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The Railroad Aid Bonds

The Railroad Aid Bonds image
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As the electora of thia city aud tow'nship are to vote on 'i'uesday nest upou a propositioo to .id iho Toledo, Ana Arbor and Northern Railroad, - the former in llie sum of 8100,000, the latter in tba suin of 15,000, for oonditioos of which nrd see sdvcriwements in auotbvr oolumu, - it is proper that we t-hould inforni tho oí thein who aro roadcrs of the Akqüs in what condition, a succcssful rote will place tho said niuncipnli corporations : 1. Witliin sixty days after the ai& 5 voted, tho Mayor and Récordes - hi beli'alf of the city, and the Supervisor and Clurk - in behiilfofthe townsliip, will issuecoupon bonds to the araount oted, in sums ufnoi leas than il00 nor inore Urau $1,000 uach. The Interest cempons wlll be auimally at tliü of tiie County, Treasurer. 3, THse bonds when issued are to-be delivered to the State Treasorer, and Mi's i-coeipt taken ftw tbs same, to behettiTn trust hv sucli oflScer for the municipalUy, and disposetl ot' by hiin in accordanci; Wlth the coiuHtiotis of the same and tli law authorizinu; thcir issue. 3. The State Treasnver is to make a record of sucu bonds, a.ud to hold t lie sanie for the benefit of the partles iuterested, and dell'er Uiein totlio company on the certifícate of tbe Governor that 11 the conditlons of bond and1 statiite have bc-on nompHed wiih, bat befbre dellvorlo; tiiu sume be sha'i evt off all past due interest coupons, ca-ncel the .same and return tliem tothenninicipalily ittuing ttem. IIo shall tndorse 'apou euch bond the dn te oi'it.s ttellrery, and to wiiom dellvpred, "emá V same shall draw interest unly froia (lm tinm tchciifyo de-licered.'' 4. Ifany bonds depositad wlth' the State Treasurer ghalt not bé demanded froin him within tiire yearsfrom ÜitUmé mottked 6y htm, incompliancc WltO the term of the act atuhoflzlug til el r ks-uo, he símil caocel and return tht sauio toitlu proper city or township oBiceta. 5. After ajjy tewnship or city shall have bsen notlfled by tbè State Treasarer that any bonds deposited with lilin have been deUrerc to any rail rond conipany, It shail annnally lovy, colleet, and pay into the Couuty Treasury a sufllclent mm to meet principal and interest failinjí dtte ; aiul the County Treasurer shall wy the same i the holders of ttie bonds, cancellng any full pa'ul bonds and returulng tliem to the i proper mnulclpallty. C. Tliat there fteed he no groand für misanderatandlDg the terina wirt coudltlon undurwhiciitlie bonds Issued sliall bsdellvered by the State Treasnrer to any railroad comp&ny, we quote Scct. 9 oi the aid law in full :" Sec. 9. No such bonds or othcr cvlclence of indebtedness shall l)C delivered to such compuny until it sliall hftVfi coniplieil wilh the cuiitlilioii.-v V'it.ji), and couiyleted iis road-bed and tsooed its road wtth the usual T, or such other mil as may be asecF by i tirst chiss ruilroads, throuh the I pattty Inning the same, or to llie tei-miuation tliercof, il' suid road shall terniiiiale thereiu; nor unti! sa'ul company shall have eoinpleted thelr road as aföresald, through such monlclpallty, r from the termination ofsaid road if il tenninates thereiu, tO8Ome conoecting line of Rillroad duly completed and In fulVoperation, orto the IniUaJ oi startlng polntofsuch road. And in case such bonds shall have been issued by a niuuicipality not tipou thelineof such rosd, the saine shall not be delivered uutll sai'! road shall bc coinpleled and ironed, as aforesaid, through the inuulclpallty adjoinim; thereto: Protided, That in case of the votlng ofaidby any township or city, located six nïiles ormoff froin any part ofsaid rallroad, do such boods shall be delivered unli! at least tweuty mües of said roadbed and rallroad shall have been completed and Ironed as aforesaid, from the terminus ofsaid railroad nearest to such alitlng dty or township: And providtd ftn-tier, That In the case of the tennlnatioo of sa'ul railroad, or the makiug of such ciesstoc or lutcrsectlOD ofanothcr railroad nlthhi the iiinits of anvsncli aldlng nmnietpölity.such boncis may be CtelWertd when tliesaniroaubed Rad rallroad sball have been coipUte1 and Ironed, as tforesaid, for the ilistance of six. miles froin sucli terminas or poiut of lutersectlon." F rom this conc'cnscd abstract of tho law the electora intercstcd will feo tbat the bo:ids issued in pu:suance of tbeir vote, cao not be delivcred to the Company, aoü become an obiigation against tiiem, until Ihe company sball complete its road from the nitiul point - in this instance the State line near Toledo- to and through the city of Ann Arlor, in case of the ei tv ; and to the North line of Ann Arlor townshp, in tli c-ase of the town. The law effectually guiirds tb town and city. If tbey pay their money tlïey get the railroad ; if the road is not built, stocked, and put in operation, their boncis will be canceled and relurned, and no dcbt will han over city or township. The sale qusstion tl;en for the eleetors to decide, i wbetkes or no An:i Arbor, as a city, can n fiord tu give $100,000, and the town 15,000, te malie aure a North aod Suuth railroad, secure aew to the great ea stern marts of trad aud ooramerce, opon a rival market to Detroit, cbeapcD freights, stiuiulaie man ufactnrcs, a-nd promoto the growth in population and wealtb of city and town This question we havo discussed a leng tb. already, irnd the voters mus answer it for themselvof , well as tbe intimately and closely connected question of the expediency and right of extending such aid by taxation. Under the last proviso of tho section, the Company inny, perhtips, begin at the Central rad, COII" BtrnctSontn lx miles, nml claim the bond issued Ij v thfl city , thonch no "bucIi crossintj" has been previoualy reierrctl to. ui - ui Tub New York Evening Poit of Fri day last solemuly warned the Radical majority in Congress that the Demo cratic n.eusberp, knowing a delay in the adniission of Virginia would opérate against tho Republicana, would not give tboir votes for unrestricted and immediate adniission. the sheet reach ed its readers, the House had reached a vote on the bill, Bingham'b substitute being adopted by a vote of 98 to 95, and then passed by a vote of 143 to 49. The vote of the Democratie members saved tho subbtitute, acd the 49 obstinate members, wh9 on the passage of tho bill as amended voted no, wero all Radicáis. Every member save one was in bia 6eat, and afvoted yes The Post must confine its predictLoas to subjects not so fooq to be put to lbo test The Post of next day says : "We have no hesitation in saying that the men who voted against it, votcd to break the solemnly-pledged faith ofCongress, and to perpetúate dmmion " Gen. Clinton 1$. Fibk, formerlj of Coldwater, but for the last several years a resident ofSt. Louis, bas been appointed agent of the Kansas Pacific Railroad CompaBj to Hfgoüate its bonds iu Europa,


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