The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-30
THAT RAILROAD BILL,
Mr. Osborne Talks About His Proposed
Constitutional Amendment.

OUuOLllullUHui AmUuuLuOHlt -
Provides for the Option to Be Given
the State, so That the Central Rail-
road Property May Be Made to Rea-
Hze More Than the Amount Of It's
Bonded Dsbt-Making Room for the
Debenture Holders to Come in-The
Chances for the Anti-Cigarette Law
in the Ssnate-The Australian Ballot
Bill to Be introduced This Week.
Representatives Osborne and Doolan,
who came down for Saturday and Sun
day, left for Atlanta last night.
MIR Osborne said yesterday that this
was a working legislature, to all appear
ances. 1t has started in on that line to
make laws where they are needed. Every
/ thing indicates that the members are not
going to waste any time, he said, but that
! they are going right ahead and wind up
! the business before them.
Much interest has been manifested in
| the bill introduced by Representative Os-
borne for the purpose OF amending the
constitution so as to give the state the OPP
tion of bidding on the Central railroad if
! it should by any chance go under the
hammer When he first introduced this
bill, Mr. Osborne said that many of the
mem ers in the House looked upon it as a
joke, and spoke to him Of it laughingly.
IT WAS NO JOKE, HOWEVER.
1t was sometime, he said, before he
could convince them that he was really in
earnest, and when the members We're con
WINGED of his earnestness they began TO
think about it seriously So far as any
| expressions Of opinion are concerned, he
says none Of the members have said much
| about it. AS general thing, they
are somewhat reticent on measures
of this kind until they come up for direct
consideration in the committee room or
| before the House
Mr. Osborne stated that as a matter of
| fact, the bill was really seriously in
| tended, and that it has an object, and
good one. st provides for an amend
ment TO the constitution he said, so as
to give the state the option of bidding on
the road, or not doing so, as it sees fit, in
case it should, by any means, go to the
| hammer.
TO MAKE ROOM FOR THE DEBENTUREs.
''There is a certain bonded debt on the
property, and instead Of allowing it to ne
| bought in by the bondholders, for the
| amount of the mortgages which they hold
! against &, in which case there would be
nothing left for the stock and deoenture
| holders, this biz provides means in case
! the people Of Georgia desire to control
this great highway by which through
another bidder the property may be made
to bring more than the amount of it's
bonded debt and the balance could go to
the holders of the debentures which
rank Just above the stock.
Instead Of seeing the property sacri-
/ decd for the amount of the Indebtedness
] TO-,
at the sale, and retire the outstanding
bonds by an issue of state bonds, for, of
course, the state could only buy it by
| Issuing bends for the purpose. In this
way the property might be sold for
something like its true value, and there
would be something, at least, for those
holding securities, which do not consti-
! tute liens on it,
REORGANIZATION NOTHING TO DO WITH IT.
"But what if the property were re-
| orgauized}' was asked.
The measure has nothing to do with
the reorganization, - was the reply, land
| does not interfere with it one way or
another. If the property is reOrganized
| and an amicable settlement reached of
| course there would be no necessity for the
road to go to the block, and the state
! would have no opportunity to bid on it.
| This measure is intended only to give the
l obtltC VIC OPVlOlA VI DlNAIlLlg OIl bllC prop
| erty in the case that no amicable settle
ment OF its affairs can be reached through
| reorganization or otherwise, in which
event II would have to go to the block
"Of course the state would have to
| issue bonds to purchase the property, and
| the question is whether the people are
willing to do this for the purpose of con
trolling it and at the same time to afford
some relief to many of its citizens, who in
| case the propertyis bought for the amount
/ of its bonded indebtedness would not get
a cent. That's the way great many
! people here in Savannah are situated, and
it IS so with many Others throughout the
state. The idea is perfectly feasible, and
! l am confident that it will be given seri-
| GUS consideration by the general as
! sembly."
| CHANCES FOR THE ANTI-CIGARETTE LAW.
Mr. Osborne was also asked about the Gig
arctic law which has just been passed by
! the House prohibiting the sale or use of
| cigarettes or cigarette tobacco and mate
! rails in any form. 1t will be remembered
! that he voted against the measure. He
said il passed the House by two-thirds
majority, and to all indications there were
some good chances for 1t to pass the Sen
| ate. After the Senate, should it pass
there, comes the governor, and there is
! too much guess work in trying to perdict
! what he may or may not do with it,
MIR. Osborne has been working for some
time upon his bill to introduce the
Australian ballot system in all state and
county elections. This is a general ques-
tiCn which has been before one or two
| general assemblies, but for some reason
or other the measure has never been per-
fected or put in condition in which it
| could pass the general assembly There
is a good deal of sentiment both for and
against it, but Mr.. Osborne will intro
duce it some time this week, and it re-
mains to be seen what the present gem
eral assembly will do about it.