Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1856-04-05

penalties for violation OF the Act are line
uot less than ten nor more than one hundred
dollars for the first offence and for second,
or subsequent conviction, the same penalty
and also Imprisonment not less than one nor
more than three months. forfeiture Of license,
and incapacity to receive another license for
FIVE years thereafter
In some respects this law is not as well
guarded as the old license law. which requi-
red the publication Of the names Of the per-
sons who signed the petition. There will be
reduction Of ten or twelve taverns in Nor
cumberland county. under the new law.
| An important bill is now before the legis-
la,ure, which If passed, will enable the Sun
bury and Erie Railroad Company to complete
this great enterprise without delay. This
project contemplates th" sale OF the main line
Of the public works to the Sunbuiy and Erie
Railroad company, for the sum Of S7,500,O00.
The legislature last year authorized the sale
for that sum, but no one twas willing to pay
! it. The company are TO give bonds bearing
six per cent interest, to the state. the bonds
|
road. AS the state now pays but per cent,
and would get six, she would gain one per
cent, or $4,000 per annum, which is to be
added to the sinking fund. for the payment of
the state doLt.
The company also binds itself to expend
two dollars FOR every dollar of the huids
which the state surrenders TO the company
The state will be amply secured by the mort
gage, and the company will be enabled to
raise ample means to put through this great
work at an early day. The Main Line at
present is not worth any thing to the state,
not paying much more than expenses, and
there is but little hope that it will ever do
better under state management.
The following is a synopsis of the proposed
bill for the sale of the main line Of the public
works. The bill provides:
lst.--For II sale Of the Main Line of the
Public Works, from Philadelphia TO Pitts.
burgh, including the tax on tonnage passing
over the Pennsylvania Railroad TO the Sun.
bury Erie Railroad company, for the sum oi
seven millions five hundred thousand dollars
the whole amount TO be secured by first
mortgage to the State. on the whole line oi
the Road Of the said company, extending
from .Sunbury to the harb0r of Erie, with
interest at the rate Of per cent Per annun
2d.-tAe sald company, or their assigns
also TO execute simultaneously mort gage
for $7,500,OO0 upon the said line of the Pub
lie Works to be transferred to them-S4
100000 Of the bonds secured by this las,
mortgage to be held by the State Treasurer
as additional security for the said purchase
money, until the same shall be sufficiently
secured 10y the progress OF the work OF the
said company.
3D. When the said company shall have
expended III the further construction of tbeil
work the sum Of three millions five hundred
thousand dollars, III addition to the S4, ,00O
600 already expended or provided, and shall
also have raised another million of dollar,
by private subscription, (making their whole
investment IN their said work $500 OOO
the State Treasurer shall surrender to then
one million Of dollars Of the bonds so held
10y him as additional security; and for each
subsequent addition to their capital of S :.
OOO,OG0 by the said company, the State
Treasurer shat Surrender 10 them an add
toual 81 .00O.O 900 OF the said bonds so held as
additional securliy,-the last S2,00O,O00 o.
said bonds not to be 50 surrendered until au.
l
iature.. who must then be satisfied of the
security; so that the last $4,000, 900 are sub
ject 10 the future action OF the Legislature
and the State VIII al all times be secured by
an invest ment Oh the part Df the company tr
double the amount of bonds secured upon
their works.
4th. The tonnage tax TO be collected anc
paid into the State Treasury as heretofore
until the completion OF the Sunbury and
Erie Railroad 10 the harbor Of Erie, aut
credited semi annually on account of interest
on the purchase mun-y of said works. Pel
per cent, Of the purchase money TO be du.
and payable III ten years, and ten per cent o
he balance annually thereafter, uutil tn,
whole amount is paid.
5th In deiautl Of payment Of interest, OF
Of any inSlament Of the principal for ninety
days after maturity, the State may sue ou
the mortgage, aud sell all the property Of III,
company, as in other cases Of mortgage o
real estate.