Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-12-24

G. and o. CANAL The application for the
bill of Injunction in the case OF the Y. and v.
Canal, made in the Baltimore Circuit Court
on behalf of Virginia, referred to in an article
in Yesterdays Gazette, recites the facts OF the
incorporation of said Company for designated
purposes, &C., and states that long before the
wear 1914 all the money advanced by the State
of MARYLAND was expended, and the resources
and credit of the Company wholly exhausted,
leaving the canal completed only to point fifty
miles east of Cumberland: that the General
Assembly IF Maryland passed an act on the
10th of March, 1914, by which the officers or
the Company were authorized to borrow upon
its bonds the necessary money to complete the
canal to Cumberland not to exceed Sl,IJO,
900, to be secured by a pledge OF all the tolls
and revenues of the canal and lts works between
Georgetown and Cumberland, the State o.
Maryland walving her priority as mortgage
under previous mortgages Under this act the
COMPANY issued coupon bonds to the amount
of 81 .69e 500, of which the State OF Virginia
guaranteed $500, 900. Subsequently tur her
guarantee of $500, 900 bonds was authorize! ny
the State of Virginia, based on a memorial OF
the President and Directors OF the Company,
and representation that said loan would be Sc.
cured as first lien on the tolls and revenue of
the Company, superior and prior to that OF the
bonds issued by virtue of the Maryland act
of 1874. The official opinion OF the Attorney,
General of Maryland as to the legal power OF
the Company to raise money IN ANTICIPATION OF
it's revenues for the purpose OF repairs and lm-
movements was communicated 10 the Governor
of MARYLAND on the 18th OF June, lS49, that
such right existed The Board of Public
Works Of Virginia, on the 7th OF August, lo49,
certified to the Treasurer OF the Stale that the
payment Of the principal ard interest OF Inc
bonds of the Company for SOU, OO0 was sui
fciently secured in accordance with Inc require
ments of the act of Assembly, and sald bonds
were endorsed as guaranteed by the otate OF
Virginia On the lst OF January, 1898, the
Company refused to pay the interest &C on sala
repair bonds, amounting to S6,OOO. ne com
plainant from that date to January LIST, 1861,
paid the semi-annua Interest on SAID bonds,
and after January, 1861, until January, 1865,
maid such of the coupons on said bonds as we're
presented that the Company, being unable to
nav all the Interest due January and July
1851, and January, 1852, upon the bonds Issued
for the completion of the canal 10 Cumberland,
an arrangement was made between the Com
pany and Selden, Wi!hers & Co., of Washing
ton, the latter to take up the coupons 81 due,
and hold the same until the Company should
be in condition to redeem and pay the same,
with interest thereon. the future revenues OF
the Company being at the time expressly
pledged to s:curc them, the amount OF said
coupons being S143, 900, which were transferred
by said Selden, Withers & 60. to the com
plainant. The latter claims to have owing TO
it the sum OF $50 400 for coupons surrendered
by it; $269, 625, amount paid to redeem the
coupons on the preferred bonds, as also the
$4,000 issued to Selden, Wlthers Co.,
and interest thereon, and pruys that the Com;
pany be required to apply the net tolls and
revenues thereof successiVely to the payment
of the coupons above stated. Also, to have
stated an account between the complainant and
the Company, and for appointment OF u recalV-
er of all the tolls and revenue, and for an In
junction against the Company, its agents, &C.,
for using, applying or expanding auy OF the
said net tolls and revenues to or tor any pur-
pose whatever, other than the payment and
discharge of the prior lien thereon OF Com
plainant, until the same shall have been fully
extinguished, &c.