Historic Highways of America/Volume 13/Appendixes
Appendixes
APPENDIX A
AN ACT FOR OPENING AND EXTENDING THE NAVIGATION OF POTOWMACK RIVER[1]
I. Whereas the extension of the navigation of Potowmack river, from tide water to the highest place practicable on the North branch, will be of great public utility, and many persons are willing to subscribe large sums of money to effect so laudable and beneficial a work; and it is just and proper that they, their heirs, and assigns, should be empowered to receive reasonable tolls forever, in satisfaction for the money advanced by them in carrying the work into execution, and the risk they run: And whereas it may be necessary to cut canals and erect locks and other works on both sides of the river, and the legislatures of Maryland and Virginia, impressed with the importance of the object, are desirous of encouraging so useful an undertaking: Therefore,
II. Be it enacted by the General Assembly of Virginia, That it shall and may be lawful to open books in the city of Richmond, towns of Alexandria and Winchester in this state, for receiving and entering subscriptions for the said undertaking, under the management of Jaquelin Ambler and John Beckley at the city of Richmond, of John Fitzgerald and William Hartshorne at the town of Alexandria, and of Joseph Holmes and Edward Smith at the town of Winchester, and under the management of such persons and at such places in Maryland as have been appointed by the state of Maryland, which subscriptions shall be made personally or by power of attorney, and shall be paid in Spanish milled dollars, but may be paid in foreign silver or gold coin of the value; that the said books shall be opened for receiving subscriptions on the eighth day of February next, and continue open for this purpose until the tenth day of May next, inclusive; and on the seventeenth day of the said month of May, there shall be a general meeting of the subscribers at the town of Alexandria, of which meeting notice shall be given by the said managers, or any four of them, in the Virginia and Maryland Gazettes, at least one month next before the said meeting; and such meeting shall and may be continued from day to day until the business is finished; and the acting managers at the time and place hereinafter mentioned, shall lay before such of the subscribers as shall meet according to the said notice, the books by them respectively kept, containing the state of the said subscriptions; and if one half of the capital sum hereinafter mentioned, should, upon examination, appear not to have been subscribed, then the said managers at the said meeting, are empowered to take and receive subscriptions to make up the deficiency; and a just and true list of all the subscribers, with the sums subscribed by each, shall be made out and returned by the said managers, or any four or more of them, under their hands, into the general court of each state, to be there recorded; and in case more than two hundred and twenty-two thousand two hundred and twenty-two dollars and two ninths of a dollar, shall be subscribed, then the same shall be reduced to that sum by the said managers, or a majority of them, by beginning at and striking off a share from the largest subscription or subscriptions, and continuing to strike off a share from all subscriptions under the largest, and above one share, until the sum is reduced to the capital of two hundred and twenty-two thousand two hundred and twenty-two dollars and two-ninths of a dollar, or until a share is taken from all subscriptions above one share, and lots shall be drawn between the subscribers of equal sums, to determine the numbers in which such subscribers shall stand, on a list to be made for striking off as aforesaid; and if the sum subscribed still exceeds the capital aforesaid, or all the subscriptions are reduced to one share: and if there still be an excess, then lots to be drawn to determine the subscribers who are to be excluded, to reduce the subscriptions to the capital aforesaid, which striking off shall be certified in the list aforesaid, and the said capital sum shall be reckoned and divided into five hundred shares of four hundred and forty-four dollars and four-ninths of a dollar each, of which every person subscribing may take and subscribe for one or more whole shares, and not otherwise. Provided, That unless one half of the said capital shall be subscribed as aforesaid, all subscriptions made in consequence of this act, shall be void, and in case one half and less than the whole of the said capital shall be subscribed as aforesaid, then the president and directors are hereby empowered and directed to take and receive the subscriptions which shall first be offered in whole shares as aforesaid, until the deficiency shall be made up, a certificate of which additional subscriptions shall be made under the hands of the president and directors, or a majority of them for the time being, and returned to and recorded in the general courts, aforesaid.
III. And be it enacted, That in case one half of the said capital, or a greater sum, shall be subscribed as aforesaid, the said subscribers, and their heirs and assigns, from the time of the said first meeting, shall be, and are hereby declared to be incorporated into a company, by the name of the "Potowmack Company," and may sue and be sued as such; and such of the said subscribers as shall be present at the said meeting, or a majority of them, are hereby empowered and required to elect a president and four directors, for conducting the said undertaking, and managing all the said company's business and concerns, for and during such time, not exceeding three years, as the said subscribers, or a majority of them, shall think fit. And in counting the votes of all general meetings of the said company, each member shall be allowed one vote for every share, as far as ten shares, and one vote for every five shares above ten, by him or her held at the time in the said company; and any proprietor, by writing under his or her hand, executed before two witnesses, may depute any other member or proprietor to vote and act as proxy for him or her, at any general meeting.
