The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-11-25

q / construct the important lines OF AalilSao
embraced in the BIZ. L appears from Il
report of the Comptroller there has been ed
vanced 70 the Memphis and Ohio Railroad
aud for which the State Is liable up the Is
January, 1865, bonds and interest % ii
amount Of s. 800, lI0, being sl4,474 pc
mile. The said Company require, 70 re
par their Road and put it in runninl
order, $500 zoe, which VIII increase Ia
totnl amount Of bonds granted 20 the sai,
road 70 1916, ITO, which includes the inter
est due 10 the let January, 1866, mskini
The cost Of said road to the State, Of SiG,76
per mile. The smount for which the stat,
is liable for the Memphis, Clarksville anC
Louisville Railroad Company on account o
bonds ard accrued interest is 81, 354, geo, be
ing 81, SIG per mile. This company requires
S4ye,OO0 as an additional loan 10 put thu
road 10 good running order, which viii in
crease the total o. bonds with accrued inter
est granted TO the Company Of 81, ia 900
which makes the cost Of said road to the
STATE Of SILL per mile. Il is proper to
state that on this line OF road the bridges
I over the Red, Cumberland Tennessee, and
! Sandy rivers, have been destroyed This
I road connects with the Memphis and Ohio
at Paris, with the Louisville and Nashville
at State Line, making the great tho 0ugh-
| fare from North 10 South. The amount for
which the State is liable for the Nashville
and Northwestern Railroad on account Of
bonds with interest accrued to the LIST Janu-
AIRY, 1866, is 81 rs47 400, being Sl4,1O2 per
mile. This Company require S3GB, 900 to
put their road in go0d order 10 the Missis-
sippi river, which amount will increase the
Indebtedness Of the State for bonds loaned
with sceruing interest 10 S2.l47, 400, being
SIG 1872 per mile. The Edgefeid nd Ken
lucky Railroad has received bonds, and for
which the State is liable with accruing in
terest to the LIST January, 1866, 70 the amount
ofSs45, 600, being SIC, SOS per mile. The Com
pany in asking the add ional loan Of
$4,000 70 put their road in good order
and build the Bridge over Red river, win
increase total amount e bonds granted
with accruing interest 10 S9z5,000, being
Sls,l37 pr. mile.
The Nc Hinnville aud Manchester Rail
road Company. has eeived bonds for which
the State i, liable with accruiug interest TO
the LIST January 1865, 10 the amount of
s4Sl 600 being 2,55s, pr. mile, they ask
$4,000 which viii increase the total
amount Of bonds with accruing interest 70
LIST January 1896, 10 1851, 900 being Sl5,s0S
Pr. mile On this road the B-idFes we're
burned and the eutire track WI have TO be
reluid. The comm tee are Of the opinion
that Il is 70 she interest Of The State to grant
the required aid BY repairing hDd putt ng
The roads M running order, II viii enable
the compaUies TO meet the interest that may
accrue upon the bonds herraft and pro-
vide q sinking fund for Their ultimate pay
meat; il Will have Gp influence In develop |
ing the wealth and resources OF the State,
lt will encourage emigration and increase |
ana produce harmony between /
the tections. Tho estimated cost per mile |
o. ~ Iuaan d -. sana. -
Jue half the cost Of railroads in noTthern /
5tEtss which pay handsome DIVIDEND, and |
i is cur opinion that If the aid be granted |
10 the above roads IS requested, that as
loou as they are put in operation, which /
an not be done without this aid from the 4
5late, that the increase Of travel, freight, emf
grafton, incident 70 railways, will enable the
companies 10 meet the interest and princi- /
pal of all bonds issued for or hereafter to be
ssued 10 aid them, besides he increased
-alue OF property on the line Of said roads
"a ng 8 source Of increased revenue 10 the
State. The State in granting this aid to the
pads for the purpose @, repairing and put
ing them in running order can incur no
oss, as lien Is reserved upon the profits Of
he roads for the bonds loaned, aud an am
Ne sinking fund provided for the ultimate
payment Of them. II the aid should be re
used the roads must pass into the hands Of
oreign companies who would operate them
Q the prejudice of the citizens OF our State;
nd the counties, cities, towns and the pub
Ic spirited men OF the State who have con-
ubuted largely 10 the construction Of these
Dads would sustain great loss. We, thers-
ore, earnestly recommend the passage Of
he bill. F. S. RIcHARD,
Chairman Special Com. on Cows Mes.
The following IL the bill, whose passage
recommended by the Committee
4 Bill, etc. WAcTeas, the Memphis 4 o.
ia K r., the Memphis, Clarksville 4 L uis-
ille R.R., the EdCeGeld a Kentucky RR.,
be Manchester 4 McSlinnville RI, and
he Nashville & Northwestern Z R.; are ala
ui Of repair; the bridges and trestles on taid
pads have been destroyed, aud the eompa
les are unable to-put them in running or
er. and the State has large interest in |
aid roads, and il is 10 the interest Of the |
tate, and the people Of the Stats, that said
lads should remain under their control, |
nd should be put in running order;
Therefore, BE u enacted, ETC., That the ]
overnor OF this State be authorized, aud
.structed, 10 issue the bonds Of the State, !
caring sax per cent. interest, with oupons
tached, similar in character, in every re !
1ect, 70 the bonds issued under this act, il
intended 20 amend, and maturing as
-ftiAaiAGE lI0hlAcAF III me following I 4
nouns, 10 the following railroad c0mpa-
es, or receivers Of said companies, appoint
By the Governor, under the laws VI this
ate, 10 wit:
.emphis 4 Ohio R.R...................S $500, 900
emphis. GAINESVILLE a Louisville d
Railroad. 400, 900 II
dgefeid i Kentucky R.R........... So. 900 4
anchester MeMinnville R.R...... Zoe, 200 :
ashvilie Northwestern r R.. 800 900
'hich bonds shall besr date Of January LIST. T
66, and be payable January lst, 1892. \
Sec. 2. Be = fifrtter enacted, That said I
'nds shell in no even { be sold OF exchanged
less than their par value =
Sec. 8. Be u yurAcr enacted, That the
'oceeds of SAID bonds shall alone be used ?
building she bridges, and repairing said !.
ads, snd putting them in running order =
Sec. 4. Be 10 JilrtAcr enacted, That each OF u
ID reads 10 which relief is granted BY this y
T., shsn pay 20 the Treasurer Of the State, =
a sinking fund, four per cent. Of its in :
btcdness, under this act, IS also the inter
/ on said bonds. The sinking fund 10 com
snce the lst Of January, 1867, which she'll .
Institute 3 fund for the payment Of shs 8
nds, granted by this act, 10 said roads, ana
e said payment shall be made on the frst (
January, OF each and every wear and
Q state hereby reserves lien on al the p
orerty Of said roads, for the money here q
sdvHneed, for the repairing OF the same. is
iich the State shall have the right 10 en- ?.
'oe, If the ssid company should TAI 10 paw
E four per cent, as provided BY this act, b
j which shalt be enforced as Low pro- D
led by law, II the Internal Improvement L
Of this State, and which this act is in Is
idsd 70 amend.
Sec. Be Il fvrtte- enacted, That this
shall take effect from and sitsr its
sage