The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-08-28

the road TO dictate ihs location Of cllies and VIII
lagos which, as natural consequence, will spring
into existence which may add millions Of dollars
more 70 the Golfers of tins magnificent corporation
The charter OF this company is one Of great lib
crafty on the part Of tho State of Illinois. IL
talns provision that the company shall pay 10
the Stale seven per cent upon the proceeds Of the
earnings of the road, supposed TO be equivalent
Tor the surrender OF the power TO tax the lands, so
long as the lands remain the property OF the COM
pany. But the provision, in fact, gives the charter
the elements of perpetuaiion--it Is contract on
the part OF the people of Illinois win this com
pany, that so long as they shall pay to The state
seven per cent upon the proceeds of the road,
they shall be entitled to all the privileges conferred
by the charter.
might stop here, having shown enough to sat
isfy common understanding that the principles OF
this grant are at variance with the spirit and IN
stitutions of our country but the picture would
not be complete. herewith subjoin statement,
extracted from the English papers of the transac-
tons of the authorized agents OF this company IN
England and the acceptance by English bond
holders OF terms and conditions which must be
fa,tering TO those who to participate in the
benefits:
"The trustees of the Illinois Central Loan are
the following well-known gentlemen
"LosDoN William Brown, Esq, M. p,
(Messrs. Brown, Shipley, q Co., Liverpool
wood, Kennards, q Co., London, Thomas Smith,
ESQ.,, deputy Chairman Of the London and
Northwestern Railway Company, } Matthew Uxi-
ELI, Esq, (Messrs. G. Devaux q Co., London.)
BANKERs.-Messrs Haywood, Kesnards, d.
Co., Lombard street, London.
"SoLICIroR s.--Ndessrs Crowder q Maynard,
Coleman street.
" BRoKERs.-Messrs. ]. Hutchinson q Son,
Dothbury; and Messrs Barnett, Ellis, & Co.,
Brchin Lane, London.
"The prospectus of the loan, as published in
the London papers, contains the following pro-
gramme;
"This valuable and unprecedented grant of
land, comprising, as il does, extensive beds of coal
and other minerals, has determined the directors
to raise the necessary funds for the construction
of this line by the issue of bonds under the powers
Of their act of Incorporation. OF the required
$1,000, 600. Sl2,000,000 have boon reserved for
subscribers in the United States, of which amount
two-thirds have already been disposed of there,
and arrangements made for the remaining one
third as the works may progress. Ia order to
raise the remaining S5,000,000, the Illinois Cen
tral Company have authorized their agents in
London to negotiate for that amount in bonds
bearing interest at the rate OF per cent per an-
mum, payable half yearly in London" ~
"These bonds will be issued in sums of $500
and $1,000 each. at an exchange of 4s. I'd. for the
dollar, Cor El04 30. I'D. and f206 Ga. 3D. y for
which provisional certificates to bearer whl be
issued on the payment of the first deposit, and on
the remaining payments being completed the pro-
visional certificates will be exchanged for the
bonds. a 8l5ssae5
The dates of payment are proposed to be az