Page:The Granite Monthly Volume 8.djvu/62

 48 The Middlesex Canal.

and locks, $14,115, making a sum port reads, "the real value of the

total of $83,797 to be paid from the property, at this moment, greatly

income of the Middlesex canal. exceeds the market value, and many

The constant demand for money years will not elapse before it will in excess of the incomes had proved be considered among the best of all demoralizing. Funds had been raised practicable monied investments. The from time to time by lotteries. In the Directors contemplate no further ex- Columbian "Ccntinel& Massachusetts tension of the canal. The zvork is Federalist" of Aug. 15, 1S04, appears do7ie., both the original and subsi- an advertisement of the Amoskeag diary canals. . . . Let the Canal Lottery, 6,000 tickets at $5, actual incomes of the canal be as with an enumeration of prizes. The great as they inay, so long as they committee, consisting of Phillips Pay- are consumed in payment of debts son, Samuel Swan, Jr., and Loammi and interest on loans, the aspect of Baldwin, Jr., appealed to the public the whole is that of embarrassment for support, assuring the subscribers and mortgage. The present rates of that all who did not draw prizes income, if continued, and there is would get the full value of their every rational prospect, not only of money in the reduced price of fuel. its continuance, but of its great and

In 1816 the Legislature of Massa- rapid increase, will enable the cor- chusetts granted the projorietors of poration — when relieved of its the canal, in consideration of its use- present liabilities, — at once to com- fulness to the public, two townships mence a series of certain, regular, of land in the district of Maine, near and satisfactory dividends." They Moosehead lake. This State aid, accordingly recommended a final as- however, proved of no immediate sessment of $80 per share, completely service, as purchasers could not be to extinguish all liabilities. This found for several j^ears for property assessment, the looth since the com- so I'emote. Appeals to capitalists, mencement, was levied in 181 7, lotteries, and State aid proved insuffi- making a sum total of $600,000, ex- cient ; the main burden fell upon the torted from the long-suffering stock- stockholders. In accordance with holders. If to this sum the interest the provisions of the charter, assess- of the various assessments be added, m^ts had been levied, as occasion computed to Feb. i, 1819, the date of required, up to 1816, 99 in number, the first dividend, the actual cost of amounting to $670 per share ; and each share is found to have been the corporation was still staggering $1,455.25.

under a debt of $64,000. Of course, The prosperity of the canal prop-

during all this time, no dividends erty now seemed fully assured,

could be declared. The first dividend, though only $15,

Under these unpromising condi- was the promise of golden showers

tions a committee, consistingofjosiah in the near future, and the stock

Quincy, Joseph Hall, and Joseph once more took an upward flight.

Coolidge, Jr., was appointed to devise From 1819 to 1836 were the palmy

the appropriate remedy. " In the days of the canal, unvexed with

opinion of vour committee," the re- debts, and subject to very moderate'

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