Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-02-06

each item, they would not find them objection
able has been represented.
The expenses under The present arrangement,
if the work were in active progress would be
mos, economical. The Engineer receives bu,
abou. 500 per annum, and the Secretary but u
bout $500. The Engineer would have conslan,
eup!oy ment if the stockholders would enable the
Directors to push the work ahead with any kind
OF energy; but at the present tardy prosecution,
he Is but u portion of his time employed. The
Secretary, though perhaps not constantly en-
poyed, his situation IS Of great responsible
~, and we presume no one would ask him to bind
himself and friends in obligation OF ten or
twelve thousand dollars, and be Il, all times at the
control Of the Board aud stockholders for less
sum than $500. The present contingent expen-
disures are but little.
With these remarks, ask, the Stockholders
why shall we not go ahead? OHe perhaps re-
plies that a certain individual says he will paw
no more of his stock; and long others re-
fuse, TO pay l may as we'll have the of nv
money us the company. The only way to RENE
dy this, it US, is 10 make those who re-
fuse, pay up. If the charter will not permit this
stop at once. But we think i, will sustain the
stock subscribed if the subscriber is worth it.
The following is the words of the first clause
of the sixteenth section Of the charter:
'SEc. Is. That each stakeholder shall be bound
to pay annually any sum not exceeding one fifth
the amoun, of his stock the president and d.
rectors may lawfully require, by giving at least
60 DAVIS previous notice of the time and place OF
making the payments required, IN at least two
newspapers general CIrcula tion IN the SAID
counties of WAYNE, Union aud Franklin, but
assessment shall ever be made, to render
any subscriber liable to pay more than fifty dot
lars for share"
The l7ih section only gives the stock, or the u
mount paid in, collateral security, and by 10
means debars the Directors from selling other
property should the stock not sell for sufficient 10
pay the balance due.
We have believed the present, an suspicious
time for the prosecution of the Canal. II it is
possible for the stock TO be paid IN, we shall stun
remain of the same opinion. Ifmoncy cannot be
had and the reader will excuse us for Introducing
a system of financering, will tell him,
how the stock be paid without, but small
proportion of money. Let the farmer, and those
who have it in their power. and there but few
who have it not, pay their instaments in produce.
and workmen, who would be glad receive pro
visions in payment for iaho- IF yon plnasa, lot
the canal office be made provision ware house,
and make the produce of the country the circula-
ting medium in the place of the anticipated flow
Of yellow boys'', confidently promised by the
mos, sapiem Of all demagoeucs I. II. Benton.
Or if you please, deposi'e them with some
gagged in the produce business, aud give orders to
the workmcn for all they may want. Ii may be
said that this would practically carry into effecta
currency not unlike ''coon skins and whetstones."
We need but little what it is called so it an-
swers purpose, for inasmuch these times
have been brought upon us by set of experiment
tiers upon monied institutions, and placed us
upon the brink of bankruptcy, we must avoid its
vortex in the best manner possible.
\ plan has been proposed BIZ which in our opin-
ION, the city would be enabled to pay her stock
That is for the Council to authorize an agent to
take a contract on The Canal, and have our city
may be enabled TO hire. THIS labor can be had
by citizens with scarce n moictv cf money.
aud for one half stock. Taxes might be paid in
labor, or otherwise in goods, produce, to those
who work Ii cannot under existing circums AN
ces, DC paid IN money; therefore, II we wish 10
fui6! our city contract must resort to exped-
enis, and this plan appeors to us entirely fea-
sbe and practicable.
We ask the friends Of the Canal, and Of the CT
tv its prosperity and the best interests Of our CT.
tizcns TO consult together. Examine the lransac-
tons of the Board, and if any thing be found
wrong correct II. Consult with the Board-it IS
common cause. and all alike interested.
We believe the work can be prosecuted, if the
united energies Of all are put in action. And in
stoad of connecting excuses how to aro'd the pay
ment of our stock, let endeavor to find some
means BY which we can pay it, and at last real
re the bright and glowing prosperity we have
justly anticipated on lis completion. Let Us still
maintain the high character we hive heretofore
maintained the empire county of the State.
and r richmond he * The