Computing its annual amount at $30,000, if granted for 20 years, which is as much as can be hoped, it would be equal only to a capital of $344,097, 60, interest at 6 per cent,

CROTONAdUEDUCT. 97

But it is hardly to be expected that money can be borrowed at so low a rate. How far short will this be of the sum probably requisite ? This cannot be safely estimated at less than a million of dollars, if the business be done on a scale sufficiently extensive.

The amount of the revenue, to result from the supply of the water, must be for some time uncertain, and under this uncertainty, extensive loans on this basis ought not to be counted on. To raise what may be wanted, by taxes, to carry on the enterprise with vigor, might be found so burthensome to the citizens, as to occasion the operation to languish. It is not to be doubted, that it will promote the convenience of the citizens, and secure the final success of the object, to let in the aid of a capital to be created by the voluntary contributions of individuals. This may be obtained on a plan like the following :

Let a company be incorporated, of all those who shall subscribe to the fund, with a capital not exceeding a million of dollars, to be composed of shares of $50 each the ;

affairs of which to be managed by seven Directors, annually chosen by the subscribers,