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I do not know that the Company would object to a proposal of this nature. It is asking that the stock subscribed in the shape of the lands donated by Congress, should be represented in the Board of Directors; a request which for the following reasons, appears to me but reasonable.
No such privilege is given, in express terms, to the Territory in the act of Congress making the grant, but from the nature and provisions of the act, may not such a privilege be inferred ?
The grant was made to aid the construction of a work of internal improvement for the benefit of the people of the present Territory, and of the future State. It was not made to the Canal Company for their particular benefit. By the present arrangement, of this object fully secured?
The act provides that the moneys'collected from the sales, or borrowed on the security of the lands, shall be applied under the direction of the Territorial Legislature, the entire right of location and construction, being in the hands of a company from which the Territory is excluded, can they be so applied without the consent of that company ?
The act expressly declares that the future State may become a stockholder. The Territory becomes a trustee, not for the Canal Company, but for the future state of Wisconsin.
Certain conditions are annexed to the act. In case the work is not completed within ten years, the future State becomes responsible to the United States for the money received from the lands. Is it not to be inferred from this that the Territory has some power to hasten the completion of the work ? Unless represented in the Board she has no such power; she may refuse to approve the contracts of the Company, but she cannot oblige the Company to make others. That is not to be considered a gift which is made on certain conditions the power to fulfil which is withheld.
Congress could not have intended to confer such unrestricted power of applying these funds on a few individuals, (the right of disapproving estimates has more the semblance than the reality of a restriction,) and not only this, but by applying them, the power of compelling the future State to advance more, or to forfeit to the United States those already advanced.
When, by their charter, the company were invested with these rights and privileges, it was presumable that the stock would be taken by the public at large, and that consequently public interest, would be represented in the Board. Now the case is widely differentthe stockholders are comparaiively limited in number; the majority of the stock is held by a single individual; the principal expense is "paid by the Territory; and there is no security, that in the construction of the work, the public interest will be exclusively consulted.
On these considerations, I should think that the Territory was entitled to a participation in the privileges of the Company. I do not mean to say that these privileges have been, or are likely to be, abused in the hands that now exclusively possess them; but that public confidence and support cannot be expected to lavor the Canal under the present circumstances.
To yourself and to other friends of the improvement, some other and better remedy may suggest itself'; I have thought it a duty to state the objections to the present system, being convinced that under it, the undertaking, if it does not altogether fail, will require a very extended time for completion.
The work required on the whole line is of the lightest character, and for facilities of construction, the canal ranks among the most feasible in the United States. It is nece
ecessary, however, in a new country where the resources are limited, to unite in its favor the cordial support of all parties and husbanding the limited means to apply them with the most judicious economy. All of which is respectfully submitted.
THOMAS L. OGDEN, Jr.
Territorial Chief Engineer. MILWAUKEE, November 24th, 1841.
REPORT OF THE TERRITORIAL TREASURER. To the Hon. Legislatire Assembly:
In compliance with the act to provide for the appointment of, and defining the duties of the territorial Treasurer, I herewith submit the following report.
It will be perceived by the report that a part of the duties have been performed since the fourth of September last, at which date the Governor of the Territory declared by proclamation that my acts were void; alleging that I had not complied with the statute before entering upon the duties of
office. As an act of justice to myself and the public, I most respectfully ask that your Honorable body will make a thorough and full investigation of the matter, and report the facts as they exist. Very respectfully,
R. L. REAM, Treasurer of the Territory of Wisconsin. Madison, December 13, 1841.
Territory of Wisconsin,
cts $ cts 1840. To amount paid by the treasurer on Auditor's Dec. 16. warrants and appropriations (including the
amount remitted to Crawford, Grant and lo-
2613 96 To amount paid on auditor's warrants and appropria
tions, as follows, to wit:
Jan. 6. To amount paid R. L. Ream, salary as trea
surer and postage, to Jan. 1, 1811, 36 00
bing accounts of auditor and treasurer into
150 00 July 21 To amount paid Walworth co. for territorial bond, (cancelled)
51 50 Sept. 10 To amount paid Wm. R. Smith, expenses of Adj't. Gen'ls. office, (1841.)
-1302 22 To amount overpaid R. L. Ream, $ 9 89
overdrawn Crawford co. 13 38
4221 51 To balance due Grant county, audited and not paid, 306 95 “ amount due R. L. Ream, for postage, for the
3 93 To amount due R. L. Ream for salary as
treasurer, 11 months, from 1st Jan. 1841, 57 50
To amount paid C. C. Sholes for printing bonds, advertising, &c.
78 50 To amount paid J. A. Noonan, balance salary as auditor,
13 57 To amount paid by act for completing the capitol,
Territory of Wisconsin,
$ cts. $ cts. 1840. By total amount due the Territory from the Dec. 16. several counties except the counties of Rock
and Crawford, for the year 1840,) from the
county, for the year 1840, as per
-4783 14 By amount due from the following named counties
as per returns on file, for the year 1841, to wit: Aug. 2. By amount returned due from Green Co. as per returns,