New-York tribune., 1867-08-23
IND USTR1AL ENTERPRISE At THE SOUTH
- hA -. VIRGINIA.
TIE MANUFACTURING AND WATER POWER OF
RICHMOED-IHE JAMES RIVER AND KAMA
VIVA CANAL COMPANY. -.

.t. RICHhOND-IHE JAMES RIVER AMI h<>NA-
VIVA CANAL COMPANY. .
Fron Our Special Correspondent
RICHMOND, Va, Aug. 0, 1861
A prominent New-York capitalist is expected
here in few days. for the purpose Of purchasing site
whereon to locate large factory for the manufacture OF
wooden and cotton hosiery. He will probably employ
COO girls plenty OF whom are now here anX-
ious and willing to work There is no city in the Union
that has unrivaled advantages rs far "a eligible
sites for factories and water power as Eyen Yen
city IN that respect 1t is stated the eaptalst above
alluded to oontemplaes modification OF ths JONI otoeR
successful In the North and which are now Que popar
here owing to the great scarcity of money Nst5 nave
from Philadelphia and New-York representing large
moneyed interests, with view TO tracts o % %
era wealth. ono of these parties mas &lfeau4 % niuo
la H. tSo large iron fonnderies-One
the Trcdcgar works here, ana Olo locaJeu l 9iDyno
County Tie former is quite an extensive establishment
and celebrated for the guns cast there ana the
immense quantity OF war material lnanulactureI ~ ~
during the war il now presents dapdated and half
ruined inc buildings seem TO have order
regularity about them and the great mass Oh uopI
scattered In the most confused prOfusOn III he various
yards shows either neglect the want OF capital 10 reno
vate the whole large portion OF TINS esapsimenms m m
was consumed by the great cOniagaton OF tue 1u Vi
April, 1865, which has never been rebuilt Enough now
ever remains standing to carry on very extensive DsL
ness Before the war 500 was the average nlDet % W
hands eployed here, Whereas it employs only 400
Tie owner Of it Brigader-General IN the HeDei
army, whore he never gained any distinction. II nGe
positively stated whether any negotiations as 10 s@io
have yet been entered into. A.,
Another party Philadelphia capitalists have recently
been prospecting through the State particularly among
the mountain regions where iron ore exists ~ gOou guam
have not been able to earn except that they were Heg
much pleased with the prospect Another hss0cao . ~ ~
the North has recently made proposition TO the ste Oh
North Carolina for the purchase OF the DSlnal swamp
lands belonging TO it, which, it is supposed VIII be eagery
accepted rs at the present time they are useless c
brSnce These Lands extend also through large portion
OF this State which, in the event OF an oher Wou NC
large humber Of pennsylvania farmers have settled
I'm the Shenandoah Valley since the close OF the KeDe
lion bringing with them an improved spStem OF G
ture. industrious and economical habits ana setIng d an
example to the Ogines that Will have most uoeideu
The action of Mr. Chahoon U 8. Commissioners in be-
half OF the creditors Of the James River ana kanaWna
Canal Company in pettOning to throw tne company
into bankruptcy Il creating great deal OF excteneht IN
financial circles here, which wiz extend tnrougnUue & e
state as soon the becomes generally koHh me
large number OF creditors represented by MI tnG0h %
and the magnitude OF the claims, renders II utterly I'M
possible for the Company to meet these aeanVs " y
IN the proper courts THIS Canal has always been an in
oubns To the State IL IS 10y far the largest Intefna I'M
State has been pet sClame. Millions IN money nave
been layished upon IT, and every year 1t has sunk deeper
aud deeper IN debt, until the corporation has become O
ten 10 the core Scarcely Legislature has met for long
number Of years that has not yielded 90 the demands Oh
old iOgies aud made appropriation after appIopra,lon
fornho Canal until 10 has become monster III thc eyes
Of tie people that seeking to deyour all the means OF mn
Impoverished commonwealth Now however INC matter &
10 be fairly ana squarey iaAen hou o. anu tle
capacity Of the company Will Re tesSe Se i ~ cnem6
OF bankruptcy, and aferward mace 10 uePeho
its resources which are eAceuehl
It is claimed that the Company have committed acts OF
bankruptcy IN preferrng creditors IN aloWlng tHTI NJ
gotabo notes 70 go to protest not redeemlng WITHIN
days, and IN making conveyance 70 deiaud tnei @
itOrs. The stock 0f the Ccnpany represents SOM sLo
Olo Of which the State Of Virginia owns more than one
half Tho liabilities Of the Company quite large but 1t
isalmCt impossible 10 give any deinlte ldea OF Nhat ty
amount the business OF the Company mas Decn very
loosely transacted and there VIII be heavy claims o @ the
part Of for damages in consequence OF the
nonfument on the part OF the Company OF ther Ooi-
cations Creditors stockbodcs, newspapers, hnn @ ,no
public generally are very much ag1tated over ts move
ncnt The matter has been kept so secret that even
cal procecdngs Of the kind until Mr. Cahoon presented
his petition asking for an order On the WhOe mere -
against tho James River and Kmawha Canal COMPANY
Iii destined to bring about revolution III the manage
ment Of corporated Institutions here.
