Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1835-02-06

Redeemed during the year end
ing 3Oth September, 1884, 5Ss,ooo 81
Total amount of Erie & Cham
plain Canal stocks unpaid 30th
September, 1884, s4,934,e52 6s
From this amount deduct the
means in the hands OF the Com
missioners at the close OF tile IFS
cal year, applicable to the pay
ment of this debt, as before stated
(omitting 1927, l53 II Of bonds for
lands.) 3,ou2,o'o oo
And there will remain pal
ance OF the Erie and Champlain
Canal debt, as yet unproyided for, o.,
of >- Sl,552,u'o 90
twas stated by the Commissioners, in the last
Annual Report that if the receipts for each OF
the next three years should equal those for.the
wear embraced IN that report, the funds accu-
muated would be sufficient to cancel the whole
debt contracted for the construction OF the Erie
and Champlaiu Canals, nine years before the
latest period fixed by the State for the redemp-
ton OF the stock. This opinion is fully sustain
ed by the receipts for the year ending 30th Sep
TENDER, 1884; the sum applicable to the debt, al
ter paying the current expenses OF the year, De-
ing more than million of dollars; and leaving
a balance of debt to be provided for, OF less
than two millions If the annual nett revenue
from the canal fund for the two succeeding
years, should equal that of the year ending on
the 3Oth September last, the means would be
provided for the final extinguishment OF the Ca
nal Debt on the 30th September, 1886.
Is not this encouragement to the friends of in
ternal communications by means Of Canals?-
Is it not almost incredible?-And yet, who can
doubt it?
Let us, for moment, reflect upon the facts
presented, and refer to the periods of the COM
mencement and the completion of these Canals,
and the time required for refunding their whole
cost. The Erie Canal was commenced on the
4th July, 1917, and was completed 23d October,
1926 and cost 3d. OF, 456, thus, ii took pc
riod of eight years and three months TO construct
,oork Which, as the above e.rtrdct sheWs aciH re-
fund its rhote cost and interest in eieren yearsH
Why, then, should Virginia hesitate? Why
be alarmed by the bug-bear Of public debt,
and moderate increase of taxation? Have
not her great lines of communication with the
West all the elements of profit which the New
York Canals enjoy? And, in fact have they
not two important items, which all experience
shews is the surest foundation for profitable
Canal. both of which the New York Canals are
~ ~N''
Iron.
Let Virginia, then, proceed with confidence
in the great work Of improvement:-the move
ments Of the present Legislature are hailed as
the harbngers of brighter days. We say to our
bretheren of Richmond and the James River,
&c God speed"-go on to an early completion of
your great work, and your prosperity and that
of all the Southern and midland parts OF the
State is insured;-a rich harvest awaits you:
strain every nerve, and secure it seasonably.
We trust, too, that the great work for the
Northern and Northwestern section of the State,
the Potomac country, will no longer be suffer-
ed to languish, after being constructed, for more
than half its length, in manner which will do
credit to the country and insure, when COM
pleted, the greatest results.
1t may be thought, that the great benefits of
he Coal trade of the Potomac will accrue main
y to the State of Maryland.-Not so. Though |
he County of Allegany in that State, from hav-
ng opened the mines earlier and worked them |
more extensively, is more generally known as
coal region, yet the mountains OF the North |