Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-05-28

~ HHHNH Va
building q railroad.
The proposed cOrporators have
but TO write out their articles OF in
corporation, In accordance with the
simple provisions Of this law, SUBJ
scribe their names thereto, with an
amount Of stock as | said before OF
one thousand dollars per mile, file
the articles with the Secretary Of
State, and the work Is accomplish
ed their charter Is effected.
If within two years a preliminary
survey be made, five per cent. OF
stock subscribed be paid into the
directors, and the work Of con.
struciion be commenced, the char.
ter holds for 30 years.
Ii at the expiration OF two years,
the five per cent. be not paid IN,
the preliminary survey made, and
the work begun +; or II after begun.
1t be not finished IN ten years, the
Charter lapscs 10 the State.
The State IL thus, while extend
ing the most liberal offers to all
who desire to build 4 road, secured
At the same time, from placing in
the hands Of mere SPECTATORS, who
do not propose to ever build, but to
merely hold lor 4 future buyer, or
to prevent others from building-a
perpetual charter.
Now We are called upon 10 pass
upon l law, that is a mere expert
mcnt. On the contrary, this Jaw,
as here presented, is 4 complete di.
gest, or compendium, OF the vari.
GUS laws existing in the States Of
Ohio, Illinois, Iowa, Missouri and
Arkansas.
The incorporating clauses were,
We believe, originally drawn b. no
less distinguished g parsonage than
Senator Trumbuil, OF Illinois. Al
that time, the lilinoi, Central Com.
pany Grrogated To itself, the right
TO control the railroad legislation
Of that State.
By those various processes oil
fraud, manipulation and bribery,
which have disgraced most railroad
legislation, aud which this bill
effectually wiped out, the Contra
Company were understood 10 de-
feat all charters for competing
lines
Senator Trumbull conceived lht
idea Of General Incorporation law
which, by throwing open, undel
certain necessary restrictions, tht
railroad field, TO all, should act as
check on all such gigantic monop
olies, and at the same time preserve
the Legislature of that State, frou
the charge Of corruption, in railroad
legislation. Here, then, was tn
origin Of the general railroad in
corporation law, since introduced il
most OF the Western States. an(
destined to yet do away with al
special railroad legislation. Its in
PRODUCTION into the State Of Illinois
Is said to have worked u new an
wonderful era in the progress O
railroads in that State. II has re
manned a fixed law upon her statut
books ever since. Such general sal
isfactiOn has 1t given, that as IN
derstood, a late COnstiluti Onal Con
vention has forbidden it's repeal
and II Is said, that no less than fort
railroads are now in process Of con
structiOn, in that State, under III
provisions Of this Law.
; Its success in Illinois caused it I
be introduced into Ohio, where n
effort has ever been made for its n
peal.
Just prior 10 the war, Gin 1858, v
believe,) the principal features
the bill were introduced into Il
State Of Missouri. Here too it hi
, been found to work admirably, an
, has undoubtedly added hundred
of millions to the taxable wealth
that State.
Iowa, profting by experience {
the other States, next took up III
law IN the main, adding the proviI
ions found In the latter part Of ID.
: bill, providing how, and in whit
9 manner, counties may subscrit
> stock in aid Of contemplated lines
road.
3 In many counties Of some of Il
= Western States, there had bee
something of bond war.
: Counties, after having in GOO
s faith subscribed aid, in larl
: amounts, by perhaps a small IN.
s jority, were Giterwarl so mahipI
/. lated by politicians, as to endeav'
: to repudiate the same; thus eau
: ing long, expensive and bitter legi
: lation, and tending no little
bring the entire State into disr
pute in moneyed circles, as also,
!. most seriously retard the progre
of the road.
S To obviate all this, Iowa made
i first a condition of county aid, tn
i an actual and sworn survey, wi
estimates, be filed in each count
Q with petition Of one hundred v
Q tiers, praying an election 10 dcci,
Q upon the matter Of giving or N
IS giving such aid as might be aNe
Instead of q bare majority Of '
tiers being required to grant Il
c issuance of bonds, i; was mat
requisite that two-thirds Of the '
J. tiers should decide.
i Once issued, by a two.third vol
l. the bonds were so guarded as
t, forever set at rest all doubt upt
II the matter Of the principal and i
9, terest being promptly met VIII.
due.
c. The State, in fact, while not ma
+. OF itself responsible, was. Jet ma
At the custodian Of the honor q
" credit of the county.
&c 1t was provided that any boz