The telescope. (Columbia, S.C.) 1815-1818, January 16, 1816, Image 1
?ESHISSmSHBaeBBH
? . rvMMMui WiUxky, ,
? 1IY TII0MA8 >V. liORlt/VItf, . _
jl riiNKKR or mc(i4Ni>?0!? Ai? tAiiif nrimrrt, Hi urcrtr OPT**
[/'< ?ITK WIMJ*M"!Ox'? TAYr-N*. '??
1'iyjWmi of Suhcriptiti^-tlxt** Dollar* |>er annum, piy*
al?lo hi ?<lvuux!....No pujXS* to be dmcoutimit.-d, but at
\ In* <ii)t. mi of llic Kditnr, until all WTOiuums urcp&kl. .
?menu i tut exceeding f&ulccn Intra, inverted
On; fir> i time for aeventy.fi vo cenla, and frniy cent* for
e.wii 4iil>Acquent insertion \ and in the tame production
X, for a Lrtfcr number of lj^*" ' ?
that leave 1
Columbia, Jan. 9,
>?
rflfiK Subscriber totj* h?t?e lately opeu
J pied by Mm. Calr?r*, whire he willbehsppytoinect
b.N old Customers, and other* who may be pVa*ed to
cut! on him. TheSTAOP^OFHCR for the rtjwj 8ta??
\ U kept it the ** Columbia Hotel."
||p^ ' 8AM0RL CHBKN.
Sf KNTBRTA1NMKNT. '
rilllP, SuhKcrdier return* hi* thanks to Ills friends and
' J. tl?c public generally for tlie 1 literal encouragement lie |
fca* received, Mid inform* them lie lias opened a Mouse
of P^iterlainmcnt on the corner of Ilichfirdson and l/uly
Streets, in trie liouse well known as l)r. 8. Green'* Tav
ern i where lie will always lie happy to accommodate
hit old customer* ami friend*, together with sgclt other*
' as will favor him with their company. Ho pledge*
himself that their accommodations shall be Inferior to
none in this place.'
C. P.. W1I.LIAM80N.
\\ Columbia, Jan. 9, 1815. 4tf '
- , F11K8H DIUJGS AND MKDIOINIX
TUB sulwrilier has jiiHt ivn'iviil;it his Whi/fcsalo and
Hetail DHUGGIST STOHK, half way between the
? State-House altd Market, Columbia, South-Carolina, a,
??.larg* & general assort moot of DltlJCS St MKIMCINP.8,
srlcctcd by Iris agent in I'hilnililphia nml New-York, out
V qj,thc latest importations from Kit rope, winch will lie Mild
t>n the miMt reasonable terms lot cash or approved cred
it. The following are a part of hi* latest importation*,
V ery article of which will ho warranted genuine :
100 wt. Anna Portia, (double) 200 wt. A Hum, 40 wt
'v As.ifictiila, 50 wt. Antimony, 5U wt. Aloen, Alkauc It> <*?t ,
Alcohol, Auirtccd, Amulto, Arsenic, (while ami yellow)
Arrow Hoot, liaison Capivi, Halsain Peru, Itakaiu 'I'olu,
H-iibailoci Ti-.r. Ilnnn Itcfined, Hnrguudy Pitch, 300 wt.
' Hrimstnnc, Calomel, Cant|iar.de*, Camphor, Chammo
nnlc Flowers, Canclla Alba, Caraway Hcetl, 150 wt. Cream
, Tartar, (.'.near. I la, Castile Soap, Cloves, Colombo Hoot,
Cochineal, Conserve Hoses, Crude Tartar, Corrosive Sub
limate, IhiriHth t, Kpsom Salt*, Kxtract Jalap, Kxtract
Gentian, Kxtract Hemlock, Kxtract llark, P.sscnce of
Lemons, Khmiicc of Hergamot, K**encc of I a vernier,
P.uiery, (e??r*e and fine) Fennel Seed, Flower* of #inc,
Flower* of Uenr.oin, Flower* of Sulphur, Cumliogc, Culls,
Gentian, (linger in Hoot, 15U0 wt. Glaulier Salts, Gum
Arabic, Gum Guaicum* Gum Trngacnnth, Gum Ammo
r. - mac, Gum tttno, Gum Copal, l.ac. Shell, UiC. Hmzuin,
Lac. Kleini.Lac. Myrrh, lie Id n>re, llicra Picra, I*;nglu-?is,
40 lb. I Lpiipo in powder, Jalap. 100 lb. Juniper JlCrr.e?,
1 ..(juoricc Hull, Liquorice Hlmicd, I. quorice Hoot, Izmir
Camit.Ci 10J lb. Manna Flake, 150 lb. Manna in tort*, 50
lb. Mtjgneaia calcincd, do. Glasses in Doxes, 100 lb. Mud
V tier, Mortars, Composition, do. Glass, Mace,- Mcxormn,
Nutmeg*, Nntgalls, Ni|rid Acid, Oil ol* Anise, Oil of
t:iov?j, Oil of Carraway, Oil of Uivcuder, Oil of Penny
royal, Od of I'epiicrmint, Oil of lhi*ernnry,0.l of Savin,
Oil of Jumper, Oil of Sassafras, Oil of Vitriol, .15 lb. O
pnim, Orel* Hoot, Oxymcl of Squill^ 250 lb. Peruvian
llark in powder, Pearl Ash, P&rl Hurley, Patent l.iiit,
Itwl Picc.pitate.jWhitc Precipitate, tpiussia \V(mmI, Kheu
barb in Powder, ?lo. in Hoot, Horhell Salt*, Hoxo Water,
Hot ton Stone, Hal. Ammoniac, Sal. Polychre*t, Salt ol
Tartar, Salt of I lartahorn, S.irsapnrdla, Sponge. Scaminn
ny, Saffron, Senna, Sago ill Cram, Stuck n, Soda, 150 lb.
Sail I'ctro, (double refined) H|iermsccUi, Squills, Sugar
Ixad, 150 ll>. Sweet Spirits Nitre, 75 lb. Spirits llartn
born, T.uitelcst Salts, Tamarinds Turmetic, Lva t;rsi,
Valerian Hoot.
patent and family mkdicinkh,
In Fliiuls, Kiiitahle for country mirehautv, to lie had by
?lie pftoce or dnr.cn.
lire'* New-I<omlon Ililiou* Pills, Anderson's Pills,
Hooper** Pills, Is^tie Plastlr, llaLsam lloitey, Hritinb O.I,
Jl.itenian's limps, Ilafly's tilixir, Oalhy's ' Carminative,
w ,.?tr tMinf ? *#>r?i</ii| ?nj'lll ? Jt I
Grand Elixir, Improved Charcoal Dentifrice, Antimon'ul
>Vine, Rlixir Paregoric,* 1/uulnnum, Spirit* Hartshorn,
Sweet Spirits Nitre, Cordial Tincture of Hhubarb, 'Par
.tar Kinetic, Calomel, Jalnp, Hbeitbarb.
^ SUNDUIKH.
tJwiuTi l/mret*, < Join moo Lancet*, Apothecary Scr.lt*
ami Weights, Spatulas, Camel llair Pencils, Paint
ItrnMicA, Cohl- He.it cr's Skiti, Ink Powder, lted Ink,
Ikaling Wax, Pill HoXes, Wufvri, Ihittla and Pldal
Cork*, Ta|ier*# l.iquid Hlickinvf, IU-*t l/nulon mustard,
f aeeser*, Tru.ssc*, Wash Halls, Windsor Soap, Vari
i ga?cd Snap, Transpsreut Snap, IVminHim, TnOlh
ltni*hc*, l,i|i Salve, Hmullln^ Hottks, Hteve'* WatCr
t'.ilour* hi hoxe*, Nipple ShHIs and Tulie*, India Hub
Imt, I'hials assorted, looth Oruwe.*, Hurgeon's Needles, |
Mcjiljiells, C>.-U Scrows.
I'aintHj f'olourHy nntf llntfrr'n Material*.
Dry While lx*ad, lied la nd, Yellow Ochre, Siianifh
Urown, Whiting, Knglish ( balk, Ho<iri, l/onp lllack,
Vciietian Ijed, Prussian lllne, H??e Piiik, Vc^ \ millk.m
Patent Yellow, Ivory llhu!., I'umire Stone, Silver I^eaf,
I'hikv White, Kings Yellon. Illa 'k la'ad, Vewligfis,
Matter's How Mi ring*, Arpia I'ortis, t)d Vitriol, Coppe
ras! l/igwood, l)r<i[i|:il.'f , I \t|iar^*e.
I* I. A S T VI l??\ \ \ II
FAMILY MKDM'INF. ( IIKSTS,
O* various sinw*, put en .!?!.' to order, and on
J be shortest notice, with a W,k of ajijimxed direction*,
oot oning a description of mo*t ili
Will receive in a few day*, a fiesh4 supply of Doctor
Ibilicrtson's and llyotl's celebrated IV. . nt and Faioily 1
Medir.iiH's.
Also, a large nuptdy of Mid drawn CASTOIt OIL of
a very slirK rior fpiallty.
''?h-iin. 1?I5, 8 pf.iimvai..
NOtJCB. Z 7
ACOP MtTNRRHIIII* I* cntm?l Into between Col.
A lh??r.w> and W*. V, t>x?M-MVll?, who will
*r> the Court* of l/i\v for the l)i?triet of Rich*
haul t art<1 in the Court of Bouify Ifchl *t Columbia fi>r
the District* of tAxln&toti* R.ehlffnd nul Fairfield t
under (ho Arm of lIunftlKO it DlMtcouHt,
6* 3 January 1, Ifllfl.
"???? ? - ?' '<i'n i.i . ?? ??nniMi'iiiiwfcui i 1 i ?? ...ill.lnr irntitu
flAHil Will I* riven forCIJ'.AN l.ltfKN AND COT
) TOM RA08, on npj?Ucution ?t U?i*Oflteo.
Dtc 26, 1814.
\'a
? ? DOMESTIC.
INTKRNAI. IMPItOVEMRKT.
'(A committee of tlie Virginia LegtulatVire lately mrnle
* report on ICfJoctnaivI Inland Navigation,, remarkable Kir
it* clear, just and cotnjirelveiuivo view*. It merit*, I
think, 'equal commendation with that delivered wmc
weeks I ?c fore to the L4giaUturv of Nuilli-Oarolin?. Aa
It contain* a, good deal of information, will pnxlucc
thinking, and knaycxcito invcstigati?.'i that, will eventu
ate in result* important and u vrfui to the litnte of South.
Carolina, tho readers of tl>o Telescopc ar? hero prr'-'
tented with aa much of the report as presents views and
information adapted to all situntiona ami circumatanccs. j
Hxtract from a Iteport to the Virginia House <>/
D*lrgnU$t Dec. 28, IBIS.
Whatever difference of opinion may have, nt
any time, subsisted, a* to the akpediency of con
trolling tno voluntary direction of the wealth
and labor of individual* by tho application of
legal constraint, there never has existed a doubt
but tliat it i? tho duty* an well ax the interest of
every good government to fnrilitnto the neces
sary communication between its citizens,'/
Next to the enjoyment of civil liberty itself,
it may be questioned whether the beat organis
ed government can assure to those, for whose
happiness all governments are instituted, a grea
ter blessing than un open, free and easy inter
course with one another, by good roads, naviga
ble rivers and canals. Their tendency, by ex
tending the commerce, to promote the agricul
ture and manufacture!* of o nation, and thereby
to uugmcnt its wealth and population, in too ob
vious to require much illustration.
The planter and farmer realise their share of
iliis benefit, in the augmented value of their
lands | the manufacturer and merchant, in die
.increased and divot-tilled demand for their in
uWtx^nnd capital.
Nor are the hitter interests of society less
indebted for their advancement to the multipli
cation and improvement of these channels of
useful intercourHe. They afford the mentis of
exploring the natural resources of a country, &
invite the genius of speculation to fit them for
the uhcs of man. Lands too remote from mark
et to tempt cultivation } forest*, hitherto re
garded as inaccessible t beds of minerals and
fossils unknown or neglected, are brought witb?
in the reach ol ordinary enterprise, and ren
dered subservient to the convenience and coin
fort of the citi'/.cn, or to the defence and safety
of the state. * = .? . . rjk
They confer on an extended jmpire the pronip*
titudo end energy of action fcjtfch aire consider*
cd peculiarly characteristic or one of' niira#
dimensions t since, w ithout contracting tlitf ||?
mlts of. ite territory, they reduce the dutaiWfc;
and expedite tho communication between the
sent ot its government and its remotest ex
tremities.
Whether the public force is to he spread out
lor defence, or combined for uttack, they alike
contribute to tho rapidity and to tho vigor of its
operations.
