Wiccasee locks and canals $12,000; Union locks and canals, $49,932; Hookset canal, $6,750; Bow canal and locks, $14,115; making a sum total of $82,797 to be paid from the income of the Middlesex canal
The constant demand for money in excess of the incomes had proved demoralizing.
Funds had been raised from time to time by lotteries.
In the ‘Columbian Centinel and Massachusetts
Federalist’ of Aug. 15, 1804, appears an advertisement of the Amoskeag Canal
Lottery, 6,000 tickets at $5, with an enumeration of prizes.
The committee, consisting of Phillips Payson
, Samuel Swan, Jr.
, and Loammi Baldwin, Jr.
, appealed to the public for support, assuring the subscribers that all who did not draw prizes would get the full value of their money in the reduced price of fuel.
In 1816 the Legislature of Massachusetts granted the proprietors of the canal, in consideration of its usefulness to the public, two townships of land in the district of Maine, near Moosehead lake
This State aid, however, proved of no immediate service, as purchasers could not be found for several years for property so remote.
Appeals to capitalists, lotteries, and State aid proved insufficient; the main burden fell upon the stockholders.
In accordance with the provisions of the charter assessments had been levied, as occasion required, up to 1816, 99 in number, amounting to $670 per share; and the corporation was still staggering under a debt of $64,000. Of course, during all this time, no dividends could be declared.
Under these unpromising conditions a committee, consisting of Josiah Quincy
, Joseph Hall, and Joseph Coolidge, Jr.
, was appointed to devise the appropriate remedy.
‘In the opinion of your committee,’ the report reads,
the real value of the property, at this moment, greatly exceeds the market value, and many years will not elapse before it will be considered among the best of all practicable monied investments.