New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-01-19

Tois...... -
BY act of the Legislature, passed February $780,
Company Incorporated by the name Of The Camden
land AInboy Railroad and Transportation Company,
with the usual powers and privileges and with authority
TO construct Railroad from Delaware River and Raran
Bay certain points named By the 22d section of said
act the State has the privilege after the expiration othrty
years from completion of taking said road with its appen
dages the actual costs and expenses incurred in its
sructon to be ascertaned by appraisers appointed
therein provided Aud the further privileges for three
years after the valuation made and reported upon of
taking said roads upon the payment to the Company of
the amount OF the said report within one year after elect
"ing TO take said roads.
BY another act passed Feb T. 1884, the said Company
transferred to the State thousand shares of its capital
stock the value of $780, 0OO bonus without cost
the State upon which dividends required TO be
psdpeservng the privilege, however, OF having said
stock transferred to the Company when any other rail
rosd roads for the transportation OF passengers and
property between New York and Philadelphia,
this State shall be constructed and used for that purpose
under by virtue of any law of this State or the United
States.
BY the act Of February Is 1891 the Delaware and Rsr
an Canal Company and the Camden and Amboy Rail
road and Transportation Company were consolidated into
company, and ere usually termed The JOINT Com
panes Under the act Of March 3D. 1892, tue said joint
companies transferred TO the State 1000 share of their
capital stock OF the par value OF 100000 as bonus
without cost to the State upon which dividends
qu ed to be paid This appears TO have been an absolute
grant ~ the State and not contingent upon any future
course OF legislation which may be adopted in regard to
these companies BY thd2d section of said last namei act
il however declared that shall not be lawful at any
time during the said railroad charter to construct any
other railroad aroads in this State without the consent
ofthe said companies which shall be intended used for
the transportation passengers or merchandise between
"the Cities ofNew York and Philadelphia or to compete in
business with the railroad authorized by the act to which
this supplement relative This declaration on ts face
appears also to have been absolute grant to the com
pans, and constitutes in common parlance' the mono
poly feature of their important privileges.
BY subsequent act passed March IS, 1881, the Joint
companies authorized to construct railroad from
New Brunswick through Trenton to Bordenown, and for
doing invested with all the powers privileges and
emolument TO which they entitled under all previous
acts and supplementary acts.
Under the original act provided that transit duties
should be paid TO the State by the Company for passen
gers and merchandise transported on said road with
guarantee under the supplement Of March 1882 that it
should not amount annually to less sum than $4,000:
By joint resolution passed March 10, 1872 and agreed
10 by the Companies correct construction OF their
chaeS transit duty Of 10 cents per passenger and Is
cents per tun of goods required TO be paid when
transported on any railroad or railroads belonging to
the said Companies, from Camden Burlington Borden
town the Trenton Delaware Bridge the City OF Trenton
any other point place the Raran River or Bay
and the same reve'sey so as to secure 70 the State
the same benefit from business done on the Trenton
and New Brunswick could be derived by the pro
visions of the original act from business on the Amboy
rone. BY the gath section Of the charter, the Company
is exoneraed however from the payment OF said transit
duties whenever any other railroad to commence and ter
inmate within three miles of said railroads. shall be con-
structed and used by authority OF the State
BY the foregoing synopsis the interest of this State in
transportation being also considered may be readily IN
destood The immediate interest s the semi annual dlV
dends from the $4,000 Of capital stock amounting dur
ing the past year to s2l000 and the payment OF transit
duties for passengers and merchandise which amounted
for 1883 to ssl33 O5 to which may be added sn extra
dividend of s24OcG making the total of sl36373 o.
passed by said companies during the last year into the
/ treasury Of the State.
The prospecre interest Of the State in these works may
be stated be the future annual accrung revenue which
in the remaining years the charters have We; to run may
be estimated by the present ratio of increase, at
OOo besides the privilege of taking said works at
perOds named in the respective charters. The railroads
were finished the LIST of January 1899 the canal in
January 1893 In fifteen years hence the State there
fore take the railroads. and in 81 years the canal.
TWAS then proposed that the current revenue or Por
ton Of il, deriyable from these companies be annually
set apart sinking fund.- 10 be used st the proper time TO
purchase the works The many demands upon the Treas
ury for schools public institutions the discharge Of the
State debt snd various extraordinary purposes would
render praeeable to produce any amount in several
wears BY that method, without resort direct taxa
ton 10 meet the claims the Treasury
The condition. Of the State fifteen wears hence in popu-
lation and in all the elements Of prosperity will doubt
enable her TO meet the exgency when At the
past Of increase her population viii then approximate
million and in twenty years thereafter Il highly prob
able il will be double the number In the departments Of
agriculture. manufactures commerce, mining and me
chsnies she vii equal in proportion TO the extent OF her
territory, any OF her sister States In advance OF al
Others in the value Of her lands and agricultural equip
merits she will not be proportiOnay exceeded By any in
population and She can. no doubt at that
time command to purchase these works II the PEG
PIE Of the State 30 determine.
lam satisfied however, that q; the expiration OF the
period limited arrangement highly advantageous
10 the State be made with the companies II deemed
expedient By renqushing the right purchase alare
bonus and another guarantee Of revenue ample for free
schools and al State expenditures could be secured with
out requiring any future restraint upon legislative actor
In regard 70 other railroad charters reserve Of the
right on the part II the Legislature Of periodical rcchar
could also be provided for, 8 Is not probable that The
stale will part viii her interest u these WORKS 20 IA
Is % yield Up entirely the important Prerogatiye