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

casion, by every augmentation of the exported
produce OF the United States. The returns
which are received for them from abroad, do
not merely replace the native value of each ex-
ported commodity, but comprehend the freight,
mercantile profit, and numerous charges Of its
transportation, one fourth, at least, of the whole
OF which, enters the public treasury; while the
consumption OF the foreign products that con-
stitute these returns, extending with inland ma
vigation, and the diffusion of newly created
wealth, reduces the debentures discounted from
the dues Of the Custom House.
The Committee are conducted by these views
to the most interesting topic, which they have
felt 1t TO be their duty to submit to the Conven-
ton, involving an inquiry into the best means
OF giving effect to the new charter by an ade-
quate subscription to its stock.
The former resolutions Of the Convention
separated the legal authority 20 make the pro-
posed canal from the pecuniary means required
TO give that authority effect. In like manner,
do the Committee recommend it to the Conven-
ton 10 proceed In endeavoring to obtain such
amendments as the new Charter may be deem
ed TO require. The only one which has SEEM
ed to them necessary, they have already sug-
gested, and OF its ready accordance by the pre-
sent parties to that instrument, there cannot ex-
list doubt. Pennsylvania has even anticipat-
ed the application Of the Convention, by autho-
rizing an extension Of the Canal from Cumber-
land to PiItsburg, by any route through her ter
ritory, which may be hereafter thought most
expedient She has, in the first section Of her
'Act Incorporating the Chesapeake and Ohio
Canal Company" assented in the most unequi-
vocal manner to the Charter of Virginia. To
the Sd, 4th, 9th, 9TH, 9Th, and 9th sections,
which qualify that assent, no material objection
ar M ha lnIcp n
But, if the second section be susceptible of
construction, which, by giving as unrestricted
power to any future company to use the wa
tiers of Pennsylvania, required for the Chesa-
peake and Ohio Canal, as the new Charter gives
| TO the Company that may arise under it, to sug-
gest an error in this act, so papabe, would lead,
1t is confidently believed, to its prompt correc-
ton. For otherwise this section must operate
as a complete retraxit Of all the power that is
granted by the first, and the very reservoirs OF
the summit level, should the route by Wills :
Creek be preferred, may be exhausted for the
use of some lateral canal, without violation of
the chartered rights of the Chesapeake and O.
llio Canal Company. A literal construction,
leading to such result, it is TO be presumed
no court of Justice would technically enforce;
but as this act has not yet been accepted by the
other parties to the new Charter, ard is open 10
easy amendment, the Committee have deemed
this notice Of i, expedient, if not necessary:
| To the 5th and only remaining section, more
serious objections arise. 1t is contradictory
and subversive of the whole plan of the Con-
vention, digested with much labor and circum-
/ spection at their first meeting. To the provi-
sion Of this section, that such part OF the stock
| of the Canal Company may be subscribed by
the citizens Of Pennsylvania, shall be applied
| exclusively To the Western section of the Canal
unless the subscribers shall give to their sub
scriptions different direction, however incon-
sistent with the scheme of joint stock COM
pany, less objection might be entertained, IT 1t
did not involve a consequence designediy ex-
cluded by the Charter i'll its present form; an
obligation to begin work without any security
for adequate funds to complete it, and which,
while incomplete, must be almost wholly un-
| productive: and such division OF the funds OF
! the company between the two sections OF the
! Canal. as would render it impracticable, per-
hans. to finish either before the loss OF profit on
the unproductive capital actually expended,
would be equivalent to that capital.
Such measure would paralyze all the hopes
Of success, in this entire work, which are deri-
we'd from the assured profit OF Its Eastern sec
ton, by deferring that profit, and consequently
preyen,ing all other subscriptions to It's stoch.
Ifsuch destination Of the Pennsylvania sub
scrption stopped short Of this effect, the other
branch of the condition expressed In this Sec
ton would render il inevitable.
The friends of the Chesapeake and Ohio Ca
nal have always relied, for reasons which have
been already expressed in this report, and often
before repeated, on liberal participation, by
the United States, in the expense OF its con-
struc,ion. Without such cooperation on the
,art Of the United States in this great work, 1t
has been deemed to be impracticable. 10 con-
ciliate that cooperation, it should be rendered
as light burthen, as it can be made, on the
nublic treasury. If the Eastern section OF the
Canal be accomplished, as it may De, IN few
wears. that burthen will then cease: for the coal
trade of the Potomac will be opened as soon as
,ba, section shall be finished, and from Its prot
il, the charter promises, not without well-groun.
ded reasons, part Of the resources required
for The completion of the Western section
Should the subscriptions, in the first instance,
no competent in amount to the speedy compile
tom Of the whole canal, then the company which
will have been created, are bound by duty, as
we'll as interest, to proceed to its execution
| .h.o,rhout Should they fall short OF that ex-