{"newspaper_name": "The New York herald.", "edition": "01", "page": "p1", "byline": ""}
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New Viiiage each $50, say in all. 1900
lah Kastr n with say i 900 inhabitants 1000


To this may be added, carriage Of farm


pro9uce along the whole line, lOlt miles,


for hre-wood, lumber stone, lime, iron


ore, and tor back freight, say. ...... 10000


Making in ell. ll............... $1,000
az the maximum Of tolls be expected during the pres
year. will be the l5n OF Nav bsore the canal
can be sufficiently repaired admit the water ana the
delay will allow large supplies OF Goals arrive by other
routes But this Il by no means the traffic Of which the
iron furnaces alone in the numerous convenient local.
ties along its course must be greatly promoted by the
imposition of protecting duties in favor OF native iron
and coal now proposed and may safely calculate that
every new blast furnace establishment. worked will
had opportunity Of verifying the in
my printed report pages 20 and 80 both at Patterson and
Boonton, and Mr. Post, of Stanhope confirm the calcua
ons to which alIude, and that the smelling Of iron
By anthracite now fairly established Under protective
duties the iron manufactures along the Morris Canal
must rapidly progress, and all the immense traffic there
BY directly and indirectly created is which
petition can divert from It. and without coming upon the
New York market ct ALL think II is difficult to
Of y ;nrnscay belonging the
dollars to 3o0.o00 dollars yearly


Letter continued 20lh .april.


returned to this place the 18th, and since
have been engaged, along with Mr.. Cryder and the
ceivers in obtaining information and in devisng
TO enable Mr. Coryel TO out the conditions of his
lease This he found himself wholly unable to do from
his resources and those Of his friends who had pro
missed him support the receiv insisted upon receiving
security which no could not give and after much careful
consideration and consultation with them and vensr.
dale (an eminent lawyer Of Newark Mr. Cryder and at
engh to secure the of the Canal
for the English bondholders by taking the lease of it
from yesterday date to the st Of April is43 the
ditions before granted to MIR. Corye fthe British bond
holders decline the option Of having the lease their
own account. on simply compensating Mr. Cryder and
myself for costs and trouble and interest of money he
and must carry through its stipulations with own
resources tcusng the event Of loss the
vii! take into their equitable consideration the motives
and circumstances which led to embark in the enter
Lett mt h0yp he oupdar fn0d nf
tempting to bind my fellow bond-holders have neither
the powe the inclination to do have considered
der in preventing the Canal from falling into the hands Of
parties with interests opposed to those OF the English
keep by retardng the foreclosure of the Dutch
mortgage. OF the fact of this intrigue assured our
lawyers to confirm that of The Committee here that pos
session by parties in the interest of the Engsh bond
under the Dutch foreclosure Mr. Alfred Morrison was
duly impressed with the importance of getting the
taken part it, behalf Of his father had possess
ed the necessary powers.


Mr. Cryder deserves we'll Of the bondholders for the


time and labor he mas devoted 10 this and the
influence he has brought TO bear in thwatng inrigues
and regietting spirit in favor Of the British creders
which seems now to be universally felt from the Cover
of the State Legislature and receivers down to the
officers Of the Company and people along the line
cepting perhaps only interested individuals
nscted with the Delaware and Raran Company, and
two speculative parties said be in the interest Of
others belonging to the late direction whose names
hesitate at to give Our first act under the lease
the pier Jersey City graspei by Capt
Stockton, as have mentioned in page is.


As yet we have not considered it proper to dive into
old accounts affecting the late Directors and Managers
Il Is necessary no. 70 create alatm, stir up hostility
TIL our measures have obtained GER ain progress END
we have ELECTED certain data from the hooks respecting
ne past w%Srllsgs % Of the Canal which hope to obtain
with Besides the advantages OF saving the Canal from
wreck and ruin and of securing friendly possession by
practical bearing Of every thug connected with il the
best way Of proceeding in order enlarge it. the amount
required &C. Amongst other points, my attention has
been directed to its present capacity and what its capacity
will be under enlargement.


