Hannibal journal. (Hannibal, Mo.) 1852-1853, 1852-09-16

ances are to be made upon terms contemplated
10y the grant.
This view Of the subject, it is believed, will
mot prevent the enactment Of law which, by its
lerms, will authorize the road to be laid off into
sections Of twenty miles, and to allow contracts
ITO be made for each section at the same time, il
the proper interest Of the road seem to require it,
Taking another view of the subject, and to
which it is believed the law making the grant
presents no obstacle, suggest that provision
be made authorizing the company to hypothecate
these lands, If necessary, upon which to create a
loan by the issue Of its bonds on such terms and
conditions as will enable the company to supply
the means for the entire completion of the road
Iprior to making any absolute sale of the lands,
and to consummate which the company should be
authorized to secure the payment of any bonds
it may issue, by deed of trust upon the lands,
taking care to recite in the deed, or otherwise
secure the prior lien Of the State, to which it
will be seen allusion is made in subsequent
part of this communication.
The faith of the State should in nowisc be
pledged for the redemption of the bonds, nor
should the State be connected in any manner
whatever with such loan, further than to allow
the company full power TO hypothecatc the lands
Tor the redemption Of any bonds it may issue.
If the lands are thus disposed of, then in or
der TO prevent monopoly of them, which may
prove detrimental to the best interests Of the
country, the company should be required after
la given time and at stated periods, to offer these
lands for sale, and from time to time to do so,
until all are sold.
AS counter security to the State, the company
to which any Of these lands are conveyed,
should, simultaneously with the conveyance
execute a deed Of trust to the State upon the
lands thus conveyed, and the appurtenances in
lanywise appertalning to the same, in such man.
ner as will fully and in every respect secure
and oblige the faithful performance of the COM
Ipany in the application of the money and pro-
lperty arising from the sale of these lands to the
constructing, completing and finishing the road,
in such manner and time, and upon such condi-
tions as may be agreed upon; release of the
deed OF trust, and u removal OF the incum BRAN
ces thereby created, only to be executed upon a
FULL compliance with the contract or stipulations
contained in the deed.
In consideration of the grants, privileges and
immunities thus to be conferred, the company
should be required TO pay into the State Treasu-
ry, semi-annually, fixed per centum on the
gross proceeds, receipts or income derived from
the road. to be ascertained and definitely fixed
by law
The uncertainty as TO the terms upon which
contracts may be made with capitalists or con-
tractors, for making the roads, renders il neces-
sary that the law should be so framed as to pro
vide against any contingency Of this kind, and
at the same time protect the interests of the
State, and guard against the letting of contracts,
by which these lands are to be disposed of in any
manner, which, by any possible contingency,
would put in jeopardy the completion of the
roads at the earliest practicable period.
! submit these matters with Difference to your
enlightened consideration, confident that your
deliberations will take such direction as will
tend TO promote the public interests in making
a wise disposition Of the important subject to
which have felt it my duty alone to call your
attention at the present session, with the assu-
rance of my cordial cooperation in all your ef-
forts to promote the public good.
AUSTIN A. KING.
JEFFERSON CITY, August 3lst, 1862.