The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-02-01
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The Canal,

A proposition was laid before the House
Of Delegates on the Goth inst. from c. r..
Mason, d. Shanahan, and c. W. N. Ran
dolph. offering to make proposals to lease
the James River and Kanawha Canal and
to extend it by rail- or water, as the Assem-
bly, may determine, to Clifton Forge. At
first the proposition met with opposition, but
finally it was referred to special commit
tee, composed Of Messrs. Smith. OF Fau-
quier; Armstrong, Starke, Leech, Hubbard,
Johnston, Dooley. Watts and Morris.
We are not familiar with the complications
| Of the canal, and do not like to express too
confident an opinion. But we are inclined
to the opinion that the PRESENT manage
ment ought to be changed, and we cannot
conceive Of q more advantageous change for
the State than to lease it to the parties in
question, who are amply able to carry ont
any proposition they may make. The scheme
to construct ilroad from Clifton Forge
to Buchanan, under the bill and arrange
ments row existing, is totally impracticable
to our mind. The capital stock Of the Road
| is to be $4,000. The canal has subscribed
| $500, 900 Of Ord mortgage bonds Of the canal,
and by this subscription would have control
of the enterprise. 1t is not reasonable TO
suppose that any one would desire to SUBJ
scribe to the additional $3.50, 900, and place
his money against the bonds of the canal,
and at the disposal of the canal company.
The canal company is substantially bank
rupt. Its third mortgage bonds would have
no market value. 1t could only undertake
the work by subscriptions from parties who
| would virtually have no voice in the man
agement, as the controlling stock would be
held by the company. There is no business
| In this-tllere is no common sense;n it-;.nd
the Clifton Forge Railroad vii! only exist on
paper.
| We believe, il a lease were made to Mason
Shanahan e. Co., they would complete the
road or the canal to Clifton Forge. They
certainly would do so if they agreed to such
| proposition. We have seen no details of
| their proposition, but il it is anything like
| fair to the State, there should be no hesta-
ton in acceding to it.
From the Dispatch Of Tuesday we take
the following, giving an idea OF the propo.
sition of Messrs. Mason & Co:
At the meeting Of the special committee
of the House appointed to consider the prop
osition Of Messrs. Mason, Randolph and
| Shanahan for lease of the canal, on yester-
day the following was presented by the gen.
! tlemen named
"RIcHAOSD, VA, January 30, 1877.
| I'VE, the undersigned have the honor to sub
| NIT the following proposition:
| "lst To lease the James River and Kanawha
| Canal for twenty years. binding ourselves to keep
| up the canal line by making such renewals and
repairs as may be necessary, and to provide for
the prompt payment Of the accruing interest on
| its funded bit.
| s2d To complete the ..canal from Buchanan to
Clifton Forge on the scale designated in the Chief
Engineers report and at a cost as estimated in
| a third mortgage on the James River and Kama
| wha canal at reasonable price.
I'D. That the State shall furnish us with such
| convict laboria we may require and she has in
| her power to furnish us-we pay reasonable
| price in bonds on the James River and Kanawha
| canal. This proposition is conditioned upon the
| State having the power, and of exercising that
power to insure the canal tariff with the Ches-
| apeake & Ohio railroad that will give the same
| rate per ton per mile on freight shipped to her
| as tho Chesapeake and Ohio charges on their
| freight.
| 80. r. MASON.