The North-Carolina standard., 1838-08-29

ed to the extinguishment of the claims of all
o:her stockholders, until the entire stock vested
in the. canal shall have been acquired by the
State: after which, and after the said State snail
have been rein bursed for all expenses incurred
out of her own proper funds In the CONSTRUCTION
and repairs of said canal, other tolls or charge
whatever, for the use or navigation oil the salu
canal shall be levied. except TO such amount as
may be required TO keep the said canal and the
works appurtenant thereto in good repair, and
provide for the collection of the tolls and the su-
perintendance of said canal Provided, moreover,
That no part of the said lands shall be sold for
less than two dollars and bali per acre, nor any
sale made until after three months public notice
thereof, and to the highest bidder; but in case
such price cannot be obtained therefor, within
five years from the first sale attempted to be
made, it shall and may be lawful for the Terrific
rial or State Legislature Of Wisconsin to reduce
the minimum price of the said lands.
SEC. g. And be 1T further enacted, That the
said State of Wisconsin shall BE- held responsible
10 the United States and for the payment into
the Treasury thereof, of the amount OF all mo-
news received upon the sale of the whole or any
part Of said land, at the price at which the same
shall be sold, not less than two dollars and hhy
cents per acre. if the said main canal shall not be
commenced within three years, and completed
within ten years, pursuant to the provisions oil
the &C: creating said canal corporation
SEC. 7. And be 1T further enacted, That, In
order 10 render effectual the provisions of this
act, the Legislature of the State to be erected or
admitted out of the Territory now comprised In
Wisconsin Territory, east OF the MISSISSIPPI,
shall give their assent to the same by act to be
duly passed
SEC. 8. And be 1T further enacted, That, for
the purpose of securing better price for the
lands hereby granted and expediung the con-
structon oil the said canal, the Territorial Legls-
ature of Wisconsin may borrow, upon pledge
of the said lands, such sum or sums OF money as
they may think expedient, and defer the sale of
said lands, or any part thereof, until such time
or times, not exceeding two years beyond the
period of completion of sald canal, as they may
deem expedient; and for such sum or sums as
NAV be so borrowed, and applied 10 the construc-
tion of said canal, the Stale of Wisconsin, shall
be entitled to such interest in the stock OF SAID
canal as shall be equivalent thereto IN amount,
and the interest SO acquired shall be subject to
all the obligations and restrictions provided IN
the last section OF this act.
SEC. 9. And be 1t further enacted, That the
assent of Congress is hereby given TO the act OF
The Territorial Legislature OF Wise onsin, enti-
tied an act to incorporate the Milwaukee and
Rock river Canal Company, subject to the pre-
ceding notifications, and to the following pro-
vision that, in estimating the principal sum and
interest TO be paid by the said Territory, or the
future State of Wisconsin, TO the stockholders OF
the said canal a credit shall be given to the
Territory or State for all dividends received by
the said stockholders prior to the extinguish-
ment Of their interest the said canal, In the
mode provided by the twenty-third section of the
said act of incorporation.
SEC. 10. and be 1t further enacted, That Con-
gress may, at any time until said Territory shall
be admitted as State prescribe and regulate the
tolls to be received by said company; and after
said Territory shall be admitted a State, the
Legislature thereof shall possess the like power;
and said act Of incorporation is hereby approved,
subject to the modification and conditions afore-
said.
SEC. IL. And be 1t further enacted, That the
Secretary of the Treasury shall reserve from
sale the lands probably falling within the limits
of said grant, and the lands which, by the first
section, were reserved to the United States. until
he said canal can be located and the lands select
ed as contemplated by this act, and no pre-emp-
ion right shall attach thereto.
APPROVED. June 18th. 1888.