THE BANKRUPTCY LAw-DIsTRIBuTI0N OF
LANDED ESTATEs-P0LICY OF SMALL FARM
ERs-FUTURE OF THE FREEDMEN-NEW ERA
OF PROSPERITY, ETC.
Prom Orr Special Correspondent
RICHMOND, Va, Aug. IC 1867.
The Bankruptcy law was not only conceived,
but went into force at most auspicous time for the
future interests and welfare Of Virginia. The great
landed propretors OF the State, who while Slavery
existed derived luxurious living and acquired enormous
wealth from their slaves and vast estates now find them
selves impoverished, without capital, aud with large
any profit advantage At the same time there is now
IN Virginia large and comparatively dcPehcanI poPua
ton, once the slaves OF these landed hse
recently been berat ana thrown upon helr Owl resO
Cts
magIanmousy bestowed upon them ~ great ana gOOd
Government Up 10 the present the blacks Ia this state,
with but few exceptions In large number, nave con
ductcd themselves with decotup, exercised thct new
privileges with discretion, maintained themselves by
then own industry ana nave met aI 'io aen4nus Ul
them as citIens ~ lShy creditaplo msIAe., @ MhIle
their only interests In the communities IN which they re-
sided their privilege 70 earn their bread by the sweat
OF their brow Az such tlhe thG op,r"tons t "a id9 5
Bankrupt law goes into force Numbers OF THESE ldeu
propricOrs well from inclination and stubDornhess as
from the teachings old foylsm and the press refuse 10
sell their lands IN small quantities to the poor STRIVING
industrious blacks They prefer rather 10 hVe IN pow
erty themselves see their HclghbOrs in poverty,
ciude capital from the State, prescribe industry
st,ads and landmarks and in the fair endevor to main
ta rotten aud corrupt ariStoctacy Ihey cannot rear
new policy which viii mold the destiny 0f Virginia TO one
Of unboundcd greatness and prosperity But already
local papers tecm with OF real estate for
sale but which sales cannot possibly be effected in the
creditors being needy well debtors, begin TO feel
the necessity OF rigdy inforcmg their claims, IN man
republican doctrine cries out in unmistakabe tones
against taxation and demands that property instead
shall defay the of the state Industry has com
meHccd 10 burst the shaccs with which slavery D9und
IL IN iron grasp, and lastly the landed monop4sts'
unable 10 meet their obligations, viii be forced INTO bauk-
ruptcy. Whicn will accomplish the great OBJECT 50 dc-
slrube for the future welfare OF the state .
Heretofore the system of agriculture during the cNt-
ence OF Slavery allowed the lands 90 become exhausted b
successive crops, and then grow qp In bushes ana Under
quirng when used again, new clearing 0uer laus Dc
lux then abandoned Now, however win tne usNSTp ~
men OF new era small farms will be the Ordef ol he
dny Lands being more equally distributed among the
people greater interest In the management ana % culture ne
OF farms viii be manifested with results that wiz De
gratifying In the In producing greater
quantities, and in distributing The products more tnUI
ougly among the masses. Soon the industry anu
economy OF tile black will enable him 10 become the pur
chaser Of small farm out "a the numerous CsISs @ tao io
will be sold In bankruptcy. Farms or say from ~ 10 lOV
acres can then DE purchased ut from - to per acre
good lands and the encouraging disposition OF the blacks
10 save money as demonstrated by the returns OF the
Freedcn's Savings Banks Is conclusive evidence that
people and surcs the spoculaOns upon which the pre-