| THE STATE IN THE MARYLAND ECONOMY, 1776-1807 123
stock.i68 In 1797 the company reported to the General Assem-
bly that all the obstructions from the Savage River to tidewa-
ter had been removed except those at Great Falls. In order
to facilitate transportation of goods over the Great Falls (un-
til the locks could be completed), the company had constructed
an " inclined plain " (with pulleys) to lift articles over the
obstructions. The company petitioned the Assembly, saying
that since those using the river reaped great benefit from this,
the labors and expenses of the company ought to be recom-
pensed by allowing it to collect tolls at Great Falls. This the
Assembly granted 167
In 1798 when neither private indivduals nor the two states
could be prevailed upon to subscribe for new shares, the com-
pany borrowed $6,000 from the Banks of Columbia (in what
is now the District of Columbia) and Alexandria, with col-
lateral of public debt stock loaned from George Washington
and Daniel Carroll. The new tolls granted in 1797 were of
great help to the company in constructing the locks at Great
Falls.158 By 1799 the Maryland legislature had been persuaded
by persistent-lobbyists to aid the company once again by sub-
scribing to £13,000 worth of new stock."'
Finally with this aid the company was able in 1801 to de-
clare the locks at Great Falls complete and the navigation of
the Potomac open to full tolls.ie° In 1815 a report on the com-
pany to the Virgina House of Delegates stated that about 338
miles of the river had been made navigable at a cost of about
$500,000 and that Maryland and Virginia had furnished more
than half the capital. Except for one dividend of $5.50 per
share in 1802, the toll revenues had been consumed in main-
tenance, operating expenses, and futile attempts to complete
the navigation system as stipulated by the charter.'" By the
1820's the company was persuaded that no amount of money
lse A. Md.' Gax., Nov. 24, 1796, p. 2, and reply of legislature Nov. 31,
1796, p. 2.
157 Md. Se.., 1797 c. 92.
"'Davis, 11, 134.
lag Md. Sess, 1782 Resolutions. Davis, 11, 135 says that a loan teas
grunted to
the company the same year but there are no records of it in the financial-
state-
ments in the Votes and Proceedings of the House of Delegates of Maryland .
. .
1777-1807 (Annapolis, by session) in the following years.
'°° Davis, 11, 135, Md Sess, 1802 c. 84.
'°' Davis, II, 135. . ,
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