| '7io Documcnts
No Subscription shall be taken for more than Shares nor
less than I/q of a Share.
The Subscribers to be incorporated by Acts of the Virg'a and
Xfaryl'd Legislatures by name of the Potowmack Company with an
Exclusive right to them, their Heirs, assigns etc. to all the Water they
may think propper to collect in their Canals and the Lands through
which the same may run shall be condetnned for the use and that they
shall have power to Levy on all Boats Rafts etc. Passing thru their
Cannals a Toll not exceeding pr Ton.
The Proprietors shall meet on the Day of next at Alex-
andria and on the same day Annually and then Elect by a Majority of
Votes a Governour and Directors a Treasurer Secretary for
the year.
The Governour with a Majority of Directors sliall have Power to
make Contracts fix the price of Wages and Employ such Persons to
direct and Oversee the Work as they shall find necessary and Draw
on the Treasurer for Money.
The Treasurer sliall give Security for discharge of Trust.
The Company to be impotl-red by the Legislature of the Two States
to Emit and Circulate a Sum not exceeding Sixty thousand Dollars
which shall pass and he received in payment of Taxes and Public dues
until the year when the sum sliall be called in and paid off by
the Compy.
Each Subscriber sliall pay into the Hands of the Treasurer such
parts of his share and at such times as the Governour and Directors
shall order.
The Holder or Holders of each share shall only have a Vote in the
Proceedings and May Vote by Proxy Authorized under the Hand and
Seal and Lodged with the Secretary Previous to receiving such Votes.
The Secratary shall attend the Meetings of the Proprietors and of
the Governour and Directors and keep a fair Record of all their Pro-
ceedings and Lay- the Same before the meetings of the Proprietors.
P. S. The above Estimate is made upon a supposition that 150,000
dolls. is component for the work. It exceeds the Sutn mentioned in
the Returns of C. Beatty and myself to the assembly of this State.4
but the manner in which we were obligee( to make the Survey rendered
much of the Value of the Business to be done Guess Work. -
%III. WASHINGTON'S COMMENTS ON THE ACTS OF I7HQ.~
t. Norfolk. 2. Why so short.
3. Why not meet at the Expiration of the term the Books are kept
open-the Subsr. then being all together can determine with less
of time what is proper done under present Circumstances.
'In the spring of 1783 Bruce and Beatty had been appointed by the Maryland
Assembly commissioners to examine the Potmnac River and make an estimate
of the cost of making it navigable. In view of the fact that their report
is not
to be found, this document is of particular value. See The Potomac Prate to
the West, p. ta¢.
' These observations are found on the back of the sheet bearing Ballendine's
rates of 1992; see this Review, XXV1fI. $i8. They are in Washington's hand-
writing and are obviously his comments on the draft of the acts for opening
the
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