Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-10

bonds, and are topay TO the State the earn
Ings OF the road. And to further secur'
the State and the lien created and reserved
under the law, the Governor is required tC
nominate andy and with the approval O
! the Senate-appoint number of director:
! in such railroad equal in number to the
company directors, who shall have equal
| rights in the control of its policy and man.
agement. This is in harmony with the
| principles of the internal improvement law.
as it only substitutes the company or its
| officers in place Of the Receiver and se-
cures representation by the State of which
she is deprived under the existing law. as
construed by many of the railroad compa-
mics Of which the President has been made
Receiver. The Board further STIMULATES
and requires the monthly rendition of ac-
count of the business of the road. and
monthly payment of the earnings to the
Comptroller.
See. 3, authorizes the Board to lease
any railroad which is, or has been in
the hands of a Receiver, for term of years
not to exceed five years; securing the prom
erty of the Railroad Company and the
State, the money to be paid for the lease.
to be paid 1l0Hthly; well secured
by bonds with good and ample
security and the lease to be for
feited on the failure to pay any monthly in
staliments. The State is made entirely Sc
cure. The Board with monthly reports re-
CURED to be made, will know with accura-
cy whether it is to the interest Of the State
to make the lease, and be enabled to die
tate the terms. The Iessees are made to
perform the duties of Receiver and Super
intendent, etc., and the salaries of such
officers saved to the State.
Section 6 requires the Railroad Commits
sioner and the Board to ascertain the &C.
curate state of accounts of each and every
Railroad Company with the State, and re-
port fully to the Legislature annually, to-
gether with such action as they may have
taken in regard to each road. The value
and importance of these reports to the
Legislature cannot be overestimated They
form basis for our action in regard to the |
railroads Of which we are now deprived by |
the noncompliance with the law and repeal |
Of the act authorizing the Commissioner Of
Roads.
All bonds given to the State under
this act, are required by section to be |
ample and good, and the parties required |
to make oath to their solvency and ability |
to pay the same, subject TO the pains and |
penalties denounced against perjury.
By the Sd and 8th sections the Board |
Or a majority ofthem-appoint all Superin- |
tendents and fix their compensation, and |
regulate the salaries Of their sllbordinatess |
It is expected that the Board Of Commits
sioners Of Railroads will prescribe form.
and regulations for the reports Of Superin-
-endents-requiring duplicate vouchers
and estimates for work contracted for by |
hem, that the Board may sea, that the
earnings of the roads are honestly and
Justly expended and that exorbitant salaries
md supernumerary officers are not paid
put Of the receipts Of the roads.
Section 8 provides and fixes the salary Of
he Commissioner of Railroads, provided
o be appointed under this act, leaving any
to be allowed the other mem
Ders of the Board e5 06iciO to be fixed and
allowed by the Legislature according to
he services and labor performed.
The 10th section provides for filing va
,ancies in the Office Of Railroad Commits
ioner, and section II requires all receiv-
rs in Office at the passage of this law to
to the Board of Commissioners
# Railroads or to the Commissioner Of
Railroads upon their order, the property,
fleets, books and papers in their hands.
ITO be concluded tomorrow.