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 company, for the payment of the same, and the interest to accrue thereon, in such form, and to such extent, as they may deem expedient; with a proviso saving the prior rights or liens of the state of Maryland, under the mortgages which had been executed by the company, to this state, except in so far as they should be waived, deferred, or postponed, by the Maryland legislature." When the company's acceptance was sent to the state treasurer, the act went into effect. The mortgage, bearing date of January 8, 1846, and executed in favor of the state of Maryland, was placed in the hands of the treasurer by the canal company. The amendments to the charter were ratified by Congress about one month before the passage of the act waiving the liens for the completion of the canal.

Considering the general depreciation of American securities and Maryland's discredit at this period, and the small means allowed for the accomplishment of the ends proposed, a sale of bonds at par was entirely out of the question. The only practicable course for the company to follow was a