Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-01-30

to be furnished by each; it is propos.
cd that the money should be raised by
loan for rs or 20 years, which could
probably he effected al 4 per cent per
annum; but for the greater certainty
let it be calculated at 6 per cent as
soon as the loan shall be determined
upon, let books he opened under the
direction ofthe States iorthe Subscrin.
lion OF stock by individuals. at such
places as the legislatures shall deem
cxpedicnt each individual 10 he emf.
tied to the stock he subscribes for. up
on condition of his paying annually 10
the state, the interest on the amour,
Until The annual profits oil the canal
snail bc adequate to an extingnish.
meui OF a part of the loan, and dis
charge OF the annual interests of
whatever portion OF the stock that shall
not be subscribed for by individuals,
the states themselves shall be consi.
defed as holders the probable nei,
profits OF The canal, when CONNECTED
upon moderate and sober calcnla
ton, have already been estimated A
i'per cent upon the whole capital re
CURED to construct it: whenever the
canal shall be finished let these profits
DC exclusively appropriated to the
payment of the interest and redemn
ton OF the loan: and even s,,ouid
these profits yield only ten, instead of
10 per cent they would be amply sui
hcient to liquidate the whole debt in
less than is years so that in order to
accomplish this important object each
tate would only have to pty for )
years, within which time it is suppos
ed the canal might be finished. III,
interest on $4,000 dollars, or on So
much thereof as shall remain after de !.
quoting the amount Of individual sui,
scr'ptlons but should it be deemed hy
ihe legislatures incApedient to raise so
large sum by loan, it is submitted Ia
the't wisdom, in order to attesi The ac
curacy OF the above scheme. whether
IL !! would not be an object of great pub
TIC utility TO make those sections of The
canal between Haiper's Ferry and
uue water, and whether it would be IA
measure forbidden by the suggestions of
The strictest prudence 20 borrow a sum
sufficient Tor their completion The a
mount required would be $50, 1877 dol
lars, but take this sum and divide il
between the states, let the fore going
plan be adopted, and then the paw
ment OF the interest for two years. with
IN which period the canal could Ger.
talnly be effected, on 28O.O63 dollars,
or So much of that sum as should not
DC taken by individual subscription,
weuid be the only burthen to the states,
or in fact only half the interest for the
ilrst year, as it would be only neces-
sary to borrow money according to
the annual expenditure.
1t is probable that local ieslousies.
winch are so natural to the mass of
mankind, and which have, since the
hrst dawn of civilization, been found
III array and opposition 10 all the inter
Nal improvements of nations, and TO
canals the greatest of all others, will,
on this occasion, have to be combatted;
these arise from the supposed effect
canals have 10 injure existing markets,
ny increasing rivals, and of lessening
the valne of the productions of those
portions OF territory already ENJOYING
the exclusive benefit of those markets !:
these jealousies however have in every
country, where canals have been in
PRODUCED, been proved by experience
to De III founded, for so great is the de
Pendance ct each part, on the condi
tion OF the rest, and so intimate is the
general connection in nation, that
even the favored few so far from be
ing injured, have been benefited nv
the general prosperity population,
commerce, and consumption have in
varlably kept pace with increase of
productions and the Uniform conse
quence has been a general increase of
power, wealth and civilization.
MOSES II HUNTER.
WILLIAM T. Il. SON.
WILLIAM NAYLOR.