Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-01-29

menced.
| 1t appears that the capital stock Of the eomPa-
ny, subscribed in money, exclusive OF that which
was authorized by the charter to be made, IN inc
stock and debts Of the former Potomac cOmpa'
nv, consisted Of IS. COG. 200. subscribed to the
extent Of $4,000, 600 by governments and the
district corporations and cog. 200 BY private IN
dividuals, and the corporation Of ShePherdsto~n.
OF this stock, 2, 527, O2l had been collected on
the first day Of January, 1853, and 1852, l79
remained to be collected. That the sum collect
ed consists of $3.50, 200, belng75 per cent. on
the 5000. OO0 subscribed by the United States
the state Of Maryland, and the three corpora
tuns of the District of Columbia, and OF go
OIL by individuals; leaving to be paid, OF the
corporate subscriptions $50. 900. aud OF the pr'-
vate subscription, including that Of Shepherds.
town, $50, l79.
| This sum, with the cash on hand. amounting
on the Sd day Of January to $685. and the
anticipated nett receipts OF the company from
the tolls Of the current year, calculated at ST.
500, producing together, the sum OF l,28 ,9oo,
is computed to be adequate to the completion, IN
the time prescribed, OF the 102 miles OF canal al
ready finished, or now under contract. This
com utation. the committee are assured, is found
ed on repeated estimates of the cost Of the var-
Gus works 10 progress, carefully corrected and
very confidently relied on, by the engineers aud
officers ofthe company.
Believing this estimate to be entitled to con-
idence, the lO2 miles Of canal will be, probably
completed by the present resources of the compa-
nv, within five years from the commencement ct
the canal, surprising no further time to be claim.
| ed by the company, on account OF the legal IN
pediments thrown in their way in the very com
mencement of their existence, by another comPa-
| ny.
Your committee cannot. however, entertain a
,loub, but that the canal company could sustain
their charter, against any legal effort to dissolve
it, on the ground that the five years allowed for
comp tioH OF one huadrei miles Of the canal,
| had expired before so much Of the work had been
actually brought into use.
| For it would be absurd to contend, after allow
inc five years to be a reasonable time for the ex
ecutlon of SO much work, that u failure to com.
pIete It 10 eighteen months, incurred a forfeiture
IF the right In do So at all; and the more espe-
cially, a, such failure is imputable to the legal
proceedings OF Of the parties to the charter OF
the company.
Your committee are appraised, that in the pro-
secuton of the canal, each half mile, dement,
mated section. and each dam, lock, aqueduct
and .ulvcrt, is constructed by special contract
as a distinct work; SO that line of any length
may be placed under contract and completed in
the same period in which the most difficult Sec
ton of half mile in length is finished, with no
other disadvantage, from the extension of the
work, than an increased competition and conse
ouent enhancement of the wages of labor, The
actual completion, therefore. within two years
from its commencement, Of the twenty two miles
OF canal between the mouth OF Seneca and the
basin in Georgetown, which have been now more
than two years in use; aud which embrace be.
tween the head of the Great Falls and the Rock
creek basin, the most costly portion OF the canal.
below the base of the Allegheny mountain, af
tords sufficient evidence that the one hundred
miles could have been comp leted in the period OF
five years, provided no legal impeachment had
arrested the progress of the canal company at the
Point of Rocks.
| Your committee have dwelt longer on this as.
pect Of the affairs of the canal company, lest
( their possible failure to complete the fiftv miles
remaining to be constructed. prior to the first Of
October next, should be regarded as affecting in
any degree the expetiency of the subscription to
their stock, which their memorial invites from
the commonwealth of Virginia.
Such a subscription remains to be considered
in reference to the interest of the commonwealth
in the canal, and her ability to supply the re-
quested aid towards its completion.
| 1t appears to your committee, that all the coun-
ties of Virginia, whether above or below tide wa
| ter; whether bordering on the Potomac. ur such
vi its tributaries az are, or may b. with facility
rendered navigab:r, are more or less interested
in the successful ana speedy comp letiun Of this
great enterprise
For whether directly dependent on it as a
channel If inter, curse and trade, or capable Of
being benefited bv that enlarg"me Of the capt.
Ial Of their natural market 10 which the cUnstruc-
ton of such work mus, necessarily aud prompt.
~ lead, they must realize all immediate augmen-
tatlOn OF their income from iA Accomplishment.
Contrary 10 the vulgar error, that the exten.
sion If the channels Of intercourse between a
market town and the country dependent on it
for the consumption or expiration Of its pro-
ducts, and the manufao ture or impor tation of its
supplies is injurious 20 those who live in the vi
cini,y Of such market, experience has invariably
demonstrated that they are the greatest gamers
by every extension Of the interior communlca.
ton
And tins is the necessary consequence of the
principles that the profit Of mercantile capital is
in the inverse ratio of ITS magnitude; that its