The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-04-01

used without stint for the benefit of the
company. Checks for large amounts have
been loaned to me for the company, when
the parties would not lend to the company
in its own name. / have paid more than
a thousand dollars out of my own pocket,
without reimbursement, as premium
upon money borrowed for the company.
And ! suppose my individual obligations
and endorsements for the company, inde-
pendent of those in connection with the di-
rectors, must amount to several hundred
thousand dollars. In a word, the origin
and source Of the embarrassment in my
pecuniary affairs, which the foregoing me-
morandum indicates, / ascribe to the
strained efforts made to sustain the COM
pany at period of extreme difficulty in
its affairs, when my own credit was unim-
paired"
In regard to the draft for five hundred
dollars which he had received from the
Dover Company in September last, ne
said it was true that he had withheld from
settlement for several weoks this incon-
siderable sum, but with tho daily expecta-
ton of returning il from loan which had
been promised him by gentleman OF
ample means; and he had supposed that
both the Board and the committee were
fully satisfied, from the explanations made,
that he had not entertained the remotest
intention Of misapplying the amount.
Colonel Ellis said that during his presi-
dency, extending through period Of more
than thirteen years, he had done nothing
knowingly to prejudice or injure tho James
River and Kanawha Company; but rather,
that his honest efforts had been, according
to his best ability, to promote its interests,
with tic high aim Of securing for his ma
tive State the signal advantages which he
believed would follow the completion OF
this Improvement.
Mr.. Isaac ii. Darlington read q memo
rial from Major Edward McMahcn protest
ing against the proposed plan for raising
money on the bonds of the company.
Mr.. Davenport moved to reconsider the
vote by which the sixth section was passed, ,
and said he hoped that the sixth section OF
the report Of the committee would be re-
Scinded, as its provisions were unfair to the
creditors of the company.
This gave rise to discussion, which was
entered into by Messrs. Barksdale, Daven-
port, McCance, Deane, Cabell, and Bulord.
Major Mcmahon explained, during the
debate, the embarrassments he had met
with in contracts for work with the COM
pany, for which he had never been paid as
expected. lie hoped that some relief
would lie giren him.
The vote being taken upon the previous
question, the meeting refused to recon-
slider the sixth section.
DR.. Graham offered the following resolu-
tions, which were adopted:
Resolued, That a quorum of the Board
of Directors shall consist of the president
and two directors, or in the absence of the
president, of three directors.
ReSolUed, That the Board Of Directors be
instructed, in the revision of the tariff of
tolls, to have especial regard to the reve-
nue. that may be secured by an increase
or by dminution of the rate of toll.
ReSolued That when this meeting ad-
journs, it adjourn until the first Wednes-
day in June, 1867.
After the adoption of the above, the
meeting, on motion of DR.. Graham, ad-
journed.