The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-04-06
The Air Line Rallroad.

Hon. A. 8. Wallace has furnished the York
vile Enquirer with the subjoined bill, intro
duced by him In the House of Representatives
on the 18th instant, to aid in the construction
Of the Air Limo Railroad from Charlotte to
Atlanta. The bill received two readings in the
House and was referred to the Committee on
Railways and Canals, and ordered to be print
ed.
Be it enacted by the Senate and House Of
Representatives of the United States of Amer
lea in Congress assembled, That for the purpose
of aiding in the construction of railroad be-
tween the towns of Charlotte, North Carolina,
and Atlanta, Georgia, via Spartanburg and
Greenville, South Carolina, the Secretary of the
Treasury is hereby authorized to issue bonds Of
the United States of one thousand dollars each,
payable thirty years from the date thereof, with
interest at six per centum, payable semi-annu--
ally in gold, to the president, directors and
company of the Air Line Railroad above
named, to the amount of eight Thousand dol
lars for each mile of railroad which shall at any
time within five years Of. the date Of this act be
completed Provided, nevertheless, That no POT.
ton of the bonds herein authorized to be issued
shall be delivered to said president, directors
and company. until commissioners appointed by
the Secretary of the Treasury for such purpose
shall have certified that at least twenty miles OF
said road shall have been constructed and
equipped as irstclass railroad: And proulded
further, That no subsequent issue of bonds shall
be made except on the certificate of commits.
sioners so appointed, that at least ten additional
miles of said road shall have been constructed
and equipped in like manner as aforesaid: And
provided further, That the bonds herein author
lied to be issued, shall constitute first mort
gage upon the road, rolling-stock, and all other
property of said company, in favor of the
United States, until said bond have been paid
as hereinafter provided.
Sec. g. That the grant aforesaid is made
upon condition that said company shall pay
said bonds at maturity, and shall pay the inter
est thereof as it accrues, and shall at all times
transport mails, troops, munitions Of war, sup
plies, and public stores upon said railroad for
the Government whenever required so to do
by any department thereof; and that the Gov
ernment shall at all times have preference in
the use of the same for all purposes aforesaid,
at reasonable rates, not exceeding the amounts
paid by private parties for similar service.
SEC. 8. That in case of failure on the part
of the company to pay the interest aforesaid
for period of two years, or to pay the bonds
at their maturity, it shall be lawful for the
United States to take possession of the said
railroad, together with the rolling-stock, prop
erty, and fixtures of every kind and description
belonging to said company, for the benefit of
the United States, and dispose of the same to
secure the payment of said bonds and interest;
and if, after said payment of bonds and inter-
est has been provided for, any surplus Of pro-
ceeds of said property shall remain, it shall be
restored to said company, or to any other per-
son or persons to whom the same may belong.