, 1866-04-26

AlAbIo AaY AN4AAAG AAAEA kAA1 AEAy duN hlA
tho rights, powers and privileges created IN
der it, upon condition that: First-Thc COM
pany pay all claims for right Of way. Second
They commence the construction OF the canal
within twelve months after the execution OF
their contract with the United States, aud \
complete It Iy August 1st, 1870. Third
TLat the canal be Of the dimensions specified |
iii he act, constructed In substantial manner,
and kept In proper repair; Fourtl-That the |
said canal be military naval, postal and public
highway forever, that no obstructions shall |
be placed thereon TO h1pcde its uninterrupted |
navigation, ard that It's use shall be free to |
The Government for the transportation Of
troops, military stores, munitions Of war, and |
trrops, md for pussing gunboats, Government
transports and vessels In the service OF the |
Government; Fi1h-Tlat 1t shall be open at all
times in,lhc season Of navigation, to all rats,
vessels, and lake crafts; Sixth-That the COM
rany may, from time to time, fix the rates Of
toll, which shnllnot exceed the rates Of toll of
the Welland Canalin 1851; sevcnth-That in
case Of any failure to comply with any of these
conditions by the company, the President
shall give notice Of default, and If the COM
pany shall then lnil 10 comply Will, them, the
President may declare The contract void, and
at once proceed TO rclet the canal with anoth-
cr company upon the same conditions.
The bill further provides, that the sum of
six millions of dollars shall bc loaned by the
United States to aid the company in the con-
struction Of the canst, to be advanced and
paid in bonds Of Il, 900 each, payable in ten
years from date and bearing interest at the
rate Of SIX per cent, payable scmI-annually.
It authorizes the Secretary Of the Treasury 10
pay the said company this amount in INSTALL
mcMts Of s200, 900 Tor every $500, ,0O the COM
pany shall successfully cxpcnd in the con-
str,,ction ot the canal, upon proper proof Of
said successive expenditure. It provides fur
ther, that ten per centuul OF the tolls, after
dcducling the cost of rcpairs and running eS.
pcnscs, shall be paid on the LIST Of January Of
each year, after the completion Of the canal,
into the Treasury Of the United States,
which moneys shall be applied to
the payment OF tho amount loaned
by the Government. It provides that the
tolls may be altered and revised once In every
nvc years, after the completion of the canal,
by five commissioners, four to be appointed
respectively by the President and the Cover
nots Of Illinois, New York aud Massachusetts,,
and one by the company; md that II the
company or any ten owners OF vessels navi-
gntlns the canals shall notify the commits
sioncrs Of their dissatisfaction with the tolls,
tic latter shall BE- again revised in cohjunc-
tiou with three additional commissioners to
be appointed by the Governors OF Maine, Wis
consin and Michigan. The bill lastly provides
that the United States may ut any timo pur.
chase the canal hy paying to the company
enc anloun. cApGaaeu ~ eonSs' Nn, u.''us . A.a
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e" W. ACKNOWLEDGEMENTS. ~, .,,,, ,oa.. ;,.,,
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.ue 'o.e't'iAse n"u '"e puene suas1 W pll
".te" :" WV ,u'.s. u"a ~ 'aus1 - aa.
nel' .sn an'euu'aen', III .ue 1os1n u euos1
'ase. VIII W o'cfeo Wy !N1. ts'ne, 3opos'a
sac .eh>.'hc.,'" VI :ne esua' " 1ne oosc't
'nen'' ~'enou. Wv .u'e5'esenes ol Fr'sa.
eo'upaus' ~ o.ue, w sssu,c tuc nicolpo,.
. ZION auu eottF'e.,o" o' .uc %o3N " 1n
earnest possible tiAS, ana IN. ~ tue lnost sa' So
, staa'tai '1'a',net az, A.ison WIZ oa'
several au'e"un'cn's ~ -14' ,..uuo'n . Jill,
Ahc .ness 'au:p''.nI o"'es''oas " u
j lut'es, III ny ep'''e'' ~. .x.
s !. !hal !" uocs no1 ts4"ne .. ~. eo'"l'a';
/. 1no' Is 10 uhocstahe '"e eoas1Fu ueI.on' 81
e'ahua1 E"a'ansec ~ luz aoiu' " oer" -
subscriptions VI stoe6 10 an extent s'''nc.e'
70 ensure 'he commencement ano P'oseeutt
!. OF Inc WORK. oe'o'c 'uc COMPANY eau en'
i. upon tue privileges s1a"'eo W thc "et-
/. :. 1uat II contains no PROVISION 1ha' VI
o permit iaar eompelaion LOT 1he enar1es, ~
preEen' tne ehai1es 20 iall loto LUG nanos
q parties 'ocntl"ea "l'n 'ue Interests ol ec'ta
- !. 'ocalnses, VINO m.Snt promote 'hese IN q
~ y, pursuit Of the enterprise al the expense
II The general Interests Of the tonn,ry. +