APPENDIX B
AN ACT INCORPORATING THE CHESAPEAKE AND OHIO CANAL COMPANY[2]
Whereas a navigable canal from the tide water of the river Potomac, in the District of Columbia, to the mouth of Savage creek, on the north branch of said river, and extending thence across the Alleghany mountain, to some convenient point on the navigable waters of the river Ohio, or some one of its tributary streams, to be fed, through its course on the east side of the mountain, by the river Potomac and the streams which empty therein, and on the western side of the mountain, and in passing over the same, by all such streams of water as may be beneficially drawn thereto by feeders, dams, or any other practicable mode, will be a work of great profit and advantage to the people of this State, and of the neighboring States, and may ultimately tend to establish a connected navigation between the eastern and western waters, so as to extend and multiply the means and facilities of internal commerce, and personal intercourse between the two great sections of the United States, and to interweave more closely all the mutual interests and affections that are calculated to consolidate and perpetuate the vital principles of Union; and whereas it is represented to this General Assembly that the Potomac Company are willing and desirous that a charter shall be granted to a new company, upon the terms and conditions hereinafter expressed; and that the charter of the present company shall cease and determine:
1. Be it therefore enacted by the General Assembly of Virginia, That, as soon as the Legislatures of Maryland and Pennsylvania, and the Congress of the United States, shall assent to the provisions of this act, and the Potomac company shall have signified their assent to the same, by their corporate act, a copy whereof shall be delivered to the Executives of the several States aforesaid, and to the Secretary of the Treasury of the United States, there shall be appointed by the said Executives and the President of the United States, three commissioners on the part of each State, and the Government of the United States, any one of whom shall be competent to act for his respective government. The said commissioners shall cause books to be opened at such times and places as they shall think fit, in their respective States, and the District of Columbia, under the management of such persons as they shall appoint, for receiving subscriptions to the capital stock of the company hereinafter incorporated; which subscriptions may be made, either in person or by power of attorney; and notice shall be given in such manner as may be deemed advisable, by one or more of the said commissioners, of the time and places of opening the books.
2. And the said commissioners shall cause the books to be kept open at least forty days. And within twenty days after the expiration thereof, shall call a general meeting of the subscribers at the city of Washington, of which meeting notice shall be given, by a majority of the commissioners aforesaid, in at least four of the newspapers printed in Pennsylvania, Maryland, Virginia, and the District of Columbia, at least twenty days next before the said meeting; and such meeting shall, and may be continued from day to day until the business is finished; and the commissioners at the time and place aforesaid, shall lay before such of the subscribers as shall meet according to the said notice, the book containing the state of the said subscriptions: and, if one fourth of the capital sum of six millions of dollars should appear not to have been subscribed, then the said commissioners, or a majority of them, at the said meeting, are empowered to take and receive subscriptions to make up such deficiency, and may continue to take and receive such subscriptions for the term of twelve months thereafter; and a just and true list of all the subscribers, with the sum subscribed by each, shall be made out, and returned by the said commissioners, or by a majority of them, under their hands, to the Board of Public Works of this State, to the Governor and Council of the State of Maryland, to the Secretary of State of the State of Pennsylvania, and to the Secretary of the Treasury of the United States, to be carefully preserved; and in case more than six millions of dollars shall be subscribed, then the sum subscribed shall be reduced to that amount, by the said commissioners, or a majority of them, by beginning at and striking off a share from the largest subscription or subscriptions, and continuing to strike off a share from all subscriptions under the largest and above one share, until the same is reduced to the capital aforesaid, or until a share is taken from all subscriptions above one share; and lots shall be drawn between subscribers of equal sums, to determine the number of shares which each subscriber shall be allowed to hold, on a list to be made for striking off as aforesaid: and if the sum subscribed still exceed the capital aforesaid, then to strike off by the same rule, until the sum subscribed is reduced to the capital aforesaid; or all the subscriptions reduced to one share respectively: and, if there still be an excess, then lots shall be drawn to determine the subscribers who are to be excluded, in order to reduce the subscription to the capital aforesaid; which striking off shall be certified on the lists aforesaid; and the said capital stock of the company, hereby incorporated, shall consist of six million of dollars, divided into sixty thousand shares, of one hundred dollars each; of which every person subscribing may take, and subscribe for one or more whole shares; and such subscriptions may be paid and discharged either in the legal currency of the United States, or in the certificates of stock of the present Potomac company, at the par or nominal value thereof, or in the claims of the creditors of the said company, certified by the acting president and directors to have been due, for principal and debt, on the day on which assent of the said company shall have been signified by their corporate act as hereinbefore required: Provided, that the said certificates of stock shall not exceed, in the whole amount, the sum of three hundred and eleven thousand one hundred and eleven dollars and eleven cents; nor the said claims the sum of one hundred and seventy-five thousand eight hundred dollars: Provided, also, that the stock so paid for in certificates of the stock of the present company, shall be entitled to dividend, only as hereinafter provided: and that no payment shall be received, in such certificates of stock, until the Potomac company shall have executed the conveyance prescribed by the thirteenth section of this act: And, provided, that, unless one-fourth of the said capital shall be subscribed, as aforesaid, all subscriptions made in consequence of this act shall be void; and, in case one fourth, and less than the whole capital, shall be subscribed as aforesaid, then the said commissioners, or a majority of them, are hereby empowered and directed to take and receive the subscriptions, which shall first be offered in whole shares, as aforesaid, until the deficiency shall be made up; a certificate of which additional subscription shall be made, under the hands of said commissioners, or a majority of them, for the time being, and returned as aforesaid.
- ↑ We present here the first three sections of the act as given in Hening's The Statutes at Large; being a collection of all the Laws of Virginia from the first session of the Legislature in the year 1619 . . (Richmond, 1823), vol. xi, 9th of Commonwealth, ch. xliii, October, 1784.
- ↑ This act, of which we present here the first two sections, was passed by the Virginia legislature January 27, 1824. It was published in Laws Relative to the Chesapeake and Ohio Canal (Washington, 1827).