of the six per cent certificates without restriction as to sales, by an immediate sale of the five per cent sterling bonds. At a meeting of the stockholders of the company, on April 3, 1841, an adjourned session of a general meeting, the proceedings state that the president announced "if a breach should take place in the canal, the cost of repairing which might be $1500 or $2000, the money, and credit of the company, would not be sufficient to secure the repair of it, but that the company must, thereupon, be declared to be utterly bankrupt."
At an extra session of the Maryland legislature which was convened in March, 1841, by the proclamation of the governor, to provide means to pay the interest on the state debt, an application for further aid was again made by the company. On the fifth of April, 1841, an act was passed for an additional loan of two millions of dollars, payable in six per cent stock, or bonds of the state, which the legislature required to be sold by the treasurer of the state in behalf of the company. "The bonds were made to rest, upon the faith of the State
