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UyiTllR 
 
 TO HIS EXCELLENCY 
 
 Sir FRANCIS BOND HEAD 
 
 K« G. H., kc. &C. &C. 
 
 AS TO nAXXi ROADS 
 
 IN I :P1>EU CANADA, 
 
 AND THK 
 
 MEANS OF CONSTRUCTING THEiVI 
 
 WITHOUT THE AID OP 
 
 FOREIGN CAPITAL. 
 
 BY JAMES BUCHANAN, ESQ. 
 HIS MAJESTY'S CONSUL AT NEW- YORK. 
 
 TORONTO: 
 
 PRINTED AT THE PATRIOT-OmCH, 
 
 OIIBWETT'I BVILSINOt, 
 
 / 
 
 y^^ 
 
 ,"'% 
 
TO HIS EXCELLENCY 
 
 SIR FRANCIS BOND HEAD, K. G. II. 
 
 LIEUT. GOVEUNOIl OF THE PIIOVINCE OF 
 
 UPPER CANADA. 
 &LC. diC. &LC, 
 
 Sir : 
 
 I need not inform Your Excellency of 
 the hithcrto„ dormant state of the public mind, 
 in the Province committed to your charge. — 
 The fact is lamentably too apparent, that the 
 Province, with its vast capabilities, is far be- 
 hind the adjoining States. To review the va- 
 rious causes, to whicli such are assigned, is 
 not my present object, but to bring before Your 
 Excellency the consideration of measures in 
 which the sure prosperity of the Province is 
 included ; and I the more confidently address 
 Your Excellency, inasmuch as you have assu- 
 med the responsibility for the promotion of the 
 best interests of the Province, not only to our 
 Gracious Sovereign, who leels so deep an inter- 
 est in the Province, but also to the people. A 
 trial of your Administration you very justly have 
 demanded before you are to be judged ; and 
 inasmuch as the people have returned a House 
 of Representatives, with a large majority avow- 
 edly disposed to act in accordance with Your 
 Excellency's policy ; and although various con- 
 curring circumstances of a highly favorable na- 
 
Inrr, liavp nri^oii to nuiiunlo (ho C"ommuni(v at 
 lfiri:;p, in favor of iiilfnial iniprovcrnrnts, yet, 
 I sh;ill \*c siMioni; lliosc; to award to Y our I'^xcol- 
 Inncy, (lie honor and the ii;lory which I t'ocl con- 
 fident \a now adainal.dc, by the adoption ot' 
 th.)S(» nM\i>nr('< Aviliiin tho means of the I'rov- 
 ince. 'J'o call forth the public str(Mii;th is my 
 ol)ie('( ; y(>(, should the l*rovince remain dis- 
 tracted and derid to the vast advantages within 
 reach — on Y our Excellency, I feel, shouUI in 
 iilvo maimer rest tin; reproach. I write thus 
 freely, as I ha\ o doriv<Ml t<iffnt snlisfaction from 
 iiearinp; from some of those displeased with 
 Voiir l-'xcelbncy'r) Administration, that they 
 Mould <'o-()peral(? heart and hand as to all the 
 threat measures of improvement, if ])laccd un- 
 tler the (control of men of inte»i;rity, and free 
 irom (dl jobbini:; w hicli has heretofore so widely 
 prevailed in the Public expenditure of the Tro- 
 > ince. One obstacle alone seems to damp tho 
 spirit of the people, iiamely ; want of Capital, 
 w iiile the dread of borrowini^, as thereby crea- 
 ting an annual drain out of the Province, o( the 
 Interest on such loans, seems to liave damped 
 (heir hope. To meet this diiliculty is the object 
 of this Address; but before 1 come to the de- 
 velopment of my plans, 1 grieve to say, 1 have 
 found some leading characters, Avho, though, 
 loud declaimers in favor of Improvement, and 
 lamenting the want of public spirit, yet, are the 
 veriest croakers; and so selfish, ihat though 
 they would gain live pounds by certain expen- 
 diture, yet, as others would gain ten pounds, 
 their hearts would not be in the measure. — 
 Others seqm unwilling to cliCrish a chicken 
 wbicli does not proceed from their own egg, 
 and still a more formidable party, can only 
 see advantage to the Province, if the Rail- 
 way or other improvements pass by, or near their 
 lands; public utility being out of the rpiestion. 
 
