The true Democrat., 1855-07-17

,ooai land offices respectively, and to the seueral land office at Washington city, as a unPliance with the act of Congress making !. on the 4th of January 1855, the execu- live of the State made special message to the General Assembly, upon this subject. Af- terwards, on the 18th of January 1855, an act was passed by the General Assembly, designat- ing and fixing the line of the road, and propos- i'g to grant to this company, upon certain con- ditions, the alternate sections of land along the line of the road, granted to the State by the said act of Congress.
 "Although the act of incorporation author izes the president and directors of the compa- nv to accept any supplemental or amendatory act of the General Assembly of this State, which may be passed with the view to facli- tate the operations of the company, or for any other purpose, it was not deemed expedent to convene the board of directors for that Object, believing it to be matter that rightfullv be- loneed to the stockholders to decide.
 "In August. 1852, bill passed the House of Representatives in Congress, granting to the States of Arkansas and Missouri, respectively, the right of way through the public lands, to aid in the construction of railroad, from a point on the Mississippi river, opposite the mouth of the Ohio in the State of Missouri, via Little Rock, to the Texas boundary line, near Fulton, in Arkansas. with branches from Little Rock to Fort Smith, and to the Mlssls- sippi river, with the right to take necessary ma terials of earth, stone, timber etc., for the con- strnction thereof;' therein further granting to said States. for the purpose of aiding in mak. ing the said railroad and branches, every alter nate section of land, for six miles in width, on each side of said road and branches
 "During the session of the Legislature of 1852 and '53, application was made for a char ter to build railroad, on the route mentioned and described in said act of Congress- and on the 12th of January. 1853, the Cairo and Full ion railroad company was incorporated, thereby authorized and empowered to survey, locate, construct, alter maintain, and operate a rail- road upon the route of the main line of road mentioned and described in said act of Congress, namely from point on the Mississippi rvver, opposite the n,onh of the Ohio in tue State of Ms sour7, by acnv of Little Rock, to e Teros boundary hne mear Fulton, Arkansas.' Subsequently, the bill above referred to passed the House of Re- rresentatives, also passed the Senate of the United States, and became law on the 9th of February, 1853
 "In April, 1853, the Cairo and Fulton rail road company was duly organized under said aot of incorporation. Subsequently, stock sub- scriptions were made by counties of portions of their internal improvement fund, created by said act of Congress of September 4th, l84l, granting 5OOOOO acres of land to the State, for purposes of internal improvement; and of the act of the Legislature, distributing the proceeds thereof among the several counties, and by citizens mostly residing along the line of the road, sufficient to pay for the preliminary sur. vevs of the road, and other necessary expenses. "Tn this connection the directors call your at tention to the fact that you have thelndlsputable right of way through the government lands and those belonging to the State throughout the en- tire length of your road, as well as by special re- linauishments from individual property holders, from which you cannot be divested; besides the act of Congress. granting the alternate sections, distinctly provides that these lands shall be applied in the construction of said road, and shall be disposed of only as the work progres- ses and in the following manner that is to say: That a quantity of land, not exceeding one hundred and twenty sections, included within twenty continuous miles of said road, may be sold; and when the Governor of the State shall certify to the secretary of the ntenor, that twenty miles of said road is completed, then another like quantity of land may be sold; and so on, from time to time until the road Is completed Thus an identity of interest Is es- tahlished between the company and the State the prosperity of one is the index of the sue cess of the other"
 Bv the following statement from the report of the treasurer, William B. Wait, esq. it will be seen that the amount of moneys received by the company up to the date of the report, was S23847 a. This has been derived from the following sources:
 From first instalrnents on 9037 shares, amounting to s224 .675. of five per cent, and extra payments thereon, and from second instAments. ....... S22,1l3 64 Messrs. Hughes and Russell. 500 % Sale of horses, oxen, wagons,
 part outfit of engineer corps. 53t 3Q
 -:23, SAY 94
 EXPENDITURES.
 Engineer depal tment outfit and
 other expenses of the surveyof
 the road. d...................Sl99 922 le Agents salaries and contingent
 expenses. es.................. 3,9l5 76 -s28 3sA 94
 S46G % Amt due by agents and others < 2778 4 Amount due on second install
 ment, not collected. 3,s5l 25.
 -- s,6,424 67
 s6,SS7 s7 sundry claims due by the company y........ s,459 % Balance in favor of the company. .........$ 4l9 67 The whole length of the line in Arkansas, from the Missouri line to Fulton, is 3O1 miles, passing through thirteen counties In these thirteen counties there are 247 7Ol acres under