Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-07-24

any inve stnlents Tie original cap'ol
OF the company was S22l,22 2--l00
with power to enlarge it, but to what
extent this power was exercised | can
not now say. There was also clause
authoIising them to receive gratuetles,
but whether any of these have been re-
celved, or to what extent, know not.
Each of the two states subscnued large
ly to the capital of this company, winch
subscriptions are entirely lost to them.
Now if they in their liberality think the
Potomac company should be secured in
the money they have sunk, at least, let
them not throw the whole burthen of
such endcmnity on the new company,
but Let them set an example by sur
rendering their respective proportions
ofits capital, and deducting any gratui-
ty which may have been received
With regard to the remainder, if the
sum be not so large, as entirely to dis
troy the hopes of forming new compa-
ny under such clog; should have no
objections TO permitting dividend upon
it after the new stock has received al fair
compensation for interest and risk, say
8 or 8 pr. ct: upon other terms, ] am
sure no new company could possibly be
formed and with these the old company
should be satisfied, as it a4ords chance
| of receiving something tor their stock,
whilst at present there is none, the most
remote.
Strange as it may seem too, the very
| law of the last session OF the Virginia
Legislature, authorizing the formation
OF new company to execute TINS great
work, forms no inconsidcrable obstacle
It's completion. 4 have endeaVored
to slew, that under that law, it is inn
possible to form new company, bur
thened as it would be with the enormous
sum of S486,9ll ll-l00 10 the old cont
pany to receive dividend after the
new stock has received SIX pr. ct: But
! this provision of the law is calculated to
raise the expectations ofthe old compa-
ny and give them sort of claim upon
the legislature which it will be difficult
! to resist.--1'he clause of the Law which
| appropriated a portion of the fund for
| internal Improvement to that purpose,
| was stricken out, and this | fear is ra-
Their an evidence of the hostility of the
| Legislature. The editors Of the National
lntelligencer, who have paid so many
encomiums to the munifcence of Vir-
ginia in passing that bill, have been mis-
led by their Richmond correspondent.
The fact is, there is no pledge on the
part of the state TO contribute one cent
to the work. BY examining the law es-
tablishing the fund, it will be seen that
there is no such pledge even for works
entirely within the commonwealth, and
where all the funds are contributed by
her own citizens. Every thing is still
left optional with the legislature, and it
is only to such works as they patronize,
that the directors of that fund can sub
scribe, and it must be authorized by
particular act of the assembly. Butwith
regard to a work of this sort, underta-
ken, by a company formed in part, un :,
der an act, or by the citizens OF differ
ent state, the act for internal improve
ment has not the least application, nor
is it reasonable 1t should. 1t holds out
great advantages to those who adven-
ture their money in such schemes Of pub
lie Improvement, it binds The state to
furnish 2-5ths of the funds for such
works, upon which they are to draw no
dividends, until the individual adventure
ers receive per ct: on their 3-5ths--
Now IS it reasonable to expect the state
Of Virginia to subscribe 2-5ths of the
money for this great work. and hold out
to Maryland such premium for inves-
ting her capital, in work in which she
is equally interested, and from which she,
IS 10 receive equal benefit
The state then can only be pledged by
an actual appropriation, and l consider
the passage of the bill without such
clause OF appropriation, an evidence of
the unwillingness of the Legislature to
make it We must therefore depend
principally upon our own resources, and
in my next, | shall endeayour to sug-
gest plan by which they may be rem
dered adequate to the great design.
A CITIZEN OF BERKELEY.
William P. Craighil is appointed Pay
master, at Harper's-Femy, in the place
OF John MGuire, resigned.-Fdr. Rep.
Destruction By Lightning-The schr.
Mariner, from Charleston, reported UNI
der our Marine head, was struck by
lightning, off Old Point Comfort. on