1 nrod not warn V'oiir F.xcollcncy as tosrriitinii:- 
 ini^ tho motivf's ol'all who profess an interest in 
 any particMilnr lincotrail way or public measure; 
 hap[)ily lor tlin INovirjco you view vicn as they 
 orr, not as tliry should hr, and place in the 
 <:rncihlo of your <liscriiniiKitinpf mind, the mo- 
 tives oliTUMi's approval or disapproval. 1 shall 
 l)o mucli di''a|)poiiitod if it will not he gener- 
 ally known, thai Vour Excellency's approval is 
 not to ho had upon any other terms than such 
 as all honorahlc men will approve, and that 
 every proposition »m(I fd»iorM'mn, ludeKs the 
 public interest upliold it. will (ind a determined 
 opposition from Vour Excellency. — One word 
 more as prefatory : — I doubt not Your Excel- 
 lency will keep th(; great interests of the Prov- 
 ince in view — not the advantaijes of one section 
 above .nnother, while the adoption of that line 
 which will draw most trallic along with it, and 
 more largely promote the general interests of 
 the Empire, will assuredly be sanctioned, with 
 due regard to expenditure. 
 
 The first and paramount consideration, is to 
 have respect to the astonishing spread of popu- 
 lation towards the West, so as to draw the vast 
 trade which must arise, through the Province, 
 before finding other channels to the Ocean. 
 
 Toronto and Hamilton are two prominent 
 outlets, which tend more to British interests 
 than the line cootcmplated to terminate at Black 
 liock. Three lines are in view, to draw the trade 
 of Lake Michigan and Lake Superior towards 
 Toronto; one by a direct line to Saugeng or 
 Goderich, on Lake Huron ; and the third to Pen- 
 etanguishine. The second great project is from 
 the Uiver St. Clair, by Chatham, London, Brant- 
 ford, to Hamilton ; another from London to Sar- 
 nia on the River St. Clair. The following are 
 the distances with which I have been furnished ; 
 
tlmii^Ii ihry runy Jiot be strictly acriirato, yot 
 tlioy aio sdllifit'iilly .->o, to <lraw attention to tin; 
 rrlali\o a«hantnii;L\s ofoaclu V>y thr line iliroct 
 iVoni Loiidnii to Siiniia, the ccnlre ot' the Prov- 
 ince it is alk':;«.'il is o|»('ne(l, llie ili^lancc to tlio 
 liiver St. Clair ^i\ty niiU's ^iiorter than l)y way 
 oC ( iialiiani : and the entire country state«l to 
 he ont* plain, a»Iniir;ihly adapted to a rail-way ; 
 that pur-nini( tlnU lino across to the St. Joseph, 
 in Michigan, t!i<? distance heinj;- ahout'llTt) niilcH, 
 then crosjj th.; J^ak<! to MilwaUee, to whi.iU 
 tSieauHMs would run to (Mrnni:;o, and (roni 31il- 
 Avake(; due West to (.'assvdie in the WiseonKJii 
 Territory, and there meet the iMississip|)i, thut* 
 openinji; a (;onnnunication from the ^lissisjbippi 
 to i\ew York as I'ollowy : — 
 
 Milm. 
 
 From Onssvillo to Milwjikco by Rail-way, 100 
 Milwakpo to St. Jofecplj, by Sti'iim, ... 70 
 St. .l<isopli to Ilivcr St. Cl'iir nt Sarnia, by <|.}-q 
 
 llail-way, ^ "' 
 
 Sarnia to Ilamiiton, llail-wny, . . . 
 Toronto to Uswet^o, by Sli;am, 
 
 0^we^o to Albany, Rail-way, .... 
 
 New Vork, Sieam, 150 
 
 l.'^O 
 
 Ilouri. 
 
