| THE STATE IN THE MARYLAND ECONOMY, _ 1776-1807 125
limits of Pens will depend. Unless this is permitted the opening
undertaken within the limits of Maryland will be of little account.
It is luck that both parties are so dependent on each other as to
be thus mutually forced into measures of public utility.la8
Maryland, finally agreeing to the project on just such terms as
Madison had outlined thirteen years before, in 1799 incorpor-
ated The Chesapeake and Delaware Canal Company to make
the cut 'BB In most respects the charter was similar to that of the
Potomac Company except that the original capital was to be
$500,000, any net profits over thirty per cent were to be divid-
ed equally between Delaware and Maryland, and there was no
provision for Maryland state investment in the company.ls9
The Pennsylvania and Delaware incorporaton acts were not
passed until 1801, and it was not until May 1803 that suffi-
cient shares had been subscribed to permit the organization
of the company. True to their interest, Baltimoreans had not
bought a single share of stock in the company although 256
shares were sold elsewhere in the state .170 The Elk River route
was decided upon and work began in 1804. By 1805 the com-
pany was in serious trouble. No work had been done on the
main channel and the shareholders had refused to pay on their
subscriptions. The company turned to the chartering states,
but not even Pennsylvania seemed to be interested. In vain
it petitioned Congress for aid, referring to the canal as the
first internal improvement of national interest. The work
dragged on until 1829'7' when the whole canal was finished.
One of the main reasons for this long delay was the absence
of any state assistance (except the incorporation itself) such
as the Susquehanna and Potomac projects had received.
Two other companies to improve inland navigation which
were incorporated in this period were concerned with projects
of a local or county interest. One, the Pocomoke Company,
incorporated in 1796 to extend the navigation of the Poco-
moke River from Snow Hill to the Delaware line, had a capi-
tal of $11,000. It was given the right- to raise snore money by
187 Davis, 11, 136.
$9 See above.
10. Md. Sess., 1799 c. 16.
'°° Out of a possible 2,500 shares. Livingood, p. 87.
'711bid., p. 86, Scharf, Maryland, II, 524.
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