The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1869-03-05


WHEREAS, The North Georgia Rail
road, to be builtfr the town Of Marietta
to the town of Jasper, in this State, is a
work of great general, as well as local,
value and importance to large portion
of the good people of this State; and
whereas, the building of said North Geor-
gia Railroad will be of incalculable and
lasting benefit to the State of Georgia, by
developing the vast mineral resources of
North Georgia, among which is an mex
thaustibIc supply Of fine marble and val
liable iron ore, and by otherwise devel-
oping a large and valuable portion of the
State hitherto unprovidcd with Railroad
advantages; therefore.
Sec. /. BE it enacted, That, from and
after the passage of this Act, whenever
the North Georgia Railroad Company
shall have completed and fully equipped
fivc continuous miles of road, at either
or both ends Of its line, it shall BIG, the
duty of the Governor of the State, and
he is hereby required, for and in behalf
Of the State to endorse the guaranty OF,
the Slate on tho first mortgage bonds
of said railroad company to the extent OF
Twelve Thousand Dollars ($l2, 0OO) per
mile for that portion thus furnished,
completed, and equipped; and when a
second section of five miles is completed
and equipped, it shall be the duty of the
Governor, and he is hereby required, to
endorse the like guaranty on the said
first mortgage bonds of the said railroad
company, upon the presentation of said
bonds by said company, to the extent Of
Twelve Thousand Dollars ($l2,OOO) per
mile for the second section of five miles
and this rate and extent of endorsement
shall be continued upon the same condi-
tions for each subsequent section of five
miles until said Railroad is completed, it
being the true intent and meaning OF this
Act that the State shall endorse the first
mortgage bonds of said railroad compa-
ny to the extent Of Twelve Thousand
Dollars per mile for each mile of said
company's line whenever said railroad
company shall prepare and execute said
first mortgage bonds, and shall make re-
quest for such endorsement of guaranty
thereof as aforesaid.
Sec. 2. Be it further enacted, That
if the last section of said railroad shall be
less than five miles, the endorsement
shall be at the said rate of Twelve
Thousand Dollars per mile.
Section 3. BE it further enacted,
That, before any such endorsement
shall be made, the Governor shall
be satisfied that so much of the road
as the said endorsement shall be applied
for is really finished and in complete
running order, and that said road is free
from all mortgages or other legal incum-
ORANGES which may in any manner en-
danger the security of the State; and
upon the further conditions and express
understanding that any endorsement OF
said bonds aforesaid, when made, shall
not only subject all property of every
kind which may be purchased with said
bonds to the obligations of said first
mortgage lien until all the principal and
interest due on bonds so endorsed shall
be paid, but the said endorsement shall
be, and is hereby understood, to operate
as prior lien or mortgage on all OF the
property ofthc company, to be enforced
as hereinafter provided for.
Sec. 4. BE it further enacted, That in
the event any bond or bonds endors-
ed by the State as provided in the first
section of this act, or the interest that
| may. accrue BECOME due then o
shaN0at - Mid BY said railroad compa-
ny at hrity, or when due, it shall be
the duty of the Governor, upon informa-
ton of such default by any holder of said
bond or bonds, to seize and apply the
earnings of said road to the extinguish-
ment of said unpaid bond or coupons,
and may, at his discretion, upon
continued default in such pay
ment by said company for a pc
Rod Of six months, sell the said road
and its equipments and other property
belonging to said company, or any por-
ton thereof, in such manner and at such
time as in his judgment may best sub
servo tho interest of all concerned.
Sec. 5. And be it further enacted,
That no Railroad Company in this State
shall, under any pretext, sell or dispose
of any bonds issued to it by the State,
or any of its own bonds endorsed by the
State, at less than ninety cents 100
cents in the dollar in lawful money of
tho United States; and in case any such
Company, to which the State has or may
extend its aid, has, or may by any direct
contract, or by any evasion or protext,
sell or dispose of, or attempt to sell or
dispose of, any bonds issued or
endorsed by the State as aforesaid,
for less than ninety cents 900
cents) in the dollar, it shall be tho
duty of his Excellency the Governor to
withdraw all further issue of bonds to
such Company, and any citizen or tax
payer in this State may appeal to the
Courts. - his own name, to restrain such
illegal use of bonds so issued or endorsed