Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-07-29

State of Louisiana. Those eight counties
had a population in 1910 of fifty-four
thousand; in 1870 of one hundred and six
thousand. On the harbor of Chicago,
which is the gateway to the Northwest,
the home of millions, they Goled out APP
preparations amounting to S2l7, 900. On
the harbor at Milwaukee they appropria
ted in 1914, $4,000 Eight years later
they resumed the work. apparently with
the determination Of completing it. Eff
teen thousand dollars were appropriated
that wear. The wear following they appro-
priated the municent sum OF Sl6,S94, and
then rested from that labor. Congress
voted other appropriations for similar
works, which encountered the Executive
veto: and Democratic Representatives,,
finding they must disobey either President
or people, decided to disobey the latter
and obey the former.
TIE LOUISVILLE CANAL.
/ 4 great natural highway the Ohio river,
along which is poured commerce of in
| calculable value, was obstructed by rap
id near Louisville. The interests of that
commerce required Il canal to be built
around those rapids. Congress did not
assume that duty. nor even let it alone
| he state OF htulutkN CiLlI tciC COA N NOII
panv to construct that canal and to toll the
commerce of the Ohio. The United States
aspired to the dignity of a stockholder in
that company and achieved IL The Gov
eminent took and paid for 1902 shares,
at one hundred dollars each. Private
parties took 7,09S shares. The canal was
! built. the tolls were fixed, commerce bed,
and the company's treasury I'll ed. The
revenues were SO large it seemed Il pity
the Government should share them. But
rs Il stockholder. the Government was
entitled to nearly one-third of the net
revenues The Government was not rep
} resented in the management OF the COM
panv. That was governed by five direc-
tors. each of whom was >tockholder.
i Those directors concluded they could
make a better Use of the revenues than tC
divide them with the Government. IC
that end they resolved the canal ought to
: be made free. In order that it might be
= come free it was resolved that the net
? revenues should be applied to the purchase
r of the private stock Having found !
/ market for the stock. there was nothing
left but to fix the price of it. That was
, modestlv set 10y the directors at only fifty
D per cent. premium.
i Kentucky sanctioned the arrangement
a the United States Was not consulted. Bu
it was evident that if the earnings whicl
n belonged to the United States We're appro
r priated to purchase private stock, tho
i United States would soon own majority
e of the stock. To avoid such a catastrophe
Kentucky required the directors to pay fo
n the stock with Government funds, but t,
/; have the stock transferred to the directors
J. who should hold it in trust for the Unite,
40 9tl n
It Kentucky required.
e In pursuance of these directions, tn
Q directors proceeded to apply the surplu
/. earnings to the purchase of the privat
e stock. Between 1872 and 1870 they pai
e for such stock, of the par value of 500
IF 500. the sum of S1.1O9,262. Then tn
d directors admitted they had receive
: enough. and notified the Secretary of tn
/ Treasury they We're ready TO transfer til
/ canal to the custody of the &" General Gov
: ernment so soon rs the Department ma
Q be prepared to receive it. But 1t hal
le Dened that at that time the Secretary Wa
% also a Kentuckian. He evidently felt ths
I'd he could take some liberties with h
friends He accordingly replied til;
i Congress had not authorized the accep
t ance, but requested the president an
directors each to retain one share, QC
elioibilitv) and to MANAGE it under ii
charter until authority might by law
DC conferred on theDepartment to receive it
e. The president and directors very prompt
st, acccded to this request. 1t should be II
:" ticcd that the conduct of the Sccrctal
y exhibits an instance of Difference to legi
I'll lative authority on the part Of Il high e
re ecutive officer which is believed TO
III quite unique He could not feel free
" take charge of the canal himself becau
Se Congress had not told him to do so: q
~ cordingIg h Gate 1t to his trjends Su
lie exhibitions of scrupulous regard for Il
III limits of jurisdiction are seldom witnesse
us 1t is gratifying to know that this one w
W duly rewarded When the distinguish
re Secretary retired from the Treasury
'e, rus made president Of Tie ca11al comp
,li III ny. o..
M Of the subsequent management, it
lul only necessary to state that the directC
III at once reduced the rate of tolls fifty ?
DIV cent. But as the canal was only t'
IL miles long. and there were only five
rectors. they could manage to spend
5Gt their own salaries and that of their assi
IL ants but S440l2 per annum. to which til
aS added 81, 900 for contingencies; CON
TO- auentlv the revenues accumulated in |
eu' treasury of the company. TO make Il
IN money useful. the directors organic
not themselves into Il savings bank, and th
l the canal company deposited their surp
leo with the banking company If the lat
M received as much for the use of the re-
ote nues as the former did for collecting, Il
at ourht to have been content. But avar
ut rarely is content. This anomalous c
to poration, with one body, one head,
ase two faces. was not content. When it V
ascertained how profitable they CO..
ION make money derived from the work Il
the did not own, they desired TO get m
Giio money.
d a They hit upon the eNpedient of hypo
OF ecatin9 the canal and raising money I'm
ana pretence of enlarging it. In 1860 {
ap- Dress authorized the directors, with
lty- revenues and credits of the company,
enlarge the said canal" Under that
as the company mortgaged the work for SC
ons two millions of dollars; and it is not
en- known whether the Government vii
OF able to recover it or not.
the
and OTHER SPECIMENS OF DEMOCRATIC RI
red That party did not overturn our L
he'd system. Notwithstanding it was a V
GOOD one During the year 1871 the
ond fem was much improved; that must
It OF confessed. But the Democratic party
one not in power that year. We ought
'tat- gratefully to remember that the grant
tges land made for educational purposes W
last not repealed. The fact furnishes a st
ms n ing illustration of sparlng mercy But
ital, nhenomenon is not difficult to -expl
our Such grants were made only to States
ions which the lands were. Such lands v
pop found for the most part only in new Sta
the The new States were very unanimo
In Democratic in politics. The State rec
arly inc the grants could alone admin
the them, and the party seems to have felt
UNI fident that grants SO administered W.
the not promote the cause of education n