Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-08-14
STEAMBOAT CANAL AROUND THE FALLS OF THI
OHIO RIVER

STEAMBOAT CANAL AROUND THE FALLS OF THE
OHIO RIVER
HOUSE OF REPRESENTATIVES,, AuGusr 2 1852.
Mr.. BENJAMIN STANTON of Ohio, from the
Committee on Roads and Canals, reported a bill to
provide for the construction of Steamboat Canal
around the falls of the Ohio ryer,N the Indiana
side, for the enlargement of the louisville and
Portland Canal and for the xtingui6Amqt ~ 49,
and Portland Canal Company, accompanied by a
written report The bill was read first and second
time committed to the Committee of the Whole
House on the state of the Unien, and the bill and
report ordered to be printed
The following is the report by the committee:
REPORT.
The Committee on Roads and Canals to whom
ferred sundry petitions memorials and bills for the i'm
of the navigation of the at the Falls
beg leave to report:
That your committee in reporting the subject which
has referred their investigation feel encouraged
to find that they have not to develop explain new
project to grope through the uncertainties and specn-
latons of theory to enforce its Importance. The
object prayed for in the petitions is which has been
prominent in the deliberations of Congress for many years.
and all who interested in the of the cosn-
try are familiar with the grievance Your committee,
therefore, in with the petitioners feel the i'm
porance of granting relief from the tax imposed
upon the trade of the Ohio river by the canal company at
passing the falls of the Ohio. evidence were wanting
prove the great national Importance of ready and
free passage around the falls it is abundany furnished
to the committee in the shape of legislative instructions
from State Legislatures memorials from the chambers OF
of large cities resolutions of public meetings
at various points, petitions from steamboat owners and
captains, and from merchants and private individuals
from points the compass These from Pittsburgh
Philadelphia, Baltimore, New Orleans st. Louis Louis
vile, and Cincinnati embracing it is believed the public
sentiment of least twenty States of the Union whose
n7 ALL MOI or lpeeip in cub
The general interest thus expressed is in accordance
with the great extent of country dependant the cheap
and speedy transportation of the of the valley
of the Mssssipp region which longer frontier,
but may with proprety be denomnated the heart of
the Union and its great leading artery the Ohio and Mis-
sissppi rivers which, with their tributaries, drain dis
rct extending from the 29h the 46h degree Of north
latitude, and from the Allegheny to the Rocky mountains
forming unequaled body Of embracing
than twelve hundred thousand square miles Of territory
This vast region being intimately connected in its
with the East and the West the North and the
South every portion of the Union is affected by the OBJ
sructions which in the leading arteries and in
terrupon to in the Ohio river is felt through
the pusaton Of the whole system. Your committee do
not deem necessary in this report estimate in detail
the and Of this great valley, or to
prophecy its future destiny They will briefly give few
connected with the statistics of the commerce
of the Ohio valley and trust that these with other fami
liar and important facts, which have frequently been
placed before the public, win be sufficient to warrant
favorable action by this Congress the proposed
gard the Allegheny its source, and fix its highest
vgable point in the State Of New York. the borders
Of Lake Erie
From this point we have navigable the juno
ton with the Mississippi river washing in its course the
BORDERS of the States Of New York. Pennsylvania Ohio,
Virginia. Kentucky Indiana, Tennessee and Illinois, with
gentle descent of average fall of less than six inches
the mile in the Ohio and not than tweny-four
inches TO the mile in Allegheny. No serious impediment
to navigation which could not be removed without much
expense occurs until in descending the Ohio the navga
tor is areted at the falls which present the great natural
impediment the navigation Of the river, except during
the periodical foods which in the spring and fall
This obstruction is formed by the projection of bed Of
limestone rock entirely the stream causing fall
of twentysx feet in distance of two miles, thus present.
ing dangerous rapids which are impossible except in high
stages of water.
These rapids wore formerly avoided by laborous and
expensive portage extending from Louisville TO Shipping
port distance of two and half miles To avoid this
portage the Louisville and Portland Canal construct
ed having been commenced in 1926 and completed in
1881. This work, which begun in the infancy Of
Western commerce. intended a benefit TO the peo
pie Of the West but has signay failed in accomplish
ing the purpose for which it constructed and the
Of the river has long since ougown the contracted
dimensions of which suited to the naviga
ton Of 1926 but unsued the large size Of vessels and
immense commerce Of the present day.
Your committee viii here remark that the original
charter of the Louisville and Portland Canal Company
authorized capital Of six hundred thousand dollars the
General Government becoming stockholder for one hun
dred thousand dollars by subscription in July 1926 In
1929 the Secretary of the Treasury authorized to sub
scribe for thirteen hundred and thrtyfve additional
shares of hundred dollars EACH which made the total
investment of the United States two hundred and thirty
three thousand FIVE hundred dollars These two subscrp
ons compose the whole of the cash investment made by
the United States in the stock of the company.
In December, 1881, the company procured an amend
mcn TO their charter authorizing extension Of their
capital to 81 100000 with power to sell the additional
$400 600 of stock, many shares at 800 each
would complete the canal and discharge the debts Of the
company By this arrangement interest allowed the
stockholders for their investment during the unproduc
tive period Of the canal and stock created in which
the Government received 567 shares 500 700 making
the investments with interest $290,0 900.
In january, 1884, the regular semannual dividends
commenced which continued until 1840 when the whole
amount Of dividends to the United States amounted TO
1885, $780, leaving at that time balance be redeemed of
the original investment Of only 1886 664. During this
PERIOD from 1884 until 1S40 the annual nett dividend
of the company ncverless than per cent per annum
and for portion Of the time il from IL to is per
per annum
In 1912 another amendment was obtained in the Legs-
lature of Kentucky authorizing the president and direc
of the company the acceptance and direction
the stockholders and their authorization appropriate
the nett income in purchase Of the private stock under
certain regulations, giving thirty days notice
This amendment adopted by the company in july
1872 and mode Of pro rata purchase Mt the maximum
price provided proportionate to each stockholder
holding than FIVE shares Under this regulation the
dividends annually due the United States absorb
ed by purchase Of stock which will be found stated the
following table, commencing with lS43 and closing 1862
Shares. Dollars.
In s4s from income Of s42, III at $50 per
1874 do 1s43, 54t ls9 do se,49e