The Sweetwater forerunner. [volume] (Sweetwater, Tenn.) 1867-1869, 1868-12-17

! met 1T ~ u uI'' ElN"NSA NN"NNN tN N'.N
chair and Is members answered u !h,,y
names.
INTRODUCTION OF NEW EILlS,
By Mr.. Keith: An act to protect the
interest of mountain farmers and for o;ho,
purposes. Passed first reading and refer
red to judiciary Committee,
BY Mr.. Rodgers; The following bill;
An act to encourage Manufacturing in the
State of Tennessee, exemptiug capital
from taxation.
"Whereas, many persons are DESTROYS to
immgrate to the State to engage in man
ufacturing, And whereas, they are alarms
ed at the report that the State is So large
" in debt, and that they are to be heav-
" taxed if they come into the State with
their capital for investment. Therefore,
"Be it enacted by the General Assem-
bly, of the State of Tennessee, That any
company of capitalists or others that shall
invest not less than $4,000 cash in man
ufacturing in this State, shall be exempt
from taxation tor and during the term of
ten years. This act to take effect from its
passage"
NASHVILLE, Dee. 1.-THE Senate met
at 10 a. m., Speaker Senter in the chair
and 10 members present
The resolution appropriating S242 to
johnson Il Bailey for public printing was
adopted and ordered to be transmitted to
the House.
HOUSE BILLS on FIRST READING.
Bill prescribing the duties of Insurance
Companies doing business in this State.
Passed and referred to the Committee on
Finance, Ways and Means.
Bill to amend an act Incorporating the
Tennessee and Pacific Railroad. Passed
and referred to the committee on Internal
improvements.
Mr.. Norman was granted permission to
introduce bill. The bill provides for
the adjustment of the Office of railroad
receivers
SACrIoN |. Be it enacted by the Cen
eral Assembly of the State Of Tennessee,
That all laws and parts of laws now in
full force in this State requiring or au-
thori2ing the Governor of the State to APP
point receivers to take possession of any
of the railroads of the State under any
circumstances whatever, be and the same
are hereby repealed.
?. BE it further enacted, That each
and every Receiver of any railroad in this
State shall, within five days after the
passage of this act, turn over to the Presi-
dent and Directors Or the duly authorized
agents thereof, the entire railroad in his
possession with all the books, papers, ef-
fects, franchises, rolling stock, fixtures
and supplies thereof.
8. BE it further enacted, That the
Treasurer of each railroad company whose
road may be turned over to such company
shall, within forty days after coming into
possession Of said road. enter into bond
of a penal sum to be fixed by the Comp
trollcr, with sureties to be approved by
the Comptroller and Secretary of State,
conditioned that the net earnings of the
road shall be paid quarterly into the
Treasury of the State, and that he will
make all the reports required by this act.
4. BE it further enacted, That every
railroad company in the State failing to
pay the interest on the bonds loaned them
/ by the state shall make quarterly reports
( in detail, of the current expenses and
gross income thereof, in which such in
come and expenses shall be fully and
infinitely set forth.
5. BE it further enacted, That the pro-
visions of the two preceding sections shall
apply to any railroad company in this
State failing to pay their interest account
upon notice of the Comptroller to execute
such bond within forty days.
6. BE it further enacted, That if the
Treasurer of any of the aforesaid compa-
MES shall fail to execute the bond provid-
cd for within the time provided, it shall
be the duty of the Comptroller of the
State to contract with any other party or
parties for the running Of such roads on
such terms as may best promote the in
terest of the State, and lie may, if deemed
necessary, lease out such roads from year
to year.
I. BE it further enacted, That this act
shall take effect from and after its passage
Passed first reading and referred to Ju,
dietary Committee.
The Senate then adjourned until to-
n