American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1824-12-17
Trenton, December 6.


lcxpccted the Legislature will rise before the 2Ot
instant The important subject of the two contem-
PLATED Canals thu ough the state has been referred 70
la joint committee of both houses.
The following is a sketch of the plan now propos.
led to the Legislature Tor carrying into effect these
interesting enterprises
LIST. To procure for the people third OF both
Canals to secure to future legislatures control
in their administration, and to enable the State 10
render them public property in ninety-nine years.
Cd. BY executing, at the same time, both the
Morris and Raritan Canals, the present plan termi-
mates all unfounded jealousy between the friends oil
leach respective enterprise, and extends almost over
the whole State the advantages of inland naviga-
tion
Sd. 1t concentrates and fixes permanently in
New Jersey several millions of capital drawn from
Abroad and executes, at foreign expense, an extern
sive system OF improvement.
4th 1t brings into the Treasury revenue in no
event less than $4,000 annually and which will, in
all probability, rise to 100000 soon as the Ca
nails are completed.
In order TO abrdge the legal details of the act, to
Iexhibt the plan in concise view and enable you
to perceive how amply it will fulfil the intentions for
which it was framed, now shall exhibit the spirit
of its enactments.
Company to be formed upon capital sc, O0o,.
1000. TO be raised as follows:-
The State to subscribe 81, 900, 900, payable in 90
Years, bearing an animal interest Of per paya
BILE half yearly and till the year 1924 shall be called
upon for no cash payment.
individuals to subscribe 81 100000, PAYABLE by
instruments in cash.
| The Company to guarantee to the State that its
subscription Of S2o0O,000 of stock shall not Yield
less than per cent. annually thus insurng to the
State certain nett gain at the least Of $4,000
yearly; while the profits of the operations of the
Company and OF the Canals in all which the people
possess one-lhrd share, may probably and easily
increase this Income TO an annual revenue Of $780,,
1000.
AS security to the State, both canals are to be
pledged to ii their navigation can never be aban-
doned or interrupted, and in ninety nine years we
may assume them to ourselves.
he year 825 will be mostly spent in preparatory
surveys and preparations but in 1896 and in eve
Try subsequent year, till both Canals are completed
the sum OF 100000 must annually be expended
VI hlteen directors the Legislature will appoint
hive, being the proportion oil its invested capital.
NO call oil any sort whatsoever can be made upon |
the people till the year 1924 when 81 0oo, 900 NAV
be paid i required; against which demand stands |
one third OF the property OF the Company, and the
whole oil both Canals Surprising the surplus and
certain dividend of the State to be regularly invested
and reckoning the least possible annual revenue OF
S2oooO, accumulating a, per cent compound in
leres we shall in SCI years possess the S2OOoOOOl
due in 80 years. and if the $50 600 were reserved
W years II would amount, at the same rate of inter
est on the day when the State must pay its stock,
to S49,695,60O.
The plan presented by bill at the opening of the
session, when purified from its technical errors
would have obtained full subscription, and amply
accomplished one OF these Canals. The curtail
ments, however, inflicted during the second reading
the strength of the Banking Institution
so lar as to render it inadequate to the purposes OF
Its creation. now rejoice in The final catastrophe
OF project thus mutated and which at its outset
must have been extingulshed by the competition oil
New York Canal which the Legislature has re-
Gently endowed with the munifcent donation oil
100000, banking privilege, located in the city
4 ne system now offered embraces equally both
canals, which 1t will accomplish in four years.
The bill has been planned by the FIRST financial,
and drawn by the first legal talents. Should The II
Legislature in its wisdom, fit to enactit without
OF the fundamental principles, there is
no doubt that the beginning OF spring will witness
the Interesting spectacle of both Canals pushing for
ward at the same moment, |,