Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-01-24
STATE AID TO RAILROADS.
The - Omnibus BIII'' Granting Addi-
tIOnai State Aid 20 Railroads, Passed
by the Present IegisIature


| An Act to amend the Internal Improvement
laws of the State. passed February l1th, 1852
Whereas. the Nashville and Northwestern
railroad has been but recently completed
| through to the Mississippi river and whereas,
| it was impossible for said road to make any
| profit during its course of completion; and
whereas, the interest upon the State bonds has
not been paid in consequence of its unfinished
| condition; and whereas. il is impossible to run
| said road with success without large increase
| of rolling stock therefore,
Section L. Be it enacted by the General As
| sembly of the State of Tennessee, that the Gov
| ernor of the State be authorized and directed to
| issue the bonds of the State. bearing six per
| cent. interest with coupons attached similar in
every respect. to the bonds issued under the act
this is intended to amend TO the Nashville and
| Northwestern Railroad Company three hundred
and fifty thousand (S350, ,000 dollars.
Sec. 2. Be it further enacted, that the bonds
of the State to be loaned by this act. shall be
| exclusively applied TO the purchase of engines
rolling stock. etc, for said road. and for the
building OF depot houses and workshops. and for
iron for side tracks, and spikes and necessary
equipments.
Sec. 3. Be it further enacted. That the sum of
eight hundred thousand (S300.000) dollars be
and the same is hereby appropriated TO the
Knoxville and Kentucky Railroad Company.
70 the Cincinnati. Cumberland Gap and
Charleston Railroad Company, two hundred
(s2O0.OOO) dollars; provided, the Directors of
said road shall consist of nine, and the State
represented in said Company in proportion to
the aid granted by the State. with the exception
that the Directors on the part of the stock hold
ers shall not be reduced below three and the
Directors on the part of the State hall have all
the rights, privileges and powers granted by the
charter OF said road to the Directors elected by
the stockholders; provided further, that the
above shall be accepted by the Comp any as an
amendment to the charter of said road. before
said bonds shall be issued by the State.
To the WINCHESTER and Alabama Railroad
Company, three hundred thousand (s3O0O00
dollars
To the Nashville and Decatur Railroad Com
/ al fty md Z
dollars.
Sec. 4. Be it further enacted. That the sum of
three hundred thousand (S300,000) dollars be
and is hereby appropriated to the Southwestern
Railroad Company.
Sec. 5. Be it further enacted, That the sum of
| three hundred thousand (S300.000) dollars be
| Company.
Sec. 6. Be it further enacted, That the sum of
two hundred thousand $500, 900 dollars be
loaned to the Mississippi Central Railroad Com
pany .-..'
Sec. Z. Be it further enacted, That the sum of
one hundred thousand (Sl00000) dollars be
loaned to the Mississippi and Tennessee Rail-
road Company. TI hi 10
Sec. g. Be il further enacted That the sum of
one hundred and fifty thousand (Sl50,OO0 dol
| lars be and is hereby appropriated to the Knox-
| Vile and Charleston Railroad Company.
! Sec. 8. Be il further enacted, That the addi-
| tiOnal sum of five thousand (S500O) dollars per
mile be and the same is hereby appropriated
| to the Tennessee and Pacific Railroad Compa-
ny, sublecting the company To the liabilities and
restrictions imposed by internal improvement
actOf February, 1852.
Sec. 10. Be it further enacted. That the sum
| of one hundred thousand dollars (Sl00,000) in
| State bonds be, and the same is hereby appro-
| priated to the East Tennessee and Western
| North Carolina Railroad Company for bridge
! building exclusively. I..IIr. |-#
Sec. II. Be it further enacted, That the Gov
| ernor issue the bonds of the State to the extern
| sion of the Nashville and n orthwestern railroad
! from Huntingdon to Jackson, to the amount of
| two hundred thousand dollars (S2O0,000)
See. II. BE 1t further enacted, That the Gov
| Edgefeid and Kentucky Railroad Company
three hundred thousand dollars $500. .000) in the
| bonds of the State, bearing six per cent. inter
| est the same as issued 10 the other railroads,
to be used and applied to the erection of depot
| in Nashville. to the purchase of machinery,
rolling stock and repairs, and for the con-
| struction of the extension Of said road tn
| the coal mines, under the charter of the
| Evansville, Henderson and Nashville railroad;
| provided the said Evansville, Henderson and
Nashville Railroad Company shall execute their
| bond and obligation to the State of Tennessee.
binding the said company to pay the principal
and interest of the amoEnt of bonds used in the
| construction of said Evansville, Henderson and
| Nashville railroad. and issue TO the State and
| deposit with the Governor the stock of said
| company to the amount of the bonds so used i'm
! constructing of said road and on the execution
| of said bond and obligation and said stock, the
! Governor shall issue and deliver the bonds to
the receiver, or such person as the Governor
may appoint on his executing bond with se-
| curlty, TO be approved by the Governor, cOndi-
| toned for the faithful and honest application
and accounting for said bonds
| Sec Is. Belt further enacted, That the fur
| ther sum of fifty thousand ($50.000) dollars be-
| and is hereby appropriated to the East Tennes-
| see and Virginia Railroad Company to rebuild
| depots at Russellville and MorristOwn, and for
| other purposes.
| Sec. ii. Be it further enacted, That when any
| railroad company shall accept the benefits Of
this lean, they shall accept the State Directors
| also And said Directors shalt be entitled to all
the rights and privileges of other Directors on
| said road.
See IS. Provided, that if the several Railroad
| Companies or either of them, to whom the bonds
| of the State have been leaned by this act or
former acts, shall fail for two consecutive years
| 20 pay the interest that may accrue upon the
| bonds loaned to them severally, then and in
| that case the Governor, Secretary of State aud
| Comptroller may, at their discretion, sell said
railroad track, railing, rolling stock, etc. upon
| such terms and conditions as they may deem best
to secure the interest of the State, and shall re-
| tain of the proceeds of said sale, the amounts
| loaned to said companies and the interest due
on the same, with expenses of sale.
Sec. l6. Be IL further enacted, That these
| loans shall be m ade in a like manner and under
| the same conditions imposed by the internal i'm
| provement laws of the State
| SEQ. IL. Be il further enacted. That this act
| shall take effect from and after its passage.
Passed December 7th, 1857.
| f. S. RICHARDS.
Speaker of the House of Representatives.
| ID. ". G. SESTER,
| Sneaker of the Senate.