The Portland daily press., 1870-03-17
Portland e suilnnd Railroad Bill.

The bill. House Doc No. 13f, authorizing
the loan of the credit of the city of Portland to
aid the construction of the Portland & Rut-
land Railroad was reported unanimously by
the Railroad Committee on the 9th of March,
inst, after full hearing, and printed by the
House. 1t passed the several stages through
the House without objection, went up to
the Senate and was laid on the table on the
14tb. on motion of Senator Reed of Cumber-
land, and on his motion indefinitely postponed
without discussion on Tuesday, the 18th inst.
On Wednesday, on motion of Senator Holland
of Androscoggin, the Senate reconsidered its
vote of indefinite postponement, and the bill
was laid upon the table, awaiting the action of
it's friends.
Mr.. Reed opposed the principle of loanipg
the credit OF cities and towns to aid the con-
struction Oh railroads, and bases his opposition
to the bill in question upon the general princi-
pie OF hostility to municipal aid to railroads in
any form, without specific objections to the
bill in question.
The indefinite postponement of The bill took
place Immediately after the reading of the
journal, and was not generally noticed at the
time. The bill having passed the House, it
awaits the final action in the Senate. 1t is
fair to say that several bills involving the prin-
ciple of municipal aid now pending before the
Senate, have the support of large majority
of the Senators.
The material part of the bill in question to
aid the construction of the Portland & Rutland
Railroad, are contained in the I'd and Sd Sec
tions, as follows:
SECT. 2. If this act shall be accepted as
hereinafter provided, and said company shall
within two years from its approval locate its
line, and shall within five years OF its approval
complete their railroad to the boundary line OF
New Hampshire, and thence 10 the line of the
| Boston, Concord and Montreal Railroad in
New Hampshire from Portland, or from some
point on the line of the Portland and Roches-
ter Railroad to the approval of the mayor and
aldermen OF Portland as first class railroad
SO that cars may pass over the same the whole
distance, and shall perform the other condi.
tions hereinafter named, then the said compa-
| ny shall be entitled to receive the full amount
OF twelve thousand dollars per mile, as herein
alter provided, but not to exceed in any event
the sum of one million of dollars
SECT. 3. When said company shall complete
| the grading or road bed of twenty miles Of
said railroad from its eastern terminus or from
the point Of connection With the line of the
| Portland and Rochester Railroad as aforesaid
ready for the laying of its track, they shall be
entitled to receive sum equal to ten tbous-
and dollars per mile, of the scrip of said city
or two hundred thousand dollars and like
sum of ten thousand dollars per mile for every
additional mile SO graded, and so ON in like
proportion till the whole is finished by the
running of the cars thereon to the west line OF
the State, and to the line of the Boston, Con-
cord and Montreal Railroad in the State OF
New Hampshire, all said payments to be made
by the scrip of said city, payable to the holder
thereof in such sums as the directors OF said
railroad company may determine, with cou-
pons for interest attached payable semi-annu-
ally, the principal payable in thirty years from
the date thereof, and all payable in Portland
Boston or New York, and the same to be
| signed by the city treasurer and countersigned
by the mayor of said city. The said sum Of
| ten thousand dollars per mile in the scrip OF
said city SO issued or the proceeds of the sale
| OF the same to be applied to the laying the SUI
| perstructure or track of said railroad, includ-
| ing the purchase of iron until said track is
| completed by the running of the cars thereon
| and when twenty miles Of track are completed
| as aforesaid additional bonds of said city of a
| like character shall be issued to said company
at the rate of two thousand dollars per mile
the same or the proceeds thereof to be applied
| to the purchase of equipment or rolling stock
thousand dollars per mile shall be issued fol
the purchase of rolling stock for each addition.
al mile SO built as aforesaid until said line il
finished.
Other sections provide for first lien OF
mortgage upon the entire line of all the Rail
road and its equipments, and provides for the
appointment of two Directors on the part Of
the city.