a further appropriation[1] which authorized an additional subscription to the capital stock of the company to the amount of $1,375,000 payable in five per cent sterling bonds.
These acts were promptly accepted by the Chesapeake and Ohio Canal Company and their provisions carried into effect and complied with. An instrument of guaranty, and mortgages to secure the payment of the three years interest, in compliance with the condition of both acts, were duly executed on May 15, 1839, and delivered to the treasurer of Maryland. The subscription of $1,375,000 authorized by the latter act was the last subscription made to the capital stock of the company. A report of the treasurer, issued June 1, 1839, stated that the means of the company, over and above its liabilities and applicable to the construction of the canal and the payment to the state of the interest on the bonds, amounted to $2,087,139.94. In this statement the whole amount of the sterling bonds was computed at par value. The cost of the remaining work to be done to
- ↑ Maryland Laws, 1838, ch. 396.
