Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-07
TuRNPiKEs.
The State Demands a Settlement from
Every turnpike Company in the State.

We publish the following, from the Sec
rotary of State, for the information Of our
readers: E
OFFICE OF SECRETARY OF STATE,
NASHVILLE, September 2, 1870. J
By an act of 1888, the State of Tennes-
see, upon certain terms and conditions,
became a subscriber for one half of the
capital stock in all macadamized, graded
aud sanded turnpikes then chartered or
thereafter TO be chartered.
This act was repealed at the next ses-
sion of the General Assembly, but in he
meantime the State had, under its pro-
visions, become a stakeholder in a large
number of turnpike companies, and is
sued bonds for her proportion of stock.
The profit arising from the stocks thus
owned by the State was to be applied to
the redemption of the bonds thu issued.
The States interest in the several turn
pixies throughout the State amounts in
the aggregate to o S2,l00,OOO.
By section 1919 of the Code, the Secre-
tary of State is eC oDictO Internal I'M
provement Commissioner, and by the
subsequent section he is required 70 give
bond in the sum of so, 900 for the faithful
discharge of his duty as such, n by
virtue of said Office, it is his duty to re-
uuire the companies to file statements,
signed by their President and Secretary,
or Treasurer, exhibiting in detail each
item of expense incurred in keeping in
repair and managing such roads, together
with all the debts and liabilities of said
companies, and also an account current,
signed in the same way, showing the
amount of tolls received each month or
quarter since the last settlement.
l. will be seen from the report of the
Secretary of State, as Internal Improve
ment Commissioner, TO the General As
sembly, in October, 1859, that the last an
nual dividend received by him from said
companies, was $2O,S7l, and yet the an
nuaI loss, in interest, to the State, was
SS3,42S. 1t is highly probable that the
Legislature was appalled, at this astonish-
ing announcement, as they shortly after
ward passed an act empowering the Secre-
tary of State to advertise and sell all the
stocks owned by the State in the several
turnpike companies.
The provisions Of this act have not been
carried out, probably owing to the fact OF
the breaking out of the war, during
which all the roads were greatly damaged,
and some rendered useless. No effort was
or could have been made 10 repair the
same or collect tolls.
The Legislature, in 1865. fully realizing
this fact, and with a view to the relief of
the travelling community generally, and
the incorporated turnpike companies of
the State, granted them permission to
Collect lOllS dL lnblI ScN6Edl Hdb6Sg bhO DAO-
ceeds of the same, after paying the eX-
penses of collection, shall be appropriated
TO the repair of said roads till tbs same are
made equal to the requirements of the
original charter, when this section shall
cease to have any further effect"
Since the passage of this act, now more
than five years, the Commissioner has
only received dividends from four COM
p~anies, amounting in the aggregate to
SlO,25I 4Sh.
1t will be observed that this law is of
no effect when the companies shall have
placed the roads in condition required by
their several charters, and il is evident
from their dividends heretofore declared,
that if the roads had been properly man
aged, they would long ere this have been
paying a handsome dividend to the State
that has so generously aided them.
Each President, OF person managing
any of the turnpike companies, in which
the State has stock, are therefore request
ed to file, in this office, without delay, q
full statement of the receipts and dis
bursements of all funds received by them
since their last settlement, the length of
their roads, the number of gates on same,
and also the present condition of the road.
Very respectfully, j. H. BUTLER,
Secretary of State and Internal Improve
ment Commissioner.