Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-11-13

States:
Reso'reI, Tha, 1t is expedient to substitute
for the present defective navigation OF the Po-
tomac River above tide water, a nayigloie ca
nal by Cumberland to the Coal Baaks at the
eastern base OF the AIlegany, and to extend
such canal as soon thereafter as practicable 10
the highest constant steam boat navigation OF the
Monongsaela or Ohio River.
That the most eligible mode OF attaining tkis
object viii be by the Incorporation OF JOINT
stock company. empowered to cut the sad ca
nal through the territories OF the United States,
In the District Of Columbia, and Of the States OF
Virginia, Maryland, aud Pennsylvania; and that,
Therefore, that committees be appointed, each
consisting of delegates. to prepare and
present in behalf Of this assembly, suitable ne
MORALS to the Congress Of the Uuited Ststes.
and to the legislatures of the several States be-
fore named requesting their Concurrence in the
Incorporation OF such company, and their CO.
operation, if necessary. in the subscription Of
funds for the completion Of the said canal.
AMI whereas, by an act OF the General AS
sembiy Of Virginia, which psssed the 22d Feb
r,iary, 1898. entitled, can act incorporating the
Potomac Canal Company the assent OF that
State 50 far the liInits of her territory renders
1t necessary, is alresGy given to this object -and
for ITS enlargement 10 the extent required by
the preceding resolution. the said act appears
20 furnish, with proper amendments. sufficient
basis: BE it therefore resolved. That It will
be expedient 10 accept the sane as charter sor
the proposed company, with the following mo-
dificstons viz: That, in reference to its enlar.
ged purpose, the name be changed to the "Uni
on Canal"
That provision be made for the assent IT the
Government of the United States and OF the
State Of Pennsy Hania to he said act, and that
the act BE- made to correspond IN Its details with
such provision
That the Union Canal shall be divided into
tive sections, Eastern and Western; the former
of when shalt correspond in description with
that of the Potomac Canal by the preamble OF
the said act and the latter shall, begin a. the
western extremity of former, and terminate
at the head OF the steam boat navigation of the
- Monongshea or Ohio RIVER.
Tbat, while the act shall allow a reasonable
time t,r the commencement and the compile
ton OF both sections OF the canal, no other for
fixture shall be incurred, alter the eastern sec
ton is flushed. for failure to begin or COM
plete the western section, within the term pre-
scribed, except Of the right to complete such
section, and OF all interest therein.
That, while the consent Of Pennsylvania is
\. provided for, in the amended act, it shall not
be ndispensaby requisite to the validity OF the
charter so far as respects the authority grant.
ed BY it, to extend the Union Canal to the
Pennsylvania line.
That it VIII be both just and cx2edicnt, not
absolutely necessary, to limit the interest ofthe
stockholders of the Potomac Company, in the
stock of the Union Canal, in the mode provided
by the unanimous resolution of the Company
- of the - day of last ------- copy of
which i, hereto annexed.
That the Union Canal shall not, in width, be
less at ths surface than 40 feet, at its bottom,
than 70, nor its depth be short Of 4 feet.
That in addition to the provision contained
in the first section of the act aforesaid, there be
grounded on the event of its failure to furnish
adequate funds for the completion of the East
ern Section of the Canal, to be Obtained thro'
separate acts OF the respective governments and
corporations. States of Maryland and Virginia.
the government Of the United States, and the
three cities OF the District of Coumba, sub.
scription to the amount Unnecessary, of $3.50 900
dollars, IN the following proportions, 2llth by
the state Of Maryland, 3 llth by the state of
Virginia, -lith by the u. States, and 3-1lth by
the District cities. to be divided between them,
according to an equitable ratio, to be fixed By
themselves.
That the government of the United States
be earnestly solci,ed to obtain tire whole of this
sum on loan, receivable in four annual install
mentS. upon the issue of certificates of stock,
bearing an interest not exceeding five per cent;
and lrredeenable for thirty years. and to qua.
Iantee the repayment thereof on specific
pledge of the public lots in the CITY Of WASH
ington, of the United States Stock in the Canal,
and the public faith.
That the first instalment of toe loan be made
payable on the LIST Of March, 1925, and the last
on the LIST OF March, 1929
That the interest OF each state and corpora
ton, upon It's proportion of the said loan, be
paid into the Treasury of the United States, ac-
cording to the terms Of the loan, and the prin-
cipal sum at the expiration of thirty years, the
period TO be fixed Tor its redemption.
That. in the event of a refusal by the govern
ment OF the United States to negotiate the said
loan, each state and corporation shall provide the
amount of its respective subscriptions, in such
manner as may seem to il beat
That the maximum profit of the said Compa-
ny shall not exceed Is per cent. after the en-
tire canal shah have been completed, but if at
any Time after the completion Of the Eastern
Section thereof, and before sufficient funds shall
have been otherwise provided for the compile
zion Of the Western, the tolls Of the Canal shall
yield nett income to the stockholders exceed
ing 40 per cent per annum, such excess she'll
be applied towards the extension of the canal,
until the Western Section shall have been CON-
peted; and to give more speedy effect to this
provision. the President and Directors OF the
Union Canal Company shall be authorized to
borrow, or may negotiate, through suitable
agency, IN behalf CT the Company, on the Gre
dit OF such excess, or on the tolls of fixed
part thereof, levied upon certain commodities
passing through the said Canal, being the pro-
bable amount of such annual excess, sueh sums
OF money as may be deerned expedlent, by
general meeting Of the stockholders, to be ap-
pied to the extension of the Western Section
OF the Canal from time to time, till the said
section shall have been completed. And if. af-
ter the Completion of the entire canal the nett
AFidends shall exceed Is per cent. per annum,
Er4Ehs