| 518 Documents
the latter to give Security and to settle the Annual Divid. These Trustees
to meet alternately at A and G on the first in Every Month or
oftner, as they shall deem necessary, not fewer than ; to make a Coun-
nrittee, subject to no other allowance than a moderate Expence at Each
Meeting, these Trustees to give an Acct. of the State of the Undertaking
at a General Meeting whenever called upon by 12 Subscribers, and at the
Annual General Meeting which shall be held at on Day
of
No person shall be intitled to vote at the Election of Trustees or
Direct. unless possessed of 3 Shares, nor shall any Trustee act as such
unless possessed of ; Shares.
That a Dividend be made if possible twice a year and notice of the
Time and Rate be given in the papers, and to be made at no Expence to
the Subscribers Except that of sending to Receive it.
That at Every General Meeting Except for the Election of Trustees,
Ever- Subscriber indiscriminately has a Liberty of Voting. Onacre:
Whether it is necessary that Every Subscriber should be allowed as many
Votes as Shares? I know of no instances of the Kind in England.
That if the Interest arising from the Tolls as first fixed in an Equitable
and proportionate Degree, should amount to more than a Dividend of 12
or suppose 15 p Ct. then it may be in the power of the Trustees (to prevent
any Suspicion of Extortion or Monopoly,) to reduce the Rate of Toll, so
as Reserving an Adequate Supply for Accidental Repairs, the Dividend
may continue at such stated Rate.
[Endorsement:] Heads of an Act for opening the navigation of the
River Potomac.
[The next document is a schedule, in Washington's handwriting.
of Ballendine's proposed toll-rates, embracing both Potomac and
James. These rates may have been used in preparing the tables
which accompany- the acts of 1784 for incorporating the Potomac and
James River companies; Herring, Xl. 456, 517, 518. Washington's
comments on those acts, no. xlli., post, are written on the same sheet
as this schedule, not here printed.]
IX. ESTIMATE OF EXPENSE, JAMES RIVER.
_-3n Estimate of the expcuse ire rcinoving the obstntctions us James River.
and for extending the Navigation about zoo Miles above the Fall S.40
£ Virg C'y
From the tide Water at Richmond up to Westham is about 6
miles, in this distance there is 73 feet fall, which will re-
quire 7 Locks, estimated at i 8oo stg each 56oo
4o The date of this estimate is uncertain, but judging from Washington's
remark to Thomas Jefferson, in his letter of Mar. 29, 1784, it would seem
to be
about 1774: "To get this business [navigation of Potomac River] in motion. I
was obliged even upon that ground to comprehend James River, in order to
remove the jealousies, which arose from the attempt to extend the
navigation of
the Potomac." Sparks. IX. 3o. The manuscript affords an unusually good ex-
ample of Washington's most characteristic style of handwriting.
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