 7 
 7 
 
 IG 
 
 11 
 
 li 
 
 t) 
 
 12 
 
 Miles from the Mississippi to the Atlantic, 74 
 
 From Detroit to Sarnia a daily conveyance by Steam, 
 
 clistancelO miles. 
 As also from Chicago to Milwakee — distant about 35 m's. 
 
 These observations, as far as from London to 
 the Mississippi, I derived from a truly intelligent 
 pjentleman residing in Michigan — but I mention 
 them lor investigation, as notwithstandinjr the 
 astonisliing changes which Steam has cflccted 
 of late years ; yet, the line which appears of so 
 dazzling a character, that I really tremble at 
 drawing attention to it. I admit the various con- 
 ilicting interests as to routes, imposes a respon. 
 
ht 
 
 ;t 
 
 y 
 
 »ibiiity of fcarrul txtcnt, juu! one ^vllicli \\\\\ re- 
 (lound to \\io, i^lori/ or irjnont/i of \,,nr llxcclLn' 
 cifs . idminislralii)n, uliiU" ;it llic same liino, 1 
 <l(HMn it ol iiMpnrlaiKur to aMCfrlaiii tlic views of 
 flic (Jiti/t'iis of Micliifjfaii, if nvprcsscd lliroii«rIi 
 tln'ir Lci^islaliiiT. as I am Iriily anxious to ini- 
 prt'ss upon llic liiliiil)i(:iiits of tlic W Csl, tliat 
 tlu'y wilMiiul cv«Mv farilily alloidccl in passiii*; 
 and re-passiiig to tlic Atlantic llironu;li tlio Pro- 
 vince of Upper Canada, so as toclicrish a kind- 
 ly lordini:;, as sucli i-; tho trnc intercut, and inva- 
 riably promote-^ tli(? weallli of that country, 
 whose KuU'S and Laws foster huv.li liberal sen- 
 timents. 1 now come to what is deemed the 
 most important consideration, namely : — •• How 
 arc the iunds to be raiseil f'" 
 
 Four plans are submitted, and uliib* I take 
 the liberty to express my opinion l"r(?cly .t!»<^'roon, 
 1 dare not deny tluj same riidit to others, but 
 with this proviso: — that those who coixlemn, 
 shall be required to exhibit a better or more 
 practicable. Our fault-tindinp; i^'Mitry are very 
 numerous, and their vanity leads them to sustain 
 each other in decrying down measures without 
 building up. 
 
 The first and most general plan is, for a ])ri- 
 vato Company to tub.-«cribe for the stock — 
 
 with a fair view to ])rofit contemplating 
 
 the vast population, witieli, within a lew 
 years hr.ve spread to the West, and tlic multi- 
 tude wiiich are incieasingly bending their 
 course \Vrstwrxrd, and the immense region 
 extending along and around the great Lakes, 
 whose nearest route to the Atlantic will ]iass 
 through the Province — where is such a fiehl for 
 speculation as to a Rail-way to be found, hold- 
 ing forth a prospect of profit more certain—than 
 any line which old Countries furnish, and may 
 prove a suflicient inducement, and no doubt 
 would call forth funds, if in the Province. 
 
it 
 
 2(1. TlioProvincj; aj?suuiiripr tlir work in uliol*' 
 or in pc'ii't upon the ])le!i that llie ^cncriil in- 
 terest, will thereby be brnrlilnl, and (bat Ibe 
 return will remunerate the Province as has» been 
 the case with the State of New V ork. 
 
 3d. The authorising the proprietors of lands 
 and building lots, within such a rani^e of the 
 road a? renders the Kailway one of advantage 
 to these lands to contribute — and like all other 
 improvements, those who are benetited should 
 contribute, being in all cases the mode adopted 
 in the City and State of JNew ^'oik, as well as in 
 other countries, as to general improvements. 
 
 And 4lh. Theesiablislilngoral'roviiKiiil Land 
 Bank, Capital one Million Pounds, w hich should 
 be authorized to connect with the Hank such 
 lines of Railway, as to the Legislature, from 
 time to time upon the application of the Stock- 
 holders, would appear as calculated to prove 
 profitable stock, those lines to be prelcrred 
 where the proprietors of lands within the range 
 of twelve miles each side became stockholders 
 to one half of the estimate, or otherwise held 
 out the greatest advantage. 
 
