Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1823-11-11

! failure 10 begin or complete the western
section. within the term prescribed, exe
| cept oil the right TO complete such section'
and OF all ileresi therein
That, while the consent OF PennsYiva-
MIA is provided for, in the amended act,
! il shall not be indispensably requisite to
the validity of the charter, so far az re-
spects the authority granted by 1t, 10 ex-
| tend the Uaion Canal TO the Pennsylvania
| libe
Thai twill be both just and exped'ent,
| If cot absolutely necessary, to limit he IN
terest OF the stockholders o! the Potomac
Company. in the stock Of lbe Union Va,
nal, in the mode provided by the unan'-
nous resolution OF the company - OF
the - dag of last - copy ct which
| is hereto annexed
That Toe Union Canal shall not, in width
| be less at the surface than forty feet, al
the bottom, than twenty eight, nor It's
depth be short of four feet
That, in addition TO the provision con-
tanned in he first section OF the act aiore
| said there be grounded on the event ct
| its failure TO furnish adequate funds tor The
| completion of the Eastern Section OF the
| Canal. to be obtained through separate
| acts of the respective governments anu
! corporations, states of Mary land and Vlr.
| gina, The government OF he UniledStates,
and the three cities of the District OF Go
lumbia, subscription 10 the amount, il
necessary, of 1850 900 dollars in the fol-
lowing proportion, 2l lth by the state OF
| Maryland, 5 lltb by the state OF Virginia,
Al! ,h by the United States, and 3 18th
y The District cities, to be divided be.
tween them. according to an equitable ra'
ito, to be fixed by themselves.
That the government OF the U .S.be ear
nestly solicited TO obtain the whole OF this
sum 90 loan, receivable in four annual in.
salments, upon the issue of certificates
of stock, bearing al interest not exceed
ing FIVE per cent. and irredeemable for 80
years, and to guarantee the repayment
thereof on a specific pledge Of the public
lots in the City of Washington, Of the Uni
ted States Stock in the Canal, and the
public faith.
That the first in.tslment of the loan be
made payable on the LIST OF March, 1925,
and the last on the lsi OF March, 1879
| That the interest OF each state and cor.
poraliop, upon its proportion OF the said
4
nited States, according TO the terms OF the
loan, and the principal sum at the expira.
ton of thirty years, the period 10 be liked
for its redemption.
That, in the event of a refusal by the
government of the United States TO nego-
tiate the said loan, each state and corPo-
ration shall provide the smOuot of its res-
pectiye subscriptions. in such manner a.
may seem to It best
That the maximum profit of the said
company shall n t exceed 10 per cent. al
ter the entire canal shall have been com
pleted; but, ID al any time alter the com
pletion of the Eastern section thereof, anC
before sufficient funds shall have been 9th
erwise provided tor the completion of the
Western, the tolls OF the Canal shall yiel,
. a nett income to the stockholders exceed
ing 20 per cent. per annum, such excess
shall be applied towards The extension o
. the canal until the Western Section shall
| have been completed: and, TO give NOR,
{ speedy effect 10 this provision, the Presi
, dent aud Directors OF The Union Cana
, Company shall be authorised to Dorrow, o
. may negotiate, through suitable agency
in behalf of The Company, on The credit O
, %
! thereof, levied upon certain commodllie
passing through the SAID Canal, being tn,
, probable amount of such annual excess
such sums Of money as may be deemed ex
pedient, by a general meeting OF the stock
holders, to be applied to The extension q
the Western Section OF the Canal, iron
time to time. ill the SAID section shall have
been completed And It after the com
pie ion of the entire canal, the Rett div,
dends shall exceed 5 per cent. per annum
such excess shall be applied first, Il
strengthening The works OF The canal; next
, 10 the multiplication OF ascending locks
! from the river Potomac to the level of the
canal, wherever the convenience OF the ad
llacent country may require 1t; next, 10 liI.-
ing the canal throughout with such walls
OF stone az shall accommodate its banks &c
the use OF steam hOatS; and should the nett
divide ads still exceed Is per cent, then
the excess shall be applied TO the reduc.
ton, according to some equitable scale, oil
The tolls levied upon the said canal
And b. itfar'her Resolved, That Com
mittee Of Delegates be appointed to
prepare, and cause to be presented, IN be
half OF this Assembly, a suitable memo.
rial to the state OF Ohio, soliciting the CO
operation of bat state in the completion OF
the Union Canal, and its ultimate connex
ion with the navigation OF Lake Erie: and
thai for the latter purpose, lie memorial
shall respectfully suggest The expediency
OF causing the country, between The north
ernmost bend OF The river Ohio and The
soutbernmost shore OF Lake Erie, together
with the waters of Great Beaver and Ca.
yoga Creeks. and all other intervening wa :
tiers near The said route, to be carefully
surveyed, with the view of ascertainng the
practca bility and probable cost OF canal.
which, ted by the latter, shall connect the
former.
| Th,, {, letfar he ad6roeca 4 -, a.. Cl.: