New-York tribune., 1841-11-17
For The New-York Tribune.
Our Railroads. No. 4.

PLAN FOR PROSECUTING THE RAILWAY SYSTEM
IN THE STATE or NETWORK.
l. The State to subscribe for and own one-third
Of tho capital stock in all Railways hereafter 10
be constructed, within the limits of The State, until
satisfactory evidence is produced Of the subscrP-
ton by responsible persons, or any municipal COL
poration of the remaining two.thirds of the capital
stock and the organization of company in due
form, and on evidence also that the caPta assumed
is sufficient, or nearly SO, for the construction of
the proposed road In the payment Of install
monts, similar rule to be observed. The pay
ments made by the State TO be made subsequent to
those made by individual stockholders, and on evil
dence that the latter has been actually expended
in the construction Of the road.
IL. The surveys fer the final location of any
Railway to be made under the direction of the
engineer of the company in conjunction with
commissioner appointed by the State for that pur-
pose, and no location to be definite until it hiss
ceived the assent of majority of the Directors,
aud been approved BY the Chancellor, one Of
the judicial tribunals of the State. Preliminary
Surveys of Rail-r Dad Routes may be made as here
tofore by the State under special acts for that pur
pose, and where surveys have been made by and
at the expense of individuals, prior to the torma-
ton Of Company, and from which valuable III
formation has been derived the expense thereof TO
be refunded by the Company.
Ill. The State to be at the expense of obtaining
the Right Of Way for all Railroads, and the
ground thus taken to remain the property of the
State, the use of which TO be guaranteed TO the
Railway Corporation during the period of its ex'
istence.
Nv. All railroads TO be built with the view of
transporting both passengers and freight the com
pany to be subject to such regulations as the Lsg-
isat ure may from time 10 time prescribe by law.
V. The mails 10 be carried all Railroads at
such rates as the companies owning The road shal!
prescribe, or as any three dsinteresed persons up
pointed by the Chancellor of the State shall deem
to be equitable
VI The State not to receive any dividends on
its portion OF the capital stock in any road until
the private stockholders get five per cent, and to
receive all above that amount until the dividend on
its portion amounts to three per cent Whenever
any divi dend exceeds five per cent. on two-thrds
of tbs capital stock and three rer cent on the re-
manning one-third the surplus to be divided equally
upoH all the stock.
VII Companies already organized, which may
wish TO be embraced in the plan here proposed,
are to be particularly designated in the act passed
for that purpose. and such as have received loans
of the Credit of the State are TO be entitled 10
have those loans converted into subscriptions to
the Capital Stock, and the interest already paid 10
be refunded.
VIII The Railway Companies are TO make
semi-annual returns 10 the Secretary OF State oil
their receipts and expenditures, viz on the hrs'
DAYS OF November and May Of each year, with
General statement of their proceedings. The re-
turns and statements thus made to be approved by
Commissioner appointed by the Legislature, who
: % have fee access 10 all the books and accounts
Of every Railway Company. The Commissioners
>. hs ,,,o in number for the whole State, TO 'eceSe
= fixed salary, and TO make Alternate examinations
of the affairs of the several Railroad Companies IN
the State, and repor, the same TO the Legislature
on the first day of their meeting in each year.
TX. The net for carrying tho plan here proposed
into effect. TO authorize the formation OF Railroad
Companies, and 10 de6ne the mode OF accomplish
ing their organization, ,cihout resort TO he Les'S
laturs, aud TO specify in detail all those Restrictions
and privileges suited to the circumstances OF me
case and which are applicable 10 Railroad C0mpa
MES generally. No Railway to be constructed
running parallel with snd within a distance o
twenty miles OF any Railway already CONSTRUCTED
or in progress, unless authorized by special &C
Of the Legislature. Some remarks will be made
! in continuation, fuLTsN'