Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-08-13
LANCASTER WISCONSIN, THURSDAY AUGUST IS, 1874

United States, but vote on 1T as The
legislation of Kentucky required.
| In pursuance of these directions
the directors proceeded to apply the
surplus earnings to the purchase Of
the private stock. Between 1842
and 1855 they paid for such stock, o.
the par value of 500, 800, the sum Of
S1,709,2 1862. Then the directors ad-
mitted they had received enough
and notified the Secretary of the
Treasury they were ready to trans
fer the canal to the custody Of the
General Government so soon as the
Department may 30 prepared to re-
ceive it," BG a@ppened that at
that time the Secretary vas also a
Kentuckian. He evidently felt that
he could take some liberties with his
friends. He accordingly replied tina
Congress had not authorized the &C
ceptance, "but requested the presi-
dent and directors each to retain one
share, (for eligibility and to man.
age it under the charter until author
ity might by law be conferred on
the Department. to receive it," The
president and directors very prompt
ly acceded to that request. 1t
should be noticed that the conduct
of the Secretary exhibits an instance
of Difference to legislative authority
on the part Of q high executive Off
Ger which is believed to be quite un-
ique. He could not feel free to take
charge of the canal himself, because
Congress had not told him to do so !;
accordingly he gaze it to his friends.
Such exhibitions OF scrupulous re-
gard for the limits of jurisdiction are
seldom witnessed. 1t is gratifying
to know that this one was duly re-
warded. When the distinguished
Secretary retired from the Treas
ury he ,oaS made president Of the ca
nal company,
OF the subsequent management, it
is only necessary to state that the
directors at once reduced the rate of
tolls fifty per cent. But as the ca
nal was only two miles long, and
there were only five directors, they
could manage TO spend for their own
salaries and that of their assistants
but S44,012 per annum, to which
they added 1921 for contingencies;
consequently the revenues accumu-
lated in the treasury OF the compa-
ny. To make that company useful,
the directors organized themselves
into savings bank, and then the
canal company deposited their sur
plus with the banking company. If
the latter received as much for the
use of the revenues as the former
did for collecting, they ought to
have been content. But avarice
rarely is content. This anomalous
corporation, with one body, one
head, but two faces, was not content.
When it was ascertained how profit
able they could make money derived
from the work they did not own,
they desired to get more money.
They hit upon the expedient of
hypotbecating the canal and raising
money under pretense of charging
it. In 1860 Congress authorized the
directors, with the revenues and
credits of the company, to enlarge
the said canal' Under that act the
company mortgaged the work for
some two millions of dollars and it
is not yet known whether the Gov
eminent will be able to recover it
or not.
OTHER SPECIMENS OF DEMOCRATIC
RULE.
That party did not overturn our
land system, Notwithstanding it was
very good one. During the year
1871 the system was much improved;
that must be confessed. But the
Democratic party was not in power
that year. We ought also gratefully
to remember that the grants OF land
made for educational purposes were
not repealed. The fact furnishes a
ing illust q ion of sparing mels
cy. But the phenomenon is not
difficult to explain. Such grants
were made only to States in which
the lands were. Such lands were
found for the most part only in new
States. The new States were very
unanimously Democratic in politics.
The States receiving the grants
could alone administer them, and the
party seems to have felt confident
that grants so administered would
not promote the cause of education
more than grants of money had pro-
NOTED the cause of commerce. All
who are familiar with the earl y ex-
periences of the school funds in the
Southern and some of the Western
States, will need no other assurance
that that confidence was not mis-
placed
The Capitol was not transplanted.
But when the Democratic party re-
tired from control, in 1861, scarcely
a building belonging to the Govern
mont was finished. Perhaps, how
ever, the party would have avoided
that cause OF reproach II they had
earlier formed the design of transfer
ring those bui dings to the use of an
other government.
Armies were then maintained.
Their ranks were thin, but they
were sumptuously officered-officer-
ed far too largely by those who had
been educated in evory soldierly
grace save that of allegiance.
A navy was suffered to exist. But
as it was found little too loyal to
desert it's flag, and little too gal
laot to surrender it, when the hour
of national peril arrived, that navy
was scattered in remote seas.
Do-NoTHING POLICY.
The Presidents of those halt'for-
gotten years were as diligent. by an
nual and SPECIAL messages, to explain
why the Federal Government could
do nothing, as the Congresses were
to do nothing. Like the two uroth'