The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-12-24
REPORTS FROM coMMTrrEEs,

pany, reported Il back without amehumeh', anu Ieeom
Mr. r., from The same committee. to whom was re.
fefed The bill S 2o9l granting the right OF way through
thorized by the State OF Alabama to construct plank
roads in said State. with the right OF Exemption TO
portion of the public lands reported II back withou,
amendment, and recommended It's passage.
/ BILLS FROM THE HOUSE
] message was received from the House OF Represent
atives, by Me- Young their Clerk, announcing to the
Senate that the House have passed bills OF the following
titles
H R, TO- An act for The relief Of the legal representa-
lives Of Col Willis Riddck, deceased;
II. r. So, An act for the relief OF WIN. Slocum, oil
And asking the concurrence OF the Senate therein.
The above bills We're then read by their titles the firs
and second times BY nnaHmous consent and she former
referred 10 the Committee Revolutionary Claims, and
the latter to the Committee on Pensions.
/ LOUISVILLE AND PORTLAND CANAL
/ Mr. BENTON, in pursuance OF notice. asked and OBJ
tanned leave to introduce bill S 3s TO remit the tolls
Canal Company and to purchase the shares Of the nd
vidua stockholders and 10 make the navigation OF said
canal free
Mr. President is known to all that the United States
own part OF the shares in the Louisville and Portland
Canal Company, and levy and collect tolls thereon-tha
these tolls heavy, and oppressive upon western
merce and that repeated applications have been made o
their suppression BY purchase OF the whole stock BY The
United States, and it's future management as public
work. Tree from private interests. and free from all tolls
for profit emolument These applications, often made
justice. now make further effort 10 accomplish their
object, mpelled 70 not only BY general considerations
in favor Of the whole West but by special app-
cable TO the commerce between ST. Louis and Louisville
and which, from the frequency Of the voyages betweeR
the two places, makes the toll fall with greatest weight
/ upon The 81. Louis boat
All know the general fact OF these tolls; their eppres-
sve effect the applications to Congress for their sup
pression and the failure OF these applications; but deem
due to the present OCCASION and the magnitude OF the
4 av IN fha onfa hpva ~
often heard and 10 reinforce the old applications by such
facts and reasons as time and experience enable me
The whole capital stock of the company million
OF dollars divided into 10000 shares oil 800 each OF
this stock the United States took 29O2 shares amounting
$233500 and up 10 January 1912 received in tolls
the sum OF 77sbeing 24 27s than the amount
invested the stock-the only instance perhaps, in
which the United States made money by going into
profit and loss operations, and in which the federal
government should be ashamed OF its profits.
In January, 1912, change took place in the manage
ment OF the stock Of the canal The individual stock
holders, pressed by the public cry for free canal under
took 10 make free BY process OF their own. They
obtained an act from the general assembly OF Kentucky
authorizing the payment OF dividends stockholders
cease, and all the net profits to be applied the pur-
chase OF stock be held in trust for the United States
until the whole of the individual stock should be pur,
chased when il should be transferred to the United
States, upon condition that she would collect higher
toll than should be necessary for the and manage
ment OF the canal The stock OF the United States was
included in this arrangement that dividends have
come into the public treasury since that time. This
change has been in operation since January iS42, and
the results at the last statement OF the affairs OF the
pany on the LIST oil January 1880, show 1850 shares TO
have been MISUNDERSTANDING but $50 shaies TO be
subsequently acquired. By Information just received
from gentlemen connected with the company learn that
400 shares will be purchased the ls day OF jan
uary s5lsaylng al that time but 1850 shares 10 be
acquired TO complete the extinction OF the private inter-
ests in the stock.
These The results. but on what terms obtained is
still 10 be sa,edfor il is not 10 be supposed that the in
diydua stockholders have given up their dividends with
out conditions and such has been the fact
The company made erms not with the United States but
with the company ITSELF and with the general assembly OF
Kentucky and these terms that the individual stock
holders in lieu OF dividends should receive per cent
erest, nine dollars the share annuaylhe share be-
ing valued $3.50 each Under this process share cost
$3.50 in January, 1913; in January, 1850, S2l3; and in
January, lo5l would cost S222 and increasing
nine dollars annually the share until the scheme
compished ITSELF which would probably be about the
year 1856.
The bill proposes TO pay $500 share for the remaining
individual stocksay $50 shares. after the fret day o
Jan AIRY. 1851 IL is high, but considerably below the
present cost and far below what il will he before the
purchase OF the stock will be completed under the present
plan lis high. but il the fault OF Congress that is
From the day Of the completion OF the canal the voice
OF the West has been unanimous for lis freedom Con-
gress was annually peoned TO exnguish the interest
OF private individuals and make the canal free II might
have been done on easy terms in the beginning bill
actually passed both houses Of Congress about fifteen
years ago 10 make the purchase IL during the ad
minstraon OF Gen. Jackson, who had urgently recon-
mended the measure But the bill was IN bad company
whether people or bills Il shared their fate, and was
vetoed among the rest-AagraDt proof OF the mischief Of
nco0guous coDunctons The result OF that loss OF the
measure has been the rise OF the stock from Silt to
$222 the share, with the certainly Of its rising 10 about
S263 IN i've years, depressing western commerce all the
while, as has been oppressed for eighteen years
with grevous tax.
| The toll is enormous-50 cents per ton, and upon all
boats whether ia keel steam. and in all conditions
whether empty or iu The enormity OF this tax can be
Judged from few plain data, applicable TO all boats
Thus the cost OF Ohio river steamboat, complete fol
running, about $50 per ton and the number OF times
that she pays fifty cents upon that $50 depends upon the
number OF times that she passes the canal This Is diff
ferent. according 10 the ports 10 which the boats may
trade Between St Lonis and Louisville most frequent
because the two main ports, making the round
trip every week between Cincinnati and 81 Louis next
doing the round trip in eight days then Pitsbug and 81
Louis next doing the trip in two weeks and then al
the Ohio boats above the canal, going to New Orleans
and making the trip and down on an average OF three
weeks 10 four. In this way OF the boais have
4 pay the tax twice week some twice in eightdays
others twice in weeks and others again twice in
three or four weeks. IL the boat only had TO pay Il
once, and went free the remainder OF her life, IT NIGH
do--there might be no great ground OF complaint Bu
such repet ton, so rapid and ncessant-twce week q
the shortest, and twice in three or four weeks al the
/ longe --and the aggregate becomes enormous.
Let us illustrate the operation OF this tax IN It's appca
ton TO single boai--one plying between st. LOUIS and
Louisville. and Of medium size, two hundred tons-ai-
though the size makes difference, the tax being on the
ton and the tonnage cost oil the boat the same A. Doa
OF this size will cost $40 o0o and, making the round trT
weekly, will pay $500 week. Suppose SIX weeks 70 be
lost by in the rivers, and ten eleven deducted o
passages Falls when the Ohio Is above the com
mon stage. and may have forty weeks In the year IN
tuh ~h IN tho fov his Ia hof roafn