Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-02-16

ices they may deem expe,lien TO open books Tor
conditional subscription the stock oil the said COM
paDy, such coadion to be that the stock
shall be applied exclusively to the eastern or TO the
western section OF the canal as the subscribers NAV
respectively prefer and direct: and i'm the event of
such subscription being obtained, the said Preside u,
AID Directors TO the extent thereof at least shall ap.
ply all paid thereon, according to The term. of the
condition annexed thereto, by the respective subscri
bers, and 10 no other purpose whatever I'm all oher
respects Whatsoever, the stock subscribed shall be
regard a part OF the general stock OF the company.
aud ents the stockholders subscribing the same, TO
the Same riShs and privileges, and subject them
the same obligations with the other stockholders whose
SUBSCRIPTIONS are payable without condition TO their
| application to either section OF the canal.
IND De IL further enacted, That forfeiture OF the
Charter OF the said company, Of any right thence
arising. shall be incurred by any delay their part,
TO complete the western section OF tina said canal b.
reason oil commencement OF the same, before the
completion of the section thereof but the long
eat time shall be allowed the said company for the
ple,ion Of the entire canal, which could lawfully be
claimed by them in virtue of any delay of the com
nencement, or completion, OF the western section OF
the canal authorised permitted by the terms OF their
present Charter.
| This Act shall commence aud take effect as far as
regards This Commonwealth from the passage thereof
regards the United States and the State of MARYLAND
on receiving the assent of the Congress OF the United
States and the General Assembly OF MARYLAND
and its receiving the further assent of the Legi.-
aure oil the State OF Pennsylvania, shall be taken and
deemed TO be- in all respects part Of the Charter of tn
Chesapeake and Ohio Canal Company.
The amendment proposed by the Senate was as fol-
lows:
At the end Of the bill insert the following section:
abe it further enacted audit is hereby declared thai
the amendments 10 the Charter OF the Chesapeake and
Ohio Canal Company contained in this act, made
upon the express condition that part OF the capital
stock In said company heretofore subscribed shall in
any manner be applied to the construction of the ives.
tern section oil said canal until the eastern section is
tad hut d, .l.Il
the construction OF the eastern section thereof, until
the same IL completed"
Mr.. Mason of +. rose 10 propose the following add.
tional sections by way of anne ndment IN thu amend
ment Of the Senate:
BE ii enacted, That no substitution of stock hereby
| authorized 10 be applied in the construction Of the
Western section ot said canal, shall emile the holders
thereof, in any manner to participate in profits
dividends which be derived from the Eastern Sc
ton thereof until said Western section shall he con.
nected with the Eastern section, by an established
portage, shall be in such manner completed as Ia
form with said Eastern section continuous canal
nor in like manner shall any profits or dividends tina
may arise on the said Western section before the same
Is completed az aforesaid emile the present stockhod-
ers IN said company any subscribers hereafter Ia
stock, TO be expended said Eastern section TO any
participation in profits dividends derived from said
Western section exclusively.
BE Hturfher enacted. That nothing in this act con-
tanned, shall have any virtue in law until The same
shall nave been app'o'ed by the stockholders in said
company, owning 3-5hs at least OF the stock thereof
N
such approval he had shall be held and esteemed as
though this act had never passed.
MIR. MASON supported at some length his PROPOSE
Mons attempting TO show, that no appropriation SHOULD
be authorized Tor the Western section of the canal
until the Eastern section had been completed to the
base OF the Allegheny mounain-,hat the funds al
present were not sulicien to complete both canals
along with The tunnel Of four miles, which wonll he
necessary through the Aleghany mountain, and which
alone had been estimated at more than million and
hall OF dollars, and to require Is years to
and that The only way to inspire confidence, and OBJ
tam The necessary funds, would be 10 complete frs
the Eastern section, which, by going up the coal dis
rct and conveying also the products of the inferno
date country, would draw in tolls and contribute Il
the value of the stock.
| Mr.. McCABE called for the reading of the memori
al of the President and Directors of the Company a.
follows:
To the Speakers and Members of both Houses of The
General assembly 0f pirginid:
The President and Directors of the Chesapeake and
| ONO Canal Company. pursuant to Resolution of the
Stockholders hereto annexed mes, respectfully repre-
sent thai the desire 10 obtain subscription the
oil the Company from the State OF Pennsyvana, an.
TO further the great end Of the enterprise
the several parties 10 the Charter OF the Che
ana ONO Canal Company, the speedy union of tn,
Eastern ami Western sections by continuous cana
h across the mountain which divides them; or if tina
should prove neSp dent, TO reduce and improve the
portage between them, the stockholders whom the nm
dergned rspresent desire such m0difc alton of the
charter as hall enable them, il it shall hereafter b.
iourd expelient, TO commence the Western section e
the canal before the actual completion OF the Easte
section, by beginning and conducting a canal from
PttSburg, up The Monougahels. Yuighiogheny an,
Casteman rivers TO the Western base of the Aliegha
ny mountain, with add onal funds while they steadi
" devote those which they possess TO the prose
cution already successfully begun, ard far advanced
OF The f. 'strrn section leading from Washington alonl
the Valley Of the Po'omIc towards Cumberland.
The accompanying copy sf The first annual Repor
OF the President and Directors. to The Stockholders
their last general meeting contains the authority un
der which this oppratoni addressed the wisdom
TIE General Assembly OF Virginia, and with the ex
hibts added 10 it, will furnish correct exposition
the affairs Of the Company.
To these, the President ard Directors have thu
graibcaon 10 subjon, that the success of the lat
n-goc'aion. by the District Corporations of loa
IN Europe, TO the extent OF their subscriptions O
nj lion and half, has removed any pc sibl
doubt which might have been before entertained
OF the ability of the Company to proceed without in
teriup'iOn, IN the patriotic enterprise which claim
Washington for lis founder, and the Commonwealth
which gav' him birth for its earliest patron.
OWce of the Chesapeake and Ohio)
Canal Compauy, WaShington,S
January l3, 1880.
C. f. MERCER.
President of The C. & o. Canal Company.
Fred. My,
JOS Kent
Nm Smith, Directors
PhineGs Jdnney,
Peter Lemon,
+ a long debate ensued the quesuon-in whic