The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-09-30

p. YES. s e az , ,s nd opt ;s s there
Ksamar 90 and Lake Michigan and whenever any other
nortion Of the road has be renewed iron rail Of Ike
weight shall be placed thereon. As penalty for not
sn;s6inr the road within the time specified between Ks.
amaz 90 and Lake Michigan twenty thousand dollars
and fifty thousand dollars year be collected for
not reconstructDg the road for the r't fifty miles west
within the time and IN he manner ecfei f,er the ex
lowed the road. under tile penalty Of one thousand
dollars, of less weight thsn sixty pounds the yard
IN neu o. a., 0nsr aMss Inc company are to pay the
pal stock paid in and including the 600 600 paid the
State for the road until the year 1851 Aer that time
stock paid IN including the purchase money and also
upon all loans made to said company for purpose of
the road or charsrng pr hiring steamboats,
the last week In January each the State Urea
For this tax and for other debts due the State il
has lien uFon the road and its appurtenances, which
shall take precedence of all other ens and after the
State the citizens of Michigan shall have lien upon the
PunSrsd oprs ;ns 70 nG Sn hs
Alter the expiration OF the year 1857 the State has
right to re purchase the road by paying the market price
charter is liable to be altered amended repealed after
twenty years by vote Of two thirds OF each branch OF
good all damages sustained by of such alteration
amendment or repeal.
The company purchasing the road positively pro-
hbed by the charter from engaging in the business OF
purchasing produce or other merchandise for sale.
The tolls to be charged by the company the Central
Railroad after the l54s upon the opening Of the
road to Lake Michigan, whichever may first occur, on
passengers for less distance than the entire length
of the road all not exceed of three cents per
mile and ten in addition distances exceed.
ing twenty miles On -four, grain. SALT plaster coal
nails in kegs iron, mill irons and castings FISH in half
barrels barrels lumber, sugar in boxes in casks
not less than barrel molasses in hogsheads in
rolls pot and pearl ashes beef pork and wosl in sacks
greater charge shall be made per mile for snspora-
tion the average charge during the months OF Sop
TENDER and October last upon the Boston and Lowell Bos
in New England the tolls shall never exceed three.
fourths of the prices charged for the transportation OF
articles by the State Of Michigan the Central
Railroad on the first day Of January, ls46.
The same Legislature which passed the law for the
sale of the Central Railroad to the Michigan Central
Railroad Company also passed act providing for tho
sale Of the Southern Railroad to company in our own
State for the of $500 000 and gave them charter
with provisions very similar to those Of the company
road was, however made contingent upon that of the
Central road and the law for the charter Of the latter
company by provision does not take effect and
be in force until after the of the charter of the
Central Railroad Company
Within thirty days after the taking effect Of tho act,
the Southern Railroad Company for the of $500 900
purchase the uhern Railroad, with the Tecumseh
branch with all their fixtures machine shops and
other buildings and stock and materials the road -
The of ten thousand dollars be paid the
treasury within thirty days after the taking effect of the
actthe further sum of forty thousand dollars be paid
within three months from the time the act takes effect
The company to execute bond to the State at the
time the pay mont of the $40 900 is made with
suretes to be approved by the Auditor General condi
toned for the to the State of all damages may
sustain from tho company nsglectng to return to the
State the stock materials and furniture of the road in
good order when the company received the came in
of forfeiture of said road to the Sate and when
possession OF the road and exercise full ownership over
It, The company, within six months after the taking
effect Of the act are to place additional locomotives and
OF the value Of 900 upon the road whin the
term nine after the of the above
noticed the company shall pay to the State the further
sum of $450o0o, in eighteen equal ssmiannual install
ments of $4,000 each, together with the interest upon
all portions of the purchase money remaining unpaid al
nualy to be- computed from the time when the $40 ooo
payment made them the road with its appurenances
belongs to the Southern Railroad Company. The pay.
ments be made either in evidences Of State indebted
provided in the law for tho sale Of the Central
road, or in lawful monsy Of the United States.
Within four years. the company are required to fnis
and put In operation the road from Hlsdale to Codws.
ter and within four years from that time finish and put
in operation said road from Coldwster to some eligible
point the ST. Josephs river within the county Of St.
Joseph and within IL from the passage of the act
to construct and TO put in operation the said railroad from
the ST. Joseph river to the village OF Niles Within
from the passage of the act the Tecumseh branch is to
be completed from the village of Tecumseh by way Of
Clinton to the village of Jackson by tho way Of Man
chester along line Of the rail- Dads formerly su.
horized TO be constructed by the Jacksonburg and Pal
myra Railroad Company or SO Tar along said line as may
conflict with the charter Of the Central Railroad Com
paDy.
No higher tolls are allowed to be charged on the road
than charged by the State said road the first
Of January last The other provisions very similar
to those Of the charter of the Central Railroad Company
BY the sale Oh the Central kallroad, two millions u
dollars Of the State Indebtedness il wiped out,
money sufficient paid into the treasury pay the inter
the remainder of the debt for two years to
To rid herself of the incubus OF heavy State debt, and
to have the Central road promptly finished to Lake Mi
chigan, which the State without resort TO high taxa
ton, unable to 90, the which govern
cd the Legislature in making the sale. The entire
amount Of stock has been subscribed and in few day
the Central Railroad will pass the hands of private
company, and they will find it the best investment Of
pita in the Union. So well convinced Of this
iac that from first to as-rom the moment the charter
passed to the present moment0ur faith that the
road would be taken has never for moment waver
cd though many honestly doubted.
From Monroe, understand that the Southern road
will also be taken. Arrangements will Immediately be
made 70 have the stock TAKEN and principally too, by
citizens of own STATE Its sale Will further decrease
the State indebtedness half million of dollars. The
stock will yield heavy Per cent and the investment IL
Of the best that could be made. Our neghbers Of
Monroe will find new impetus given to the business Of
their beautiful city by the completion Of the roa and
the State and the people, in the essening Of State III
debedness and the leon of both roads will reap
decided advantage.
Old Stock Exchange.
~ Gtats t. .bs Hal II Il sl0