The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1824-03-10
eanternaf :lnlprunrn1ent.
From the Maryland Gazette


made out by Athanasius renwick, esq /.
member of'the senate OF this state
from St Mary's county.
CHESAPEAKE AND OHIO CANAL.
A statement of the proportion agreed
to be paid by Msrylaad for ths Chesa.
peake and Ohio Canal and the amount
of funds necessary 10 effsct asloan for this
object. Also, Of the probable profits of
this canal when completed to the mouth
Of Savage river. BY this estimate view
may be obtained of the unparalleled ia
cility this state possesses of opening a
very great and ever increasing source of
wealth, at comparative small expense,
or rather by small profitable invest
meut of money. And this too, without
mourning The danger of adding to the
burthen Of assessment under which the
counties now labor.
1t is calculated that this canal, from
tide water to the mouth o! Savage, dis
lance OF 2l7 miles, when enlarged to 40
feet width at top, 2S at bottom, and four
feet depth, will cost S2,75O,OOO
Of this sum ii was agreed by the con.
tracing parties that Maryland, either by
individuals or as state, should pay two
elevenths, or 100000.
Maryland holds in the stock Of the old
Potomac Company 897,777 IT 2 s, and
debt due her by the company SS995O
which together is SlS7, 727 II.
This, deducted from $500 900. the
proportion of Maryland, leaves the sum
to be paid in money by the state for this
work, $500, 272 %.
II then appears that subscription on
the part OF this state of her old company 3
sock and debt, and of the sum IN money
Sl00 600 per annum for three years,
g. ID S62,272 % for the fourth year, would
complete the whole amount asked of her,
IL 100000
In order 40 effect loan OF $500, s72 90,
> fund yielding 8lS.lis OIL per annnm
Is ,equired, until the work is completed
| % the eastern foot of the Alleg any
mountain. A period certainly not ex.
eeding six years from the commence.
a'eDt OF excavation allowing a much
| onger time than was taken toexecu,e a
ike distance on the New YorkCanal.
Out OF the fund sci apart 10 effect the
loan for this object, IS 600 OILY would
oe required TO pay the interest On $780,
200 at the end of the first year. leaving
Tor other expenses of the state SiS,llS 81
| III the treasury. And al the e,d of the
second year $4,000 would berequired
To pay the interest Oh $4,000, leaving
of this fund S8,ll5 81 uDexpnded and
for he use OF the stale The bird year
$4,000 would be required eavirg of
ne fund SS,ll3 81. The foarIh cal
Inc whole Of the fund would be required,
| as by this time The whole amount TO be
paid by Maryland would be called for.
Let Us then state these several sums
required until the canal is completed
from tide 10 the coal mines of Alegany
and Hampshire, it will then be seen how
much Maryland will nave to expend, or
ather, as said, invest, before she re
ceiyes profit upon her investment.
Interest on 100000 to be
borrowed for the frs, in
stalment of the proportion
OF Maryland, at S per cent, $4,000
Interest on second instalmem,
as well as The first due at
the end ofshe second year, 10000
Interest on first, second and
third iDstalment 10 be paid
al the end Of The third year, $4,000
Interest on the fourth install.
ment, 62, 272 %, added 10
the above at the end oil the
fourth year, 1918 81
Interest on the entire loan
now completed at the end
Of the filth year, 1918 g.
Interest ON the same amount
for the sixth year allowed
to guard against the con-
tingency Of not finishing
exactly within the time
prescribed, 1918 81
Amount that will have been
advanced by the state to
complete so much of the
oanai,lhal is toSavago riverS84,340 IS
Let US now estimate the probable pro.
hts ofthis canal, supposed TO be compile.
led 10 the base Of the mountain.
| The estimate of the amount of good.
hat will descend the river by this route
as drawn by the Virginia and MARYLAND
commissioners form data most carefully
assumed aad based upon the actual re
ceipts OF the old Potomac Company, anc
an intimate knowledge of the produclior
OF the country bordering the river II