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

Your memoriallSts 90 not deem II ntCesn"i /!
TO proceed farther in this inquiry, or 10 rx'end
i, to ancinves tiga,ion Of The policy OF making
a species Of personal property real estate, ana
less fitted for the purposes 81 commercial eA
change, regarded either with or without the
qualification Of the Virginia act Of 1870, IN or
der to satisfy your honorable body of the ex'
pedit ncy Of making the stock OF the Chesa-
pcake and Ohio Canal Company, like that oil
other incorporated companies, every where
else, personal estate.
They respectfully, but urgently Request
therefore, that you will grant The proposed a.
mendment OF the charter of the Chesapeake q
Ohio Canal Company, resting its 'aiidi'y on
the assent of the o. her parties thereto, and me
appreciation Of the Stockholders, 10 be exp'e'.
sed in general ting
Your meme, i,lists would have lett II 10 the
company to make this request, had they not
deemed the saving OF a single year IN the pro-
seculion Of public enterprise OF such ineSu>
mable value, an Oh ject Of sufficient consequence
TO apologize for This memorial, il, indeed me
new company could avail them elves oil a sur
rem Ter of the rights of the old, without this
Amendments; which they solicit, therefore, tor
their mutual benefit.
Since the order Of the committee tina, this
memorial should be presented 10 Your honour
able body, an act, In pursuance OF the prayer
which il contains has received The sanction oil
the State Of MARYLAND, as IN authenIica'td
copy thereof ,es,iGes. In confirming ano'hrr
amt ndmen Of the same charter, by The Legis>
lature of Virginia, formerly communicated,
but not acred upon by C'nstess, il aHnrds an
occasion for giving the sanction of the Nation.
al Legislature to both.
Signed by order. C.F MERCER.
Chairman Of Central Commitree of Chess
apeake and Ohio Canal Company
To the Senate and House heprese"tarss IF The United
States, IN Congress assembled
The memorial OF IN. Corporations Of Wash
ington, George town, and Alexandra, respect
fully shows, that, pursuant To The charter of the
Chesapeake and Ohio Canal Company, sub
scrip,ions for the stock Of tat company have
been opened, under the direction OF commits.
sioners, appointed by he Executives Of the
United States, and Of the States of Virginia s.
Maryland; but, AFTER every practicable exer'l"n
on their part, assisted by the active co>opcra-
ton Of JEALOUS aud influential ag, nts, it may be
considered as rxperimenally decided, that this
great and bench ial undert king cannot br &C
complshed hy the private resources of any in,
di,ilual capitals, within the sphere Of The
interests Immediately aff"o ted by it; failure
certainly no, proceeding from any inadrquacv
in the essential value Of the mass of fxeG cap
,i,ai re3,e ssnt.d by .hs-rnt, nsi'v rIrIe re-
gion, The rising cities, the numerous and in>
creasing population, 50 vitality interested in ii;
but, probably, from ihs anoma lous, de ranging
and incalculable operations of finance, produc, d
by certain occult principles which have alike
delied the scientific speoula,ious Of the politi>
Cal economist TO demonstrate, ana the prscti
cal sagacity OF the hnanciPr 10 countcract, Or
To remedy; and which, occasionally, in all "a
yes and in all countries, hav, produced so vast
a disproporlon be ween the fixed and the com-
mercial capitals Of the community. That there
is, nevertheless, both in this and IN foreign
countries, vast surplus Of commercial capt.
al, over and above all the possible demands Of
active commerce, which is anxiously held up
for investment in some income producing fund
and which requires nothing but absolute conf
dence in the security, and d sure guarantee for
thu regular remittance Of the interest, to be
brought into active operation, either here, or
in any part Of the commercial world, where
profitable demand for ii may exist, is conceived
10 be- quite demonstrable BIT the prophet
ors, feeling no particular interest in the pro
jected improvement, and looking exclusi ely o
the safe and profitable employment # their
capital, are naturally difident Of embarklng il
in any distant spceularions, which are, in any
degree, dependent, for their success, upon the
management, Of individuals or communities, Of
whose prudence and soldl,y they are imper-
fectly infoi med, and over whose conduct they
may not nave the means of frequent and ef-
fecIual control
In considering this as great national work,
and worthy to b. recorded 10 future ages as a
emf NJ
wisdom, and munifcence. your memorial,s,s
BAT concu with pre-, allen, and long cherished
opinion, almost coeval with our Republican
institutions, and sustained aud illustrated by
many Of the most enlg tened and patriotic
founde Of the Republic; among whom il coun.
ted, US INST decided and z, alous advocate
him who has been distinguished above them
all, as "6rs in war, first IN peace, and fist in
the hearts Of his countrymen."
The enterprise was of the frs, great
schemes of internal improvement that enpa-