|
|
|
those of the western portion. He submitted the following
substitute, which he should propose:
Section 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 principal, the balance, if any remain, 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.
Mr. Merrick moved the previous question, which was
sustained.
Mr. Barry moved a call of the house, which was ordered,
when 104 members answered to their names.
On motion of Mr. Nicolai, the Sergeant-at-arms was
sent for the absent members.
After some time the Sergeant-at-arms returned, with
the absent members, and all further proceedings under
the call were dispensed with.
The motion to strike out the third section was agreed
to by a vote of 82 to 26.
Mr. Walsh submitted the proposition offered by him
last night.
Mr. Barnes submitted the proposition offered by him
last night.
Mr. Wilkinson submitted his substitute, as given above.
Mr. Walsh regretted that he had not been able to par-
ticipate in this discussion in committee of the whole. He
thought he was as well acquainted with the subject as any
other gentleman who had spoken. It was a matter of
deep interest to him and his people. He had been utterly
opposed to the proposition as reported by the committee
to give the control of this work to the bondholders, but
thought the safest course was the middle course as sug-
gested by his proposition. That evils had resulted from
484
|
|
|
|
 |
