New-York tribune., 1870-02-01


ePk eh4 a yo. @ o" nave % Sss ,B9 'Ss & 70 a5n s M
North the village Of Athens 10 said State Of
Nav how were these positive requirements met on the
part OF Pennsylvania and our Canal BOdTdf IL may be
said that that BOad received guarantee IN the shape
OF bond. But what sort OF bOldi Is II from the
state OF Pennsylvania" from any reliable, respon
sble company" the condition precedent required
by awi Judge for yourself Here 1t is-a there is
Kao~ al men by presents Th', the North Branch Canal
people Of NeaYoE in he pn Of hundred thou
PAID said people fdelsult be made the condition
The condition Of Ibis Obligation is that The said North Branch
hetreB a two states dowu 10 aud with the North
Branch ca the village Of Athens il The state Of PshDs{
d ad nargl1k BY said state Of Ne~iork 50 to form
this Obligation to be void oihervse remain in @ force aud virtue
h. s =, ts Pro % t nd s,esry ib tusrtstS dsy June
le5tI c. Wills, jt President n Branch Canal Co.
Tie acknowledgement before Justice merely recog-
Mics Mr. Willis aud Dir. Mercer private individuals,
not az officers Of the COporatlon and The bond itself
contains no statement that u authorized TO DO exc
cuted by the North Branch Company Does the bond or
any other legal paper show that "ampe aud certain
10 complete" the extension Tie Pennsylvania side Of
the state line Docs u even show that the North
Branch Company had any charter authorizing II 10 er-
It's dapIdated canal even II 10 had the money, uD
Canal "ExtensiOni" Nothing Of the KIND. In this bond,
then, security on the prudent legislature Of 1863
required for the completion OF tli vital part Of the en-
terprisc without which completion, the millions our
State spends ug extension VIII DC TOTSe Than MrOtc
people VIII nave more 10 fOr-tho
nual deficits OF "a canal that does not yield toll
more than One-tfth Of its annual running expenses
Although this Bond actually accepted AS sufficient
BY Canal Board and although Gov. Holman thinks
the Canal BOARD precisely the proper depository for all
power the Canals uts members, he says knowing
everything about canal lntorestsj, II hardly seem.
possible II the public treasury had not
DOurDful evidence OF tho fact, that sucl
nimsy bond should have been accepted as sat
isiaeoy" guarantee for allowing the extension inyolv
ing such large expense 10 be cOmlneDced under me
stringent law Of 1865 above quoted suppose possible
mat by completing the NeS-1Ork share OF ING ehteh
siog, the Pennsylvania portion Of tho work should D,
required for use and should be found missing what sO
o! satisfaction would Afford tho people OF this STATE
after paying couple VI millions for Htr extension,
commence suit for the 100000 penalty against the kOrtl
Branch Company, aud especially on such "a BOND tb'
greatest legal value Of the bond consisting OF the can
ceed twenty-five cent revenue stamp the Ony revenue
ever likely to come frOm that quarter
But 70 indulge fight OF fancy on seiious subject
Suppose the bond IDade IA src legal form by "a
company Of reliable responsibility such 40 our law It
qures, who would now after the changes OF tho lat i
yeas and without further inquiry guarantee hat bch'
Tor any moderate per cenngcI PenUsyyana years ago
sold her adUi-Iuk canals 10 the gigantic railroad com
paoy that "Tuus her Lcgis.at2c a. II docs its ial