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General Court. Act to confirm the Vt. Act on Conn. River navigation improvement, 1826 [version 1]
SEE ALSO 51752, 51778 An act to confirm an act of the ... State of Vermont ... to provide for improving the navigation of the valley of the
Connecticut River, 1826 version 1. Vermont passed their act on November 9, 1825. The Connecticut River above Hartford had shoals, rapids, and other
impediments to navigation. It was a recognized economic benefit to improve things. When Massachusetts, New Hampshire, and Connecticut assented to and
confirmed this act, three Commissioners would be appointed from each State to form a Commission. Each member would be able to act for his State, would be
paid, and could not hold stock in any associated enterprise. The Commission would set up subscription books in each state, aiming to sell shares at
$100 each to achieve at least $1 million, but would prefer $1.5 million. When $500,000 had been amassed, the Connecticut River Company would be
incorporated, with the usual powers and duties of a corporation. The subscribers, with one vote per share, would elect between five to thirteen directors to
manage the company, with the directors electing their president. This group could hire and fire, select and design projects, acquire land, build
locks, dams, etc., working with the multi-State Commission. The directors had authority to do takings, if necessary, always with compensation. They
could assess stockholders for more money if absolutely necessary or sell more stock. When shares were sold by owners, only whole shares could be sold.
Other companies had been formed in the valley for various purposes, but it was essential to have one authority managing the river, so the directors
were given a formula for purchasing or taking other companies, their stock and facilities. There was a one page list of locations and allowable tolls as
facilities were completed; certain circumstances allowed higher tolls, but other situations required lowering the tolls. If the corporation could not
make expenses and 6% for shareholders, tolls could be raised a little. A goal was to set aside $50,000 from revenue to fund unforeseen expenses.
Another goal was to have a dividend of 10% annually for shareholders. If the enterprise made more than enough money, then tolls could be reduced and/or
money saved for a rainy day. The entire system had be built wide enough for two boats to pass each other and the water depth kept at no less than 3'
in the summer. The directors were to keep the facilities in good repair and there were directions as to how to charge tolls during difficulties. The
directors were to endeavor to get everything done or at least well along within five years. On P. 35, the General Court of Massachusetts assented and
confirmed the Act, but asked to hold the cost of carriage to $2 per ton per 100 miles of travel. (Digitized from a microfilm copy of title originally
held by the Massachusetts State Library).
Title:   In the year of our Lord one thousand eight hundred and twenty-six. : An act, to confirm an act of the General Assembly of the state of Vermont, entitled "An Act to provide for improving the navigation in the valley of Connecticut River.
OCLC Number:   1365386377
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo