Security of the Bridge
Document 1798Lowndes, Templeman, and Stoddert warn that the bridge may not be safe due to the need for additional work. The only available means of financing the work will be for the stockholders to advance fifteen dollars for each share. This is essential because, without the work, the bridge may be dangerous to use.
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[G. Town July 23]
[Addressed to:] James McHenry
Secretary for War
Philadelphia
[Endorsed: recd. 25 July / 22 July / [undecipherable]]
George Town 22nd July 1798
Sir,
The Bridge is not in perfect Safety for want of some Additional work. So it was represented to the Stock holders of the Bridge Company at their Meeting in Nov. last— And it was then determined as the only practicable means of raising the absolutely necessary sum, that the Stockholders attending would Advance 15 Dollars on each Share held by them. And that the Absent Stock holders Should be— solicited as a measure highly interesting to them, to make Similar Advances. These proceedings have already been laid before you — we have now to add, that the work contemplated is so essential to the Security of the Bridge that we thought it dangerous to delay it, And therefore it has been commenced, And is now going on. And that there are no means of paying the expences but by the Advance recommended at the Meeting—
A few of the Stock holders Only, have yet paid the money, but the greater part of them have taught us to hope that they will do it. Under such circumstances, permit us to hope that you will advance to Mr Gantt, the Treasurer, 15 Dollars each, for the Shares held by you
The Company is already in Debt upwards of 15,000 Dollars, but they [undecipherable] Shares to a large Amount. The moment these Shares are subscribed, [undecipherable] they Should not be soon Subscribed, as fast as the Money can be received from the Tolls, which we are happy to say are increasing & promises well. The Advances now made will be returned with Interest — And no part of the Money will be applied to the payment of Old Debts.
We are Sir,
Your Obt Servt
[undecipherable]
[undecipherable] Directors
B Stoddert
Type
Letter Signed
Description
Lowndes, Templeman, and Stoddert warn that the bridge may not be safe due to the need for additional work. The only available means of financing the work will be for the stockholders to advance fifteen dollars for each share. This is essential because, without the work, the bridge may be dangerous to use.
Date
02/22/1798
Author
Recipient
Sent from
George Town
Repository
Collection
Document number
1798022240001
Page start
1
Note
Cited in McHenry to Lowndes, Templeman, and Stoddert, 03/03/1798.
Notable persons
James McHenry
Charles Lowndes
John Templeman
Benjamin Stoddert
stockholders
Mr. Gault, the Treasurer
Notable locations
Philadelphia
George Town
Notable items
security of the bridge
perfect safety
additional work
company
debt
unsubscribed shares
tolls
interest


