Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-05-03

September, 1910, by extended 10 the ~ DAY Oh Juy
1855 An rights privileges, advantages dependant upon
the completion Of the work TO that point within the time ong
na prescribed if it shall be finished within the enlarged
time now allowed, reaimed and legally secured, and
power to the President and Directors borrow money for the
general purposes of the Company and to pledge its property
for the payment Of the and the interest to
accrue thereon, is plainly and expressly given.
We regard this law Of the highest importance, and re-
specuy recommend that be accepted and assented to by
the stockholders make it part Of the charter of the
} Company.
Important and necessary however, as under existing cir
cunstances are the powers and authority granted by the
charter amendment which have just spoken this Com
pany would still have been compelled remain stationary and
incapable of any progressive movement towards the compile
ton of the great work have in charge without the further
ACTON of the Legislature of Maryland providing for waiver
of her liens This after long, earnest aud peseverng Ell
fot have the qualification to inform you we have likewise
by the passage Of the second referred TO in the
commencement Of this communication Although there are
some parts Of this law which may be regarded yexatous
exacng feel assured that by the generous and and
cooperaon of the friends of the canal and by the exercise
prudence and perseverance, which has enabled US
the obstacles hitherto thrown in path all pre-
sent difficulties may be sumounted and the provisions and
objects of the law be fully complied with and fulfilled We
therefore, like MANNER respectfully commend 1t to the ac7
cptance of the stockholders
will be seem by reference the ninth section that the
act is take effect until after accepted by this compa
n.y. and such acceptance duly communicated to the Teasu
rer Of the Western Shore of Maryland Up to this time, con-
sequeny the Board could take defntive for
complying with its provisions but in anticipation Of the ia
vorabe action of the stockholders have since the nd
ounmcn of the Legislature been actively engaged in ma
king arrangements have requirements fulfilled and
Nau he a
receives your sanction its preliminary conditions will be sa
tsfed.
When the clause requiring guaranty for the through
transportation of less than hundred and nney-fve
thousand tonnage per year for five years. dating from
the end Of six months after the completion of the canal
Cumberland, inserted in the BILL apprehensions were
entertained that the requirement might fatal its ayaa
bly, inasmuch individuals and private corporations are
seldom known upon themselves responsibilities that
are to enue benefit but the enthusiasm with
which the has been received by the stockholders Of
the incorporated companies of Allegheny county, by the pfo
pie of the Potomac counties of Maryland and Virginia. and
by the citizens of the District Cities has dssPaed all doubt
i and apprehension this subject
1t now sufficiently asceaned that the guarantees will be
given and securely given, and This clause of unprecedented
ceahyess cU then be concerted into Of strength.
The guaranty will only operate sort of collateral
of the work. but being executed for small amounts by
Gus responsible parties making in the aggregate the quaint
y stipulated for in the law they will bind by the strong
tive of selfproecon nearly every important trader at each
extremity and along the line of the canal the canal nte
rest and induce all take lively and active part in aug
menting its trade In this way the Chesapeake and Ohio
Canal which already highly appreciated by all who
within the range of its operations, will acquire additional
claims to the popular favor and support.
Il After the guarantees executed and approved by the Co
Of this State and the agents representing the State in
this Company majority Of them, the board will then b.,
empowered themselves of the operative provisions Of the
law and to the bonds OF the Company for the compile
ton of or raising the means to complete the canal
! berland.
According to the provisions Of the law the Board of Pre-
sden and Directors invested with the discretion either to
borrow money the bonds of the Company at their par
value and make have the work done payable in
cash. or approval OF the State agents. to enter into
contracts have ii executed and paid for direct
y in the bonds secured in the therein provided for
Which plan may be expeden to adopt matter for
consideration and unless the stockholders formally indicate
preference board will be by rcumstance and
after consultation with the authorities above mentioned, pur
such their judgments may be most conducive
to the general interests Of the Company keeping in view the
completion of the canal at the earliest practicable period
object Of primary Importance III would certainly De more
desirable for the Company the money themselves and
pay for the work in cash. if loan be readily obtained
by that the field of competition among contractors
would be greatly enlarged and the only consideration that at
present could have any weight with the Company in favor Of
letting the work be paid for bonds the saving Of the
time that otherwise must y be consumed to perfect
negotiation. But whether this consideration should be allow
ed to prevail must depend eay the character OF the
bids and the responsibility Of the parties who may offer to
for bonds in any such proposals should be offer
ed No such contract certainly will be entered into, unless
the parties demonstrate the satisfaction of the board
that they have ample resources have made such
arrangements leave doubt of their ability finish the
work within the time that may be prescribed, which will not
exceed two years from the common, emen Of operations
Whether, however, the work be completed by contractors
who command the and i'll receive the bonds IN
payment whether the Board first raise the money
the bonds from capitalists and pay for the work in cash. it is
very manifest that the security giren M be so abundant as
70 render the Investment Of The best Of which zee haze any
kouge BY force Of the law and its acceptance by this
Company, the bonds will be pref ed and absolute statutory
hens the entire Of th Company, fortified by guar
antics If annual tonnage for The first five years greatly more
than is necessary yield sufficient to pay the interest
and the annual appropriation the sinking fund provided by
the act The margin Above and above the amount
necessary for the completion If the canal and the payment Of
necessary expenses appe raining thereto, will be applied
the payment of the interest on the actual outlay until the work
finished and after that erod the Of the Company
will be an unang and instantly increasing source for that
purpose and the providing adequate sinking fund to dis
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