Statement of the debts of the Chesapeake and Ohio Canal Company created by the Act passed by the Legislature of the State of Maryland, at December session, 1844, chapter 281, for the completion of the Canal to Cumberland, the principle and interest on which will take precedence of the liens of the State of Maryland: Debts of the Company which are deferred and postponed to the Mortgagee executed to the State of Maryland. Post notes...... STATEMENT. 1839 & 1841 Post notes or Scrip...... 1841 & 1843 Bonds issued in redemption of 1839 & 1841 Bonds issued to contractors or creditors..... Acceptances to contractors or cred itors Certificates for Scrip, Bonds, &c. principal "Balances due to Contractors.. Interest due on these claims to Also Certificates issued to the Also Certificates of debt issued to Interest accrued $56,898 48 thereon to the 1867.... 149,452 59 $2,545,980 14 The aggregate investments of the State of Maryland in the Chesapeake and Ohio Canal Company, classed under their respective heads. FIRST CLASS-MORTGAGE DEBT. 3,295,000 00 663,611 94 9,975 00 $5,968,586 94 Aggregate on the 31st of May, 1867,... $17,399,836 94 In addition to the above the State of Maryland owns Stock in the Company which was subscribed under the Act of 1825 > Chap. 180, Section 19, and paid in debts due the State by the Potomac Company... Also subscribed under the same Act and paid for in Stock held by the State in the Potomac Company....... $43,280 00 120,444 44 $163,724, 43 By the 11th Section of the Charter of the Chesapeake and Ohio Canal Company no dividends are payable on this stock, until the dividends of all the Stock paid for in money exceed ten per cent. * The mortgages or liens of the State of Maryland originally covered the lands, tenements, property, rights, &c., and the nett tolls and revenues of the Company. The Act of 1844, Chapter 281, waived and postponed the liens on the revenues that may accrue from the Cañal and its works between Georgetown and Cumberland, so as to make the bonds authorized to be issued under the Act, and the interest to accrue thereon preferred liens on said revenues according to the provisions thereof. The mortgage executed by the Company to the State of Maryland under the 7th Section of the Act of 1844, is subject and secondary to "the lien and pledges made, created or authorized by the provisions of the Act. Which was read, and, On motion of Mr. Marbury, Referred to the Committee upon Public Works and Corporations. Also, a communication from the State Superintendent of Public Instruction, which, On motion of Mr. Dobbin; |