In a republic, csperinlly where public opinion
exerts u controlling influence, aqa public virtue
mIiomIi) be tlie apHng of all public action, they
may he considered nit important auxiliary, if
not a necessary ingredient of |K>litical liberty.
They tend to diffuse moro equally the know
ledge which experience acquires, and tlie leisure
which wealth alone con purchase; they strength
en the cords^of social union, and quicken thut
generous .feeling of patriotism, which is ever
ready to exclaim at the contemplatiun of an ex
tended sceno of public improvement, " I love
my country, because she i* worthy of my af
fection."
While man v oilier State* have been advanc
i hi; in weoltfi and numbers, with a rapidity
which ha* astonished themselves. the ancient
dominion and eider sister of the Union bus re*
nmined stationary.
A very large proportion of her western territo
ry is yet unimproved, while a considerable part
of her eastern has receded from its former onu
lence. How many anil spectacles <!o her low
lands present, of wasted and deserted fields ! of
dwellingH abandoned by their proprietors ! of
churches in ruins ! The genius of ncr ancient
hospitality , benumlied by the cotd touch of penu
ry, spreads Ida scanty board in naked halls, or
seeks u coarser, hut more plenteous repast in
the lonely cabins of the west. The fathers of the
land are ({one* where another outlet to the ocean
turns (heir thoughts from the place of their na
tivity & their affections from the haunts of their
youth. Beyond the Alleunny, an unexpected
revolution threatens the Atlantic states in gene*
Ml, the accomplishment of which will creuto
new intercuts and views in that flourishing and
important Meet ion of America, and bar, forever*
the hope of reuniting it by commercial lien to
the market* of the east.
Your committee are far from intimating that
the General Assembly of Virginia has been to*
tally unmindful of those natural advantages,
or wholly regardless of their improvement.
The commonwealth required time to recover
from the pecuniary losses she sustained during
the war or the revolution. It found her citizens
laboring under very heavy private debts, and
left her government encumbered \\ ith a debt
of tfiuch greater magnitude.
Yet, under circumstance* ?o inntiKiiicinufl, the
Ktatesmeh of thatday, and i*?*|Kscirtliy tho illun
triniiitmnn to whom, under llcavcti, tlii<% imtion
wnt* indebted frtr the CHtablUlimont of if* free
dom* did not d(*aain to enquire into the hum
blest mean* of giving to that freedom, value.?
From his xcatous exertions, sprung tho Potomac
and Jamea Kiver Canal Companies). To the
flrat of thoM, the commonwealth U indebted for
a water communication of three hundred and
thirty-eight miles j and upon it, and the con*
tcmplatcd worka oh the Bhenandoah, ?he relic*
for the farther improvement of * navigation of
three hundred and ninutv mites, filu* hat shared
with a sister state, tho benefits of the labor al?
ready |*r formed on this river | in that which
remans to be accomplished on tho 8outh Branch
of the Potomac* ' t)ie Cacapehoiij'and Uic She
nandoah. she )u>? at| exclusive interest.
Tho James Hi ver Company, Wive opened a
navigation of thfcc hundred miles.
Tho Appomattox and the ftispuil Swamp Ca
nals naturally followed intt> existence, those
which were indebted for their origin, to the pa
triotism oi Ueneral Washington. 'Die former
onened a navigation of uno hundred miles.?
'1 he latter was designed merely to connect wa
fer* already navigable j but, in it* present use,
and remote consequences, in not inferior in im
portance, to any public work within the com
monwealth.
The expence of the first ol' the preceding
work*, doos not excccd fifteen hundred dollars
per mile tipon the navigation already opened ;
that of the second, is about twelve hundred ;
an average expence which will lie annually
diminished in the progress or future improve
ments on the branches of these rivers, as tin*
principal obstructions to their navigation, were
removed before their waters could be brought
into pm tial use.
The actual cost or those public works, does
not exceed one third of the evpence usually
attendant upon the structure of turupike roads :
which, in the absence of navigation, are the
only substitute for them. It is duo to the lutter
however, .to rctnnrk, that the addition recently
1 made to them of parallel iron railB, iminovcably
set in the earth, at proper intervals, for the
wheels of waggons, has more than equalized the
advantages of such roads, with the boat amend
ing navigation which tin; i ivers of Virginia uf
fbrd above their principal tails ; and that the
additional cost, which this improvement occa
sions to the structure of tho Turnpike, though
great in itself, is inconsiderable, when compar
| ed with its efiect in reducing the expence of
land carriage.
