The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1881-02-11
ma Law on the Polnt.

We feel a deep interest in the building
of the Kansas City & Emporia railroad.
because we believe it Will be good
thing Tor the county and city, and an es-
pecial benefit to the townships through
which it will pass, to wit: Jackson and
Emporia. If the bonds are voted in
jackson township next Tuesday, steps
will at once be taken TO aid the road in
to The city, and we have the best assur-
ances that it win be built at once.
In giving our opinion that it will be
To the beat interests Of the people of
Jackson township to vote the bonds for
the road, we do not feel that we are
urging them to shoulder a valueless
debt of SIS, 900. OF to make a donation
outright of that amount. We believe
the stock will be valuable. II, as the enc
mics of the proposition say, il is Santa
Fee scheme, it would not be wide of
the mark 10 say that the $25, 900
of stock which the township would re-
ceive in return for its bonds. would be
worth, at no very distant day. dollar for
dollar. The stock of the Santa Fe is
worth 81 so on the dollar. Even in so
hopeless case as the NJ, X & T. was
thoughtto be few years ago, we find
the stock, the last time we looked it up.
quoted at AZ cents on the dollar.
So there Is a prospect, at least,
for Jackson 10 get the rail-
road and at least half her money back.
We say it is not unfair to look at the
matter in this light. The question for
the people of Jackson TO decide is wheth-
or they will take this risk, or the other
risk of having the road built to some
point off TO one side Of them.
Below We publish the most important
section of the law regulating the voting
of township bonds to railroads. Under
this law, so the lawyers say, all the tax
levied on the railroad property, except
that for state purposes, goes to the town:
snip voting bonds to help pay the in
terest and create a sinking fund. Read
this law as follows:
SECTION 10. ALI the county, township
and city taxes levied upon the property
of and collected from any company to
which aid shall be extended under the
provisions Of this act, within such coun-
| ~, township or city, shall be set apart
| for and applied exclusively TO the pay
ment Of the coupons, aud to provide q
| sinking fund Tor the payment at maturi-
| ty of the principal of the bonds issued
| by such county, township or city in aid
of such railroad company, until the same
shall be fully paid; and where any coun-
ty, township OF city has extended aid in
the nature of = loan to any railroad com
pany, the 1irst-mortgage bonds received
by such county, township or city under
the provisions of this act together with
the interest thereon and the proceeds of
the peincipGl thereof if sold, shall be ap-
piled exclusively to the payment of the
coupons and bonds issued by
such county, Township or city
in aid of such company; Pro.
rided, That where two or more town.
ships in q county shall extend aid to any
railroad company, under the provisions
of this act, the taxes collected from such
company in such county shall be divided
and applied between such townships in
proportion to the amount of aid render
ed by them respectively. but no greater
amount of taxes shall be levied upon
the taxable property Of any county,
township or city extending aid under the
provisions of this act, to any railroad
company than shall be necessary, with
the amount of taxes collected from such
railroad company upon its property in
such county, township or city, and the
interest collected from the first mortga, t
bonds, to meet the interest and provide
a sinking fund for the payment OF the
principal of the bonds of such county
township or city.