The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-07-08
NEW ORLEANS, TUESDAY tMoRNNG JULY s. 1851.

vidual IN the State it s impossible to say, with Ger
ia my, that we could &C, in less than eighteen
months or two years.
The sixth section prohibits the appropriation Of |
property by Railroad Companies, without the ex-
press authority of the Legislature previously oh.
tanned, and the twentysecohd prohibits "enteripg |
into the limits OF any city or incorporated town,
without the sanction Of The authorities"
So that if single proprietor on the line refuses
a passage, although offered the full value Of his
land, a municipal corporation refuses an entry
into lis limits, the work must he stopped.
The seventh section requires tpenty per cent. to
be paid by each subscr Der the amount of his
subscription, IN cash at the time Of subscription.
This at once cuts fl all ppe OF subscription from
the country, where as is well known, farmers and
planters receive their revenues but once year, on
gathe ring the crops it would reduce the subscrip-
ton in town to less than one fourth of what would
otherwise be taken. Il require, a pital Of
one and a-half or TWO m'llions, an iInmedia cash
payment Of three to four hundred thousand dollars
viii, would BE- unproduttive for many months, as
not more than one SIKH Uf that sum would be re-
quired for preliminary expenses in surveying, loca-
ting, advertising for and making contracts elc., all
of which must be done before beginning work
the road.
Inc tWcuty.tuIu ScCuOu kivcb W buo "uuiCi-
pal authorities Of the parishes, cities or towns,
where such corporations exist, the right OF deter
mining the rates Of tolls or fees +" And the
twenty fifth section declares that the agreement for
the corporation, when made, shall not be construed
or interpreted contract with the State but that
the Legislature shall have, at uA times, the poi0sr
to alter and amend the laW, and apply the amend
| ment to pre-existng corporations.
nd, inf thaS TO I'M At
capital, under such conditions, is scarcely to be
expected that adequate subscription for our pur-
poses be obtained, is utterly impossible.
| Your committee, therefore, abandoning any at
tempt adapt project to the provisions Of the
law, and confident that the spirit now awakened
among our people will lead to its repeal at the next
session Of the Legislature, respectfully recommend
| as follows:
/. That an Act Of Incorporation be framed in
accordance with the best precedents in our sister
States, and with the previous legislation Of our
2. That lists be circulated for subscription to
such charter, with agreement that the sub
scriptons are only to be binding when the sanction
that, in the meantime, the yOOscrlbers agree to ad
vance five per cent. on each share, to be employed
in the necessary preliminary expenses of survey
| OCdtous CtC'
3. That memorial be presented to the Legis.
lature, praying for the enactment Of Corporation
Law on an entirely different basis from that now ii
force, and providing fos the faclle combination o
the capital and labor Of the citizens Of the State
who are willing to embark in enterprises Of public
improvement or utility.
Your committee would remark that this mode q
preparing for the construction Of railroads is nc
novel. Indeed, in England, railroad charters ar
never granted until preliminary surveys, and report
Of engineers have furnished the necessary data f
the action Of the Legislature, and the stock
almost invariably subscribed in advance and affair
frequently large premium in the market before Il
sanction of the government is procured. The
seems to be no sound objection to similar pla
here, under the circumstances in which we a
placed, and the committee, therefore, submit II
project Of charter and agreement in accordant
!, with what they have above mentioned.
RESPECTFULLY submitted by %~--T
2. BENJAMIN, Chaivmau