New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-02-18

a.tbe Southern extremity of the State through
,be con,e, Of the State Northerly, with branches
. c.lor. and Chicago. 1t will develop the re-
-. - ono Of the richest portions oil the couh
-. almost valueless for the want oil Ia
go - .,snsportation and travel. The project
= .his Road is not a new one and char-
-, some time since obtained for the Great
vSro.,eyp Railway. This charter was however
.o,.idered inadequate, and when the attention oil
= rsw of our leading capitalists was attracted to
the subject of carrying out the intentions OF Con-
gress in a manner which, while ultimately proita-
bic to themselves, would also protect the inter
eats of Illinois to the fullest extent, they decided
TO apply for a new Charter. We have not copy
of the Charter as passed, but the plan OF Mr.
Robert Schuyler, upon which it was based, was
mainly as follows: Considering that the sale Of
the lands before the building OF the Road could
only be effected at low prices, Mr. Schuyler pro-
poses to issue Construction Bonds, secured by
Morteage or Trust Convey ance including the Road
way iron, perstructure stations lots sndgroands'
&c. &c and about three quarters of the donated
lands but not to include such lands as are contg-
nous TO the line of Road. The capital Of the Com
papy to be one million Of dollars 1t not proposed
that the Capital Stock should be appropriated to
the construction or equipment OF the Road botOnly
as additional security for the payment Of the
interest on the Construction Bonds. The install
mepts. therefore, are to be invested, and when
ever drawn upon for interest payments, new in
stslments to be called to make up the deficiency
The Construction Bonds TO be issued in sums OF
$500 and $1,000, bearing, not exceeding seven
per CT interest, payable in New-York, and the
principle payable in 1875. The amount OF these
Bonds to be sufficient to meet the entire cost OF
the enterprise including the payments for interest
during the construction Of the Road, and S250,OOO
for the floating Capital Of the Superintendents
Department These Bonds will thus be secured
by the actual appropriation of the funds received
for them, with the additional security Of one mil
lion eight hundred and seventy-fve thousand acres
of land located within one mile or less of an
economical and prompt avenue for the convey
ance Of their produce TO market. The prompt
payment Of the interest warrants is secured first
by the profits, if any, OF working the road, Sec
ondy from the proceeds Of the sales Of 625 900
acres Of land, Immediately contiguous to the road
and not included in the Mortgage, and thirdly,
from the instruments on the Capital Stock. The
present plan only includes one line of rails, with
ample turnouts, but second line will be needed
at future day. In case of the sale of any Of the
donated lands, the Trustees should be empowered
to release from the mortgage any land SO sold
upon receiving from the Company Construction
Bond of such denomination as shall be nearest in
amount to the price of the land sold, such Bond
TO be cancelled. In case Of the success of the
project, it is supposed this Bond will all be
cancelled before the lands are all sold, when
the surplus will revert to the stockholders
The 625 600 scres Of land On the line of the road,
reserved from the mortgage, are appropriated as
follows 100000 acres to supply any possible de-
Gciency in the means paying interest warrants.
The remainder to be held by the Company to
meet demands upon it arising from increased
business, &c. The transportation receipts are to
be devoted, FIRST to the payment Of all charges for
working the road and to cover not less than
ten per cent depreciation secondly, to the pay
ment of a transit duty to the State on the gross
| sum received for earnings thirdly to the pay
| ment of interest warrants and iOurthiy, TO the
pavment of dividends on the Stock Such is a
| bref abstract of the plan which has been adopted
for securing the completion of this great enter
prise Comments upon it must be reserved for a
future occasion.
The Books Of the Bank of the Metfopo-
lis will be opened to receive subscriptions Of
Stock, this day, at the Office Of Ward & Co.. 81
Wall st. as announced in the advertisement,
which see for particulars.
We annex a statement of the Exports
from this port from the LIST TO the 18th February: