit To her Is
the James River and Klu1wia Canal, and MS
value is more prospective THAN present. i'
has been a slow and expensive WorS-th.ls Tar
q burden and not aproiit. But, upon that canal,
more than upon any other agency, depends the
future prosperity of the State. Nheu COM
pletcd it will be- the shortest, cheapest
and best water line in the Omitted States, con
Meeting the great West With thr Atlantic ocean.
The advantages to accrue from % are well
known 70 all comutreJl mcU-;o ALL indeed,
who have bestowed upon it even small share
OF attention. On this subject there is mo- col
lison of opinion. All agree that when this iui-
proycment shall be completed 90 tine Ohio the
fortune Of Virginia Viii h, made as c'irctua'ly
as the prosperity Of New lors ,,,, secured by
the construction OF tar Er,- Clu5l. liow 10
complete it has t,y years been the important
question. This qu .sljoH WAS aaal. being sat
isiactorily solved waea On. va broke out aud
arrested its solution.
We feel that we cannot devote our editorial
space to a subject OF nlre real Importance than
that of this improvement, and we proceed to
trace this project Tor the completion OF the
canal from its inception to tae present period.
The magnitude Of this Improvement, and the
vast commercial changes contemplated by it,
were too conspicuous O.. escape the attention
of enterprising capitalists from abroad In the
year 1860 an association Of French capitalists,
under the firm and style OF " Bcll0t DIES Nj
nieIea, Brothers aud Company made an oilrr to
purchase the whole property Of The James River
Company, with a view 10 its completion. This
offer was accepted by the company, and ON tae
lst day Of September, 1869, an cNecutOry agree
ment was signed by EENGSr De BELLor MI
NIERES for himself and his associates, and 10y
THOMAS III. ELLIS, Prcsi lent oi tuc James River
and Kanawha Company. ioc and on behalf oi
that Company. This agreement Was drawn mp
with great care, and contains twenty articles.
II is proper To state he.c that iu the month 90,
March preceding this agreement, the Lcsi,l1-
ture of Virginia 2maujcj thc charter of the
James River and K,nawAa Company, and
among other things provided That in the event
ofthc failure OF the company to complete the
canal to Coviugton or thc Western terminus OF
the Virginia Central railroad, within six years
from the passage Of the act, without any fur
Their application to the General Assembly for
aid, either by loan from the State, subscription
or otherwise, the whole property, rights, &c.,
Of the company shall bc transferred to and he
come the property OF the State
This cXccutory agreement is 50 long and its
articles 50 numerous that we cannot make room
for its publication. We proceed to mention
some OF the most imp,stant s,ipulatjouS.
The new company is TO bc known as "Thc
Virginia Canal Company" Its capital stock
to consist of not les, tia. twenty, nor mere
than thirty five millions of dollars, in shares of
500 each. All OF the property aud franchises
of the James River and Hau.,whl Company To-
'' ',''','''''' ~ ~ '''' ''''''' ','''''' '
" ' ~. -
shares now held 10y them, 5uJ the State To
transfer to the said Virginia Canal Company an
her rights as a stakeholder ia The James River
-.
49,. -, 80. ...-.,l,.,i,,,,
,,, ,,,t.r lime ,r ir,,,r,.cn,crI fro,, HpcL,r.,,
20 the E,,,,,b, River ,n, ,r.. ir,pr,.vcrcpt OF
,h. Eor,yb, piv.r anal l. ,.l,r.,cm,ui
of the ,yorl, from Richmond ~, buchanan.
so as to make a continuous water line
from tidc-watcr ut Richmond 80 the Ohio
River, constructing the works ON the gen
cral plan of that portion CO.. Oh. improve
ment already made, with certain specified
notifications. After issuing 10 the stock
holders ina the james River and hauJwua Co,n-
pany (other than the Stotcl certificates ui
stock at the rate OF one share Tor every Two
he'd 10y them IN the james i''''r ''" N'"'""'
COMPANY tue nc" company '> '"l'- '"""'''H l"
them hNe per 'en'"u per "'"U'n on Tue amounts
oil 'her STOCK from '''' d''' %. inc organization
OF the new company ""'li Tue completion OF
the line to the ONO hNer, and then 10 pay M
lieu thereof, their ratcablc slay, Of The profits
OF the company. The tolls to hc regulated by
the Board of Public Works, ("i,din certain
specified HmitatiorS) ua3cr the authority a.,
the General Assembly. Two OF thc Directors
to be- appointed 10y ihc STATE OF Virginia. The
new company TO be organized aui to com
mcuce operations, ''s.f RI v.,an >iN months
after the passage o' tie ort .. lie Legislature
incorporating g.. Il s,'al. Rot St authorized
hv any instrument or contract, 20 create Iiers
mon its works or property. and shall not ID,
comnet,nt 10 sell the same without the assent
or the General Assembly. i'm consideration o..
the transfer OF all the rights OF thc State as q
stakeholder in the James River and kauawha
COMPANY, the new company is 90 pay into the
State Treasury, scmi-anuuaily, forever, the
sum Of sixty-seven thousand i've hundred dol
lars, and rs a guarantee for compliance with