The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1841-10-30
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AN ACT


Oii2 C1nak N C4n5srlaud.
sEcrloS l. Be il enacted BY the G n
cral AsSamjig Of Mryiand, That when
ever the Chesapeake and Ohio Canal
Company, in a general meeting OF the
Stockholders assembled, shall assent and
agree to all and each Of the provisions Of
this ACT, and shall communicate such as
sent, approval and agreement under tia
corporate seal and the signature Of the
President to the Governor of this Stale,
that then it shall be the duty of the COM
missioner of loans of this State to issue,
at such time and in such sums of not less
vnan one hundred dollars, as may be dee
med convenient, certificates of stock, or
bonds Of this State to an amount not ex-
ceeding in the whole, the sum of two mil
lions OF dollars, irredccmable for thirty
years, and rcdecmable thereafter at the
pleasure of the State, and bearing an inter-
est OF six per centuR,p6r annum, payable
smi-annualiy, at the loan Office in the
city of Baltimore, on the first day of jan
uary, and July, in each and every year,
provided however, that no stocks shall be
issued until it vii command par, and then
only so much as shall have been actually
contracted to be sold.
SEC. 2. find be IL enacted, That so
soon as the commissioner OF loans shall
have sold the said certificates, of stock or
bonds Of this State, or any portion Of the
same, he shall pay the proceeds thereof
int the Treasury OF the Western Shore,
and the Treasurer of the Western Shore
shall set apart and apply the said proceeds
or so much thercofas may be necessary
for the redemption of the certificates
which may have been issued or directed
to be ,ssuedby said Chesapeake and Ohio
Canal Company, under the provisions of
this act, a full and satisfactory state ment
Of which shall be laid before the Trcasur
er by the said canal company; and should
the proceeds of sales Of said bonds or
certificates Of stock, exceed the amount
necessary for the redemption of said Ger
tifcales issued or directed to be issued, as
afoi esaid, the said Treasurer is hereby
authorised upon the rcquisi,ion of said
canal company to pay the surplus to said
company; propided, that in no one quar-
ter OF Il year shall said Treasurer pay to
said company more than four hundred
thousand dollars.
Sec. 3. ina. be ii cnaeted, That for the
purpose Of securing the paymen oflhe ia-
letcs upon the money by the preceding
section authorised to be borrowed, the
State hereby pledges her right to the tolls
of said Canal, after such sums shall be de-
Quoted thereirom as will be sufficient to
keep the said Canal in good condition,
and repair for transportation, and officers
salaries, and expenses Of the company,
and the said Chesapeake and Ohio Canal
Company, in such form as the charter,
and the several laws applicable thereto,
make necessary are hereby required, to
increase thc'tolls for the transportation IL
pom this Canal TO the maximum charge
fixed by the charter, immediately after the
passage Of this act, except upon the article
of coal, which shall be increased TO at
least one cent per ton per mile immedi-
atcl y after the completion of the Canal to
Cumberland, unless the agents appointed
to represent the State IN said Canal COM
pany shall certify in writing to the Pres-
dent and Directors of said company, that
their opinion and belief, the best intcrcs,
Of the State would be injured by such in
crease on the article of coal, and in case
the President and Directors fail or refuse
to comply with this provision, it shall be
the duty of the agents representing the State
ill., ONT stock companies to remove lhcma
the next general meeting of the stockhol-
dcrs.
SEC. 1. ind be ii enacted, That for
the purpose ofproviding for the payment
Of the principal Of the debt by this act au-
lhorisei TO be contracted, the annual sum
Of twenty-five thousand dollars, 10 raise
from he tolls upon the canal, are hereby
and set apart, which said
sum OF twenty five tn ,usand dollars shall
be paid one half thereof on the first day of
March, and the residue on the first dav of
September in each and every year after
III canal shall have reached Cumberland,
to the Treasurer for the Western Shore
of Mary land, to be by ham accumulated
as a sinking fund for the purpose afore-
said, the said sum to be paid by the Prcsi-
dent and Directors Of the canal company
out of the tolls to be received upon the
said canal after paying the interest as di
rected by the second section Of this act,
and the expenses of the said canal, this
appropriation of the profits and tolls of
the canal, is in aid Of the general faith,
and credit of the State, which is hereby |
pledged in the fullest manner for the pay
ncnt Of both principal and interest on the |
money hereby authorized to be borrow
sd.
SEC. S. ind be 1t enacted, That j,
shall be the duty Of the president and di-
-.ncinrr &C lin co Ii cnn.l con,nnn,. IL, r,n..