The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1859-03-31
Canal Meeting.


hear the report of the Committee of
Managers, in relation to the contract
made with the Canal Trustees. The condl-
tons of the contract were as follows: For
the purpose of preserving the canal IN navi-
gable condition, the Trustees transfer tne
management and assign all the net tolls anu
water rents collected on the canal between
Newburg and Evansville to q. Fl. Cook and
M A. Lawrence of Vanderburg, G. Nor
van of Pike, J. II. Miller of Warriek, and
N. G. Brett of Davies, Board of Man
ayers, for the term of four years, on condi-
ton that said managers and their associates
shall put and keep said canal in good repair
and navigable condition within the limits OF
the city of Evansville to the town of New
burg, including the lock and damn at the
latter place. The managers are also to full
fill all the obligations of the canal company
in regard to bridges crossing the canal on
county roads.
All the revenues as collected are to be
deposited in the nearest branches OF the
State Bank, to the credit of the Trustees,
who are to preserve them as a distinct fund
belonging to the Evansville division. The
ordinary expenses of managing the canal
are to be paid by the resident Trustee on
the certificates of the Division Superintend-
emit. All repairs and work affecting the
permanent structure of the canal, is to be
done under the direction of the President,
Engineer, and the Superintendents appoint
ed by the managers; and the cost thereof
to be paid on the certificates of the mana
gers Superintendent, and on the request OF
the Engineer. The toll collectors are to be
selected by the Board Of managers and ap-
pointed by the Trustee. The Division Su-
perintendents are to be nominated by the
managers, subject to the approval of the
Trustees.
The only contribution which the Evans
vile division shall be subject to, for the ex-
penses of the general trust, is $500 annual
ly for compensation to clerk, to keep the
accounts and records of that division in the
office of the Trustees. AS the managers
will have the control of the expenditures on
the Southern part of the canal, they are
required to produce duplicate vouchers of
their payments and the costs incurred.
The Trustees transfer to the managers for
the use of the canal, the repair boats, mules,
horses and tools now belonging to this d.
vision of the canal, with the stipulation
that they return articles of like kind and
value at the end of four years.
No associate or subscriber is to be held
liable for anything beyond his subscription,
and the managers are responsible only for
the faithful application of the funds that
may come into their hands.
The tolls shall be regulated from time to
time, so as to bring the largest revenue to
the canal The through tolls shall be regu-
lated by the Trustees with q due regard to
the interests of the Southern Division, but
the regulation of the tolls on the local trade
from Newberry to Evansville, is left to the
managers.
If the Trustees desire to annul the con-
tract before the expiration of four years,
they can do SO by repaying the amount of
advances due the managers.
But the losses or profits of the Canal for
the entire four years, if not resumed by the
Trustees as above stipulated, shall belong to
the managers and their associates. No OBJ
jections shall be made by the Trustees to any
change in the board of managers. The ma
terials for repairs now on hand may be used
by the managers.
The contract was approved by the meet
ing and the report accepted, and a subscrip-
ton opened on the spot to raise the means
to repair the Canal.
The Board of Managers were constituted
committee to draw up articles OF associa.
ton based upon their contract with the
Trustees and to take the necessary steps tc
obtain subscriptions to the amount needed