 These four measures I shall advert to as 
 briefly as I can, to render my views intelligible. 
 
 As to the first, such would be most desirable, 
 were there any hopes that without resorting to 
 non-residents the necessary funds could be rai- 
 sed ; as 1 view the remitting of dividends out of 
 the Province greatly to be deprecated, as tend- 
 ing to impoverish it, but where other means of 
 carrying on improvements are not attainable, 
 such a resource must of necessity be acted on. 
 On the other hand, on political grounds it may be 
 sound policy to admit absentees or even aliens to 
 share in the works of the Province, as thereby a 
 kindly feeling is cherished, and those aliens be- 
 come identified with the well being of the E*rov- 
 jnce. As to the 2nd : 
 
It ii3 tlooply to \tr Inmontrd (hnt many of tlio 
 works niMlt'rlal\«'ti l»y, or in Mny way aiiled by 
 flu' lir^i-.laliir(' lia\<* horn so roiidurU'd as to 
 liilsily tlic cxix'claiion licit! lorlli, wliilo in oilier 
 <*ast*-j works \ui\r. lni'iUNinstruclcd, tlioiiii;li uii- 
 i\vv IIk; siipiMvisiou of porsoiis iiaini'(l l»y the 
 J^r^i'^latiirc, wlirrrhy jol)ljifi<r and promoting 
 privato interest lia\«; iulnsed a distrufl, bo J!;cn- 
 eral, tf<at a tlioroui^h cliani^r?, it is rosp(;ct- 
 lidly 8tat(Ml, must tak<? |>lacte, IxMorc conli- 
 (lenee can be restoi<'d : llie Welland Canal 
 tli()nu:l» '^ privatr* work, tlio woi-ks irnardin^ij the 
 passai:;e into r»tn"lini:lon l>av, tlie llriilj^e on the 
 12 IMile ('reek, tin; I )<'sjardiiis Canal, the l*ari& 
 J>rid;i;o, as well a- many ollirr works, as also 
 the prodiujal misaj)pliearK)n of money on roads, 
 il" I am to credit various testimonies, and from 
 what I have neenf/f some of those rel(M*rcd to, I 
 do not wonder at tiie i!:en(M-al exjiression of dis- 
 trust as to the misapplieation ol the public mo- 
 nies, but these statements may have arisen from 
 other than pure motives, yet f deem it proper 
 to set IhiMU lorlii as 1 I'ound (hem universal, no 
 imnorablo mind will feel allJ'eted, "whentW 
 shoe does not pinch the foot does not wince." 
 1 lirmly believe the people are loyal and sound, 
 and 1 tiusta new era has .arisen on the Province, 
 so that a vii^ilant and faithful accountability 
 shall be exacted from all as to public expendi- 
 ture, and that no man, whatever his inlluence 
 may be with a party in Parliament, shall fniJ 
 shelter from opon aii<l tu.archliie; invcHtigatiori, 
 under Your Kxcelleney's administration; no 
 more bole and corner examinations, and there- 
 by strike at the root of an evil which pervades 
 other quarters as well as Canada, Your Excel- 
 lency introducing a searching inquisitorial sys- 
 tem, as to the application of public money is of 
 the first importance, heretolbre the most noisy 
 dcclaimcrs have been found amongst the most 
 
