Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-02-10

To SAVE THE CANAL.
The Plan PROPOSED by the MarylanA
Board OF Public Works.

The Maryland house OF delegates YESTERDAY re-
ceived from the board OF public works an answer
10 the resolution adopted by the house asking Tor
the boards proposition relative 10 the Chesapeake
and Ohio Canal The report OF the board together
with an accompanying bill providing for the pur-
chase by the state OF 100000 OF canal repair
bonds, under certain circumstances. was referred
70 the committee on Internal improvements
The reply OF the board states that the report
made 10 the stockholders on January l2 by the
president and directors OF the Chesapeake and
Ohio Canal co. shows that the interests OF the
state In that company are In danger. The circum-
stances under which the $500 600 repair eonds, 90
which all other liens were subordinated. were
issued under legislative act OF 1878 are re-
cited. The money was obtained, the report says,
on the bonds thus Issued upon the faith OF the
security offered by the state 50 far, therefore,
as the state is concerned, t is plain that Il is It's
duty 10 see TO it that these bonds while they aro
outstanding continue 10 possess ali the rights and
20 be protected by all the security Intended be
accorded TO them by the agreement OF the state
expressed in the act authorizing their issue.
an the ten years which have passed since 1873"
the report goes on 'the canal has several occa-
sions been seriously injured by eveshets- The
petition OF railway lines partly In his state
revenue derived by the canal from the coal trade,
which has long been its chief dependence Two
successive coupons on the bonds issued under the
act OF 1873, chap. 5s now remain unpaid. Tue
third successive coupon will fall due I'm july 1sss
The geDer al assembly Will not then be In session.
be able 10 make that payment OF interest or To
defer after July I, lsss, the foreclosure OF the
mortgage executed under the act OF 1875, chap 5S.
The report OF the president and directors OF the
company, lately made 70 It's stockholderA
makes it more than probable, indeed, tnaG
three successive coupons must arise before
the general assembly will meet In 1890 The
large ownership and interest OF the state In the
Chesapeake and OHIO Canal Company have been
already adverted %. The state properly controls
the work, because II owns 6,ooO,Ooo out OF the
canal company. IL Will be seen, therefore, that
the whole mortgage debt and interest due by the
canal company TO the state, the stock owned by
the state IN the canal company, the control OF the
state over the canal all are now In imminent dan
ger OF being wholly lost. It is piain, moreover.
that II the canal is sold under the mortgage re.
ferred TO there can be no assurance tnat II will bo
preserved as q waterway. These circumstances re-
Quire that the duty imposed on this board by the
constitution OF the state OF bringing 70 your atten
ton all matters which Affect any interest ~hicn
the state possesses In any work OF interna- I'm.
provement, and OF indicating any remedy we may
be able TO suggest should now be faithfully per-
formed"
The toard urges that II the state wishes 70 keep
its power OF control over the canal upon which ft
has expended 30 many millions; n it wishes even
70 possess the means OF preserving the canal as
waterway ana OF reorganzing the canal COM
pany In such manner as 70 insure its usefulness,
II must exercise It's power OF self-protecJon- The
bill submitted 10 the board authorizes the treas
urer OF the state TO invest any moneys seS apart
OF the bonds provided that the rights OF holders Of
bonds so purchased 20 any collaterals, issued
under the act OF December session, 1s44, chap
ter 2Sl, as securities therefor by the sand Chesa-
peake and Ohio Co., shall also be acquired by
the state by said purchase.