Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1859-01-07

In pursuance Of the act entitled AN Act TOR
the sale of the State Canals, approved on the
2l,t day of April last, did, ms the Governor of
til. Commonwealth. on the 18th day of May,
1888. convey to the SunbuIv and Erie Railroad
Company. all the public works belonging to the
Commonwealth, then remaining unsOld. con-
sisting of the Delaware Division-the Upper
and Lower Branch Divisions-the West Branch
Division--and the Susquehanna Division of the
Pennsylvania Canal, with all the property
thereunto belonging, or in anywise appertain-
ing, and all the estate, right, title and inter
est of this Commonwealth therein, for the sum
of three millions five hundred thousand dollars.
To secure the payment of this SUN, the Sunbury
and Erie Rairoad Company paid to the State
Treasurer its bonds, secured by mortgage, as
directed by the act, for the amount of the pur-
chase money. The company, also, complied
with the provisions OF the Act which required
it, as additional security, TO execute and deliv-
er to the State Treasurer a mortgage on the
Delaware Division for one milliOn-a mortgage
on the Susquchanna and West Branch Divisions
for half million-and a mortgage on the Up
per and Lower North Branch Divisions for halt
a million of dollars The deeds and mortgages
were all executed under the immediate super
vision of the Attorney General, and were in
strict conformity with the requirements OF the
law.
After the conveyances were duly executed
and delivered, possession of the canals was
given TO the railroad company.
The act further provided that the Sunbury
and EIie Railroad Company should not resell
A. 0------'"r Pa'o Of 'iruI' Without the
consent OF the Governor and that II Il resale
were made for "a greater sum, in the aggregate,
than three and a half millions of dollars. sew
enty- five per centum of the excess should be
paid to the Commonwealth, in the bonds of the
purchasers. 1t was also provided that upon a
resale, the mortgages given by the Sunbury
and Erie Railroad Company to the Common
wealth, Il pom the Canals, should he cancelled
by the State Treasurer and surrendered to the
company 10y the Governor, on depOsite made
by the said company in the office of the State
Treasurer of an equal amount of the bonds of
their grantees, secured by mortgage of the ca
nal or canals sold as aforesaid with provi-
sion that no transfer of securities should be
made until the Governor should be satisfied
that the new securities TO he given were sutti-
Cient To protect the interests OF the State and
that his written approval of the change should
be filed in the office of the Secretary of the
Commonwealth.
Sales were made by the Sunbury and Erie
Railroad Company and reported To me, under
the oath of the President, of the different lines
as follows
'tp'I iNp"'- -N'lhi
Branch Canal. To the North Branch
Canal Company, for. 81 ,G00, ,OCO
The West Branch and Susquehan-
ma Divisions, to West Branch and
Susquehanna Canal Company, for 500, 900
The Delaware Division, to the
Delaware Division Canal Company,
of Pennsylvania, for. ............. 1875, 900
In all the sum Of. So, S1j, 600
Upon investigation and inquiry, having be-
come satisfied that these sales were made for
fair prices, and upon such terms, and to such
persons composing the various purchasing
socations as to insure the payment OF the
purchase money, they were severally approved
After the contract for the sale of the Della
ware Division had been entered into, and my
consent had been verbally given, and seventy
five thousand dollars of the purchase money
had been actually paid by the purchasers, upon
the faith of the contract, and my assent there
to, | was Informed that higher price had been
offered, by responsible persons, for the canal.
But under the circumstances, my opinion was
that the offer came too late and as the Rail
road Company considered itself bound to con-
summate the agreement by delivery of the
deed and possession Of the property to the first
purchasers, | could not, in good faith, withhold
my assent. The North Branch Canal Company,
soId tIat nort;o,, of the canal I,ine, hatyre.n
WilLesbarre and Northumberland TO the Wv.
oming Canal Company rDr trlu suu. Of nino
hundred and eighty-tive thousand dollars.
On the 18th of September, 1858. bonds of the
various companies owning the different canals.
secured by mortgages, were, in pursuance of
the act. and by my approval, deposited with
the State Treasurer to the amount of two mil
lions of dollars and the mortgages on the ca
mails given by the Sunbury and Erie Railroad
Company, were cancelled by the State Treasu-
Ter, and surrendered by me to the company in
accordance with the directions of the law. At
the same time settlement was made between
the Commonwealth and the Railroad Company,
by which the latter paid to the State seventy
five per Centum OF the proceeds OF the resale
over and above the contract price OF three and
half millions. This amounted to two hun
dred and eghty-one thousand two hundred and
fifty dollars, and was paid III the following
manner, viz:
Bonds of :he Wyoming Canal Com
pany, secured by mortgage on the
canal from Wilkesbarre TO Nor
thuuberland, PAYABLE in twenty
years with interest at six per cent.
PAYABLE semi-annually. S2Sl 900
Cash. 80