Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-07-24
fer tbe Ga3ttte.
POTOMAC NAVIGATION.
NO. ~.

serious obstacle 10 the canal, and unless
it can be in some measure disposed of,
must Illustrate every scheme for its COM
pletion. This company, incorporated at
a time when but very limited know
ledge upon the subject of such under
takings, existed in the country, have
gone on to expend, not only their origi-
nal capital, but all the funds which their
credit would enable them TO raise, in a
fruitIess attempt TO render the bed OF
the river navigable. Han inability from
their income, to pay even the interest of
their debt, without the remotest pros
pect OF dividends, or any possible means
OF raising additional funds, whilst their
object remains not only incomplete, but
scarcely commenced, constitutes nsol-
vency, Chen this company may safely
be pronounced bankrupt The nayiga-
ton has not been materially improved,
except at those points where canals and
locks nave been made, and IL at other
places their labor has availed any thing,
IL mas principally been TO shew the entire
futiiiy of eApendlng amy more money
upon the bed OF the river; and yet tins
| company has by their charter, the ex-
elusive property in lis waters, for the
purposes Of navigation. Ehe public
therefore have no alternative, but still
to suffer all the disadvantages of the pre-
sent imperfect navigation, or i'll some
way or other dispose of this company.
1 ar, e., fpo,,, fhrov,,por anu naus,tpa
upon the directors for their failure
They proceeded under the patronage of
v ashington, according to the best lights
on the subject the country then afforded.
In examining the question how their in
terests are to be disposed of, ! shall
therefore endeayour to treat them with
moderation and justice.
From the report of the commissions
ers, no doubt can exist of their having
tailed to place the navigation of the ri
YER, in the state in which they under
took to place it, and as this was the con-
dition upon which they were to enjoy
their charter, having failed in it, there
can be no doubt of its forfeiture, unless
something has been done by the states
to relieve them. On the part of Yirgi-
MIA, certainly no act of this sort can be
pretended certainly then this company
stands impoint oflaw, on the same foot
ing with any other company or indiyidu-
al, which has, with an expectation of
profit, undertaken a work, which by
Encouragement or ignorance has even
tuated in loss.
So much for the strict law of the case;
but it is urged by the old company, aud
the idea has been embraced by the late
law Of Virginia, that altho' very little Of
the money heretofore expended on The
river, has been attended with any per-
manent benefit, and still less can in any
manner be useful to the new company,
yet as their enterprise deserved a better
fate, and as they proceeded according
to the best lights then IN the country,
provision should be made to secure to
them what has been expended, and also
TO their creditors the sums borrowed
The claim urged as a matter of feeling,
has, confess, much influence on my
demnity come? Their money was risk
ed for their own, and the public benefit,
and not for the benefit of the new COM
pany. Why should they then, who are
themselves about to enter upon new
and untred scheme, be called upon TO
make up this whole loss to the old COM
pany? Public interest and the national
welfare, require the Canal to be COM
pleted as soon as possible, without the
delay incident to law suit, to vacate
the present charter. The public inte-
rests, as well as some regard to the in
terests of the old company requires
compromise, if it can be effected on
reasonable terms; but | will venture to
say, that ifno other objection existed to
the late law Of Virginia, the footing up
on which they have placed the stock
and debts of the old company, would of
itself, and eiiectually prevent the for
nation OF the new one. | have not at
present the means of examining fully
into the state ofthe Potomac company
1 see however that the late act has pro-
vided for the subscription of Sl75,SOO
of their debts, besides S3I1,11I 1l-1Oo
of their stock, to the stock of the new
company, thus burthcning them with
S466,91I i1-1OO TO receive a dividend
after they themselves have received six
per ct: on the only part of the capital
which can render any service to the
scheme. It's ridiculous to think that
any set of men will venture their money
on such an undertaking, with such
clog. 1t would require that the whole
stock, should yield upwards OF 9 per ct.