'J'hc turnpike roads of the commonwealth,
except a few short passes of particuhir moun
tains, nnd a road recently begun from Frede
ricksburg, towards the lllue Ridge, are confined
principally to the county of Loudon, the adja
cent counties of Fairfax, Kauqitic.r and Frede
rick, and to Uic vicinity of the seat of govern
ment.
> There- is but onet to which funds of the
Commonwealth have contributed any aid.'
i ; All these public works are alike in one res
drctt they purpose to defray the exnence of
|Rcir first cost, and of their subsequent repairs,
out of the tolls collected upofc them ; and these
art* -equitably levied upon those who use them,
in sums proportional to the benefit which thev
respectively derived from such use. Where it
is absolutely certain that such works can subsist
upon this oasis alone, the revenue of the com
monwealth, although it may expedite their pro
gress. M not indispensably necessary to their
Private wealth will, of itself, take the di
rection which personal interest prompts. Hut
there are intny such works essential to the pros
perity of tho commonwealth j the persons im
mediately interested in which, have not capitals
sufficient (o commence tlietr foundation, and
there are many others of like utility, which, if
completed, would require (he lapse of many
years to m::ke them profitable to tho individual
subscribers to their stock. The population and
commerce which iufullihly follow their direc
tion, spread out upon their borders, and swell
their tolls, cannot be expected to precede their
I'MXttthCO.
Although almost nil tho turnpike roads within
the commonwealth, Imvo been made without any
other legislativelml; than their respective act*
of incorporation j yet, it is probable, that nei
tlier I'otomnc nor James river could have been
rendered navigable above tide water, with hucIi
assistance alone. Maryland and Virginia sub
scribed more than one half of the capital stuck
of the former, and Virginia alone, more than one
third oT the hitter. The tolls hitherto collected
on the one, would not have justified a subscrip
tion toits stock, with a view to mere profit ) and
although those of the latter have, for some time,
rcali/ed the most sanguine expectations of it*
friends, and its stock is eighty per cent, above
par, yet the reyenue of the company, apart
from tho appreciation of it* stock, would not
nett to its members six percent, per annum lip
on the Rums which they have nctuully expended
on that river, from the commencement of their
labora to the present period. Yet, your com
mittee confidently believe, that there in not an
individual within the commonwealth, nlivo to a
sense of her trtio interests, who would have do
sired, for the sake of a higher nroflt to the trea
sury upQn the stock of tlie public in either of
those works, to withdraw the funds which were
renuirod for their completion, and permit those
noble rivers to return to a state of nature.-?
Those who reside near to their Y>ankfl, have di
rectly participated in the beMeftiH thus afforded
'them, of a cheaper mode of transporting the
productions of their labor to market j and those
even, who antecedently possessed the superior
advantaftp* of tidewater, or who were compel
led by their distance from both, to resort to the
common highways, in order to reach the same
?nur*>?*1 ? have greatly profited by those imtirove
incuts of navigation, which augmenting the ex
tent and value of that market, could not fail,
proportionally, to enhance the price^of their
Crodtice. Ho true, it is, that whatever contri
utes to oncrcase the population nml wealth of
the towns, must contribute to the growth and
improvement of the country. Ami tl/?s efVect
is wrought not solely on tho vicinity of those
town??it is *cen not merely in the wealth
which glitters i* their aubiirbv t but dKcovoied
-V [, >. ^ ? 1 4
in (he augmentation of their moans of consump
tion, and the enlargement of their uiutuai capi
tai?; Ih this neces&nry un<I reciprocal relation of
commerce and agriculture, the. country below
tide, water in ?Virginia, has an immediate and
eventoca) interest in the progrcstand perfection
of 'all those public works, exclusive of its gene
ral interest in whatever advances to the growth
and prosperity of the commonwealth.
Tool inhabitants of the low lands will, there*
fore, partake of the benefit of every application
of tno public reVcnue to the improvement of the
connexion betweert their market towns and tho
country, tbove them. It should be peculiarly
their policy to turd the commerce of the west
from its* northern direction into tho bosom of
their own territory. In tiie efforts which aro
contemplated to improve the roads passing im
mediately through tneii'own country, they have
an interest more sensiblo to the eye, but less to
the understanding.
