Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1827-09-21
From the National hteliigeneer.

In former number, have considered the m
creasing difficulty Of securely investing capt.
raj in public or other stock ss motive Tor
subscribing to that of The Chesapeake q ohlo
Canal, and offered, at the same time, my gen
eraiviews of the probable profit OF that STOCK;
Those which mean now 10 submit, shan
found on superstition that, OF the entire cana''
TO Pittsburgh, there shall be Immediately com
ple,ed, only the Eastern section, which con-
meets Georgetown with the Soai oah@S' hea
the base Of the Allegheny.
proceed 10 determine what is the probaoil-
itv Of future profit from that part Of the Canal,
by investigating the grounds on which 1t rests.
Nothing is more common throughout the y.
STATES at present than 10 consider every enter>
prise for the improvement OF their internal IN
tercourse, by inland navigation, as having lis
origin in the successful execution OF the two
pr.a, canals Of New York. But the stock Of
the James River Canal Company, the char
ter Of which preceded any appropriation 70 the
canals of New York, by SO years, was at an
advance Of very near one hundred per cent
above par, when the Legislature OF virginia
began those late Improvements OF The naVlga>
tjon of that river, which have been since sus'
nrpded. AZ stage Of their progress most unia-
yorable 70 any immediate profit, or other pub
lie benefit from the large sums recently expend.
ed on them. The Virginia system OF internal
improvement, first proposed and considered IN
the House Of Delegates, in 1912, was adopted
by the Legislature early in 1916, and preceded
by more than year, the hrst appropriation 10
the Erie and Champlain Canals, which was
not ill April, 1917. The truth Is, that tne
prea; profits Of the Canal Stocks, (wherever
iudiciously inyested) Of England, an Island OF
inconsiderable breadth, naturally suggested the
expediency Of similar improvements in Amer
lea, where the expense OF transportation con-
s,ituted so heavy burthen upon the industry
Of A widely dispersed People, inhabitng con-
tinept of vast extent, divided by chains OF lofty
Inoustains.
The very last accounts from England, an
nounced great appreciation OF those stocks,
which had be fore advanced TO more than TWEEN
~ or thirty times their original cost. That oil
The rouehboroagh canal is now at sorty-two
hundred per cent: result, doubtless, 81 the
long suspension Of loans by the British Gov
ernment, the continued and rapid increase OF
private capital and the difficulty OF making pro-
6iable and safe investments.
But while the New York Canals can be con-
sidered,in &, sense whatcver,as the source oil the
spirit of internal improvement peryading al
present the U. States; they may, from their ex-
tended scale be very correctly and useiuily EN-.
ployed,a s standard for ,measuring,by analogy,
the profits Of similar enterprises upon our conti'
nent. OF thesec anals,t tina, from Albany TO Lake
Erie, alone, however merits this use for The nav
ieatiou from ALBANY TO Lake Champlain, when
FIRST opened, embraced but few miles, less 'han
twenty, Of canal navigation; and however yalua-
bic il NAV prove, was mere auxiliary in OBJ
tanning the assent Of the People Of that State 10
construct the greater work. OF the Erie Ca
nal, il may be truly said, that it has cost at
least so pcr cent. more than would now be re-
quired to construct it anew, as It's Engineers,
its Contractors, and its patrons, readily admit;
and as the contracts recently made. or executed
for similar work, in its vicinity, most incontest
ibly proye. In the last annual report or the
New York Canal Commissioners, dated the
10th Of February, 1927, they "estimate the cost"
Of canal "from Salina TO Oswego," distance
of"ss miles, with fall Of 1873 feet" al Sll,>
500 per mile, which, they add, tive have no
doubt will be ample" They further say, "This
sses,imate, although much beloto the actual cost,
"per mile, of the Erie and Champlain Canals,
sand far less than was contemplated by the tlrst
"Canal Commissioners, who, IN their report oil
"2d Of March, 1911, on the authority Of MIR.
"Westcn, an English Engineer OF high reputa>
Scion, speak of il as a work Of great expense,
land presenting obstacles almost insurmounta-
'sble,' is still much a6ove the estimate made by
'Mr Hutchinson. This difference is prinei-
"pally attributable to the proposed extension
"of the canal, from the outlet Of the Lake to
"Salina; to The substitution of locks OF heHn
".tone, similar to those on the Erie CaEal, for
slocks Of wood; and 20 the excavation Of a
aereat deal more work in the bed OF the river
"than was contemplated by Mr. Hutchinson"
They further state, in another par, OF this short
report, that "the construction ofa canal between
,"Fort Edward and Fort Miller, for the distance
"of ten miles and forty -four chains, is nearly
acomple,ed. The sum appropriated by law
sfor this Improvement, was Si7o,ooo, Of which
als4,sos, have already been expended, and the
s'remainder Of the work, to make it naSlgaole,
twill not probably cost over or $4,000: SO
.sthat the whole expenditure will be about
$4,000 short Of The appropriation. On TINS
"section, are four locks, lifting s6a feet; seven
"culverts, and 50 bridges, including the two'
"path bridge across the river"
of The roxt If the nronosed Canal along the