The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-03-29

cent. was tantamount to the defeat Of the
act of the Legislature authorizing the loan,
which allowed an interest of eight per
cent. These gentlemen warned the COM
pany against the six per cent. limit.
Mr.. Holiday contended that the larger
portion of the loan would be used in pay
ing the debts Of the company, whose Gre
ditors would willingly take the bonds at
six per cent. in payment Of their claims.
Mr.. Seldom made some suggestions
touching the propriety of mortgaging the
whole property of the company to secure
the bonds proposed to be issued. The
company might want to make further
loans, and it would be well to have pro-
perty unincumbered to secure them.
Mr.. Isaac II. Darlington did not construe
the resolution as directing the Board to
mortgage all its property to secure the
bonds, but as leaving the matter of pledg-
ing a part or the whole, as they might
deem proper to the Directors. Mr.. Car
rington continued the debate in defence
Of the 6 per cent. limit.
In the course of the debate Mr.. Deane
stated that the debt Of the company was
not increased during the war 81, 1000; and
appealing to the clerk, that gentleman sus-
tanned the statement with the qualiica-
ton that the interest was not included in
this sum.
The resolution was adopted as reported
by the committee.
Pending the resolution on salaries, Mr..
Darlington expressed his doubts of the ex-
pediency of limiting the company to one
engineer. The length of the line and
the slow travel on it would make it mex
pedient for one man to attend to the bust
ness. He moved to amend the resolution
by adding an assistant engineer.
Mr.. Holiday stated that the work was
not new one, a large portion Of the
work of repairs, ETC., could be done by
others than an engineer, and for these rca-
sons the committee thought that one en-
gineer would be sufficient.
Mr.. Lorraine, chief engineer, being
called upon, stated that he did not think
one engineer would be equal to the duties
he would have to perform. He thought
two assistants would be required. The
dams now rebuilding would demand the
constant attention of an engineer.
DR.. Graham suggested that an assistant
was allowed to the president, and it was
supposed that this assistant would be an
engineer.
The amendment was rejected, and the
whole report was carried without amend
ment.
THE CANAL AND CONSOLIDATION.
The report of the committee on the sub
ject of the amendments required to the
consolidation bill in order to protect the
canal made report embracing such amend
ments as the committee deemed proper,
and memorial to the Legislature on the
subject. The following is the part pro-
posed to be added to the consolidation bill !:
"And that the same facilities in the is
suing of through bills of lading shall be
granted to shippers at any of the cities OF
Virginia as may be allowed at Norfolk or
places outside of Virginia to shippers OF
freight to be transported over the said At
lantic, Mississippi and Ohio railroad" and
it further requires the establishment OF
pro rata rates with the James River and
Kanawha canal, and through bills of la
ding as with railroads, and there shall be
no detention, and that in pro rating the
length of the canal shall be regarded as
one hundred and ten miles.
Another section authorizes, by way OF
remedy for failure to comply with the
conditions Of the law that, any person may
apply to any circuit court, or judge of
such court, who may have the power to
restrain the company from further out
rage, and the court, upon the conviction OF
the company of violation Of the law, may
impose a fine of not less than fifty nor more
than two hundred dollars for each case.
General Anderson explained the report
and it was adopted.
THE COMPANY OWNING BOATS.
Mr.. Harvey, from the committee on the
question whether it is eXpedient for the
company to own and run boats, made re-
port, which referred the whole subject to
the Board of Directors. Adopted.
INVESTIGATION DEMANDED BY THE OLD d.
RECToRs.
Mr.. Deane offered the following resolu-
ton:
Resolved, That the committee Of five be
instructed to make thorough investiga-
ton into the administration Of the late
Board of Directors of the James River and
Kanawha Company of the affairs of said
company, and make report thereof to this
meeting.
Mr.. Deane stated that he and his col
leagues had been turned out of their offices
without charge being made against them,
and an investigation into the affairs of the
company was due them. They did not de-
sire to leave the service of the company
under circumstances that might lead to the
conjecture that they had done anything in
that service unbecoming them as public
servants and gentlemen.
Mr.. John T. Anderson recited his course
as friend Of the James River and Kama
wha Company for near forty years. The
position of director had been conferred on
him without his solicitation. Now, was he
to be unceremoniously kicked ont by the
Board without charge and without accu-
sation The Board of Public Works in
ferred that they were called on to remove
the old directors because the law Of the
required investigation. Sug-
costing that this construction was like con-
viction before trial, he went on to press the
justice Of the proposed investigation. He
had served the public forty years he was
now DISTINGUISHED, and, in the language Of
Hampton, he was not q citizen Of the
United States nor of the State of Viz
GINA, and had no country and no home,
l. 81 TT 4 70