Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1870-02-28

of baltimore whenever any object is sought to
he attained in favor tf that piece in regard to
the government Of the canal, hiss teen - a.
aust3mcd to speak OF the immense amount OF
mono, which the STATE ut Nlary!anu expended
il it, construction, that many we're led to con.
Glide we were deriving great tcneflts from the
work with out having expended upon it a single
dollar. A Letter from ". W. Corcoran to the
Governor of Maryland, in reference to thePretcr.
red Bonds of the chesapeake and ONO Cana
Company, ";clearIv disproves the assumptions
OF those Journals There is no disputing tho
fact that Maryland invested much money IN
the undertaking but it is equally trus, that,
but for the timely aid afforded by our public
snirited townsmau, Mr.. Corcoran, it might re-
main unfinished even until now. rs the sole
survivor of the original trustees, he calls the
Governors attention to the fact that, when the
canal was completed only to Dam No. G, about
ftty miles short Of its destination to the Cum
bcrIand coal fields, and when Maryland, Viz
einia, and the United States had, long before
June G, 1913, the period when he SO opportune-
" aided the work, Abandoned it al utterly
BANKRUPT, the Chiel Engineer having stated
that $4,000 600 more would be required to
complete it, the then banking firm Of Corcoran
& Riggs was instrumental in dlspOslug OF bonds
to the amount of 81, 100, 600, much OF which
were taken BY this house and by residents Of
| the District, through Mr.. Corcoran' s eXertlons,
notwithstanding many competent Judges, even
among the friends OF the enterprise had begun
to question whether the anticpations OF the
! value of the canal, when il should reach the
coal fields, would ever be realized. Holders OF
the preferred bonds in this locality have good
reason to know that the guarantees then made
have not been observed, although the alacrlty
with which they subscribed their money merit
| ed prompt returns.
! Nlr. Corcoran calls the attention OF Governor
| Bowie to the subject, saying that, in 1914, the
| Legislature waived its rights to the tolls, rev
cnucs, and franchises of the canal in favor OF
any. parties who would advance the sum neces-
sary to com plctc the work that on July ~,
| lS4j, a guaranteed tonnage oi $4,000 tors 4
wear for five years, commencing SIX months
alter the completion of the canal, received the
approval OF the Governor and STATE agents, the
tolls having been fixed at s. per ion Tor coal,
which would have secured 4 revenue oil SID
900 per annnm, had the guarantees been eoi1r-
cei but the tolls were reduced III 1851, tn the
| great injury OF the bondhollerN, whose inter-
cSts ard rights had hccu already so seriously
| dsrcsardeu by the failure TO make good the
| guarantees OF l9j 900 tons year Tar transpor-
ta'lol; olhct t'len t'!c 'o:'h ,,asI r, homaht
cd anu rGuucid wafer rITntS 'Ias'uliIu uou'
ana condemned d; inc fesluen' of to,
"tiout Any rtSaly W my l.,1, I;ra,t;n, tIo
trustees or po"uhoeLs, ,II[S untti no law ~
reVe"u' rom '' ucI!a:eu G , W. ~ tr.
1914 ana N utter VioA.on q .I,a pc,u =.
wh'c expressly dcdlS't:n All '.' az
after Keeping tic canal III ot''' ."a mr' -, ~
othet necessary sSpe err,I II hon .i SIr' Cor
oT - ~ ,hn :,,;sh md n,,norcss.rv cy-
,n IL ill., rIarlo q! D;rcc.ors and iJf
r;hi,. .,i1s th,i Ihc can.l ha: icr many ycars
5IY ""I ' 's ~ 'L Inv v' IKE,
".ri - j.. h,f j!err.i; and The claim; 81
creditors ., the rrra, wori: Tor ,noir Just dues
IT., says-that ii!ny have IA uEGlleStlOnab'c