 In 1786, Virginia's General Assembly recognized Lynchburg, the settlement by Lynch's Ferry on the James River.The James River Company had been incorporated the previous year (and President George Washington was given stock, which he donated to charity) in order to "improve" the river down to Richmond, which was growing and was named as the new Commonwealth's capital.Shallow-draft James River bateau provided a relatively easy means of transportation through Lynchburg down to Richmond and eventually to the Atlantic Ocean.