The Correspondence of Thomas Jefferson
By Subject
VIRGINIA ACT
I have read with attention the papers on the subject of the canal of
the Santee and Cooper rivers, and shall be glad to do anything I can
to promote it. But I confess I have small expectations for the
following reason: General Washington sent me a copy of the Virginia
act for opening the Potomac. As that canal was to unite the commerce
of the whole western country almost, with the eastern, it presented a
great view. The General detailed the advantages of it, and it had the
weight of his name, and was known to be under his immediate direction.
It was pushed here among the monied men to obtain subscriptions, but
not a single one could be obtained. The stockjobbing in this city
offered greater advantages than to buy shares in the canal. I tried
whether they would lend money on the security of the canal, but they
answered they could get as good an interest by lending to their own
government, with a douceur in the outset, and would have their money
under their own eye, more at their command, and more sure as to the
payment of interest. However, if you find any opening, and can point
out to me how I may be useful in promoting it, I shall do it with
infinite pleasure.
to Monsieur Terrasson, 7 May 1788
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