Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-12-14

interested in the execution Of its great purpose,
for subscription to its stock. Individuals
would more readily embark in an enterprise
which had already received so imposing sane
ton, and the vigilance of private interest would
serve as guarantee of the economical and faith
full application of the public money.
The Committee, pursuing the views which
they have already in part suggested, cannot
but hope, that the superior interest which the
Federal Government must feel in the success
of the labor of the Convention, and the more "a
bundant resources of revenue and credit which
the United States possess for promoting its
speedy prosecution, will induce the Congress
OF the United States to authorize subscription
Of one moiety of the stock required for the
whole, or, at least, for section OF the canal,
under regulation, as liberal as that which con-
stitutes an essential feature of the constitution
of the Virginia fund for Internal Improvement.
If subscription of one moiety OF the stock OF
the Chesapeake and Ohio Canal can be obtain
ed from the United States, accompanied with
condition, that such moiety shall be entitled
to no dividend Of profit, till the subscribers of
the other moiety, shall have Melted five per cent.
per annum on the sums which they have re-
spectively paid into the treasury OF the future
company, doubt need not exist of the prompt
execution of this noble enterprise. And yet
this is less, by one per cent. per annum, than
the Legislature of an individual State, with un-
precedented unanimity, accorded not to its own
citizens exclusively, but to all capitalists, whe-
Their foreign or domestic, who might be dispo-
sed to embark their private fortunes in works
of great public utility.
What better use can be made of such portion
of the common treasure, as is destined 10 pro-
mote the common safety and happiness, than
to give it direction calculated to elicit the
wealth of the most sordid private citizen, or of
the remotest foreigner, for the same benifcent
and noble objects. Restricted to the encour-
agement of new enterprises OF unquestionable
national utility, such an application of public
wealth is founded in wisest economy.
The Central Committee finally close their re-
port by recommending to the Convention the
adoption of the subjoined resolutions:
Resolved, That it will be expedient to obtain
such an amendment to the charter Of the Ches-
apeake and Ohio Canal Company, as shall au-
tho?ize the company to terminate if they deem
proper, the eastern section Of the said canal at
or near the town Of Cumberland; and 10 extend,
| by any route therefrom, the western section OF
the said Canal across the Allegheny, to Pits
| burg, or TO substitute therefor railway. And
| in the event that such change shall be deem
ed expedient in the route now prescribed by
the charter, to defer the extension Of a canal
along the Potomac, from Cumberland to the
mouth Of Savage, and to reduce the dimensions
thereof to breadth less than that now required.
| Resolued, That it will De expedienl to address
memorial 10 the Congress Of the United
States, requesting subscription to the stock
of the said canal; and like memorial TO the
Legislatures of Virginia, Maryland and Penn
sylvania; and that application be made to
the cities of Washington, Georgetown, and
Alexandria, to aid by similar subscription, the
stock of the said company.
RESOLVED, That committee be appointed to
prepare and submit to the Convention an esti-
mate of the cost Of the canal FOUNDED upon the
Report Of the United States Board of Internal
improvement, Of the 2sd of October last, to the
Department, of War.) c F. MERCER,
Chairman c. C. in behaLfofMe Committee.
December e., 1926.
| ~ n aTsDe Az ~