The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1891-04-08
"REMINISCENCES.
ny AN oLD-rIMER.
No. H..

No. IL.
Railroads i'm Kentucky may well be
considered in these "Reminiscences,
occupying, as is now the case, a position
of pre-eminence in the county, although
until within the last decade they had
not assumed proportions in the State
that would place them beyond infancy,
thus being i'm line with that class OF
manufacturers supposed by many to
need protection.
e.
Previous to 1856, charters granted to
railroads were much more liberal in
their provisions than now, and those
provisions were in the nature of "vested
rights" which could not be revoked by
subsequent legislation, whereas charters
obtained since that time are subject to
revision or repeal at the discretion OF
the Legislature, so that laws regulating
the management of railroads are from
time to time made and enforced. These
laws, however, have in the main not
been oppressive as yet, but there is a
strong tendency toward making them
more stringent.
80 l
Even as far back as the session of
1S79-SO, bill was introduced in the
Lower House by the member from Shell
by, copied from law then recently en-
acted in Missouri, appointing commits
sioners to regulate the management OF
all railroads and enforce compliance
with the very stringent measures of said
bill. and which would have greatly re-
tarded the building of railroads in the
State. This writer, who as a boy en-
ploved on a railroad in Virginia, and
from observation since, saw at once the
folly of an attempt by the Legislature to
run the railroads of the State-a matter
requiring the utmost skill and much ex-
perience to succeed--oflered as substi-
tute a bill appointing commissioners
with advisatory powers only, to look
into the whole matter, inform them
selves on various points, and report to
the next meeting of the Legislature.
The nature of this substitute was spoken
of to a member of the Senate, by friend
of his in the House, who was himself
preparing to introduce a bill upon the
subject, and who at once incorporated
this idea, and the member of the House
requested the author to hold it up that
the Senator might bring it in, saying
the credit would go to him any way, as
author of the substitute, and from whom
theidea was obtained.
80
The substitute was pressed, however,
but defeated in the House, the member
alluded to and other friends of the SEN
ator voting against it that it might orig
mate in the Senate, which it did-was
agreed to in the House and became
law; which, with such amendments as
seemed from time to time necessary, but
retaining the original idea of advisatory,
leaving final issue when necessary to the
courts, is the law now
80
When railroad building was first be-
gun in Kentucky, it was done by selling
stock to raise the money. This stock
was much OF it subscribed for by indi-
viduals, and payment for same made by
installments as called for, to be actually
in constructing the road, and
the progress made was slow. AS il was
found impossible to raise a sufficient
amount in this way, it was necessary to
secure county aid, At that time no
large syndicates or capitalists existed to
advance money to railroads, consequent
ly bonds were issued by counties and
municipalities, based upon their ability,
or supposed ability, to meet their obliga-
tons, and these bonds were sold at
heavy discount and in comparatively
small amounts wherever they could be
placed to the best advantage, and the
money used in prosecuting the work.
-
Many counties, in their anxiety to get
roads, or.upon false conception of the
outcome, were seriously involved by
burdensome tax, and this accounts for
much of the prejudice since developed
against railroads. Now the mode of pro
ceedure is altogether different. I'm
mense amount of capital is now held for
and railroad bonds are much
sought after, so that county aid and sub
sides are rot regarded as indispensable
except so far as may be required to in
duce parties to take hold OF an enter
prise, much depending upon the merits
and proper handling OF the same in or
der to succeed without tax.
80
AS soon as charter is obtained and
company is organized, survey may be