Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1868-12-17
Salo Of our Railroad

into the Senate by Mr.. Wyatt. has
passed one Or mere readings, and
is likely to become law. 1t is bet
ter calculated to develope the re-
sources of Lincoln coouty than
any measure yet presented, and
Mr.. Wyatt deserves commentator
for thus moving in the right direc-
ton:
BY Mr.. Wyatt: Bill to provide
for the sale of the Winchester and
Alabama railroad:
LIST. BE it enacted by the Gen.
eral Assembly of the State of Ten
nessee, that whenever the stock
holders, or a two-thirds majority
thereof of said railroad, shall noti-
fly The Governor Of this State that
they desire the sale of said railroad
to any other railroad company, or
any other parties, or when the
time shall have expired, as agreed
IN section Is of chapter II, of an
act passed December 18th, 1867, en-
titled an "Act to amend the inter
nalimproyementlaws of the State, "
passed February 18th, 1858, be is
hereby directed to sell the said rail
road, with all the rights, franchises
and property in this State, the
property of the said railroad COM
pany; provided the sum SO paid
for the said railroad shall not be
less than the sum of $4,000 per
mile.
End. Be it further enacted,
That in case of the sale of the said
railroad as above provided for, the
party SO purchasing shall enter In
to an obligation, which shall be
perpetual in its effect, conditioned
for the forfeiture of said railroad
SO purchased, guaranteeing never
to take up or destroy any portion
of the said Winchester and Ala.
bama railroad, as now constructed,
and shall also agree to run not less
than one train for passengers and
freights day each way, over the
entire line of said road as now con-
structed, Sundays only excepted
and further that the parties pur-
chasing as aforesaid, shall obligate
themselves to at once commence
the construction of a railroad from
a point on the railroad at or near
place called the Junction. on said
road, to a point on the Memphis
and Charleston railroad, at or near
the city of Huntsville, not further
than Feanis switch, in the State
of Alabama, and complete the
same within one year from the
transfer to them of the Winchester
and Alabama railroad.
3rd. Be it further enacted, That
in case the Memphis and Charles.
ton railroad shall purchase the
Winchester and Alabama railroad
as above provided, the Governor
in conjunction with the Comptroll
er, shall charge up the amount SC
agreed TO be paid for the said Win
chester and Alabama railroad, a.
gainst the Memphis and Charles
ton railroad, which shall pay the
said amount in the bonds of the
State, with the interest thereon.
from July l, 1869, into the treas
ury of the State, and give the
State of Tennessee the same liens
and rights for the security of the
payment of said amount upon the
Memphis and Charleston railroad,
rs is now held by the State on the
Winchester and Alabama railroad,
but it is understood that the State
does not, in any manner, relinquish
it's rights to the amount SO secured
TO be paid by the Memphis and
Charleston railroad upon the line
already built of the Winchester
and Alabama railroad, but for the
amount only agreed to be paid by
the Memphis and Charleston rail-
road.
.rs4 th. Be it furthor enacted, That
an;claims due from parties outside
of the State of Tennessee, are here
by secured to the State and the
proceeds collected from them or
any of them, shall be paid into
the treasury of the State, in liqui-
dation of any sum that may re-
main due to the State from the
said Winchester and Alabama rail-
road. 6ua m
s 9th. Be it further enacted, That
The Governor shall have the same