Under the second contract with Serrell, Haupt & Co., the directors voted to substitute bonds for stock in payment of the work until 2,000 feet of the tunnel was completed, and to pay the discounts and losses to which the contractors might be required to submit, not exceeding fifteen per cent. per annum; and also, to issue to the contractors bonds to the amount of $100,000 in addition to payments. Said bonds were to be sold or pledged by Haupt & Co., to enable them to raise means to carry on their operations under the contract. On the dissolution of the firm of Serrell, Haupt & Co., in July 1856, Serrell resigned his office as director and was chosen consulting engineer. At the same time, W. A. Galbraith, one of the contractors in the following contract, was chosen a director. Thereupon a new contract was made with H. Haupt, W. A. Galbraith, C. B. Duncan and Henry Cartwright. Under this contract the estimates were to be made by the company's engineer. In July, 1857, the records show that no payments had been made the contractors for more than a year, and that the work could be carried on only by the continued efforts and personal credit of the contractors. In February, 1858, the contract was again changed, and Messrs. Haupt and Cartwright engaged with the corporation to complete the road and tunnel. At this time, the records show that no payments had been made under the previous contracts "for more than two years; that the work could only be carried on by the continued efforts, increased expenditures, and personal credit of the contractors." By a provision of this contract, any revenue arising from the use of the road, or any portion of it, was assigned to the contractors until their claims upon the company were adjusted; and the payment of all the company's debts was to be deferred until that of the contractors was satisfied; and Haupt & Co. agreed to maintain the organization of the corporation, pay its bills for printing, and advance therefore a sum not less than $500,000. The same year the Rensselaer Iron Company was allowed a lien on the iron delivered to the contractors until the same was paid for. In 1859, H. Haupt relinquished his pecuniary interest in the contract, and was appointed chief engineer of the corporation. (See Appendix A, page 62.) These transactions in which the contractors participated, (one of whom was on the board of directors,) show conclusively that they were fully apprized of the condition of the corporation, from the date of their first connection with the work to the time of its "suspension," no claim during the whole period having been made by them against the Commonwealth for any work done for the corporation.