give to the government, for the exclusive privilege of navigation, twenty per cent, on the annual product of the toll to be paid by vessels passing through the canal, and after the expiration of the term [the period is not mentioned] the canal to become the exclusive property of the government. The projectors required to have, "1st. An exclusive privilege for the purpose. 2d. An exclusive privilege for navigation by steamboats on the rivers, and on the waters of the three provinces, as far as the lake where the said canal is to be opened. 3rd. Permission to cut wood in the said province. 4th. Exemption from duty on the introduction of goods, on account of the company, until the canal be completed."
Of the above propositions, on the part of Messrs. Barclay and Co., and of the merchants of the United States, no specific notice appears to have been taken; but, on the 16th June, 1825, the Congress passed a decree which obtained the approbation of the Senate on the 11th July, and was con-
