The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1823-11-12

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raiasscmbly OF Virginia, which passed
The ED February, 1928, entitled "An act
incorporating the Potomac canal compa-
nv, the assent of that state SO far as the
limits OF her territory renders it necessa-
~, is already given to this objcct-aDd
Tor rs enlargement to the extent required
by the preceding resolution, the said act
appears TO furnish with proper amend
ments, sufficient basis BE it therefore
resolved, that ii viii be expedient to ac-
eept the same as charter for the pro-
! posed company, with the following mod
iications, viz: That, in reference to its
enlarged purpose, the name lie changed
TO the "Union Canal"
That provision be made for the assent
OF The government of the United States,
and OF the state of Pennsylvania to the
said act, and that the act be made 10 COR
respond in lis details with such provision.
That the Union canal shall be divided
into two sections, eastern and western !;
the former Of which shall correspond in
description with that OF thePotomac canal
by the preamble of the said act; s the lat
ter shall begin at the western extremity of
the former, and terminate at the head of
he steam boat navigation Of the Monon-
gahela or Ohio river.
That, while the act shall allow a rea.
sonable time for the commencement and
the completion of both sections of the
canal, no other forfeiture shall be incur
red, alter the eastern section is finished,
Tor failure TO begin or complete the
western section, within the term pre-
scribed, except ofthe right to complete
such section, and of all interest therein
That, while the consent of Pennsylya-
MIA is provided for, in the amended act,
1t shall not be iDdispensably requisite to
the validity of the charter, so far as res.
pecls the authority granted by it, TO ex.
tend the Union canal TO the Pennsylvania
line.
That it will be both Just and expedient,
II rot absolutely necessaiy,to limit the in.
lie, est oil the stockholders of the Potomac
company, in the stock of the Union canal,
in tho mode provided by the unanimous
resolution Of The company - of the
- day OF last -, copy of which is
hereto annexed.
That the Union canal shall not,in width,
DE less at The surface than forty feet at It's
bottom, Than IS, nor its depth be short of
four feet.
That. IN addition TO the provision cen
tanned in the first section of the act atore.
said, there be grounded on The event oil
IFS failure to furnish adequate funds for
the completion of the eastern section Of
the canal, to be obtained through separate
acts OF the respective governments and
corporations, states of Maryland and Yir-
sinls, the U. States, and the three cities
ofthe district efColumbia, subscription
10 the amount, il necessary, of 2,75O,OO0
dollars, in the following proportions.
2 18th by the state of Maryland, 3-lIth
by the state of Virginia, 4-1lth by the u :.
States, and 3-l1th by the district CT
ties, to be divided between them, accord.
ing 10 an equitable ratio, to be fixed by
themselves
That the government Of the u. States
be earnestly solicited TO obtain the whole
OF this sum on loan, receivable in four an
Dual instruments, upon the issue of cert
ficates of stock, bearing an interest not
exceeding FIVE per cent, and irredeema>
BILE for thirty years, and to guarantee the
repayment thereof on specific pledge
of the public lots in the city of w ashiDg
ton, of the United States stock in the ca.
nal, and the public faith.
That the first instaIment of the loan be
made payable on the first of March, 1875,
and the last on the first of March, 1929
That the interest Of each state and cor
poration, upon its proportion of the said
loan, be paid into the treasury of the U.
States, according to the terms Of the loan,
and the principal sum at the expiration
Of thirty years, the period TO be fixed for
ils redemption.
That, in the event of refusal by the
government ofthe u. States to negotigle
the said loan, each state and corporation
shall provide the amount Of its respective
subscriptions, in such manner as may
seem to it best.
That the msximum profit Of the said
company shall not exceed Is per cent
alter The entire canal shall have been
completed but, ii, al any time after the
completion Of the eastern section thereof,
and before sufficient funds shall have
been otherwise provided for the compile
| lion OF the western, the tolls Of the canal
shall yield a nett income to the stock.
holders exceeding ] o per cent per annum,
such excess shall be applied towards the
extension Of the canal, until the western
section shall have been completed and,
TO give more speedy effect 10 this provi,