Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-01-17
SPEECH OF MR.. c. f. MERCER

v
SPEECH OF MR.. c. +. MERCER,
va me subject IF the Chesapeake ani Ohio (,aai de-
ltered an NE C0Ersnfion Of Delegates, held at IN,
G"y ~ Washington, Norcn,J.r 7, 1923.
The committee nf ihe House Of Re,res,,,,,;vss
l" whose report have rsferred, had inst reason to
he confident, :" the period when tina, report was
male that laau illr terms pronosed and In IN.
axieni required, could be neyo,a,eA in The Unted
STARS or IN Europe, III rate OF interest not OK.
cesu.ag iour per cent per arnum. Soon after their
report The banks ut England aud shorty after them
chose Of Scotiaod, reduced their raie OF discounts IA
ionr per cent. which still e1repded the current rate
oi interest IN Holland AMI the Hans- towns AGer
me close OF the Revolutionary war during the ne,i
od OF great public aud private distress which preced
Ell the adoption Of tho Federal Constitution The u
'ta'es eiierIed u loan in Holland four nnd half
per cent One nth of the last five milton loan he
ING ne portion negotiated with private individuals
upon Ire issue OF I've rer cent stock, irredeemable
'r "eIVe years only, was obtained with premium
~ per CT which reduced that interext TO very near
! 'ur and half per cent. Ifhe loan shall he neso.
fa'ed st four per then total interest on ,he
rst insiaimen, (which will be the interest the
hrst year, will he S27 500. which will be augmented
~ me second year 10 $4,000, in The third 60 500 &
IN the toorih, when the Canal will have reached ife
Goai banks nj The base OF the Allegheny, no 900
dollars at which amount it will remain until the
debt he redeemed. To provide for its redemn,;o,
the committee of the House of R.presc,tatiycs suy.
gested thar two per cent annuity should I've paid by
tie subscribers al stock, cotemporanHousIy with the
Iour per cent interest, 10 commissioners tged
WIN MS Improvement, as sinking fund. And sup
p"sing this und, with its annual accession of priuc
pa To nett only iodr per inter est would suf-
tce ~ tweny-eghi wears, TO exiin1uish the ent,,e
usbi On this caculao;., IL the dividends derived
from the tolls levied upon the Canal amount TO ba ss
per cent per aDnum the uaied Staies, the states
ana corporations, whose cooperation invite, will
have done no more Than loan their cree 70 ,hia great
-nsrptizej and in return, will possess At the exri-
Tauop oithriy years their resprciise portions oil n
canal stock Ol 5 80 900, djseucumberrd of all
claims upon IL, either for the inle est or nr;nripal of
ihe loan u the dividends pay part only at the in
teresi, and the accompanying annuiy, this profit will
only be proporIionably reduced. TAdt The increase
ni the wealth, population, and commerce, ~ the
united states, must augment The income from the
IONS OF such Canal to an amount greatly exceeding
THIS estimate, in the lapse OF third of this period no
rational mind can question. Snpposinc, however a
most Improbable, il not impossible result, that Tor
me i0ur years IA which The Canal is advancing 10.
wards nc coal banks, no income whatever shall he
derived from il, then ii may not be amss 10 inquire
"hi the partners OF this enterprise will annually
nave PaId. The most consider able siockh will
De the Dnited States the least will he the smallrs
OF the DisiIcI cities. The former will pay fomr-ele
'enihs OF the entire interest on the loan the latter
slppostng u TO pay onr-iourth Of the two-cIevenhs
OF The stock paritoaed among The District CORPORA
tons, will pay twenty part of tba inter.
ca, For the first year, then, The former will pay
10000 dollars for the second 90 900 for the bird
$1,000 and for The fourth 10, 900 dollars The lat
ger viii pay, in those Years respectively, $50 dol
Is, $500, $50, and 900 ,rs, as interest on lis
share of the subscribed stock.
AS twenty eight years will suffice 10 enable the
Two per cent annnHy, supposing 10 .ieid hut four
per cent per annum 10 Oyriiakc and eVfinrmish tie
ehtIre debt, the payment OF the nnnuiIy need moi
cnmnienco I'LL the third insiament Of the loan shall
have been received So that, before the entire com
pieon OF the Cdna allowing credit for The nier-
vening tolls, tue United STATES will have .id IN the
va hfs, years, 30 900 dollars, and in the two las,
J 10000 ~ MI 3 10000, either ga interest or
principal and the smallest corporate Subscriber Of
stock, ~ the period, SIT SEQ of which m die
his year, there will he required hut 3 $50 and in
lhe second, bat $500 by which period, the cana
viii have passed The mouth IL he Shenandoah and
reached he isrhIe limestone valleys Of Nj uyIand
and Virginia.
Lost The apporonmeni u the sums sevprnIiy ask
ed, Oi tho UTHed STATES snd Of the States and Cur
poT4tIOns, to whom we n.,.5ray look for and slnnid
ne deemed altogether arhinsiy, allow re, Mr.
chairman, witi view ~ ohv,ue any possible obiec-
hSn, fToHi ilis sOni explain the grounds Of hat
Hpp0Tttunmeni
The natke.-,owrra NOT oniy Of lbs D,ztr;c, bnt oi
YER extensive country ahovr 49, passed. by the act
ofcessi0n 1t NJ Wyand AM Eirginia, according rn
the provisi0ns NJ the Federal C0nsntirn under The
FAcihsiye Jurisdicfirn of the General Goverunenl.
~ . nor, therefore, too much ~ assert that every Obj
e1lo", - well - every nnihuriiy, advance their
c""i"r' cat lHnspery, accompanied Ih's grant, and
were 'e"Y'sHui ny u, upon The Uued Stdtee, to the
t1Wc extent 6" winch tics intecrdsnty utac,ed a.
tns pirrHt governments OC VI tryiInd AID Vnginil
~ addui"n ~ the interest nl -nvercign power IN
uie happiness al the pe0nle, nv whose will IL ~ Gre
aird the lOVerHnieni og the nited States acquired
10y private cnntracI with the former prnprieiors of
ihe soil Of ibis cIty, ni"iey NJ ai us hnding loa
bcsii~0 the extensive public grounds reserved Tor
use or OTuaHent. OF those tIcunt tots many Of
which we behold from the wudnOs Of this Hall five
rbOas1Hd rem1in uus0ld and cumruted ~ he
worth, under present circumstance, two m-
lions &c dOilms.
they are The properly Of The Government and Poo.
pie III the Quilted states, and Congress have besides
The authority % local legislature over This District
The federal p0w0r 10 piss i ncedful rules and iegu
iht9ns fpr hfeir improvement.
H'ving traced he relation Of the Government to
ii's properly ii Is needless Tor me 10 enlarge npon
ite obvious tendency ~ tic contemplated C,nal ~
augment lfs value, ~ the numerous pnhlic though
l"c"l, advantages, which could ne derived lIom The
consequent growth of This cify. speak not, here
ri iis -~~Tritv which IL would rurci,aqe from future
Wc COW bs',oli. cry Of the cxtcni uC Phi,idei,a