The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-01
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/ THE JAMES RIVER AND z iNdWHA CANAL
THE PROPOSITION OF MASON % Ca. 1.-The
speciai committee OF the House, appointed
to consider the prop osition Of Mason, Shar-
ahan & Randolph for aE1ease or the james
River and kanawha Canal, have received q
Detailed offer from those gentlemen. The
t3eiIowing are lts main points =: That the
floating debt and pastrdue interest be pro-
vided for by the company or others in its
behalf, the lessees to pay accruing interest;
that the Chesapeake and Ohio Railroad
Company shall be made to pro rate with the
canal; that the company shall pay them for
the extension from Buchanan to Clifton
Forge in tbird-mort gage bonds at sixty
cents IN the dollar. Any extraordinary dis
aster, like the food OF 1870, they would 'ex-
pect to be repaired BY the company; and
they (the lessees} sswiH agree not to charge
higher tolls than those at present charged
by the James River and KanaWha Company
on local or through freights, provided that
we do not refer to any special rates which
the company now. gives by contract.
Weagree to comply with and be bound
by tire existing contracts between the
county Of Rockbridge and the said COM
pany, and the city of Lynchburg and said
company, except so far as the same may
he hereafter modified or cancelled By nego-
tiation and agreement between ourselves as
tlessees and. the said county and said city re-
spectively. y tst
.HWe agree to rebuild the bridges across
James river at New Canton and at Hard
wicksville, whenever required by the CONF
pany, at aRy time after the expiration OF one
year from the completion OF the line to
Clifton Forge, upon the estimates OF COM
petent engineer, and to take pay in third
mortgage bonds Of the company at their
charged for crossing said bridges to be col
lected by and belong to the James River and
Kanawha Company.
owe EXPECT as q condition Of this pro-
posal that the State will furnish, feed, clothe,
and guard such convict labor as we shall
need, not exceeding 600 a year, il SO many
can be spared by the State, worked by us
until we shall have completed the work
within the time limited above. And
we agree. to pay the State as follows:
Three-eighths Of all the bonds to which we
shall be entitled from the company are to
be passed to the State for the convict labor,
If furnished; provided that il the market
value OF the third-mortgage bonds shall be
so established as that we shall be able to
realize sixty cents on the dollar on said
bonds, then, instead Of three-eighths, the
State is to receive for her convict labor one
half of all the bonds to which we shall be
entitled from the James River and KanaWha
Company. We shall expect the State to
withhold all interest accruing on such
bonds, so delivered to her, until the exteE.
sion to Clifton Forge is completed, and
said interest, accruing before said date, to
be subsequently paid, not by US. but out
Of the sinking fund hereinbefore provided
for. We will obligate ourselves to sur
render the property and works Of the
company in good repair at the expiration Of
the lease; and consent to insertion OF all
usual covenants, including clauses of for
feiture of lease and reentry by the company
at the end OF any year if we fail or refuse to
perform our covenant Of lease and contract
Of extension as hereinbefore set forth.
"In testimony Of all which we hereunto
subscribe our names, this Both january,
1877, at the city Of Richmond.
ISigned] &C. r. MASON,
"DENIs SHASAHAN,
"W. G. w. RANDOLPH"