Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-01-29
DELINQUENT RAILROADS..



The Propostffop TO, Sell Them Out.
The Following is thebill introduced
In the House by speaker Richards, q
few days since, in reference to tin
Nashville and Northwestern r. Il.
Amendments have since peen offered.
including all roads which have not
paid the interest on the bonds loaned
them by the State, and the robabil-
tyis that the bill has, by this time,
passed its final readings .aama-syog,
A bill to provide for the sale of the Nash
willie and Northwestern Railroad: =
SECTION /. Be IL enacted bv the
General assembly of the Syttfe of
Tennessee, That the Governor of the
State be, and he is hereby instructed.
to Immediately order the Attorney,
general Of the state to file at once a
bill in the Chaneery Court, at Nash
Vile, in the name Of the State.
against the Nashville and North,
western Railroad Company, its bond
holders, creditors, and all others in
terested, for the sale of said road. its
franchises, road-bed, rolling stock.
buildings, bridges and all property
belonging to said company, of every
kind and character, for the purpose
of paying the State the interest and
principal due for bonds issued 10 said
company by the, State, and which
said company has failed to paw, ac-
cording to law. ln a2pmNI''i'Sd
SEC. 2. Bel further endcted. That
the Governor Of the State shall an
point one Commissioner, the railroad
company one, and the Court one. any
two of whom shall constitute a quo
rum for business, who shall take an
inventory of said road, and ali its
property of every description and
character, placing a cash value OF,
the same, and return one copy OF said
valuation to the Court, one 70 the
Governor and one to the Board Of Dit
rectors of the Nashville, and North
western Railroad Company !; and the
said road, with all of the fixtures.
shall be sold, and the Comptroller OF
the State shall attend the sale. and
may bid for said road, to the amonnt
so assessed 100 oaj % 'II7TT
SEC. 8. Be attwther enacted, That
said road shall not be sold for a less
cash payment than the sum Of $780,
600; and it shall be competent for said
court to authorize the remaining paw
ment to the State, to be made In
bonds of the State of Tennessee. at
such time and in such manner as the
court may decree. n9g Hl3f07f %
SEC. A. Be ii further enacted. That
the amount due to, and the priority
of each creditor, shall be determined
before the sale.
SEC. 5. BcHfarther enacted, That
the purchaser or purchasers, shall he
placed i'll possession of the road, its
property, rights, and franchises inn
mediately upon complying with the
terms of the sale, and shall be cor
poration with all the rights, powers,
franchises, duties and obligations of
said original company, and shall have
the same corporate name. ~"
SEC. 6. Be 10 further enacted. That
the State hereby retains a lien on
said road, and all of its property, for
all time payments, in the same man.
ner That they now hold lien on the
same, under the General Internal
Improvement Law of the State,
passed February IL, 1862. .,,og M. r't
SEC. Z. BE it further enacted, That
the employees Of the road who have
been in the service of said company,
shall be paid out of the proceeds of
first payment, as provided in section
8, of this act. - ti.-II D. N
SEC. 8. BE it further enacted, That
the President and Directors of said
Nashville and Northwestern Rail-
road Company shall continue to be
corporation after the sale of said road,
for the purpose only of closing up ali
unsettled business, and adjusting its
rights, but for no otherpurpose-after
which it shall be dissolved.
SEC. 9. BE itJtgther enacted, That
the Governor and Attorney general
may employ any attorney to aid in
said suit, at fee to be previously
agreed upon, and to be paid upon the
warrant of the Governor.
SEC. 10. BE ii further enacted, That
this act take effect from and after its
passage. rlT.r. a