The New York herald., 1845-02-03

boats to 500 may be necessary rave the pub
lie to lind their own boats which the profitable freight
under the octive traffic, would induce them TO do The
25on boats Of the Norris Canal ascend the Lehgh 10 the
coal whars, and bring it right through to Jersey City
without transhpment which only required for the
coal brought down in the Lehgh boats. In Mr. Oliver
sons possession IL document protesting to shew pro-
spectve revenue from the Canal Tor s4l the enlarge
ment being then completed OF 2i4 755 dollars but the da
Ia on which The statements made require to be ver
fed and even if so the whole tonnage given to produce
that amount does not exceed the present carrying powers
of the Canal only boats enough of be procured
This point will endeavour to determine but meanwhile
the probable necessity of Immediately raising, soy
200 900 dollars to complete tho enlargement proposed
have good grounds TO believe, that by this outlay or
perhaps considerably less they may secure the whole
Canal if the Dutch mortgage be soon orecosed Under
the general depression and want OF confidence now pre-
vailins nobody likely to buy II for more than the
Dutch claim say in round numbers 900 dollars but
II the foreclosure be delayed circumstances may change
had long interview with Mr. John wlilink this day
23d Apr and he quite willing to grant the extension
o. time stipulated tor put he SAYS ne win no. allow al the
sents This the bond holders must also assume as TACT
in resolving upon the course they are to pursue The
simple question for them TO consider is this will they
consent to lose every arhDg of their funds already in
vested in the Morris Canal will they in order to save
limits believe may bought for, say 800 900 dol
lars but it would not be safe TO rely upon this and that
the limit must be fixed much higher prevent the risk OF
being outbid.
Taking the amount of the Dutch claim at . $500 600
Adding for sterling bonds and coupons unpad 800 600
And say, for any bidding that may
arise beyond the amount OF Dutch
claim-say even ............. 5O0,OOO Ioo0OO
The whole capital would be- SO 600 COO
which the yearly interest at six cent would be
Sso0O0 To represent the above stock three thousand
new shares Of $1,000, thirty thousand of $40 each
might be issued which most assuredy would to par
whenever il became cerain that the new company mo-
only did pay but could continue paying that rate OF in
tees Looking at the result oftho past workings Of thu
IQcn nf yin NJ anU
venue, for DO not believe that upon the average has
paid dollar hey ond the expenses Of working
But under the wicked and wretched msmonegement to
which it has been subjected the past forms criterion
coal and IRON held out great mmediae
increase the number OF blast furnaces along the lne thai
present duty English Goals per ton is about so 81
While the proposed specific duty is....... l 6O
Showing an increase Of ...... 50 So
The present duty on iron in bars bolts made wholly
or in part by rolling per ton, is about. $l3 90
The proposed specific duty is. 25 90
Showing an increase of. ..... sll &c
here is no doubt that the protective duties viii ex
tend to cotton and woollen goo paper soap and many
other articles made at Newark Patterson and elsewhere
adding greatly to the profits of those now engaged il
them and tempting others TO embark in similar underta
BY the laws Of New Jersey, foreigners hold the
Canal with all its valuable privileges quite the same
natives. Even during the property would be safe
from conscation, and protected by the penalties
II,
convenience beng that while hostities might continue
the foreign holders Of the Canal would lose their right to
sue in civil actions
Mr. Wllnk tells me- the ogent of Indiana has not yei
sent in his to Mr. Willinks bill but the forty
days time given half over and though, upon appca
ton, time may be granted yet he thinks the mort
gage will be orecloscd before the close OF the presen
year and may, much sooner Indiana withdraw he,
opposition Consequently it advisable that the bond
holders come to some nal resolution whether they viii
assume the lease now made on the terms mentioned
buy the Canal at auction There some know (ant
regret iD who cannot take interest in any such
dertakng but there are many who can and only few
taken up here and in Holland as to render the purchas
ccahle. If the English bondholders do not buy
some other parties certainly will under some arrange
ment with the Dutch as even the banking privileges
der the charter, considered likely 10 become
great value seeing that from the pest mismanogement
banks, will be almost impossible to procure CHARTERS
ample and liberal kind that granted 10 this compa
ny am not to be understood proposing that if tn,
English bondhoders acquire the Canal they 10
mence banking all say is, they might make in utur
some bargain for the banking privileges which might b
| safely and advantageousiy used along the line.
The inhabitants in all the villages quiet, orderly
Industrious and frugal people not only worthy Of conf
dence, but with ample means Of giving security for ad
varces ard had the late directors only used ond exerc
sed their banking powers amongst them and in helping
coal to market to the blast furnaces fam pro
duce TO market sc they might have kept cut circus
ton of $500 00O more with great profit the instiu
ton and prosperity of the ueghoors Of the Canal SOM
of them have sustained great work done and
paid post and toll notes received Sc but they ar,
all 80 sensible OF the importance OF the Canal that unde
facilities OF retrieving their past losses would nduc
them TO acquescc in the refusal of the to vev
their claims in any other light than those OF the othe
creditors The calculation made is to be considered
the maximum of what may be required to secure The Ca
nal under possible but very improbable competition. MI
Cryder Mr. Whitmore, and the members OF the Commit
tee with in thinking, that it may be bough
in market for the amount due to the Dutch mnch
less, il they would take less and they think IT,
vorably Of the prospects of the resusctaton of the
that they recommend the purchase at the presen
low price Of OF the Dutch bonds would secur
the majority, or possible the whole. and that no douh
would be the best plan, money easily raised
How tar the fact OF the lease at the low terms mentioned
sanctioned by Mr. Wjlink here and the wreched resu
OF the past workings Of the Canal proved by the docu
ment below (of which he will send copy to his brother
Claims sell their bonds in despair it is not for
say but the probable effect OF such authentic Information
is worthy the consideration OF the London Committee
Mr. Wlink told me, that other palties (connecte,
with the coal mines up the Lehigh) had been tamperin
with him to purchase the canal under the agreement 70
extension Of time TO the Dutch but he had promise
to give preference; and he assures the power
sent out by his brother most ample. and based upo
the frank footing estab shed between him and II
all important to continue this and that circumsanc
should to shake the mutual confidence and reanc
II the English bond holders are only true to themselves
candidy believe that things are now in train to saw
their whole property but they must not @ asst
afterwards wished to get rid Of my impression is the,
would resell it at profit; but the better way woul
be to work 1t, and then, after had been brought to
productive state TO sell out il they wished to do
In my remarks upon the rival routes for the convey
ance Of coal from the Lehgh district omitted to mef
ton that comparison OF distance is in favor the Morr
Canal All the coal from that ion and from the Wye
ming also must come down to Eas on.
Now from Easton to New York, by Morris
Canal, is. ............."........ l0li milsi
From Esston to New York. by Blacks Eddy,
Qf ever opened) and Delaware and Raritan
Camel, is. Observation-Disclosures. lac miles
Now from Easton to New York by Bristol
and the some canal is nj present. ...... l53 miles
And from Esston to Philadelphia. ...... 7s miles
Besides distance round by sea
ArRu 81, 1s42
The receivers having entrusted the preparation OF tbs
from the books of tho Norris Canal que
res to Mr. GIBSON the former cashiers and he, in pac
of delivering them to personally grauitously oe
ed by of the 231 and the receivers trusted III