Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1827-09-27
Euternal Emprooetment.


nand Tor receiving SUBSCRIPTIONS W lhe
Stock Of the Chesapeake and OHIO Ca
nal Company, we are pleased at beng
able TO lay before our readers a series OF
papers relative ID that great object, SO
full of interest and information as we
think our readers will find the essays OF
"FrankIinn to be, the first of which we
publish below. We hear that thu Peo
pie in the interior OF the States interest
ed in the Canal begin to rouse them.
selves, aud that it is probable, when they
become possessed of the information
which the publication of these essays
will furnish, that large individual sub
scription will be made. The subscrlp
lions Of the Corporations of Washington
City, Alexandria, and Georgetown, will
together be of themselves to a sufficient
amount to authorize the organization OF
the Company. But every share sub
scribed by individuals, beyond that a
mount, will have the effect to expedite
and give strength to the undertaking.
In this city, we already learn, there
will be a considerable amount of indi
vidual subscription Let the feeling e.
vinced by this city on the subject in.
spire confidence and zeal in others. 1t
any yet doubt of the success or prohta'
bleness of such investment OF their mo-
ney, let them peruse the letters OF
''Franklin" with the attention which
they deserve, and all doubt will be dis
PEELED by conviction. II is not possible
to resist the combined force of the facts
aud the arguments which he has brot'
together.
CHESAPEAKE AND OHIO CANhL.-No. l..
The public attention will shortly be
turned to the expediency of subscribing
TO the Stock of the Chesapeake and u
hio Canal, regarded as a MEASURE OF
profitable speculation. For, while the
United States will continue to view this
great enterprise as an instrument OF mi
litary and naval defence, and a bond of
union between the East and the West:
while the several Incorporated cities and
banks OF the District will consider it as
the best means Of extending the com
merce o fthe Potomac, and OF improv-
ing the vaIue of the estates on its banks.
while the cuItivators of the river shores
and of the adjacent lands look to it for a
cheaper access to their accustomed
markets, and better when they reach
them: those capitalists who partake OF
nom of these interests, or feel them in
an inconsiderable degree, will find their
strongest if not only motive to engage
in this great work, in the prospect OF
future profit on its stock.
la a few years, the public debt of the
United States will have been discharg,
ed; the regular and frequent intercourse
between L,ndon and New York has
made the money market of Wall street
but an extension of that of Leadenhall:
the three per cent. exchequer bills of
England, payable at the pleasure Of the
Government, are near three per cent.
above par; in Rotterdam, the rate of
interest on bills is reduced to two per
cent. per annum. The Bank of Eng
of Manchester for three. Indeed, the dis
count on ninety day bills has been ur-
rent for some time among the private
bankers Of London, as well as of the
country towns of England, at two and a
half per cent; and money can be Dor
rowed any where in Great Britain, OF
landed security, at three per cent. per
annum.
investments in Bank Stocks are liable
to all the hazards of the banks them
selves; and. as we have too often seen,
not only to losses from accident, but
fraud-to Encouragement in peace, and
bankruptcy in war.
To provide, therefore, a ecu in
vestment of stock, the income al which
shall yield an adequate return to old
men weary of active business, or to
widows and to orphans who are unified
for it, as we'll as to public institutions
erected for purposes of general utility
or ~benevolence, will be, in time, a work
of great and increasing difficulty. Al
though Canal Stocks, from their secu-
rity against every danger, are, above
all others, fitted for this object, the
States who can construct these works
with their w resources, seem inclined
to appropriate their profit to themselves;
and, although all works executed at
public cost are VIGOROUSLY i'll construct
ed, at a waste in part founded on extra.
VACANT estimates, and are often neglect
ed and out of repair; yet, those large
rivers which seem designed to be the