Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1830-02-05

." o."et WORKS afofeSaiu, OF which may be
required to improve the navigation thereof, a,
any time thereafter, with all their profits sub
lect1 the Limitations herein provided, shall
De and the same are hereby, vested in the said
stockholders, their executors, administrators
and assigns, forever, as tenants in common, in
proper ton 10 their respective shares; and thar
il shall and may lawful for the said Presiden,
and Directors at all times, forever thereafter
TO demand and receive, at such places as
shall hereafter be spppia,ed 6y the President
and directors aforesaid, tolls for the passage
Of vessels, boats. RATS, produce and all other
articles, at such rates as the said President and
Directors may HEREAFTER allow and establish
according TO the provisions Of this act.
SEC 10 find be il further enacted, That
it the Commissioners, or any Of them, hereby
required 10 be appointed, shall die, resign or
refuse 10 act, the vacancy occasioned thereby
shall be filled by person or persons appSinted
by the President OF the Uni'e States; aud the
pet son or persons so appointed, shall have all
the power and authority which was vested in
the commissioners, whose place he or they
may be appoia'rd TO supply, and when any
part Of the canal afore said shall have been com.
pleted according TO the true intent and mean.
ing OF this act, the Presiden, and Directors oil
the Company. hereby created, shall have pow
er aud il shall Ne their duty 10 ordaiu and es-
t4biish . rate Of tolls TO be paid upon boats,
vessels, RATS, or other properly, passing on
The part Of the canal so completed, and SO
from time ~ time, as part or paris shall be
completed, until The entire canal shall have been
hnished, according TO the true intent and mean
ing Of his act; for the collection Of which tolls
the Presiden, aud Directors shall have power
to establish SO many toll houses, and, al their
pleasure, appoint and remove SO many Colec-
tors, and at such places ss, from time TO time
they may judge expedient; and The said Presi
den, and Directors shall have full authority
subject TO the direc ton and control Of 4 major
i,y in interest Of the Stos kholders represented
in any general meeting, 10 regulate and hS
tari6 Of tolls, not exceeding an average OF two
cents per ton. pei mile; and 50 10 adjus, The
said tolls in relation 20 the capacity or burden
Of the boats, and the dimensions OF the RATS
passing { e locks nfIhe said canal, as 10 pro-
mote economy Of wac. and time, in the navi-
gstioa thrre {
SEE IL. find be it further enacisd, That the
Pr- siden, and D.rector~ shall annually or sc
mi annually declare and make such dividend ol
the mr. prof ;, from the Tolls 10 be received
according TO the provisions ofthis oct, and
from O her resources Of the Company, AZ they
NAV de. IN advisable, after deducung therefrom
he necessary current aud NE probable contin.
yeot ,xptn.es, 10 be- divided among the pro.
| prierors of the sock OF said Company, in pro-
portion o their respective shares, until the an
nu al diyidend thereon stall have reached tweD.
" per centum. Ueyoud waco i, shall never ex>
! tend but should he nett revenue oil the Com
| taoy exceed that amount for ATTY Two years IN
| succe ssion, hen such excess shall be applied by
the President aid Directors, in such mode As
shall bc agreed on by majority OF the stock
holders, convened IN general meeting. strength
ening, improving, and extending the wotSs ol
the Canal, Of very descrip ion, requiring The
same; aud should ;he said tolls continue, after
such improvements have. been completed, 20
nett more than twenty per cent per annum
10 the stockholders, for any Two years IN Sue
crssion the tolls upon ,hr same sholl De reduc-
I'd nv the President aud Directors, according
10 some JUS aud equitable raIio, ill Toe said
dividend ,rslI fall TO twenty per cent pr an
mum: Provided rha should the said dividend
the reaf,er sink below twenty per cent, per an-
mum, the sad ,olls. or Ii part thrreof, may bt
renewed III the SAID net diridrnd reaches tha'
amount
SIC u find Re ii further anacted, That the
said Canal, and he works to BE- cree ed her. .
forever thereaf er be esteemed AID * n 20 b.
na,igable rs public high Wy, tree Tor the
trarspor. ion Of all goods, commodities, and
produce W a,evcr,on payment Ut the oils 10 be
,mposed, as provided ~ this acG and m h
or toll OF TX uhaIev"r, for .he use Of SAID Ca
rai and the works the'eon erected, shall at any
time hereafter be imposed, mil IS under SANE =
uou ota lsw Of h Uru.d Sa,es.
SEC. 10 and he IL further enacted, That il
sbsl api may be lawful for he President and
Directors, or majority ut them, &" agree with
the owners Of any land, 'hrough or on viii h II
i ,n,entsd ,ha, he said canal, or any Of the
work. ,hereun' app rta,ning, shall! pass, or be
situated, or OF the land necessary Tor the con-
s,rnction Of basin a. the term'na ion OF the
said canal al Al xandria. for the purchase or
use aud occupation thereof; a"dln ase OF dis.
agreement, OF IN Case the swner thereof shall
DC femme covert, under sge. non-eompos, or
out of the District Of Columois, on application
10 Justice Of the Peace Of tn. county IN which
such land shall BE-. the said Justice OF the Peace
shall ISSUE hi, warrant. under his hand and seal,
., ,ha Narshai of the District Of Colu mbia, to