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681
the Treasurer of the State, all surplus earnings above the
necessary expenses incident to maintaining the Canal in a
good and efficient state of repair, and such further sum as is
necessary to pay the annual accruing interest upon the prin-
cipal sum of the preferred debt or debts owing.
And the Treasurer of the State shall, from time to time,
invest such surplus and the increment thereon in a sinking
fund, until it shall be sufficient to redeem the principal and
over-due interest of said preferred debt or debts. And
should either class of the creditors of said Company make
default in nominating for Directors at any election, the
provisions of this Section, so far as it applies to the default-
ing class of creditors at such election, shall be inoperative
and void.
And the President and Directors of said Canal shall have
the power to establish, and from time to time alter the same,
such rates of tolls as may be by them deemed necessary to
secure the largest amount of revenue therefrom, within the
limits prescribed by the charter of said Company.
Which was read.
Mr. Wilkinson submitted the following amendment as a sub-
stitute for the whole:
Sec. 3. The entire net revenue of the Chesapeake and Ohio
Canal Company shall be applied to the payment of the
principal and interest of the preferred bonds in the following
manner:
After paying the annual interest upon the original princi-
pal, the balance, if any remains, shall be paid pro rata to the
bondholders at the time of the payments of annual interest,
and in the manner prescribed for the payment of said interest
by the Act of 1844, chapter 281, until the accrued interest
shall have been paid off, after which time the surplus shall be
appropriated as a sinking fund for the redemption of the
principal of the bonds as provided in the said Act.
Peading the consideration of which,
Mr. Rennolds moved that the Convention do now adjourn.
Decided in the negative.
On motion of Mr. Bateman,
The Convention, at 3 o'clock and 25 minutes, P. M., took
a recess until 7 o'clock this P. M.
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