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323
ings of the Stockholders, itself demonstrates that the posi-
tion taken by the Board is untenable, for, if the Directors
in this Company, now acting as such, became such by ap-
pointment from the Board under the constitutional provision
relied on, then there is no way by which, without their own
consent, they can be ousted from their offices, for the plain
reason, that when once appointed, they, and not the Board
of Public Works represent the State in all meetings of the
Stockholders, and thus representing her, can cast her vote to
the perpetuation of their power. The claim to this power of
appointment by the Board, conducts them to a necessary log-
ical result which divests them of all power over the subject,
and actually disables them from ever appearing on behalf of
the State, at any meeting of the Stockholders of the Com-
pany.
The only possible escape from this dilemma, is by the con-
cession that the Directors in this Company are not of the
class of Directors referred to in the constitutional provision
relied on.
Whilst your memorialists have considered it due to them-
selves to state, thus briefly their own convictions of the en-
tire compatibility of the Act of 1867, with the Constitution
of the State, their object in addressing this memorial to your
Honorable Body, is not to obtain the judgment of the Con-
vention upon the points of difference which have arisen be-
tween the Stockholders of the Canal Company as to the val-
idity of the law, but to ask that the Board may be relieved
of all scruples and enabled to execute without a surrender of
any constitutional power, a law which they concede to be
liable to no objection on the score of its merits.
In presenting this prayer t6 Your Honorable Body, these
memorialists are of course, chiefly moved by a regard to their
own especial interest, but, at the same time, it is impossible
that their interests can be separated from those of the State.
They do not anticipate any difference of opinion in your Hon-
orable Body,, as to the inherent evils of the past and present
mode of administering the affairs of the Canal Company,
nor as to the absolute necessity of an abandonment of that
system, unless it shall be determined by common consent,
that neither the public nor private interests involved in the
work are worthy the attention of the public authorities. That
a canal of 185 miles in length, uniting the most extensive
and valuable coal fields in the world, with a seaport accessi-
ble to vessels of the largest tonnage, and costing now, without
any calculation of interest, more than fifteen millions of dol-
lars, should be unable to keep itself in repair and realize au
annual gross revenue of two per cent, upon its cost, cannot but
be imputed either to some unaccountable want of foresight in
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