 ** 
 
10 
 
 u 
 
 ; :• 
 
 rornipt. Ah to tlio Ihird mrasnrr, viz. raising 
 llie riimis ivom [\iO. l.nicls and town lots adjoin- 
 ing^, or nioroiniHK'dialcly bent'lited l»y tlie rail- 
 way, Mliirh ]>lan has appeared in several of the 
 provineial papers takimjc the e\peneeat L2.')()0 
 ainilewliich is ample iVoin the faeililies aflbrded, 
 and spreadinij; tliat sum to an extent of J 2 miles 
 each side of the rail-way on farms of 200 aeres 
 within each mile of the 21 in wiiltii, would £rivc 
 77 i'arms, which would be ."^2,10/., or l.'iO dollars 
 to each ihrm — hut a2:reeahly to the scale 1 laid 
 down, of apporticniiiijj accordini; to contiguity 
 and advantage, those farms within the first mile 
 were to subscribe /.GO, the second /..'iJ, the third 
 /.50, the fourth /. l.!, and so decliniiiir I.T) a mile, 
 this stock to be payable within three years by 
 six instalments each year, and ihe proprietor of 
 those lands to be Stockholders of the JAail-road 
 stock, to the amount of such iheir subscription, 
 so that such subscription shouhl not be in the 
 nature of a tax, but otiered to cacli as the means 
 of acquiring stock on terms truly within the 
 reach of every man having a yoke of oxen or an 
 ^UAO^ ^ While to such as should tind it inconvenient 
 to advance the money, it should be loaned at 
 six per cent., to be a charge on the lands and 
 shares of slock for the amount advanced, the 
 plan with the observations iurelation thereto, as 
 they were put forth in the new spapers before, 
 I need not now particularize. 
 
 As to the fourth : 
 
 A Provincial Land Uank, Capital, one Mil- 
 lion Pounds, this Bank 1 propose to base upon 
 lands and valuable building lots in towns ; on 
 grist-mills, saw-mills, or other valuable proper- 
 ty witliin range of the immediate influence of the 
 Rail-ways: first, the Uail-way from Toronto to 
 Lake Huron, and that from Hamilton to the Ri- 
 ver St. Clair; and after those shall be in opora- 
 lion in such other lines as may be approved bj 
 
 
 
11 
 
 the Lrgiblatiiro, anrlpnnclioricd by the f^iout.Co- 
 vernoflbrtlic time boini;. 1 thcrrlbrc ])ioj)ose that 
 all tlio |)ro[)rietois ot lands within 12 inilesi shall 
 have? iho 111:-!. oiU'i' olhcinji; adinillcd Stockhold- 
 ers to the cvlfMit <){' Olio dollar an acre lor overr 
 aero ol nmiicnrnhcrod lands, ol nhich ihry arc 
 bona lidc the propiiclors, and that all resident 
 iidiahitants on lands within said ranjxos, shall 
 have the like priviloi:;c orbeconnnj^Sloekholder«j 
 to the extent of two dollars an acre ; tliat all 
 tinhscribers to said stock, shall, npon snbseri- 
 bin<^, pay in ton por cent., tlir\t, should the 
 amount of stock not he subscribed lor, allow inj]; 
 such reasonable time as the Commissioners 
 hereinatler to be named shall think proper; the 
 privilcfije of subscribing; lor the stock shall be 
 extended to the proprietors of lands within the 
 Province, that the owners of all building lots in 
 villages within one mile of tlie Rail-way, which 
 without reference to the buildings, are valued 
 at 50/., the owner to be admitted the same as a 
 farm of 200 acres and entitle the proprietor to 
 Bubscribe to the same amount. In order to ma- 
 nifest a liberal feeling, that stock to the amount 
 of /.r)0,()00 or 200,000 dollars, shall be placed 
 for one month withii\ the reach of the citizens of 
 Michigan, based npon similar security, provided 
 land can be rendered secure as to equal liabili- 
 ty as lands in the I'rovince, or guaranteed by 
 the State. That the Mother Bank shall be lo- 
 cated at Tororito, with brandies at Hamilton, 
 Dundas, Brantford, l.ondon, provided /.2.').000 
 stock is subscribed at Hamilton, /.lo,000 at 
 Dundas, /.1 0,000 at Brantford, /.1 0,000 at Lon- 
 don, 
 
