| From the Macon (Ga.) Telegraph |
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| August 1, 1862 |
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| Pensacola & Georgia Railroad Company |
| We call attention to the
advertisement in our issue of today, of I. C. Plant, offering for sale
the bonds of the Pensacola & Georgia Railroad Company. This road
extends from Tallahassee to Lake City, a distance, including the
Monticello branch, of 110 miles, and westward to the town of Quincy,
23 1/2 miles, in all 133 1/2 miles in operation. It is laid with a T
rail, weighing over 50 lbs., to the lineal yard, is well equipped,
having nine first class engines, almost new, 130 freight cars, and
some six passenger cars, and wheels and axles, &c., to build about
thirty more. It has fine and commodious depot grounds, brick depot,
machine shops, &c. Owns a large portion of the labor required to
keep up the track -- some sixty odd negro men -- has 300,000 acres of
the best unoccupied lands in the State; owns the road running from Tallahassee
to St. Marks, 20 miles in length, and laid with a heavy T rail of 60
lbs., to the lineal yard. It also owns the wharfs and depots at St.
Marks. The amount of issue of bonds is limited by law, and cannot
exceed one million and three hundred thousand dollars on the line of
road from Quincy to Lake City, 133 1/2 miles, and valued with
equipment, depot, &c. at $2,600,000. Thus it appears that these
bonds are well secured, looking alone to the road and equipment, and
is so far equal to an ordinary, first mortgage railroad bonds. But in
addition to this, these bonds are guaranteed by the Internal
Improvement fund of the State of Florida, consisting of from twelve to
fifteen million acres of land, and proceeds from sales, which
guarantee is signed by the Governor, Comptroller, Treasurer, Attorney
General and Land Register of the State of Florida, who are ex-officio
Trustees of the Internal Improvement Fund -- the Internal Improvement
law also makes it their duty to see a sinking fund provided, which
will sink the bonds at maturity. The highest tribunal in the State,
the Supreme Court, has recently decided in the case of the Trustees of
the Internal Improvement, Appelants, vs. William Bailey, Appellee,
that "a holder of bonds issued under the Internal Improvement act
of June 66th, 1855, may enjoin the Trustees of said fund from
appropriating any portion of it to other purposes than those named in
the act, so as to endanger his security, even though such
appropriation be commanded by a subsequent act of the General
Assembly." The Company also have graded and cross-tied 22 1/2
miles of road, leaving the line to Lake City, 83 miles from
Tallahassee, and running to the boundary between the States where it
is met by the portion built by the Savannah, Albany & Gulf
Railroad, connecting at the line dividing the States, and enters the
Main Trunk of Georgia at Sanlin, 130 miles from Savannah. |
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