The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-11-17

lI,oh voting. az ne was member OF the
Ohio railroad.
Dir. Isaacs said that he thought the gen.
tlenan appeared In the interest OF the city,
ana ne hoped he would vote.
;, MI. anderson : If the gentleman regards
II IN that light will vote.
On motion Of Mr.. Isaacs. the ordinance
was then adopted by the following vote
IN dyes Messrs. Anderson, Scott of Clay
mard, Hooper, Chesterman. straus,
Mmynne, Bargnmin, English, Stokes. Sloan,
! wagner. lsaacs, Davis, Scott, Smith, Whit
loSh, , Levy, Linscomb, kerse, Bossieux,
Allen, Roper, Forester, Blaselman, Man.
~, and Starkc-26.
| Noes,--None,
| on Tue further motion of Mr.. Isaace, the
c!etk was ordered to make certified copy
OF the above report and present the same
TO the Vlce.presideDt Of the Chesapeake and
/ BILE.
| kiCH1ohD CITY AND THE JAMES. RIyER AND
| kANAwRA COMPANY.
! hr. lsaacs, from the Committee on Fl.
Earce, submitted bis report In relation TO
resolution adopted by the Council on the
subject Of the debt OF the James River and
hail"ha Company.
| Ibe committee was instructed fto report
. VIZ hoSc' III tuc case ~ COnL0tneu In The
proposition or the James River and Ka-
nawha Company made in October last. and
after consultation with the City Attorney
TO require them to carry out The original
agreement made with tee city, and TO paw
the accrued interest on said deot or secure
the latter, if not already dOue, to the satls-
faction Of this Council"
! Zee report embraces detailed statement
responsive to resolution Of the Council,
and concludes as follows:
| "Iour comm ttee are informed that
though there was no express contract to
that effect, yet there was tacit under
standing at the time the loan was made that
the company would not be able to meet its
instruments Of interest as they fell due for
the first two years; that the Council we'll
knew that the canal was greatly damaged
throughout its entire line, and Its opera
tioDs consequently suspended /; and that it
! would require year, if not longer, to re-
pair the damages and put it In sue.
ccsstul operation, and until this was
accomplished it would be without
income from which to pay its interest,
and hence it could hardly have been
reasonably expected at the time the loan
was m'de that the interest would DC
promptly met. In view Of all of the facts
in tue case. and the further consideration
that the canal mas Oeen repaired ana COM
p!cted to Lexington and Is in q condition TO
derive revenue from its tolls, and taking
into consideration the immense value Of its
duglr contributions to the commercial pros
pcrity Of the city and the productive coun-
try through which it passes, your commit
tee would beg to suggest the propriety that
10 steps De taken at present to enforce the
p1yment of the interest due tue city. In
which suggestion they respectfully ask the
concurrence Of the Council"
Tue report was discussed aud adopted.
Mr.. Islacs presented the following:
"ReSolred, That the Council hereby
gives us assent to the application or the
lanes River aud KanaWh1 Canal Company
to issue one hundred and fifty thousand
dollars Of the second mortgage bonds OF the
said canal company, in conformity to re-
quest OF said company as conveyed In
resolution adopted by the stockholders of
said company on the ID OF November,
1S7l."
Sir. Whillock offered a substitute, which
was rcjec'cd. and the above resolution
adopted by unanimous vote of the Coun-
Gil: Ayes, Il; noes, 0.
On motion Of Sir. Anderson, certified
capy Of the above was ordered to be pre-
scnted to the james tiycr and Kanawha
Canal Company.
on motion OF Mr.. Sloan, the Council ad-
jOurneu.