Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-12-17
L,v. I'm. sn. 6 m. | VI
Special contracts will be made with yearly I'D
vertisers.
The e. d o. Canal.

The G. Il o. Canal.
The Baltimore American says that a deter
mined movement is being made by the bond
| holders to take the canal out Of its present
management. 1t is stated thai in the course
of a week or ten days bill will be filed in the
United States Circuit Court, before Judge
Hugh l.. Bond, on behalf of the holders of the
sl,700,0O0 Of first preferred mortgage bonds of
the canal, asking for the appointment of a 1e-
ceiVer for the company. The bill will attack
power conferred BY the act of 1878, aud which
are lien upon the corpus or body of the canal
and all that su9h lien implies, whereas the
first preferred mortgage bonds are held only as
lien on tho revenues aud tolls of the. canal,
and they therefore ask thu court to restrain the
company from issuiog any more of such bonds.
on account OF their iegslity. The other alle-
cations 10 the bill will be of very compreheu-
silva character, and will relate to the general
management OF the company, which, the bond
holders claim, has been managed 10 the inter-
est OF politics and politicians. and rot ia the
interest OF the bond and stockholders. 1t will
assert that Offices have been multipli, ID far
beyond tho necessities of the company; that
tho money had been wasted TO reward poll
ticians and Offices created for partisan
purposes: that large and unnecessary i'm
provements had been made under the Eame
of repairing damages" and that the entire
manag sment of the canal has not been
such as to protect the interests Of the bond.
holders, aud that it has not bean conducted on
strict business principles. Tho bondholdcrs
state that they have been paid 40 interest on
their bonds since 1876, more than three years
ago, that they desire change and were deter.
mined to have it, and wanted some return 90
their Investment During President Clarke's
administration of the canal they received iu-
terest on their bonds, which was continued for
the frs two or three years Of Mr.. Gorman's
administration of the oanal but, as above stated,
since 1876 they had not been made the recipi-
en:s of any returH on their Investment. The
fact that the last Legislature had given the
company the right to issue repair bonds as
lien on the body of the canal, wheo the first
mortgage bonds are only lien on the revenues
of the company, Is, they think. another step 10
direction which may have the effct of keeping
them for long time from sharing any returns
Of the revenues of the canal. The act of As.
sembly authoriz ID the Company to issus thes,
bonds to the amount of $500, 900 for the pur.
pose of repairing damages ou the canal, and of
this amount about $4,000 of the bonds we're
sold, and nearly $500. 600 are held as collaterals
tor money borrowed on tho repairs of dam,gss.
Some of the representatives of the first preferred
bondholders state that if they allow the balance
of the bonds to be issued. and the company at
some time hereafter may not able to pay inter.
est on them, the holders of the repair bonds
would forclose the conal, and thus jeopariiz,
the interests OF the first preferred mortgage
md Thapo khok s,. G.
we'll known to every Marylander, that the canal
has for long time been managed as a machine
for partisan and personal ends; that revenues,
Instead Of going to pay interest on the c9m,
papy's bonds, had been used to pay salaries to
politicians and they think that it would be
well to have the canal managed as business
enterprise for the interest of the bondholders
aud stockholderl The interest of the State of
Maryland IN this canal amounts to over twenty
millions of dollars.
The bondholders sgree with Governor Bowie,
who lu special message to the Legislature in
1870, said of the canal: ut stands in melsn-
choly contrast with it's great and powerful con.
tempary, the Baltimore and Oaio rsilroad,
monument of the radical error of it's past ed.
minisration, and admonishes us Of the necessity
OF divorclng all great works ofiutcrnal improve.
ments from the blasting ipfuerc, of po'itics if
W, would have them judiclously, economic LIy.
honestly, and successfully administered
When it is borne 10 mird that the bopdholders,
by their timely advances, were tempted to come
forward and rescue from total loss the State,
&o, it is impossible that gentlemen having
the honor aud the interest of their state to pre-
serve and protect can turo deat ear to this ap-
plication for relief That relief, tho success of
the canal and the advancement of tho largo in
teress of the State of NJ ,ryIand in this great
work, can only be attained by removing it's man
agement from the 6ald of politics and the
hands of politicians As the caua! is
DOW managed, the Board of Publ: Works
changing every two years, the direction Of the
canal changes with it. Their intsrest is par;i-
san, aud they, for the most part, represent
partisan 10 eresrs. The evils in its manage.
ment are, first, partisan control. and second,
constant change of administration.
1t is stated that 90 objection can DO made to
the bringing of the suit into the u. 8 Court,
as :he first preferred bondholders are non
residents. located 10 different c ions of Mary
lond, in Virginia, and a'so 10 the D s'rct of
Columbia. 1t is understood that the couOs,l
| haviug the matter 10 charge ara NJ ,ssrs. Mar
shall & Fisher, JJhnson aod Poe. Archibald
Stirling Jr, and George Bryan, of Richmond
The Baltimore lawyers are among the FIRST
attorneys 10 this city Immediately after the
bill is filed, the officers of the Chesapeake aod
Ohio Canal will be served with n,tice to show
cause Why receiver should not be appointed
for the company as prayed tor. The bond
holders say that all they desire is to have the
canal managed on business principles, aud not
az political machine.
You CAN FIND LARGE ASSORTMENT OF
Tin Ware, such as Baking Pans. Pie Pans,
| Cutters. &c. ohean at SrAycprnv,o