The Cecil Whig., 1882-06-10

county, president Of the canal, vice, Hon
Arthur p. Gormon, resigned. The meet
ing was enlivened by an ardent attack by
Governor Hamilton on the management
of the canal, and Il spicy recontre be-
tween the Governor, Comptroller Thos.
J. Heating, State Treasurer Barnes Comp
ton, President Arthur p. German and
Gen. Bradley I. Johnson. Besides Gov.
Hamilton, Comptroller keating and
Treasurer Compton, constituting the
board of public works, and representing
the State of Maryla the other stock
holders present were Thos. p. Morgan,
representing the District of Columbia
J. w. Burke, representing Alexandria,
Va; Gen. L. T. Johnson, James &. Ber-
rett. of Washington; Allan Bowie Davis,
Patrick llamill and Senator German On
Mr.. Compton's motion Gov. Hamilton
was called to the chair, Benz. Fawcett
acting as SCcrerary.
ANNUAL. REPORT.
Mr.. German read the annual report of
the president and directors. adopted at
Il meeting of the board in the morning.
The report gives the total revenue for
lSS1 as $30S, S3I ,93; expenditures. S241.-
,oG 81; revenue over expenses, S61.0 80.
Law expenses. interest on notes of basin
wharf property, and judgments in Allie
gany county, S32. 4J9 So: leaving revenue
over all debts other than lengtheneng the
locks. $50. POS 90. Actual receipts were
S2SS 15l %: received from sale OF repair
bonds and temporary loan. 81. 900; bal
ance on hand. S43. .92S 20: total to be ac-
counted for, $424. 92S 20. Paid on labor
and material, S13. ZIG 80; interest on re
pair bonds. :. $.OoO: paid on account of OPP
Grating expenses, $22S.554 40; account of
extending locks 500, 93S 43: balance,
SIS, 6:}S -: total 1924, 92S 30.
a BoMsHELL.
Gen. johnson offered the following pre-
amble and resolutions, which acted like
spark in a kes of powder:
Whereas the net income of the CheSa-
peake and Ohio Canal Company for the
year 1872 amounted to $2G4, 200 and at
that time the salary of the president was
fixed at 81, 900, and for the year 1874 the
net income was S264, PA, and an extra
allowance of 81. 900 was made to him an
nually for travelling expenses, aud for
1915 the net income was $3.50 IL, and his
salary was increased TO 50. 600, making
his total allowance $4,000 per aunum and
whereas since 1876 the company has
never had any net income whatever, and
has never paid anything to the bondhold-
ers of the company; and whereas since
1877 the company has bound itselfto pay
$4,000 per annum for the outlet lock,
representing a capital debt of $3.50, 600:
and whereas since 1880 the company has
sod Sl24, 900 of the repair bonds issued
under the act of 1878, and has pledged
$40, 900 more Of them as collateral Sc
curity for money borrowed, whereby
since 1877 debt of $544, 600 has been
placed upon the property, tolls and reve-
nues of the company prior to the mortg-
age of the preferred bondholders and of
the State OF Mary and, and the company
is likewise in arrears in the sum of $5l0.-
coo during the same period for interest
due and unpaid upon said preferred
bonds, making an increase of debt of
s., Oh, 900; and whereas during the last
six years specified the revenues of the
company have diminished whilst it's op-
Grating expenses have increased, until
during the year 1881 it has actually ex-
pended $40 900 more than it has received
thus showing that unless some change is
made the company must soon sink over
whe!med under the burden of debt which
is accumulating so rapidly upon it, and
the State lose the immense sums invested
in it: and whereas the first step towards
rescuing the canal from ruin must of ne
cessity be retrenchment in expenses:
therefore
Rcsolred. That the salary of the presi-
dent of this company be reduced from
50. 600 to 81 900: and that his allowance
for travelling expenses be abolished.
Resolced, That such president be re-
quired to give up all official or other sal
aries or business employment and that
he be further required to give exclusive
attention to the service and operation of
the canal.
Rfsolred, That the salaries of secretary
and treasurer be reduced from 81. 100 to
81 500, and clerk from 81, 500 to IL, 500
and that the offices of paymaster and ex-
ira clerks be abolished.
ResolUed. That the bonds issued under
the act of 1873 were authorized to make
repairs to the canal, before injured by
the treShet Of 1871, or for subsequent
necessary repairs. and that it is not law
full to eXpend them ON any new Gonstruc-
tion upon said canal, and that their use
for the construction of the extended
locks is unauthorized, and that such is
expressly forbidden.
Rcsolced, That the president Of the ca
nal company report to the board of pub
lie works at the earliest possible day the
number Of locks extended, where located,
the cost Of each, who FURNISHED the ma
terials, such as straw and lumber, and at
what prices, and whether there were any
public proposals for furnishing the same.
Comptroller Heating opposed the pre-
amble as seeking an object that could not
be obtained by the resolutions: and to
the resolutions as asking the stockholders
to do what belonged to the directors.
Mr. Davis said the charter allowed the
stockholders to fix the presidents salary,
but not the other officers.
Mr. German said the directors had al
ready reduced salaries below that point.
Mr.. keatins was continuing his re-
marks when Gov, Hamilton excitedly
demanded of Mr.. Fawcett the proceed
ings of the directors where this was done.
Mr.. Stephen Gambrill, paymaster was
sent to the canal office for them, and Gov.
| Hamilton took the floor, Mr. Davis in
the chair.
THE GOVERNORS VIEWS.
Gov. Hamilton said in respect to the
preamble he had nothing to say. Whether
correct or not they did not affect the res
olution. He was gratified to hear of the
action of the directors. 1t was step in
the right direction but he had no knowl-
edge of it. On all hands it was admit
ted that the condition of the canal was
desperate. The financial condition was
bad, and the physical condition not what
it should be. In that section of the coun-
try where the workingmen live, there
was one continuous complaint. The ca
nal had no credit; it was bankrupt. the
hands unpaid, the contracts unfuliilled,
many oil the contractors unpaid for the
last seven months. While the officers re-
ceived their high salaries the labor had
gone unpaid and to-day were hawking
around these evidences of Indebtedness
among the merchants. He had been ad-
vlSed that contractors on the lock exten-
| sions sold their certificates of indebted
ness at 10 cents on the 81. While the
canal was in this condition, and the bonds
! hpInt Inv tal nj IN l,, !.