New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-07-20

has also bren Incurred that portion the AnDtnn
and Chattanooga Rlroad running through TINS state
distance OF - $40 miles the extent o $500 per mile,
slOisOo
Tic only other roads which have organized and secured
constructed the necessary number Of niles TO enttc
them to endorsement, the South Georgia and Florida
Endorsement OF $500 per mile; the brunswick ana
Albany Railroad running from Brunswick 70 me Ala-
hama ne which l. entitled 10 $4,000 per nlie lhuoee-
mcnt upon gold bonds the Cherokee Railroad. running
to an Endorsement Of $3.50 Per nile and the Atlanta
and Richmond Air Line Railroad, from Atlanta to the
South Carolina line, which is entitled to Endorsement
Ts s T f'sIsa "a s; Rsi rhsP 'e"Ts , ito
TIC oSi Bio%s SI and Ii6ia Railroad Wien completed to Ea
The CberoIee load .Ien , s,d I All Ine
will be n miles In length with total Enforcement ef' s59W
When all the railroads which have up to this time
placed Themselves in condition to be entitled to the
total contingent liabilities Of the state will be s7559oo
The statutes authorizing these aud other ralfon.s 10
receive the States Enforcement under the restrictions
that have explained were passed by large agPr ne
OF the General assembly This question has never ceen
Gratis and Republicans, and almost unanimously APP
proved by the people OF the state The small minGr dt
equally divided between the two political parties
EXCEPTIONS TO TIE GENERAL RULE.
The only exceptions TO the general rule are in the case
OF the Brunswick and Albany Macon and Augusta, and
Atlanta and Richmond Airline Railroads. The Bruins
| wick and Albany Railroad Company organized by
Northern capital before the and had constructed
some miles OF railway from Brunswick. west During
the war; alleged the iron from this road was taken
up by the then State authorities and placed upon the
Atlantic and Gulf Railroad, In which the State was and
is large stakeholder, and upon the Western and At
antic Railroad belonging exclusively to the state This
Company recognized since the having rebuilt over
100 miles of their road proposed settlement OF their
claims against the State, plan, which was accepted
by the Legislature, whereby the Company de-
posts with the state $4,000 per mile seven per cent
second mortgage gold bonds having To ana
from the state S. 600 per mile OF per cent
opt PUns Or H s The BnnswcE and Albany Raoad
Company pay cent to the state Treasury upon
$4,000 per MILE the interest paid by the Stale on her
bonds to the amount of $500 per mile s provided for
the surplus forms sinking fund which provides for
the redemption OF the bonds at maturity. When the
brunswick and Albany Railroad shall have been COM
celved by ii will he 81 $4,000 and the State debt proper
will then be increased 10y that amount secured as above
stated.
The Macon and Augusta Railroad was authorized 10
receive Endorsement from the state at the rate of
miles OF their road the Company found Themselves able
TO negotiate their bonds for larger amount per mile
than the State authorized to GdorSe for, and has
therefore, applied for the states Endorsement
That road Is now In full and successful operation be-
! tween Augusta and Macon.
The Atlanta and Richmond Airline Railroad, which
is ent,i as have before stated TO an Endorsement Of
per mile upon the completion of tine first 20 miles
OF that road received the ndorsemcn Of the state upon
its bonds for $4,000 The work having been thus sue
cessfully naugmated, the Company found themselves
able to negotiate their first mortgage securities Tor
statute would ndorse for and the Company has. there
returned To the state the bonds bearing htI
ment, and the road j. now being rapidly constructed
co miles being already In operation without reeeiN
ing the states Enforcement upon It's bonds.
ROW TIE STATES ENDORSEMENT OPERATES.
Under the restricted and conservative system provided
for by our present state Constitution IL is not believed
that any serious burdens be thrown upon the State
Treasury because the fact that Endorsements are
given m the extent OF road Endorsed for is in actual
| operation. and when given l. for such a limited
amount that the property any contingency would he
IN fhp
fact practical experience after four years trial. has
such to fully Justify the wisdom and good policy
of system The Macon and Brunswick Road has
earned and promptly paid its interest. The South
Georgia and Florida Road has made an ALI
ance with other responsible companies, whereby
the interest on Its bonds tGsTner seSred The
Alabama and Chattanooga Read, owing TO us e2inpnea
has failed 10 meet lis interest in January and July. The
state. however has promptly met ~ dby ~ PayiI9
within the state upon which her indGrsement rests;
completed. and it is believed Mat they viii be com
lion of these roads ALREADY ana N 0pSrqY
| has promptly paid its interest ON bonds ndorsed.
Ihaye heretofore referred, in this communication, TO
the that the value Of the return of taxable property
has increased nearly fourteen millions in 1862 and nearly
twenty-five millions in 1870, compared with the years
previous and upon wing this fact; find that the
increase has been directly stimulated by the lines OF rail
road which have been put in operation by of the
assistance given them through the States Endorsement
1t is quite natural that practical should inquire
benefit railroad companies derive from this limited
Endorsement by the State But that inquiry is answered
when we reflect upon the fact that portion OF the
money necessary for the construction Of these roads
must be obtained from The Northern States or from Eu
rope and that neither In the North nor in Europe would
capitalists take the time trouble to inquire to the
solvency Of comparatively unknown corporations in the
South which might present themselves offering TO sell
their securities but when these securities carry win
them the guarantee Of the state OF Georgia iOf ne
prompt payment of the interest ana the pfHCp OF lhe
securities that are offered the capitalist rely ing upon
that Endorsement, finds II unnecessary 10 MAKE Iurther
inquiry and the corporations are thus tnabind 10 make
the negotiations that are necessary iol thcir success
In other words, the people having capital suitIeht 20
subscribe and for amount or STOCK necessary 10
pay the cost construction of the first section OF their
proposed road are enabled 10 borrow upon er pOuls
thus Endorsed, the money necessary 20 pay Tor llf 81
the cost OF the continuation Of construction And when
a in The case OF the Atlanta and Richmond Airline,
the Macon and Augusta Railroad, their work pas pro
crossed to such extent as 10 attract To pubic aten
ton and confidence they find Themselves able to obtain
greater credit than the state Is permitted 70 IN
dorsc and by retiring the bonds bearing thc states
Endorsement they enabled 10 progress without the
assistance which was really necessary III the lhc! Vi
their enterprise.
ELECTIONS, SALARIES, AND VOTERS.
The laws relating to elections to be found In the
Code Georgia. sections 1895 TO 1884, inclusive, $780,
1881 49, Ill 122 $40, 312, 1910 and in pamphlet laws
1870 page fora special election held in December last
The rate Of is prescribed by sections SOl ana 81 OF
the Code. The rate is fixed by the Governor and Con
troerGenera after the returns OF valuation are re-
ceyed The rate for last year and this will be- here
toore fouI-tenths of per cent the valuation re-
| turned by the owners of property
The amount of salaries of the State officials judiciary
&C. are about the that paid before the war; and
under the administration OF Gov Jenkins, wiz Governor
q oo ucr aunum; Judges Supreme Court $500 each per
! eunun Attorney General, 5000 per annum; Judges
SuperiOr Courts $3.50 per anuum each secretary OF
he state Controller and Treasurer EACH $4,000
! Members