Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-05-20
SALE OF THE MAIN11rP

taken up in the Senate On Monday, Nav II. il
being the order of the day on final passage.
Several motions were made for further a.
mendments, whieh were all negatived
The bill was then passed finally by the fol.
lowing vote Yeas Is; nays IA.
On Tuesday, the 18th, the bill was taken MP
in the House and the Senate amendments a.
greed to, so that it but now wants the Cover
nor's signature to become law. After prosi-
ding for the sale of the main line at public
sale ,&c., the bill as passed provides as follows
find prorided further, That if the Pennsylya-
MA Railroad Company become the purchasers
oil said main line at said public sale, or by as
| signment as aforesaid, they shall pay in addi-
tion to the purchase money at which it may be
struck down, and which shall not be less than
the sum OF seven and half millions of dol
lars, the sum of one and a half millions of dol
lars; the whole amount of sale to be paid in the
bonds OF the company, bearing interest at the
rate of five per centum per annum, payable
semi-annually on the thirt~first days of Jam
uary and July Of each year, and which bonds
without further record shall remain lien up-
on the said main line, one hundred thousand
dollars, of which said bonds, to fall due on tho.
thirty y-first day of July, one thousand eight
hundred and fifty eight and one hundred thou
sand dollars thereof annually thereafter, until
the thirty-first day Of July, one thousand eight
hundred and ninety, when one million of the
residue shall fall due, and one million annual
ly thereafter until the whole is paid; and up
on the execution and delivery of said bonds TO
the Treasurer of the State. the PENNSYLVANIA
railroad company, and the Harrisburg, Ports
mouth, Mount Joy and Lancaster Railroad
Company, shall, in consideration thereof, DO
discharged, by the Commonwealth, forever
from the payment of all taxes npon tonnage or
freight carried over said railroads and the
| sald pennsylvania railroad company shall also
be released from the payment of all taxes or
duties, on its capital stock, bonds, dividends
! or property. except for city, borough, county,
| township and school purposes and that ii shall
| De lawful Tor the purchasers, or their assigns
! either TO purchase or lease. hold and use tho
| Railroad Of the Harrisburg, Portsmouth Mt
| JOY and Lancaster Railroad company and TO
stratghten and improve the said Philadelphia
and Columbia railroad and to extend the same
! to the Delaware river, in the city of Phladel-
pha and il shall be further lawful for them
to alter, enlarge and deepen the canal portion
of said main line, and 10 make such additional
! locks and dams, and to make in whole or in
part slackwater navigation, may lie deem
ed expedient, and in the event Of sale or
| lease as aforesaid, by the Harrisburg, Ports
mouth, Mount Joy and Lancaster raiil DAD COM
| pany, the said company shall have the power
TO sell or lease, and the said purchasers or
their assigns, to buy or take on lease said road,
and 10 make and receive respectively all such
contracts, deeds or assurances, as NAV be ne
cessary to carry the same into effect: Propf-
| ded, That the righ: of the Commonwealth to
enter upon, resume and purchase the road Of
tne pennsylvania railroad company, provi-
ded in their charter, shall thereafter cease and
| determine: find pTori9ed further, That in case
of the refusal OF any stakeholder or stockhol-
| ders OF said company to comply with the pro-
visions of this act, after same may be accept
| ed by majority of the stockholders of said
| company to pay to the stockholder or stock
! holders SO refusing, full market value of his,
| her, or their share shares OF stock, and such
| share or shares shall enure to the benefit of
! the company, to be disposed of by directors
| for the benefit Of the balance OF the stock
| holders.
SEC. 4. That If the said main line of pubic
| works shall be sold to other parties than the
Pennsylvania railroad company the purcha-
sers shall be entitled to like credit upon tho
| amount of said purchase money, and for tho
performance of the conditions of said sale, in
! behalf OF the purchaser, and for the security
of the purchase money TO the Commonwealth,
| the said purchase money, until paid, shall re-
main lien on said works; and the indyidu-
ais or company purchasing aforesaid shall
within sixty days after said sale, give a mort
| gage on said main line of the public works,
and bonds for the amount of the purchase mo-
| ney. and in addition thereto, shall deliver,
WITHIN ten days after said sale. TO the Cover
| nor, for the use of the Commonwealth bonds
| of the State of Pennsylvania or of the city of
| Hiia'it iphid 10 the amount Of one nundreu
thousand dollars, land within sixty davs the ad-
dltional amount of one million mine hundred
| thousand dollars, or in lieu thereof like a.
| mount of first mortgage bonds of the Pennsyl-
vrnia Railroad Company, and payment of the
prlnclpal of such purchase money shall be
| made in certificates of loan of the Common
wealth of Pennsylvania, at par or in cash and
Of the interest in cash semi-annualy on the
thirty-irst days OF July and January in each
and every yt ar upon any balance remaining dne.
An ELoPEMEST. Darr, Jr., of Gin
cinnati rnpmhor Of tha Cit,- Co,ro:, g..