Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-02-10


against the passage of the bin in all its full sagcs He
said At net necessary for him, say any thing To
show his conviction that such works OF Internal i'm
provcmrnt could not be constitutionay made by the Jc
neral Government lie had idea of voting ios i.l,
purchase of any such stock that proposed By this bill
to be bought and should vote against the purchase up
any tCrus whatever.
Mr.. Mason OF virginia. said it was know n tina, th,
Government of the United State was iont stock hold
er in the Louisville and Portland canal and that il was
also interested in other improvements in the coun
try lie thought 1t must be conceded from common re-
spcct To- those who had gone before and who had
thofizcd these subscriptions that they have be
satisfied that the several works in which the government
mad become interested stakeholder were calculated
TO promote the public good and PROFESSIONALLY that the
investment MT 10 be thrown away Now. he thought
1t became us TO reflect that if adopt the principle
volved a the bill under consideration, could in
common Justice refuse to act up whea applications
should b,\nadc from other companies. The company
whose stock IL proposed the government shoui be-
come the exclusive proprietor had not as vet 50 far ms
ne was informed divided one cent of profit had paid
their debt
per cent the shares in S: and the Government had
received $l4Ul account ofs third share the stock
Moreover, he had before stated dividend of three
and half per had been paid for six months of last
year. and there would be further of than two
per me- cen" M,.o, n-o...,., r.
OF information than that afforded by the report and
from which he certainly understood that the debts could
not be paid before 1897 and therefore il was fair in
ference that they had paid their debts they could
have shared profits This also borne out by th,
fact that the stock was still below it's par value in The
markets andwhen we took into consideration the immense
amount of uninvestcd capital in the country in con-
sequence of the liquidation of national debt and other
causes, and that most stocks now above par he
thought they could not conceal from themsevcs The fact
that the stock of the Louisville and Portland Canal
was not likely to turn out good Investment,
would have sunk below par. Bat setting this aside be
again called the attention of the committee TO the fact
that If the Government should become the exclusive pro-
pretor oil TINS stock, we could not, in Justice
refuse to become the exclusive proprctors OF stock of
all those companies in which were interested whence
the said companies should think fit to make an app
he .l,
the one would apply with equal force to all other cases
How could they refuse to take the whole stock cf the
great canal leading from the Potomac western
waters: How refuse the Dismal Swamp Canal, which,
IN the opinion of every with the subject
was one OF the most important and valuable works in
the country? He had listened with great pleasure and
satisfaction yesterday to the able and lucid argument
the gentleman from Kentucky, (Nlr Harding on sub.
Ject somewhat similar to the present. That gentleman
expressed sentiments which MIR. NJ hoped yet to sec
become the ruling principle Of our councs he meant
that the expenses ofthc General Government should he
confined within its Legitimate Objects viz providing for
the army navy, civil st, &c defined by the Consti-
tuition lie should be rjoced if hc could hear the same
gentleman give an exposition of his views the pre-
sent subject.
Mr. NJ said, he should, perhaps, be found in small
minority in the Committee Of the Whole upon that qucs.
ton but he would at once canddly confess that lie had
constitutional objection this measure and it appeared
to him possess much force than gentlemen seemed
TO attribute to it, 1t not his intention go into any
argument upon the powers of that House 10 undertake
works Of internal improvements His own opinions
made up and had long been made m on thu, ops-
ton, and although every day experience in legislation
confirmed him in the opinion that the government of the
United States could not under the provisions the Con-
stItuton, engage In works of internal Improvement i'm
The United States and although he considered this bill
as violation of that principle, lac did purpose t.
discuss that question at the present time.
But in what aspect did the bill present itself there;
The Legislature of Kentucky had chartered company
to undertake. and complete certain work individuals
ad subscribed and paid stock by which the work had
been executed and which had become their privat pro-
pery The canal their real estate Now it was
proposed by this hill that the Government of the United
become of stnte
Whcre could be found the power Ia do this, 1t
vision in that instrument, relating this point was that
which authorised Congress purchase places for the
erection OF forts, magazines arscnas, dock yards &C.
but that purchase must, in all cases be made by the
consent0i the Legislature of the Stale in which the
sse5 S all hG f. c. ~ plainly designated and de-
OF the power claimed in the bill before the Committee
lie was fully aware he entertained opinions with re-
CARA to the Constitution in which he would not be sus-
ained ny majority OF the Committee but this he could
not avoid. His opinion was, that under that
instrument Congress had right TO take this ST elk
There was also another view in which this subject
should be considered and it this the question was
not whether the trade that passed down the river Ohio
should be incomnoded by the obstruction at II
iallsit was not whether the Government should make
that Improvement for the improvement was already
made the question whether the u. s. should buy out
the shares IN the Bank stock from ndivu stockholders
Ut price whch must necessarily exceed the present
market value of them He said exceed because the mo-
men thus bill passed. the price of shares would
maximum ithas been urged, as Just ground ofcomplant
that the trade upon that river heavily and
ry taxed by the imposition of tolls He was astonishcd
hear such an argument made as subject cf com.
plant The trade the Ohio had been benefited
already TO greater extent than any other channel i'm the
United States. Repeated expenditures of public money
had been made, for which the people there had never
been taxed one cent The trade which hoatcd on these
waters had lcen promoted by large and repeated cxpcn
dlturcs of the public money, for which the Government
received nothing in the shape of tolls; and he beloved he
could safely that there an internal naviga-
ton IN the whole Union, river or a watercourse
upon whose bosom the produce of the farmer was car.
red to market subject few charges upon the Ohio
river Look at the rivers of Virginia of New York and
OF other States all the improvements had Lcen effected
by individual enterprise, and farmer chcerfully paid
ms quota OF taxation Look the young State of In
DANA willing 10 exhaust her resources in con-
sructing the great canal to Lake Erie Besides the
United States had already subscribed onc-thrd If the
whole stock to this canal and the petitioners for the pro-
position before the Committee had no Just cause of com.
plant.
There also another point he thought worthy of con-
sderatIon There was provision in the bill or the
amendment, making the navigation free but il proposed
to continue tarffof tolls Now he would put il TO the
committee who to regulate that tariff-At whose
discretion it to be Surprising the tolls were insnf
hcent to keep the canal in repair who was TO fix their
rate: If too low, who should raise tlemif too hioh
who was to depress tlemi This was perhaps copara-
uyey an unimportant question: but still it involved one
pi no little embarrassment, and which, with him II
no othcr consideration presented itself would induce
MIN TO vote against it. DEMONSTRATIONS public cha
racer justified the purchase of the stock Of this canal
to make free highway, do it ecctaaly at once en-
Pioy superintendent, pay him n fixed salary
and pay all the needfui expenses of keeping the work 10
repair
Entertaining said Mr. Nj in conclusion tho o,,;,,;o,s