The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-11-05
1872 90

By amount funded In
mortgage bon d s from ".-" -.
| septclnber 30, 1857 to
| October 2s lSo5......... los 55t 81 -.o- INV =.
| Leaving al amount of unfunded debt
| pri"rto May l, 1867, with interest to -
Octoberl 1865, or f.................. TIEL. oIo 9
The amount of old debt paid during the
last fiscal year was S57, 1872 .63. To make
this payment it was necessary to negotiate
loan of $4,000, which makes $l2, 80
as the amount of the old debt paid during
the year. The sum of $4,000 is included
in "negotiable notes and due-bills matur-
ing, etc." The sum of $66, ,7S4.0S represents
debts contracted prior to the lst of May,
1867, and falling due at various periods OF
the fiscal years of 1868, go, 10, and can
be arranged as may be best for the interest
of the company. The parties holding the
$50, 900 loan from the State in 1862 have
indicated no disposition to accept the terms
of settlement proposed, and consequently
nothing has been done with 1t.
The report concludes as follows:
The Board of Directors refer with great
qualification to the interest manifested by
the people of the West in line Of water
communication between the valley of the
Mississippi and the Atlantic ocean by way
of the Kanawha and James rivers. The
Legislature of the State of Iowa at its last
session unanimously voted memorial In
which this line of water communication Is
ably and earnestly urged upon the atten-
ton of the National Legislature as "a
work of great national importance" q work
to be done by the whole country for the
benefit of the whole country" and adopted
resolution instructing the senators and
requesting the representatives of that State
| in Congress "to use their best efforts to OBJ
tain such aid from the general government
as will secure its early completion.'
This interest is further expressed IN re-
solutions of like import with this memorial
| adopted by the boards Of trade of important
cities of the West.
The great necessity of the West, as ably
shown by its prominent citizens, is cheap
transportation for its heavy products to the
markets of the East and Of the world. This
vast and fertile region is agricultural in its
character. That portion north Of the thirty
fifth parallel of latitude is more exclu-
sively devoted to cereal productions. In
1861 FIVE Of its great States produced within
q fraction of one-half Of all the corn and
wheat raised in the United States. These
States furnish nearly all of the wheat ex-
ported from this country.
This region will ever remain agricultural
in it's leading interest. 1t is evidently
destined to be the granary Of the world. 1t
is now in it's infancy, and yet the enormous
surplus products of its agriculture, its
forests, and it's mines, crowd to excess all OF
the direct lines Of transportation to the
East. Its most enlightened citizens allege
that its unbounded prosperity and
wealth is only prevented by the want OF
proper facilities of transportation for these
products to the seaboard. They appreciate
all of these facilities which they now have
from the grand lakes of the North, with their
water connection by the Erie canal and the
Hudson, and their great river highway to
the Gulf, to the lines of railway from the
East TO the West, which are monuments to
the energy, genius, and power of indivl-
dual enterprise. But their necessities re-
ouire additional facilities, and those which
alone can be furnished by water transpor-
tation. Cheapness and great capacity are
essential elements of that transportation
which is required by the present and ever
growing necessities Of the West. The line
of water communication by way of the
Ohio and James river attracted the atten-
ton Of the West as having both of these
elements in its projected enlargement, and,
in addition, the great advantages over any
other like line N expedition OF transporta-
ton, because the most direct and the short
est, and in freedom from distractions, be-
cause passing below the parallel OF severe
frost it is favored with more genial cll-
mate, and because it is central and within
the natural jurisdiction. ?: ~
This outlet to the ocean would meet the
demands of the West for abundant and
cheap transportation for its heavy products
passing through it, and would promote the
development of the West by its indirect in
auence over all other lines Of transportation
from the valley Of the Mississippi to the
seaboard. The work is commended by the
State of Iowa as one to be done " for the
benefit of the whole country" The com
mercial and manufacturing seaboard reflect
the prosperity Of the. West. Its products
furnish the basis Of commercial wealth,
and cheap food is essential to the prosperity
of every manufacturing community. This
great line of water communication should
never be held in the interest Of any locall-
ty. Extending as it will from the naviga-
ton of the Ohio to the waters Of the Chesa-
peake and Atlantic, the great tonnage which
it will transport will be there distributed
as the enterprise of the cities of the eastern
seaboard and Of the. world may require.
AS it traverses the States of West vir-
ginia and Virginia it will develope regions
of coal and iron which, in the variety,
quality, and quantity of these minerals,
NAV be said to be without parallel in this
country. and thus make contributions to the
national wealth Of incalculable value. 1t
will bring together citizens of every section
Of country, and uniting them in the bonds
of commerce and of varied industrial pur-
suits, it will cultivate those feelings OF ira
ternity which are in harmony with the pest
interests of the whole country. Ihas Ina ", Wofk
is truly great work, worthy Of washing, J,
ton, it's great protector, and in its multiplied
benefits worthy Of the enterprise OF great
nation. !,
The Board of Directors commend to the .
appreciation of the stockholders the genera
efficiency and faithfulnesst of the ofhcers
and employees of the company. s.
On motion, the report and accompanying
documents were referred to o commit, :,
tee. who should report to an adjourned
meeting. The Chair appointed the IS!