CAPACITY CAPACITY WHEN ENLARGED
Major Knott The Major states that
they work eighteen hours hour will suffice to pass
daily and that with great four boats Of so TONS which,
they pass four at twelve hours only a'day
boats every hour But sup give forty-eght boats, OF
posing only twelve hours SO tons. 2400 tons daily,
daily, that gives fortyeight which, for hundred
boats day. which at IS dayswill make 4sO 600
tons each gives 1900 dol In working the Canal with
lars and supposing only so ton boats extra hands
two hundred working days. will be required and the
from ia April TO Ist De- pense will be little in
cember, we obtain 240, zoo creased


tons.


There all about two hundred and thirty boats OF
which two hundred will, with some repairs, be made
available for traffic. Mr. Corye had bought the boats Of
the State Of Indiana, to which they had been assigned
for 900 doars payable in State bonds, bu. the
ceivers denying the validity Of the assignment have Is
on sued an upon MT o1rys & ana M the ano
the boats without paying their price.


The receivers are willing to apply this principle to all
the other assignments made by the late Directors they
deny the validity of the pretended mortgages to indiana
and Michigan they claim every thing for the general
bond-hoders by right of their mortgage. Two Of their
numbers being lawyers they operate with great effect
Of the late Directors and they contemplate the nstu
ton of criminal suit against Mr.. Lord as commence
put of through the nerposon Of legal delays but il is
an event which must take place, and. understand, 1t
will wipe OF all pscusary claims Of whatsoever descrp
water privileges &c &c. originating in any act grant
Of the direction subsequent to the date OF that mortgage
The lease is of the whole Canal throughout its OF
hundred and and half miles from Easton Jer
sey Cv also of the feeder of the Hopatcong Lake. which
67-lo0 OF mle and of the Pompton feeder, which is
six miles long, being os l7:loo OF navigation and in
cludes the pier Of Jersey City to ls April ls43 for the


urSs II All ns bevond 500 dollars shows
TO the lessee some security against loss by the exten
sve repairs necessary amongs: which is the complete re
building Of the new enlarged lock at Newark II IL
agreed that MIR Corycll fof his agency and compensa


on, receive salary equal to the fourth part of the
advance any money! bear any loss and il is
pressy stipulated verbally with, and consented to. by the
receivers ta In tho event OF unorseen delay te the fore
closure Of the lease not to into other hands, un
less with consent


Though included in the lease that part Of the Canal be-
tween Newark and Jersey City is not to be worked dur
ing this year. do the receivers require that 1t should
be repaired The hanks being Shiny, and subject to the
ux and rehux oil the tide extensive and expensive re-
pairs would be required, which the conditions OF the
esse do not warrant nevertheless, endeavours will be
made to prevent from becoming worse, while the lease
lasts


The Canal can be proftably worked without this por-
cn Of the line, which Is that swhich Indiana pre-
tends to have first mortgage, while the same portion
without the rest Of the line from Esston to Newark. un
questonaby morgaged to the Dutch could not be work
ed at ALL For the reasons which stated in last and
which Mr. Cryder hes mentioned in letters 10 Mr. Shaw
and Mr. HcheRs the receivers do not believe that the
pretended mortgage 10 Indiana will hold good but even
II should does net extend to snyhng without which
the rest Of the line cannot be worked Even to New
York, there is water communication by the River and
Creek from Newark Independent Of the Canal from the
latter to Jersey City the Communication toruous, but
practicable and have already shown that ell the
valuable rsfhc along the line belongs to towns and vii
lagos from Eason to Newark. All this " SO true that
from the first the Newark people contended that the
Canal should terminate at that point.


The lease s made and will have this farther very
important advantage, that will determine how far the
Canal be protably worked without the proposed


gement the arguments in support Of this presuppose
atrac beyond the present capacity ofthe Canal lhave
sready shown that with boats sufficient upon avery mo
x.IaAs.. aal