Should the general assembly determine to
patr<mi'/.u by tuft application of the public re
venue all such works as are likely to lie of great
public utility, it becomes important to d? .ido
whether an mipiovement may not be made in
the mode heretofore pursued, of extending to
them thnt patronage.
Your committee aro fully satisfied that much
loss has hitherto Ihmmi sustained by all the canal
companies which have been incorporated, for
waiitof skill in their conduct. Their directors
have served, it is true, without compensation.
Tlu.y have generally been public-spirited private
gentlemen) hut neither professional engineers,
nor capable, from experience and observation,
of guarding against tho errors and frauds of
agents v.'ho pretended to he ho.
No single company could ullord to purchase
or could fully employ, in a country wnere few
public works were begun, the services of a dis
tinguished engineer ; and yet^ w ithout the pre
vious surveys, plans and estimates of such an
officer, no very arduous public work could Im?.
confidently begun or successfully conducted.? 7
To supply the defect of such an officer, would
be the obvious interest of the commonwealth,
who. if not sufficiently compensated by the ge
neral utility of his labors, might demand of
each company, such an interest in its stock, as
should be equivalent to the value of the sorv\
rendered to the company bv such officer.
Whutever fund the legislature may be inclin
ed to appropriate to 1 'tenia! improvement, a
difficulty must occur <11 settling the relative
importance of its proper objects j and, if tlus
appropriation were also required to designate
some particular object, it would be often im
practicable, from the variety of opinions al
ways existing i(i an assembly representing ma
lty* local interests, to procuro an union in the
choice of any^ one. The first of these difficulties
may be obviated by organizing a proper body
to collect and prepare for tlte general assembly,
the facts and information necessary to cast upon
every application for a portion of 'tho fund light
enough to guido tho sound discretion of the
legislature in the selection of subjects : And
these facts will be entitled to (lie higher confi
dence, if reported under the sanction of ofliciul
responsibility.
To allay such local jealousies as might ob
struct an agreement in favor of any single ob
ject of internal improvement, the fund may bo
previously consecrated and set apart for the ac
complishment of all, by one appropriation. If
the terms of its future application to any, be at
the time prescribed, a liko participation* in (he
benefit of the fund, will bo assured to every in
terest which It is calculated to promote } ami'
tlte spccdr eidoyment of that benefit will be se
cured to'each by proportioning the magnitude
of the funa, so set apart, to the number and
importance of the objccU, for which it is design
ed to provide.
It may be sound policy for tho commonwealth
in order to accomplish some great commercial
or political pur|M>*c, to throw open to general
use, without (lit! charge of tollf>9 a particular ca?
nut or road ) hut it cun never be itH interest)
for many reasons, to become the Hole proprietor
of all the public works within it* territory.?
Kxperivnce testifies that they will be inoro eco
nomically made, and better *e|>aired, if tlieir
management l>e led to the individuals who sub
scribe to their stock with a view to private gain,
than if confided to public officers or agents.-?
The commonwealth should subscribe 00 much to
their stock, and on such terms, as will suffice to
elicit individual wealth fty public improvement,
and the controul which she retains over the con
duct of the individual subscriber, should extend
no farther, than to prevent or correct such abus
es upon the community at large, as might be up.
prehonded from the too eager inc i.itive of gain.
Ity yielding to the individual subscribers the
profit of the state oil its shares of the stock
of any company, where required to secure
such individuals against temporary loss, a
much smaller subscription of public money will
suffice to draw forth private enterprise. The
commonwealth can never he a loser, it' a public
work judiciously begun, be finally perfected?
and the public security against such loss, will be
found in tho discretion which the legislature re
tains over the choice of the objects, for whi? h its
patronage i? sought. As the market rate of inter
ests decreases in every commercial country, with
1 lie growth of its capital, tha maximum profit of
the stock of each company may be reduced, af
ter tho lapse of a limited period of time. Tho
least pront allowed by law should bo great e
nougli to create the hope of private advantage in
1 hone whose enterprise can nave no other object j
and that MiftWrnttm, whirh the community have
40 much interest in reducing, may be safety fixed
at a lower amount, in proportion as the magni
tude & conditions of the public subscription* af
ford to private adventurers an indemnity against
anv ultimate low?