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 advantages that were anticipated to result from the completion of the work by a hopeless recurrence of abortive expedients. They were of the opinion that the state had already gone too far in its investments in the company to stop now—and it could not recede. The unexpended and unencumbered balance on hand was $681,853.59. This was not sufficient to continue the work during the present year. The credit of the state was high and above suspicion. Both applications were granted. An act was passed on April 5, 1839, known as the act of December session, 1838, releasing the Chesapeake and Ohio Canal Company from the twenty per cent premium, stipulated in the act of 1835, and authorizing the commissioner of loans to issue to the company five per cent sterling bonds to the amount of $3,200,000 as an equivalent for, and in lieu of, the $2,500,000 of six per cent certificates which had been delivered to the company, and the $500,000 of six per cents which had been retained by the treasurer of Maryland as security for the payment of the premium. This act made