Evening star. [volume] (Washington, D.C.) 1854-1972, 1882-06-07

His resolution does not and will not benefit the
canal. Every intelligent gentleman in the state
knows that in this corporation there Is just now
a crisis. It will require great care to carry It
safely through. 1t Ia true that We have bor-
rOwed money, and we have still more to borrow
There are great many circumstances working
against us, and until the strike in the coal
region is ended our trade il completely blocked
The statements in the resolution, however are
In some respects biased and untrue. We have
paid since 1871 $1,000 600 into the pockets of the
bondholders as dividend, and We have left you
with debt Of less than S2O0, 900. and an in
land and Georgetown. I again say that the
statements made in the preamble and resolution
are not borne out by the facts"
"Wiu you put your finger on statement
therein which is not true?' inquired Gen. John
son, interrupting Nm.
''With pleasures" replied Mr.. German.
promptly. ''The resolution gives the indebted
ness of the canal at something over $5OO, OO0
That ia not true"
Gen: Johnson.--"Arsn't the bonds hypothe-
cated?"
Mr.. Gorman.-"Yes; but you don't call
hypothecatiOn ind6btedness2"
Don't II! P" replied the aggressive general, in
n tone that sounded more appropriate to such
remark as WELL should SMILE" SIS there
not $1O 600 pledged as collateral debt? Is
$4,000 year rent for the opening at George
town, and does not $4,000 year represent a
principal debt of $3.50, OOO?"
Mr.. Gorman.-"But the judgment is Of no use,
since there is no money to pay It."
Mr.. Johnson.-"Thei how are You going to
use the Outlet?" f5
well, said Mr.. GGorman, 81 am discussing at
present the s0undness of the opinion that the
only effect OF your resolution would be to run
your canal into ruin. -~--~
KEATING's TREMBLING PROTEST.
After this there was q lull and Mr.. Heating
was allowed to get up and express his opinion
ON the subject of Mr.. Johnsons resolution. This
he did with trembling hands and voice choked
with emotion. 81 am opposed to the whole
thing" said he. 81 am opposed to the pream-
BILE because its only object is to get in that
which cannot be embodied in the resolution.
As to the resolution, the president of the canal
says it is not true. and until the question Of
veracity between these two gentlemen is settled,
L Tor one cannot vote"
"Oh. It's not . question Of veracity," inter-
jected Gen. Johnson.
~ am also opposed to the resolution" con-
tinued Mr.. Heating, growing more agitated,
because it calls on the stockholders to fix the
salaries Of the president secretary and treasurer
1t is a thing unheard of before. / don't propose
to cast such an imputatiOn upon faithful and
honest board Of directors by any such measure
II tne gentleman wants retrenchment and re-
form let him 60 before the board Of directors and
get them"
Mr.. Heating here sat down. and Mr.. German
got up and said that the board Of directors had
already reduced all the salaries of the officers
1t had been done month ago. and that they
had been put at figures below those named in
the gentleman's resolution. As for the bonds,
the gentleman could go to the courts. The
canal case was still open, and quarterly reports
from the canal were being filed In the United
States court in Baltimore. Let him sue for an
injunction to prevent the issue of any more
bonds
GOVERNOR HAMILTON SPEAKS OUT IN MEETIN'.
The governor then called on MIR. Fawcett, the
secretary and treasurer Of the canal, to make q
statement of the reductions that had been made
in the salaries. Mr. German requested Mr. Faw-
cett to go and get statement from the books,
but Governor Hamilton said, "Bring the books,
sir; let's have the books, sir" and straightway he
vacated the chair and asked Mr.. Allen Bowie Davis
to take his place. The governor was clearing his
throat for action. He got away from the desk, and
standing against chair said: $50 far as these
questions between Mr.. German and Gen. John
son are concerned, have nothing to say. am
gratiied to learn that the directors have already
taken move in the right direction by reducing
the salaries 1t is the first heard Of it; but,
of course. 1t renders superfluous that part of
the resolution relating thereto. But, gentle
desperate one. Its financial condition is bad.
and its physical condition is not what it should
be. 1t is bankrupt. The hands have not been
paid; the contracts have not been fulfilled; the
labOrers and contractors have not been paid for
I've Gs9 Or 9oh SIX montnsssven months said
Gov. Hamilton; land you will find them hawk
ing around the evidences of their Indebtedness
In the country banks and country stores, selling
their paper for IS cents on the dollar. You had
pothecated it for SO cents on the dollar. It is
no use to talk Of the stockholders. The cred
itors are the sufferers. If the debts of the canal
were paid the corporation would be swept away.
We should have Observation-Disclosures
We ought to reduce the presidents salary-I
don't mean this as strike at Mr.. German. Mr..
German has resigned believe, in good faith,
and hope this beard will receive his resigna-
ton in good faith and not temporize over it.
We want man there who will make the canal
his passion; who will spend his time and atten-
ton on the vast work that is to be done there
When Mr.. German was elected he was young
and strong and ambitious, and fitted for the
work, II he had paid attention to it, But we
know that his attention has been turned to
other things, and he has been led away from 1t.
We want a man who knows every inch Of the
canal-every lock, every b0atman, every hand
on the line I have faith in the old canal yet
have known it for forty years. We must get
rid OF the incubus Of those repair bonds that
hang around it like cloud. It has been mis-
managed. l have thought so for the past two
no interest In it except as citizen of Mary
land"
HEATED DISCUSSION.
Just here Mr.. Heating sprang up and said
excitedly: ''Did you ever disclose to the board
of public works your wish as to who you would
like to see in the presidency of the canal?"
mo, SIR" replied the Governor; "what good
would it have done? Didn't you come here to
vote for German? Didn't you come here last
year and the year before to vote for him?"
mo, SIR" said Heating, holly. sIf you had
met us squarely and advanced your opinions,
we might have voted for your man, but when
the canal, its management, and it's president
was assailed in court, we thought and intended
to exOnerate those who had acted for the best
You have no right to assume what my inten-
lions were, or what my actions would be- and
neither have you now the right to so assert it.
Neither has Gen. johnson right to come here
and argue for reduction of salary. Nor have
you. sir, right to assume that the resignation
of Mr.. German will not be or has not been re-
ceived in good faith"
The governor waited until Mr. Heating had
Gained down somewhat, and then resumed:
1.-THE stockholders presume, have right to
express their opinions An outside issue has
been brought up here, which disapprove Of 1
say did not name any man for the presidency