New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-18

nnJuestlonaby true that the National Banks give
70 people the best currency ever supplied ny
any banks oi ssueand they 20 the people, In eK
change, many millions year-beside paying W the Gov
eminent slates cities, aud towns. soine rscooo~ OF
taxes a wear A perfectly SAFE circulating medium 10 OF
the first importance 10 he people. and Congress can
afford 70 be liberal the banks, especially ~ they took
the bonds Of the Government at dark hour aud helped
the country through its terrific struggle of ie-"ia II
wou--and banks ana people are safe
on Monday night Gov. Bowie transmitted 20 the Gene
raj Assembly message In relation to tho Chesapeake ana
Ohio Canal Company. Of which the following IS ssynopss
The Governor gives history OF the connection Of the
state OF Maryland with the improvement from the time
Oftbe incorporation OF the Company oy coheurrent acts
the present tIme showing tho following facts IN detail
That the state. IN 1877. subscribed to us stocs Soo
paid in debts due TO her by the old Potomac
Company. and stock previously held By
those aes Of the United States and virginia and also
OF individual subscribers, having proved insuncent ioi
The Company 100000, which, with interest
at per cent per annum was secured py mort
gage OF all is property rights, revenues &C. ana ths
loan constituted the senior len upon the saline Vnaer
the provisions OF the Light Million eiI OF 49, inc stse
made further subscription OF soooo ana under tho
of,iS3s sue subscribed again t51s payng lot TIE
aggregate s3l50o by issuing TO the Company from u1e
TO time her bonds TO that amount.
Upon these subscriptions the Company guaranteed 70
fhe State six per cent dividends annually, after the list
day of July 1872 Upon those bonds the state paid she
interest for three years, ending on tho LIST day OF july
6ll % From this summary 10 will be perceived that IN
1912 holder OF mortgages from the Ches
ePry descrpion to secure. ss The loan Of OSo
under the act OF l chapter al, ana interest ~ m that
a. The interest amounting to sessll e. In arrear for
the three years ending July !. 1872, upon the bonds
the acts OF 1885, chapter 1885, and 1858, chapter 3sS
She also held this AS160oO of preferred stock upon
which annual dividends OF six per cent after the ns OF
July is,a we're guaranteed by the Company, and $751;
T2t "a Of common stock upon which 10 dividends
ali quarters were absorbed its credit utterly
and the work still fifty miles east OF Cumberland. s des
Tho Legislature by the act OF 1884 authorized the Com.
pany borrow upon its bonds o. 10000 less pledging
the net tolls and revenues OF the canal and liz works
In pursuance OF this authority the Company issued
OF preferred bonds the proceeds OF which
applied to the construction Of the canal from dam No.
10 Cumberland; aud subsequently tlOoo repair bonds;
Georgetown In 1881 virginia guaranteed 100000 OF the
preferred bonds and Ia sis the whole OF the repair bonds
mortgage upon all the and tolls OF the entire
canal and rs works between Georgetown and Cumber-
land" ~ Phineas Janney W. W. COrcoran aud Others,
O the oondhoders, which, therefore. under the
OF 1884, ch ISL then constituted and still constitutes
the first lien upon tho net tolls and revenues Of the
on tbs sth day Of january islss it executed to the
1914 ch 2sl mortgage upon all its property every
description. tolls and revenues which accordingly
constitutes the fret lien upon all the tangible property
aud works OF the canal and the second lien upon It's net
In 1851 the e1nal was pronounced finished This how.
ever, was not strictly accurate. BY arrangement
made by the Company with seldom wlthers Co., bank.
made for the payment OF the coupons
on The Preferred bonds falling due Jan and July
1851. and jan l. 1857 but from the LIST Of july 1884, until
August 1861 II fsed 10 pay any of the coupons upon the
preferred bonds Upon the repair bonds IL paid tho
pons which fell due on the is Of July 1884, but from that
Time until August 1867, ~ In like manDcr failed pay
any of the coupons these bonds.
The state OF Virginia paid the coupons regularly up To
tho Isl Of January. 1851 upon the whole debt which
she responsible, and from that time up Jan. 4
1865 sho paid all the coupons which were presented FOR
pay nicnt
for the amount OF such payments amounting 10 up
ward OF quarter OF million Of dollars she has, sup
pos:, claim against tho Canal Company and u entitled
10 the benefit OF the mortgage gwen 10 the bonds
which she guaranteed. In August, 1861, the COMPANY
paid The interest np 10 April 1857 upon tho certificates
winch, IN 1885, IL bad Issued 10 the holders of the unpaid
coupons due July 1884, Jan aud July L. iso3 and Jan
i VINO surrendered those coupons, and also took up
all The coupons which were presented due July 1884,
and jan 1883, which the holders Ind neglected fund
~ 1854 IN pursuance OF tho resolution OF the president and
directors, passed In that year.
Since August 1884, unt the recent order az the Board
OF Directors Distributing 70 the bondhodcrs tSooec Of
not revenue. interest Tho funded coupons and
coupons Themselves have been paid. = B . sea
During al this period the Coman ing lied TO meet
the interest upon t9 bonded debt, necessarily made
provision ths ultimate redemption II princiuxl hy
the creation Of sinking fund. required ~ section ~
the act of lsil. chapter 2si
Tho Governor holds that for this condition of snairs
the State e 10 great extent responsible. Tho capita.
stock NJ tho Company H. dss9 81, ~ wbish the state
" iG.i@i a., and fhefoJe by stue of he's