Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1827-09-24

in which it may be on lis way through the tun-
mel. its use will be attended with no difficulty,
and occasion NJ delay. The advantage whi.h
il will assure to those WHO navigate the ca
nal. of continuous royoge in the same ooaf from
the Ohio to Washington, or to Baltimore, TO
philadelohia, or even to New York, whenever
The Delaware and Raritan Canal shall have
been completed, will be che aply purchased, at
the cost which i, may compel the Company TO
;ncnr. The Hudson and Delaware Compa-
nv propose to tow their coal boats by steam
vessels, upon the North river, for 100 miles, 10
New York.
But as have stated, the charter OF the
Chesapeake and Ohio Canal never made the
completion OF the tunnel essential to the con-
struc ton of tire Eastern section of the Canal;
and, 10 conci late the timid. the lukewarm, ard
the doubling, very recent acts OF the 'egls'a'
lures of Virginia and Maryla"d, conforming to
a priar act Of Pennsylvania, authorize, in this
part of the canal, if it shall be deemed .1pedi
ent by the Company, the substitution OF incl
ned planes, or an ordinary turnpike road, for
the tunnel, and the lockage OF the mountain
portion Of the Western section.
Considering the accomplishment of the Yves
tern section Of the Canal as absolutely assured
by the completion Of the Eastern, the original
plan Of his work, when submitted TO the WASH
ing,on Convention, proposed to derive the re.
sources for the construction OF the Eastern sec
ton, Fl ON the United States, the States Of Ma
ryland and Virginia, the District Cities, and
from indi, dual subscribers, in certain prescri-
bed proportions.
This plan Of finance has been since adhered
to with scarcely any variation.
The State Of Maryland has authorized sub
scription Of half million Of dollars, upon con
dition, that the Unied States shall subscribe
one million: that il shall be ascrrtained that she
can extend to Baltimore, branch from The
main canal, and that she BE- empowered TO do
so. The last Of these conditions has not only
been fulfilled, but two surveys have conc urrrn,
ly and fully demonstrated the practic ability Of
this extension,
The inhabitants Of the District Cities have
instructed their corporations to subscribe for &
million and half of dollars.
II is understood 10 be tine intention of the PEG.
DIE Of the District Of Columbia. act ting by their
city and county authorities, to negotiate a loan
to The e1,en, ui this subscription, either in Eu.
rope or America; and, to enable them to make
sue h negotiation upon the most favorable terms,
TO request the Congress Of the United States,
their exclusive Legislature, 10 provide, by an
adequate tax on their real estates, for The pune
tual paymen, Of the interest, and the 6nal re.
demption of the principal of the loan, after a
period twenty or thirty years. Founded, as
the security OF such ds5i would be, on a tax
imposed by the National Legislature, upon real
property under their eye, Of the value Of fifteen
millions OF dollars, or OF Ten times ITS amount.
although it should be unaccompanied by di-
rec, pledge of the national faith for its redrmp
ton, which may, however, be reasonably tx-
pected, its credit will possess the same basis
with the United States stocks. Since it will
rest, in truth, on pledge by Congress, of funds
much more than adequate TO the payment Of its
principal and interest. To this tits designed,
moreover, 10 add farther pledge Of the stock,
and its dividends acquired by The application Of
the loan.
AS those dividends will soon suffice to pay
| the interest upon the loan, the i'm position of
the tax may, and should be accompanied by a
provision, that, if the interest be paid certain
period in advance, the tax shall not he collect
ed; so that, while il operates as an efftc,uaI ST..
curiiy to the creditor, II will not BIZ burthcn-
some on The District.
An application for subscription Of two and
half millions OF dollars, addressed TO The last
/ House Of Representatives, by memorial Of the
Washington Canal Convention, met with the
unanimous support OF the Committee on Roads
and Canals Of that body y, and the bill whie h they
! reported 10 the House, accompanied the autho.
riiy to subsorihe ;hat sum, by conditions which,
| requiring an enlargement Of the canal, 10 fit it
for the most extended use, and dispensing with
any dividend of The common profit on the part
Of the Government itself, till all the other stock.
holders should have Melted Ave per cent. on The
sums they may have respectively paid, were a.
like bene6,ia ,osthe public and 10 the company.
To the public, by which ] mean the American
people, since it was calculated to secure the
speedy completion on scale enlarged beyond
the limits Of sordid speculation, Of central ca
nal between the Eastern and Western States;
and to the Company, because, while it extended
the cost Of their enterprise, it was calculated to
assure to their stock reasonable profit, and
still left them the hope of "a much greater.
Should the liberal purpose Of the Committee
be unsustained by future Congressyet regard.
ing this Canal, in the most limited view, as a
mere local measure. important only to the pro-
prIetary interest the United States in the his.
,rict Of Columbia, and to people confined 10
the exclusive legislation and protection of the
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