 Tiiat the Stockholders shall annually elect 
 Directors, in whoin shall be vested the choice 
 of Directors uf the several Branches, as well ag 
 of the Mother Bank, for one year, that those 
 alouo are eligible who may hold stock to tho 
 
i 
 
 1-2 
 
 amount of /.TfOO, while all bharcs of /.50 sluill 
 count as one \utt\ 
 
 That ill acrordauco nitli llio priiiciplcs con- 
 tended lor by tli(> Duke of Wellini^ton as to tlx; 
 numerous lines of llail-ro.uls in Kii<i;laiul, an iii- 
 vestioation by autliori>ccl eoininissioners should 
 be had, before sanelioned by the rro;islature. I 
 therefore propose that your i'lxcclh.'ney should 
 appoint three jnrcntleinen of hii;h standing to act 
 without any snlary; wliich eoininissioners shall 
 have full po^ver to decide as to the most elii;ible 
 line or lines nf Kail way to bo nintle or aided in 
 the Construction thereof by or iVoiu thelundsof 
 the Bank, with power lo direct such examina- 
 tions and purveys as to tliem shfdl seem meet, 
 and in case of dissent, in such case the decision 
 to rest Avilli the l/uMitenant Governor lor the 
 time being, who sladl direct all such further ex- 
 amination as to his Excellency shall seem meet, 
 so that the groumis for bucli decision shall be 
 laid before the Legislature. 
 
 That said co' Miissioners shall 1)0 required to 
 sanction the appointment of all engineers, over- 
 seers, or oflicers, who may be employed in and 
 about the const rnclion of said Kail-ways or 
 works connected thcrew ith, as w ell as the com- 
 pensation for their respective services; as also 
 to have pow er at all times to investigate the af- 
 fairs of the i3nnk. 
 
 That the Lieutenant Governor for the time 
 being, in case of the death or absence I'rom the 
 Province of a Commissioner, to appoint one in 
 place of any so dying or removing out of the 
 country or otherwise displaced. 
 
 That no Commissioner shall by himself or 
 others, either ilirectly or indirectly be concern- 
 ed in any contract or sale of property, in any 
 way relating to public works, subject to their 
 supervision, and that any contract in opposition 
 to such exclusion, shall be null and void, and 
 
 f ;> 
 
13 
 
 rcnflor sucli commisBioners incapable of contin- 
 uing to act as sucli. 
 
 1 have thus Iniclly, yet I fear rather obscurely, 
 set before Vour Kxcelleney, a sketch of the 
 proposed plans. — I pray Vour Excellency to view 
 what I have written as raw materials to be cast 
 into the crucible, to be divested of the dross, 
 as also to have added whatever may improve 
 its adaptation to the Province; but as political 
 Alchyu'ists over run the land ; I look with conti- 
 dence, while their abilities may be turned to 
 i^ood account, tliat under the sanction of Your 
 Kxcellenc}', the two great works shall be forth- 
 with put in operation. I sliallnot herein advert 
 to the opening a free transit from the Ocean 
 through the Province to the people of Michi- 
 gan, and the vast regions of the West, as I pro- 
 pose to do so in a separate work, in relation 
 to the drawing the trade of those new coun- 
 tries through the natural outlet, and thereby 
 permitting the St. Lawrence to alfbrd all the 
 vast advantages which it was designed to fur- 
 nish. It may be prudent herein to observe as to 
 the 4th plan, that in the city of New York there 
 are three Banks connected witli public works — 
 one the Manhattan, for supplying the City with 
 water, the other, the Dry Dock Hank, the third, 
 the Chemical Bank. The best evidence of the 
 soundness of the connection which F can offer, 
 is, that the respective stocks of these three Banks 
 bear the following premium, viz : the Manhat- 
 tan from 25 to 28 per cent.; the Dry Dock 41 
 percent., and the Chemical, 19 per cent. These 
 facts put to ilight all fears as to connecting a 
 Bank with public works. And 1 run no hazard 
 in saying, that as sure as population is advancing, 
 and people are removing to the west, so sure 
 will the proposed Ilail-ways become most valu- 
 able Stock. Indeed I hesitate not to avow my 
 deep conviction, that before two years in ope- 
 
14 
 
 ration, the Rail-way Bliarrs will rcdorm the 
 lands lor tho oulia\ — ami did J say liail' that 
 period, I woukl not hazard too much. J appeal 
 to all rellcctitiij; ino!» wliouiil (ak«; the map and 
 examine it, win m(! is lh< le "-iiich iin unoc( iipicd 
 field to reap a certain prolit as the j)roj)osed 
 investment. Nay, I Avill acM, that lielore llie 
 Rail-way is one y(N'ir finished, the stock will sell 
 for a premium over the exp<Mjditure, and h.-av** 
 the Company free, to proceed with other i^icat 
 undertakings, — ,S(M' the value ol' tli(? Kail way 
 stock from La Prairie to St. John, although only 
 opened a few weeks, yet at a premium of Irom 
 10 to 20 per cent. 
 
