The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-02-26

James River and kanawhA COMPANY
The biif xuthorisise the James River
and Kanawha Company 10 borrow money
for the purpose OF paying of its fost'ns
debt and keeping Its works IN repair was
under confederation In the House Of Dele
gates Yesterday, Mr.. PEsDLEroS intro
duced ssubstitut for. the Senate bin, which
he stated had met the appreciation Of the
friends Of the canal, who had introduced
different schemssin reference TO this grea.
work. His bill authorizes loan Soo'vW
upon mortgage Of the property u 'u0
COMPANY: but this sum is not 70 90 DOR
rowed nor the bonds Of the company 70 be
issued. until the bill receives the approval
of the stockholdors Of the company 10
general meeting. 4 II na.i.W = p
The illfnrther provides that the proxies
of the State shall be instructed by the
Board of Public Works to move an investi-
CATION of the sifairs Of the company, and
also to consider what measure may be
adopted TO make the work self-sustaining,
and prevent any increase Of the debt Of the
company. This is all very we'll; but the
bin does not confer upon tho Board Of Pub
lie Works or the proxies Of tho State any
power to perfect such measure as may
do this. Suppose they find that the leas-
ing Of the canal will accomplish this object,
have they the power TO lease The bill
certainly needs amendment in this particu-
lar. To institute an inquiry that may sug-
gest some wise policy which there is no
power to carry out would make the in
quiry itself very useless and Improbable
Even though the hope Of seeing the
great improvements valuable to Rich
mond and to Virginis-entrusted to private
management and individual enterprise may
be slight, yet there is so much to be gained
by cutting the State loose from the public
works generally, that should an opportunity
offer to lease the canal, it would be mis-
fortune If there is no power to make that
opportunity available. We spprehend that
any person in charge Of those works under
the States control will be the victim Of
prejudice and Disagreement to greater
or less degree. One Of the ablest men
that the State ever produced, Mr.. JOSEPH
C. CABELL, was driven from the presi-
dency of the canal; and we have just
seen its latest president retire, to sppease
the public clamor. There is difficulty, de-
lay, indecision, and consequent inefficiencv,
inherent in the system Of the blended
management Of State and private interests.
There must, of course, be always dissatis-
faction and complaint. The presidency Of
the company, therefore, is no bed Of roses.
He who fills IL has very little repose from
hostile criticism, and will never receive
the credit due for faithful service. There
is to be an investigation into the affairs of
the canal, and it may turn out that there
is no good ground Of complaint against
Colonel ELLIS. This would only show that
the present system can never command
the public confidence, and for that reason
alone new system should be tried. The
loss of confidence is q serious misfortune
to men, to enterprises, to great command
crs, and to the rulers and ministers of ma
tons. Chieftains who lose the confidence
Of their followers can win no victories.
Ministers acknowledge the want-of-conf-
dence vote as settling their fates, and re-
sign. That public work whose admins
tration has not the confidence Of the COM
munity upon which it depends must suffer
injury, and languish from that blight which
falls upon all enterprises from which the
sunlight of the public appreciation and en-
enlargement is withdrawn.