The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1843-03-18
S.4LEa or PUBLI, STOCKS.

III the various works ot Internal improve.
ments.
y BILL, Entitled. An Act to sell the
Siatc's Inetesl IN the Internal Improve
meat Companies, and 10 Pay the debts al
the SAFE.
WHEREAS, in the present embarrassed
Condition "i the finances OF The STATE, anI
The great depression of business OF ali
kinds, the tubllc interest requires, thai
The de bt OF the State should be paid of Il,
The earliest possible day. that The people
may be relieved from taxation; aud where
as, the present moment seems to be pro-
pllous for the sales of the interest of the
Sat" IN The several internal improvement,
companies, whereby the Safe may be Sc.
I'araled from corporations, The connexion
with which has involved it in the embar-
rassmcnI under which il is now suffering
Therefore,
SEC. l. BE it enacted by the General
Assembly of Mary land, That the Treasur>
er of the W Western Shore be, and he is
hereby authorised and directed, 10 adver-
Use in such papers in this country and
Europe, as he may deem proper, until
the first day of July for PROV osals from
the creditors of The State and others, for
the purchase of all the interest which the
State holds in the following corporations,
viz: In the Chesapeake and Ohio Canal
Company, the Baltimore and Ohio Rail
Road Company, and the Washington
Branch Rail Road Company, the Tide
Water Canal Company, and The Susque-
hanna Rail Road Company.
Sec. 2. And be it enacted, That on or
after the day designated in the previous
section of this act, it shall be the duty OF
the said Treasurer, and he is hereby au-
lhorised and directed, to sell and dispose
of the whole of the interest of the State
in the Chesapeake and Ohio Canal CON-
pany, to any person or Pers ons, al and for
sum Of not less than five millions of
dollars, payable in bonds or certificates
of debt of the State, and bearing an inter-
est of not less than five per centum; and
upon the delivery of said bonds to him to
be cancelled, he shall execute to the pur-
| Il
transfer, of all the interest of the Safe in
the said Chesapeake and Ohi2 Canal COM
pany; provided however, that the bonds
issued for the benefit OF the Baltimore and
Ohio Rail Road company, and remaining
uns"ld on the first day of January last, in
the hands of said Baltimore and Ohio Rail
Road company, or its agent or agents,
except the sum of five thousand pounds
sterling already sold, shall not be receiv.
ell, directly or indirectly, in payment of
! the States interest as aforesaid. and pro-
vIdeG further, that before any transfer
shall be made of the interest of The State
in the said Chesapeake and Ohio Canal,
the Chesapeake and Ohio Canal company.
shall il proper form, secure 10 the hot
ders of script, and other creditors of said
company. the payment of said script and
debts, within twenty years from the date
of said tranlscr, with annual interest at
six per cent, the capital Of said bonds to
be payable al the option of said company,
either in current money or State bonds
now outstanding.
Sec. 3. And be it enacted, That on or
after the day designated in the first sec
lion of this act, upon delivery Of State
bonds or certificates of debt, bearing an
interest of not less than five per cent. to
| the Treasurer aforesaid, not less in a.
mount than four millions, two hundred
thousand dollars, it shall be the du'y of
the Treasurer, and he is hereby aulhoris-
ed and directed to convey to the purcha-
ser OF purchasers in proper form, all the
stock " hich the Stale holds in the Balli-
more ant Ohio Rail Road Company and
the Washington branch thereof, and upon
the execution and delivery by said com
pany to The Treasurer, OF mortgage in
proper form upon the profits of said COM
pany arising from the Washington branch
Of sairrail road, for the payment of per-
pclual annuity of Thirty thousand dollars.
payable quarterly at the State Treasury,
the Treasurer is authorised and empow-
cred to execute to said company "a release
of the tax of onefflh of the passage mo-
nev on said Washington branch secured
TO the State by existing laws and the char
tcl vi lI'H 'oihiah Sioil h'hi c'o' vi
be perpetual, and the said company are
hereby authorised to borrow one million
of dollars and TO pledge the property of
the company therefor.
Sec. a. And be in enacted, That on or
after the day designated in the first sec
rion of this ac', upon delivery to the
Treasurer of the Western Shore of the
Stale bonds, or certificates of debt, bearing
an interest Of not less than five per cent. to
| the amount Of one million of dollars, the
interest then due to the State by the Sus-
quehanna and Tide Water Canal compa-
nv, the Treasurer is hereby authorised
and empowered to convey to the purcha.
ser or purchasers, all the interest Of the
State in said company.