 Since writing the foregoing I find that tlirec 
 Rail-roads are commenced in connection with 
 a Bank in Georgia, and one in the Missiisijjj.i, 
 — there, the whole Capital hns to he paid m; 
 but according to the present plan only 10 per 
 cent, is recpiired, while all who may have any 
 funds unoccupied will have a j)laee of de- 
 posit based upon not oidy ample hut imperisha- 
 ble security. 
 
 It may be well to remark, that the Stock- 
 holders in the Bank of Upper Canada, and other 
 Banks had to pay in i^IOO per cent on their 
 shares, but under the proposed plan ten per cent 
 is deemed ample, as it is presumed a Cash Ca- 
 pital of one hmulred thousand pounds with the 
 deposits which will be drawn thereto on account 
 of bearing interest — such will he abundant fcr 
 Banking purposes and having the security of the 
 Lands which will be more certain than any other 
 institution furnishes. The confidence in the se- 
 curity of the Bank will be great, moreover if one 
 hundred thousand pounds in addition should be 
 deemed necessary, that sum or more can be bor- 
 rowed without dilHculty,or a further call made on 
 the Stockholders : and be it observed, that every 
 pound expended on the rail-way is creating a 
 
15 
 
 furtlier Rocurily to the I^lblic as ihcrcfis^inrr the 
 value oi'the l^;md as well as a .'-oiireo ofatlvari- 
 ta^^e so that lor an udvanco oTUmi percent Sub- 
 scrilxMs, owners oluiij^rolitahh' Lands, hecoine 
 Stockholders in the two vahiahle measures the 
 J'>ank and Kail-way, Avhile the Lands and the 
 l*rovinc(^ are iniproNed in value. 
 
 It may be alhM|(r(Hl ihat 1 do not admit, tliose 
 whohave no lands aimiBrtritdo becomeStockliold- ^^ 
 ers {hhI the advantai;T's ai'o too j:;reat in only re- 
 (juirini^ ten per cent to be paiil in. My reply is, I 
 have the prosperity not only of the i*rovince, but 
 ot the »"csidents and proptiotors ot" Lands exclu- 
 sively in view, so that they may not be laboring 
 ^ and toilincf tosend th<'ir earnini^s out of tlie Pro- 
 ,1 f y^ce, \vliile it is possible to avoid it, one-fifth if 
 
 ^1 ' 
 
 
 yjlce, \vlnie it is possible to avoid it, one-tilth u 
 1^ one-fourth ofthc^ Stock of Incorporated Corn- 
 jmnies of the United States, arc^held by foreign- 
 
 ^ 
 
 nine-tenths British Capital, this is sound 
 {i^licy if it cannot be avoiiled. Canada may 
 avoid it, may carry into operation her great Works 
 nd retain the profits. 
 In conclusion I would venture under the sanc- 
 tion of your Excellency to call on the several 
 >^entlemen who have so laudably come forward 
 A "^ m relation to the proposed railway, to call meet- 
 jf gs without delay and organize their operations 
 '■ &o as to give eHect to such of the plans 1 have the 
 vfionor to submit, as may be deemed practicable. 
 Under any and every circumstance 1 
 shall feel honored in afford ing explanations or 
 yielding aid, not only to my plan, but to such 
 others as shall etFect what I trust is, and will be 
 the aim of all, as I am persuaded the desire 
 of your Excellency is "the prosperity of the 
 Province." 
 
 I have the honor to remain Sir, 
 Your Excellency's humble serv't. 
 
 J. BUCHANAN.