Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1852-06-03

or obligations shall be secured in the man
ner hereinafter provided, by mortgage
or deed of trust of the whole or portion
of a railroad constructed by such rail
road company in this state; which bonds
or obligations shall be received BY the said
treasurer in lieu of the public stocks is
sued or to be issued by the United States,
or by any state as herein before provided
in this act; and by making such assign
ment and transfer; each person or asso-
citation of persons shall be entitled to all
the privileges, immunities, and benefits
which by the provisions of this act he or
they would be entitled to if the whole a
mount of securities so assigned and trans
fered were public stocks of the United
States or of any state: Provided. that
such bonds or obligations shall not be re-
ceived or held as securities for more than
one half of the amount of the bills or
notes issued to such person or association !;
And provided further, that no railroad
corporation shall ever engage in the bus
mess of banking under the provisions of
this act
Sec Z. The mortgage or deed of trust
executed to secure the payment of such
/ bonds or obligations, shall be executed to
a trustee or trustees, shall contain the US
ual and appropriate provisions for the Sc
curity of the holders Of such bonds or OBJ
/ legations, shall be the first lien on por-
/ tion of continuous railroad. Of not less
4 than forty miles or on the whole of a
railroad of not loss length than twenty
miles in extent. and shall convey the same
/ together with its equipments, depots, fix
lures. machinery and the name and fran
chises appertaining thereto.
Sec. 3. No such bond or obligation
shall be received until the governor. bank
comptroller and attorney general, or two
of them, shall file with the treasurer of
the state, a certificate by them signed
/ from actual view and inspection that such
requisite portion Of road has been con
structed in q substantial manner, with a
solid road bed, and with a rail Of Z or II.
/ or other approved pattern and weight. Of
/ IN no case less than fifty pounds to the
! yard, similar to other roads of the first
class and has been fully equipped and in
actual operation, and has earned for the
/ year next preceding a net revenue great
er than the interest on the bonds or obli-
cations secured thereon by such mortgage
or deed of trust: nor until the attorney
shall file in like manner his certificate
from actual examination. that such mort
gage Of deed OF trust has been duly ex-
ecuted In the manner and with the pro
visions required by this act, and IS the
( first loan on such road, its equipments
1 depots. fixtures, machinery, income and
franchises; nor until the directors Of such
railroad company shall file in like manner
statement under the oath of its presi-
ldent and secretary, setting forth the cost
Of such portion of road, and the net re-
venues thereof for the year next preced-
ing
Sec 9. Such bonds or obligations shall
not be received at a higher rate than eigh-
I ty cents on every dollar of the current
and actual value thereof nor at rate.
estimating the whole number of contin-
uous miles in such portion of road. and
4 the amount Of bonds or obligations sccur-
ed thereby, exceeding the one-half of the
actual cost and value of such road. nor
at rate, to be ascertained by such esti-
mate exceeding eight thousand dollars per
mile, for every mile thereof
Sec. 10. The bank comptroller in con-
junction with the governor shall reject
such bonds or obligations. the security of
which shall be found upon examination
/ to be doubtful or liable to be impaired,
and IN case the current or actual value of
said bonds or obligations shall have depre-
cIated, after they shall have been received.
the bank comptroller shall reduce the rate
at which the same shall be continued to be
held as securities. and require other bonds
or obligations, or public stocks of the Uni
3 tod +1+ -,f, l
to make good the deficit. in like manner
as is provided for in this act. in case Of the
depreciation of the value of such bonds or
public stocks
Sec II. Every such mortgage or deed
of trust by which such bonds or obliga-
tions shall be secured. shall be recorded
in the Office of the secretary of state. in
proper book kept for that purpose, whose
certificate of such registering ind5rsed on
such mortgage shall be evidence thereof
and the said mortgage or deed of trust so
, recorded shall have the same effect as if
recorded in the several counties through
which such road may be built
Sec. u. A descriptive list Of the cir
culating notes registered and countersign-
ed by the bank controller or his deputy
as provided in section 4 of this act. shall
be delivered to the state treasurer, who
shall copy the same in the book hereinaf-
ter required to be kept by him for record
ing descriptive lists of the securities depos-
tied with him for safe keeping.
Sec IS. Three descriptive lists of the
securities transferred to the state treasur-
er in trust as aforesaid, shall be made and
signed by the bank controller and persons
making the transfer; one in a well bound
book to be kept by the controller for that
purpose, one in a like book to be kept by
the treasurer, and one in book to be kept
by the association, and said securities shall
then be delivered to the state treasurer
for safe keeping, who shall receipt to the
controller for the same, and who shall be
responsible for any loss or destruction
thereof. growing out OF or resulting from
negligence. or the want of reasonable pre-
caution or care. The whole or any part
Of said securities may be re delivered to
the comptroller for the purpose Of being