Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-03-05

| Of commerce is impatient to overlap the par"
| rier, opposed 10 free commercial intercourse
| and Of a complete entirety of Interests, between
| two wide spread req ions, which, however sun
dered by physical obstacles, II Is now IN the
mower of scisnte and art 10 unite, as ny the
contact OF neigh Sorhood; and which every con-
sideration of political expediency invites to
union, more strict, intimate, and firm, than can
be guaranteed by compact alone, without the
surer and more indissolubie BOND, PRODUCED
by The commngled lies Of interest and teeiing
and famli ar intercourse in The every day bus
mess OF life.
This work claims peculiar notice, moreover,
as an important nppenddge TO the Seat OF Gov
eminent; OF The actual territory Of which pnr-
lion Of the canal forms part; and, therefore,
has been indebted TO Congress for concurrent
ac, IF legislation 10 establish It's charter. In
common, therefore, with the rest OF this Dis
trici, with which it is, in measure, Idrntihs
ed, as sort of pecuium Of Congress. 1t derives
fair title to he fostering care and patronage,
which the General Government necessa'lally
extends 10 its pubic establishments, Besides
the obvious con,eni"ncy and necessity oft for
tne general purposes Of trade and nlercours',
its direc, utility, and peculiar adaplali ~ to the
operations Of Governmen', boil in peace aud
the inc de"taI and auxiliary means, comduc',c
to the in mediate ends Of he General Govern
mrnt.
Your memorialists, as good citizens, and
we'll Wshers To- the common veal, h1arNy
participate the public spiri,; and all The mos
! livrs of public expediencv, by winch the
chievmrnt OF this great ente' prise should BE-
carried forward. Bu 10 hrm it has a peculiar
intere S. it is indrni flied with the vital elements
Of ihcir prosperity, and, almost, Of thcir
! existence, as commercial communities They
have accordingly frlI that they were called
/ to eX;raor linary eX rtions for lis accomplish
ment. Aetuatet by the concentrated force OF
all III Sc motives, they have be II mdaced 10
make pro, isional subscriptions, wi bout sptCi-
fic authority, under their charters, to do So and
in antci patton Of a compe'en' legal sInction
| for the stock Of The Chesapeake and Ohio Ca
nal Company, to the amount Of 100000 dol
| lars, distributed, in due proportions, among
| themselves.
To fulfil The terms OF these subscriptions
they have not yet been able l." devise any avail
able means, bu. what may be obtained BY the
creation of u subsidiary stock, consisting Of
loans founded on The preliminary basis OF the
fixed CaDital represented BY all he real EST ates
wi!hin these three corporations. 10 en- tbe
them 10 institute such loans, and the necessary
taxes and pledges for their srCuriy, all exten>
sion OF the chatter, d powers "f the corpora
lions, snd variou, provisions, Tor the detail,
which Congress alone can enact, are lndspens-
abe.
Your memorials,s feel clearly justified in ad
vapcng, with entire confidence in their accu-
racy, The tSo fou wing propositions, deduced
from facts and Gale u!a'ions, which they think
r. 4 i'll
which their evd.rce is accessible
|. That the fixed capital, represented by the
real estates wi,nn thesr three corporations,
estimated by any rule for determining either
Us present or prospective value, vastly ex-
ceeds, both in itsinrin,ic value, and III its prlC'
Iical capacity. to generate active funds, the
bur hen with which your mrmoria'Ist, propose
to charge it, as 10 Sustain, wilhoui dagger #
failure or oppression to the proprictors, tax>
| alton far more 'han Commensurate 10 any de-
mards upon il, necessary 10 fulfil the 'erm> of
the proposed loans, and the prudence and pro
prety, with wbIr il il may b, trusted, as an ade-
qua.e basis for such loans
ii. That the economy with which the work
may be executed. according to the recent and
more accurate estimates of lis cost, cons Itures.
in The very SOCK subscribed for, redeer,ing
fund, sel'-eficient TO reproduce The capital in
vested IN il, with great accession OF profit to
the original outlay.
Either Of these propositions being establish
ed, an adequate basis If credit to found the
loans is established. BIT The combined fleet
of both, and both are confidently susceptible of
demonstration, is irresi strble; since the joint
product of the fixed capital, 10 be pledged by
way Of preliminary sec"rl'y, and Of the pros
pective em"lumen's from the investment, to he
founded on the credit of that security, acts IN
the ratio Of continually accelerated forces
The two capitals reciprocally act upon Zach
other, and cooperate TO their mutual ad ance
ment. Thu Canal, through all the stages ofits
progress, from it, commencement To Us CONS
pls1on, continually enhances both the property
pledSed for TIE means of carrying on the work,
and the stock viii, represents the value "f
That work; while the prog essive enhancement
of each, and The f.c.liits resulting from the
marketable capacities daily acquired by each.
ulIply ard enhance all the resources, both Of
credit ard means, for carrying on the work.
The entire body Of evidence, on which these
propositions and their coroIaries rest, IS to br