Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1882-06-15

sources Of sound commerce.
TIE CANAL TRoUBLE.-0n Mon
day, the 9Th instant. the annual meet
ing of Stockholders Of the Chesapeake
and Ohio Canal was held at the Ex-
ecutive Chamber. Annapolis. When
the meeting was called to order. Gen.
B. 4. johnson offered . series Of reso-
lutiona. which recited that the canal
was in bad condition. ETC.. etc. One
Of the resolutions demanded that the
salaries Of the officers should be re-
duced. the Presidents from 5000 to
$4,000 and the salaries Of the other
officers in like proportion. II seems,
however, that these reductions had
been made by the Directors about a
month previous. Nevertheless, Gen.
johnson continued his speech, rasp-
ing Mr.. German severely As he pro-
ceded. and concluded by stating that
the Canal-had not paid anything to
the bOndholders since 1876 and that
il was insolvent. etc, etc.
Upon the preamble and resolutions
Mr.. German said:
ct is proper that | should accept
all that the gentleman has said as il
was meant. / do not take it as any
thing personal. I am struck with
the ingenuity of his methods Of rea-
soning, and if we could only have it
applied by some equally learned
gentleman to the other side of the
case, the Chesapeake and Ohio Canal
would be the richest corporation in
existence. Unjust, however, beg leave
to differ with him. His resolution
does not and viii not benefit the
canal. Every intelligent gentleman
In the state knows that in this cor
poration there is just new crisis. 1t
will require great care to carry it
safely through. It Is true that we
have borrowed money, and we have
still more to borrow. There are q
great many circumstances working
against us, and until the strike in the
coal, region IL ended our trade is COM
pletely blocked. The statements in
the resolution, however, are in some
respects biased and untrue. We have
paid since 1871 $1,000, 900 into the
pockets Of the bondholdera az divi-
dends, and we have left you with q
debt Of less than 500, 600 and an in
creased valuation Of the property at
Cumberland and Georgetown. ]
again say that the statements made in
the preamble and resolution are not
borne out by the facts"
Mr.. Heating and Mr.. Compton
both took part IA the discussion,
speaking against the resolutions and
contending that the charges contained
therein were not borne out by the
facts. Gov. Hamilton then took the
floor and strongly protested against
the uss Of repair bonds upon any
new improvements upon the canal
He also contended that Mr.. Gormar
ought to have his salary reduced
and stated that he wanted his resig
nation accepted in good faith and 4
man elected President who wouIt
make the canal a passion"
A very warm cOllOquy then tool
place between Mr. Heating, Mr.
Compton and Gov. Hamilton in 70
ference to the latter's complaint
about the Presidency Of the Canal
and that neither Washington. Mont
gomery or Frederick counties ha.
any representatives in the Board o
Directors. Both Mr.. Heating an.
Mr.. Compton stated that Governs
Hamilton never named any one 70
President when the election tool
place. which the Governor did no
deny, but stated that be did not seI
any use in doing %. After the col
loquy had ceased between these three
Senator German said
II was not prepared to hear to-day
Al ~ = Al