The Montgomery advertiser., 1906-12-16

to the extent of Sf2,ooo per mile; said bonds to be payable at the expiration of not less than fifteen nor more than thirty years. bearing interest at rate of not more than eight per cent per annum, to be paid semi-annually. And when such company should have con- structed first class bridge or bridges upon the line, of it's road, such com pany was entitled in addition to the S12,000 per mile, to have first mortgage bonds endorsed by the Governor to the extent of $60 per lineal foot Of wood and s100 per lineal foot of iron. It IS estimated that taking all the roads to- gether, this bridge provision would have made endorsements about $l6,OOO per mile.
 The safeguards thrown around the State by the enactment to secure it in thus lending it's credit to these railroad companies by this representative Legis- lature, were thought to be sufficient for its protection, and sinking fund was provided for the payment Of the bonds at maturity.
 This act was amended by the Leg islature, known as the Carpetbag Leg isIature. of '6S, In sundry ways. One of the amendments provided that after the completion of the first twenty miles, the companies should have the endorsement of the State upon the com pletion of each section of five. miles. Another amendment made the amount s16 ,000 per m lie and repealed the pro- vision for bridges. These amendments were made by Legislature that was not representative of the taxpayers. but it did not increase the amount for which the State would have been liable under act of the Legislature chosen in 1865. Besides, there waas about that time general acquiescepce in the policy of State aid to railroads.
 That there was vast amount Of bribery and corruption In connection with the massage of these measures by the Carpet-bag Legislature was too plain and notorious a fact to be dis puted. Everybody understood that thousands of dollars were paid to mem- bers of both houses, and 1t would shock some of the present day to hear the names of reputable citizens who did the buying.
 Governor Yarmouth of Louisiana In the heighth of his corrupt rule, was asked. how he managed [ oescape pun ishment for his crimes. In reply, he said: "If you throw & stick at me it will strike a dozen of the most prom inent men of the state who are stand ing right behind me" It would have been the same here in our State Cap itol any time from the meeting of the Carpetbag Legislature. in 1868, until | the Democrats secured majority of the members of the House in Novem- Der, 1870.
 Certain other acts increasing the ulti- mate liability of the State for railroads were passed between 1868 and 1870. There was provision for endorsement on part of the State of $2,50O,0O0 of bonds of the Mobile and Montgom- l cry Railroad. One million and five hun ! dred thousand of this amount was to | be used in taking up all Hens and i equipments on said road so that the l State could have an unencumbered first I mortgage The other million was for l completition of the road through the I swamps from Tensas, and across Mo l bile and Tensas Rivers to Mobile. An- | other act authorized endorsement oi I 5000 additional per mile for the L | and N Railroad. It was also made | the duty of the Governor on the applt- cation of the Alabama and Chattanoo- l ga Railroad to issue the bonds of the State to the extent of $2 ,0O0, 900 In favor | of said company and on application | of the Montgomery and Eufanla Rail road to issue SS00.000 of bonds in tAyoi of that road. Under the several acts the Governor loaned-t the Montgomery | and Eukaula Railroad Company $500, 900 Of the bonds of the State, and te | the Alabama and Chattanooga Rail' road, S2, ,OOO, ,000. According 10 the Au- ditor's report. different railroad com panies had received the endorsement oi the State upon their bonds on Sept tenber 30, 1870, to the amount of $S.' 4SO. 900. The Mobile and Montgomery Railroad likewise received the $2,50O,- 0O0 provided for in act referred to.
 Governor Smith, in his message, Dec 5, 1870. to the Legislature, stated thai endorsement of bonds had been made as follows:
 For the A. and C. Road. 250 miles.
 For the Selma, Marion and Memphis firty-five miles.
 For the South and North. nienty-five miles.
 For the Montgomery and Eufaula
 forty-five miles.
 For the Selma and Gulf, thirty | miles.
 A total of 4s5 miles. all at rate oi SIG. 900 per mile.
 The State took from each of the rail- roads receiving It's endorsement oI straight bonds. their bonds for core spending amounts as provided by law payable at short time previous to the maturity of the interest upon the bonds endorsed by the State and those loaned by the State. The railroad companies were required to pay to the State the interest upon these bonds, with which the State was to pay the interest ot like amount upon the bonds, for which