The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-15

For all practical purposes the debt, OF the
company may be taken to be 81 ,2S4. .99l, ,SG,
az of September 80, 1877. ~
OF interest on @ mortgage s henas ds,,sa there
was outstanding and unpaid Sepent-
6 ON S coupons @ unpaid: s25,512 90
= On negotiable notes FOR - 4.
~, coupons. I4,4fo w
OF interest on mortgage bonds there lS - 4
[ysxy outstanding and unpaid SepteIn- .1at
oe6 On a co1ipons un paid SOFAS 90
.,Z.II 1ncrease. e.................. sIeo 90
1t thus appears that arrears Of interest
(coupons) on mortgage bonds were substan-
TALLY kept down during the last fiscal year,
despite the shortness OF revenues.
Since September 80, 1877, payments ag-
gregating S9,44S have been made. on the
above debt of 81, ,2s4, ,991. SO, leaving unpaid
thereon S1,275,5i3.9G. ..... 9
+ The arrears due the employees on tbs canal
have been considerably reduced. There is
but little outstanding negotiable paper. The
floating debt Of the company has been 80 re-
duced and managed as to preserve unim-
paired its current credit.
or the un paid interest (coupons) on mort
gage bonds matured prior to November,
1877, large portion has been subscribed to
the bonds of the Buchanan and Clifton
been made considerable subscriptions to its
bonds OF the interest (couponS) maturing
November, 1877, and May, 1873. The rail-
way company offers its bonds coupons,
eight per cent? at ninety cents to the canal
bond bolders for interest (couponS) matured
and to mature November, 1877, and May.
1878, and such subscriptions are being Sc
cured from time to time.
The bondholders very generally have
manifested a disposition to indulge and aid
your company in its efforts TO secure its
connection with Clifton Forge by means OF
the Buchanan and Clifton Forge railway.
1t is hoped that all the bondholders will now
come in and make common cause in this be-
half.
CONVICT LABOR on THE CANAL.
In view OF all the circumstances, we re-
commend that the General Assembly, at its
ensuing session, be asked to allow the en-
ployment OF convict labor, not to exceed
one hundred and fifty men at any one time,
in the work of cleaning out, strengthening,
and repairing the canal, said labor to be
maintained and guarded by and at the cX-
pense OF the State. The capital stock OF
the James River and Kanawha Company is
s12,400, 900, OF which the State owns S10,-
100000. or this amount OF $10,400,O00
$7,40O,000 is preferred stock.
1t will be seen from the above statement
that, in effect, the State owns and controls
the canal.
In the employment OF her convict labor
upon this work she will be utilizing what
may otherwise remain idle, and at but little
additional cost to herself, thus enhancing
the value OF her own property and develop
ing and building up new values and sources
OF revenue within her limits.
The experience of the Buchanan and Clif-
ton Forge Railway Company is a sufficient
guarantee that this labor can be used with
great advantage on the canal. The men,
for the most part at least, would come from
the railroad directly to the canal under
guards and foremen OF experience. Under
competent supervision the work can be ac-
compliShed in few months with but little
cost to the State or to the company, consid-
ering the importance OF the results to be
attained.
BUCHANAN AND CLIFTON FORGE RAILROAD.
The report Of the president gives in de-
tail steps taken for the organization OF the
Buchanan and Clifton Forge Railroad Com
pany, and closes with reference to the pro-
grcsS and prospects OF the work.
The progress made in graduation and ma
SOllIS Oll luC lOau NSls g AZ
work has been prosecuted wholly on COM
pany account with convict labor since about
the middle OF June. 1t has been done
cheaply and well. 1t is estimated that at
this date the graduation, exclusive OF the
canal larorks utilized, is more than one hall
finished. ! fair beginning has been made
on the comparatively little masonry re-
quired to be done. Taking into account
the utilized graduation and masonry OF the
canal company, it is estimated that the en-
tire work of graduation and masonry Is
more than three fourtbS done. The rail-
way company will prosecute the work
during the winter, and it is hoped and eX"
pectcd that the graduation and masonry
will be fully completed by the 1st day OF
June, and that in the mean time many cross
ties and other necessary tlmbers will be got
ten out.
The Council OF the city of Richmond has
been recently asked by the president OF the
two companies to submit to the qualified
voters proposition to take S125, 900 OF the
six per cent. bonds of the James River and
Kanawha Company (part OF the S40O, 600 all-
thorized to be issued by the railway char
teri in exchange for like amount OF the
six per cent. bonds OF the city; said city
bonds or their proceeds to be applied solely
to the procuring OF the rails and bridges
after the track shall have been made ready
for them. This proposition, or similar
one, has been referred by the Board OF Al
dermen to the Finance Committee Of the
City Council for examination and report.
We recommend that the General Assem-
bly, be petitioned so to amend the railway
charter as to allow the city OF Lynchburg,
or the cities of Petersburg, Norfolk, and
Lynchburg, to aid in the construction OF
the road. And further, TO make such
amendments to said charter as will give
ample time within which to complete the
road, and as will secure the maiDtenance
and guarding Of the convict labor there
upon by and at the expense OF the State.
The railway company has struggled on
thus far with inadequate and precarious
means, in the face OF untold discourage
ments and difficulties. Its resources have
been wholly derived from old and new SUBJ
scriptions to its bonds, at ninety cents in
the dollar, by public-spirited citizens OF
Virginia aud other States, and by the canal
bondholders. 1t is now hoped and expect
ed that the State and our municipalities will
come to its relief, and enable it, by sIbstaa-
tial help and by the stimulus which their
action will give to the sale OF It's bonds,
speedily to complete and equip its road.
The exceeding Importance to the James
River aud Kanawha Company, and TO the
people of Virginia, Of our speedy connec-
ton with the Chesapeake and Ohio railroad
at Clifton Forge is so manifest as to make it
unnecessary for us to dwell upon it. There
is no present hope or prospect for canal eX-
tension, and it is now plainly to the interests
OF the canal company and Of the people that
tba Rucbopan and clifton FrOpe railway