Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-03-15
NATIONAL INTELLIGENCER.
MARYLAND.

MARYLAND.
The Legislature of the State Of MARYLAND ended
its session Monday night, after passing act to
provide for the completion of the Chesapeake and
Ohio Canal, and an act to lay duty on stamps, both
of which acts have been the subject of much con-
test and close division in both branches of the Lee
gislature, The Canal act passed in the Senate, as
it had previously passed in the House of Represen-
tatives, by majority of one vote only.
OF this last act we are fortunate in being favored
with correct copy, which we have the pleasure TO
lay before our readers, as follows
AN ACT provide for the completion of the Chesapeake and
Ohio Canal to Cumberland and for other purposes
BE enacted by the General assembly Of Maryland, That
the President Directors of the Chesapeake and Ohio Canal
Company and they hereby authorized and empowered
borrow upon the bonds of said company, with
fed liens its hereinafter mentioned to secure
the payment of the and the interest to thereon
such of money may be required to pay for the
completion Of the Chesapeake and Ohio Canal Cumberland
under hereafter be entered into by
the President and Directors of said company, and the
sa expenses apperanng thereto, and pay the interest
The bonds that may be issued for said purposes aid of the
nett Of said company until they become sufficient to
pay the same after the debts due for repairs the canal
and for officers salaries satisfied and paid Provided ho,c
ep That the whole of bonds authorized be issued
aforesaid shall exceed the of million hum
dred thousand dollars if the be issued in six per cent
currency bonds the equivalent thereof according to the
ratio prescribed for arriving such equivalent the pass
ed by the Gesal Assembly of Maryland, at its December
session, eighteen Rs2ded and hyegh chapter three hun
dred and eghty-six the be issued in five per
sterling bonds And prosed further, That nothing herein
contained shall be construed prevent the said company from
If
the bonds of the company secured aforesaid from pay
ing for the same in whole in part in said bonds instead
of borrowing raising the money thereon for that purpose
the party parties contracting for doing said work shall
agree receive the and the President and Directors Of
said company shall deem expedient to do Pogded
hooer That the said company shall make any
by which the completion of the whole work Cumberland
shall not be properly and fully secured to be approved by the
States agents
Sec. q And be enacted, That the bonds that may be
issued by the Chesapeake and Ohio Canal Company under
the aegong section, shall be signed by the President said
company, sealed with corporate SEAL by clerk
and be approved and counegned the agents representing
this State onto companies in which the has an
interest majority Of hem and the said bonds shall be
issued in sums of not less than hundred dollars
hundred pounds sterling the may be- and be pay
able in not less than thve years. and interest not
exceeding six per cent per annum payable semannnay
the first day of January and the first day of July each year.
both principal and interest to be payable such place places
as the President and Directors Of said company may designate
and the bonds issued aforesaid shall appear the face
Of the to be preferred liens the said com
Pany according to the provisions of this and with the
of the said company, hereinafter provided for said
bonds without preference priority each other
account Of date shall be preferred liens the and
tolls that may the said company entire and
every part Of the canal and its works between Georgetown and
Cumberland, which hereby pledged and appropriated
the payment Of the same, and the thereon
in the manner hereinafter mentioned Prorid however,
That this State shall in be bound held responsible
for the payment of the said bonds of the interest thereon
And proridd further, That the President and Directors of
said company shall from time time and times here
after, have the privilege and authority and apply such
portion Of said and tolls in their opinion may
necessary TO put and keep the said canal in good condition
and repair for transportation provide the requisite supply Of
water and pay the officers and agents and
rent expenses of the said company
Sec And be enacted, That the bonds authorized to be
issued under the first section Of this shall be sod by
Pothecaed paid TO contractors less rate than the
par value thereof estimating the par per sterling
bond less than the par Of per cent
rency bond of the denomination and bonds shall be
issued fss the completion of the Chesapeake and ohCana
Cumberland hereinbefoe provided for until after one
Of the incorporated companies Of Allegheny county,
other corporations individuals, SHALL by
instruments Of writing in due FORM with ample security be
approved by the agents representing this State in the Chesa
peake and Ohio Canal Company majority Of hem and
the Governor guaranty the said company aggregate
transportation the entire length between Cumberland and
the District Of Columbia, said canal of less than
hundred and nneyvc thousand of tonnage per year.
average Of years for five years, dating from the end of
months after the said canal shall have been completed to
Cumberland and the navigation opened to that point
Sec 4. And be Il enaced, That the rights and liens Of
this State upon the Of the Chesapeake and Ohio Ca
and postponed Of the said bonds that under
the aoegong sections make the said bonds and the in
thereon preferred and absolute liens said
venues according the provisions the second section Of this
act until said bonds and interest shall be fully paid
Sec. 5. And be enacted, That semi-annually in each
year, the shall be payable the said Chesapeake and
Ohio Canal Company shall pay the interest the bonds
sttutng preferred liens aforesaid the party parties
specvey entitled thereto their agent agents author
lied receive the and the nett Of
said company arising from the canal and its works (eween
Georgetown and Cumberland aoresad shall be than
sufficient pay the interest that may and become due in
upon said bonds with the Of and
change, f there be any, and such further sum- exceed
ing five thousand dollars annually may be necessary pay
the interest the bonds certificates Of debt heretofore m
sued by said company the creditors Of the Potomac Com
pany for claims adjusted under the twelfth Of the char