Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1827-09-20
From the National Mteligencer.
CHESAPEAKE AND ONO CANAL. No.


CHESAPEAKE AND ONO CANAL NO.
The public attention will shortly be turned 20
the expediency Of subscribing 10 Inc o'o.N VI
the Chesapeake and Ohio Canal, regarded a. as,
measure OF profitable speculation. FOR, 'n.e
the IJn;,.d STATES will continue to view ihls
great enterprise, as an instrument oil military
and naya! defence, and bond Of union between
the East and the West: while the seVerai 'l |
corporated cities and banks OF the Distric' WIN
consider il as the best means OF extending ."e
commerce Of the Potomac, and or lmpro'i's
the value Of the estates on its banks; whiie inc
cultivators Of the river shores and oil the aoJa-
cent lands look 10 il for cheaper acees: "
their accustomed markets, and better prices
when thew reach them: those capitalists WIN
nariake Of none Of these interests, or feel tnem
in AN inconsidersble degree, will lind 'heir
etronue., If not only motive 10 engage IN inns
prea, work, in the prospect OF future Profit on
It's stock ..r ,:,.l
In few wears, the public debt Of the United
Stale. will have been discharged; the regular
! and freouent intercourse between London and
New York has made the money market OF
w.ll.stre bu, an extension Of that OF l-eadeh'
hall: the three per cent. exchequer bills OF Eng
land, PAYABLE at the pleasure OF the uo'ern-
ment, are near three per cent. above par !"
Rotterdam, the rate of interest on DIS Is re-
duced TO two per cent. per annum. ne Dan"
Of England discounts for four, and The bankers
Of Manch for three. Indeed, the discount
on ninety dav bills has been curren, ior So'he
time among the privatcfbankers oil London, as
well as Of the country towns OIL EnS'aha. a' w"
and half per cent; and money can he borrow
ed any where in Great Britain, on iaadea secu-
ri,y al three per cent. per annum -,
| ,,,R ,pG
~. hazards Of the banks themselves; and, as we
hare too Of IN seen, not only - losses from &C
cilent. bu, fraud mismanaSeineut III peace,
and bankruptcy i'll war.
To provide, therefore, secure investment OF
s,ork. the income of which shall yield an ads-
oua,e retnrn 10 old men weary of active bnsi-
NESS. or TO WIDOWS and to orphans who are nh>
6,ted for il, as well as TO public institutions e.
rec,cd fer purposes Of general utility or benevo-
I,pce. will be, in time, work oil great and IN
creasing difficulty. Although Canal Stocks,
from their security against every danger, are,
above all others, G,tcd for this object the States
who can construct these works with their own
resources, seem inclined TO appropriate their
profit 10 themselves; and, although all WORKS
executed at public cost are VIGOROUSLY III COM
s,ructeL. at waste in par. founded OIL cxtrava-
eau, estim and are often neglected and out
of repair; vet, those large rivers which seem
designed to bf the leading arteries oil our com
mercial aud political S. stem, where they now
through the territory, and can be improved ny
the resources Of single State, are likely 10 be
reserved for public profit, as they are precisely
those which are likely 10 be most productive
II is ONLY in the case Of the Potomac, which
~ .Sssfssrfunru be- .camuou boundary
whether correctly or NOT, TO have a central and
ri, al interest opposed TO its frontier improve
meni; and the markers OF which have been, by
their voluntary act, coded to the Federal Cow
eminent; that an oppo tunty is afforded 10 pri-
vate speculation 10 reap certain and durable
advantage.
The charter of the Chesapeake and Ohio Ca
nal Company, indeed, limits the maximum pro.
fit on its stock for the public benefit, to fifteen
per cent; but then it allows the surplus 10 BE-
applied, as leng as it may arise and be required,
to the improvement Of the Canal on which ,ha,
profit depends: to multiplying its connexon,
| by descending locks and short canals, with the
main river: TO terrifying its works against fu-
ture accidents or decay; and, to fitting the entire
canal for tile of steam boats, by lining its
channel throughout with stone.
The profit of this canal cannot, like that of
one in England, raise its stock to for,y.two
times its original cost. Is il probable, indeed,
that il will yield any prof, whatever?
II is designed ultimately to connect, and un-
doub,cdly will, when finished, the seat of Go
vernmcnt Of vas, confedesaled republic, CON.
sis,ing Of mary large commonwe alths. with the
extreme limits OF its extensive territory. 1t
will be the leading channel OF the whole Amcri-
can system of internal improvement, STATE and
Fcdc, al, uniting The inland navigation of the
sea board from Boston harbor 10 the St. Ma.
rvs, the Bay Of Tampa, even 10 Pon,chartrain
and New Orleans, with the head of the valleys
OF the Ohio, and the almost boundcss shores
and rivers Of the great Northern Lake..
That lis completion might open source of
profit greatly exceeding fifteen per cent, no
man, in his senses, can entertain doubt, when
he reflects that the line of connection, which is
geog' nphicnHy the shortes, that can effect the
purpose have described, will be rendered prac.
heaHy so BY the plan proposed for its structure.
Its great lockage, Of near 5000 feet in $40
miles, will he more than counlerbalanced, Nv
IFS superior breadth and depth, as both science