RAIL ROAD. JUNCTION / SCONS/N AN ACT TO INCORPORATE THE JUNCTION RAILROAD COMPANY. ' THE JUNCTION RAILROAD COMPANY. The railway systems of the United States are so far developed as to show that six principal lines will be constructed between the Atlantic and Western states. The most northern will pass through Canada and Michigan; a branch of the most southern, from Georgia to Nashville, will probably cross the Ohio river at Cincinnati; the other four must pass through the state of Ohio. The most southern of the four will extend from Cincinnati, by Chilicothe, to some convenient point of connection, on the river, with the Baltimore and Ohio Railroad. The next line will pass nearly through the centres and capitals of the states of Illinois, Indiana and Ohio, to Zanesville, and from thence prob¬ ably diverging to Pittsburg and Wheeling. The third is an extension of the Pennsylvania Railroad from Pittsburg west¬ ward, along the ridge dividing the lake waters from those of the Ohio river. The fourth is the railroad along the lake shore. To some one of these roads, all other Ohio railroads must be subordinate and tributary; and the last is beyond measure the most important, since it will be the ordinary and most natural channel of communication between New York and New Eng¬ land and the “ Great West.’’ From Albany to Buffalo a railway has subsisted for some years. The New York and Erie Railroad is now completed to Dunkirk, on Lake Erie. A railway is now far advanced to completion, on the lake shore, from Buffalo, by Dunkirk, to Erie—thus extending both roads to that point. Two other companies will complete the communication between Erie and Cleveland, by mid-summer of 1852. The Southern Michigan Railroad Company have a road in use from Toledo one hundred and fifteen miles westward, and will finish it to Chicago before many months. Another line is already in operation from Chicago many miles west; and a cor¬ poration, whose principal stockholders are in New York, has just been organized, to extend the last road to *the Mississippi, 4 at Rock Island. Existing means and measures, therefore, are rapidly constructing a series of railroads from New York to the Mississippi, a distance of more than eleven hundred miles, with no other interruption except the one hundred and one miles be¬ tween Cleveland and Toledo. This link is intended to be sup¬ plied by the Junction Railroad. The charter of this company was granted by the Ohio Legis¬ lature in 1840, and the company was organized in, 1850. The name was adopted to express the intention of its projectors, viz: to connect the Cleveland and Columbus with the Mad River and Lake Erie Railroads. An amended act extends the line to some point on the Maumee, and to Toledo; by a second amendment, the company is authorized to terminate its road at the west line of the state of Ohio, and the capital increased to $3,000,000. The distance from Cleveland to Sandusky is 58 miles ; the distance from Sandusky to Toledo is 43 miles, and from Sandusky to Maumee City, which occupies much of the same ground, is 48 miles. The amending act authorizes the counties, townships, cities and incorporated towns through which the Junction Railroad will pass, to subscribe to its stock, provided a vote of the respec¬ tive inhabitants, assenting to such subscription, shall first be obtained. In the event of such subscription, the act requires the respective county and municipal authorities to issue bonds in payment, and annually to levy a tax sufficient to pay the principal and interest, as it shall become due. This tax is to be reported to the county auditor, and collected by the county treas¬ urer, on the same duplicate, and in the same manner, as state taxes. If the municipal authorities should neglect their duties, the same act requires the county auditor to levy such tax, at the instance of any creditor whose debt is in arrears. This duty of the county auditor can be enfored, if necessary, by the Su¬ preme Court, through a writ of mandamus. The act further authorizes the railroad company to sell, at their market value, boih its own bonds and such as it may receive upon subscrip¬ tion ; and it further declares, that the issue of bonds shall be taken as evidence that all preliminary conditions hare been complied with. By these facilities, and others to be noticed hereafter, the Junction Railroad Company has received subscriptions which nominally exceed $000,000; has surveyed and located its line from Cleveland to Sandusky, and is now extending its prelimi¬ nary surveys to the Maumee river. As Lake Erie makes a con¬ siderable bend between Cleveland and Toledo, the line nearest the shore is naturally indicated as the shortest and best. But 5 the expense of crossing Rocky river, at its mouth, on a viaduct or bridge almost one quarter of a mile long, and nearly one hundred feet above the water, constrains the adoption of an in- teriorjine, crossing at the lower falls, at much less cost, and at a small increase of distance, as the lake shore trends almost as far north as the road line is deflected to the south. The Cleveland and Columbus railroad crosses Rocky river on the same rapids. That road then adopts the approach to Cleaveland and the lake level by Wallworth Run, and after crossing the Cuyahoga, south of the town, passes to its station, to the mouth of the river, on its east side. On the west side of the Cuyahoga, at its mouth, lies the flat of Ohio city, accessible to lake navigation, offering ample room for the indispensa¬ ble railroad accommodation, and a straight line and an even grade from the lake level to the table land. These considera¬ tions have led the Junction Railroad Company to lay its line to navigable waters on the west bank of the Cuyahoga, and to a point separated by the fiver only from the eastern railroad sta¬ tions. Competent engineers believe the river can be crossed without seriously impeding navigation. The Junction Railroad Company has, therefore, selected the following line: beginning at Ohio City, thence by Olmstead and Elyria to the lake shore at Vermillion river; thence along the shore by Huron to Sandusky. From Sandusky westward the route is not yet fixed, but will probably cross the narrowest part of Sandusky Bay, to Port Clinton, and thence to Maumee and Toledo, in some form best calculated to accommodate all interests. This line is at least ten or twelve miles shorter than any other that has been recommended or proposed, and it possesses corresponding advantages over any other line in curves, grades, bridges, and cheapness of construction. The estimated expense from Sandusky to Cleveland, including all except iron, spike, running machinery and stations, is $564,606, or $8,700 per mile. The cost of the road west of Sandusky will be legs. The directors have received such favorable offers from con¬ tractors, as leads them to believe that their present subscrip¬ tion, added to such stock as contractors are willing to receive in payment, is sufficient to meet the cost of construction, except pro¬ viding iron or spike ; and that if a part of their bonds can be sold the remaining credits of the company can be used advantageous¬ ly at home. Intending to reserve the privilege of charging the road with a mortgage for iron, they now wish to place in market two classes of their bonds—one hundred thousand dollars of the city of Ohio 7 andjx similar amount of the township of Portland. These bonds, it will be observed, are not obligations of the railroad, but of municipal corporations. It is not, therefore, a question whether the railroad will be productive, or even wheth¬ er it will be built, but whether these cities possess means or credit sufficient to pay these bonds. The credit of the state of Ohio is pre-eminently sound. Whispers of repudiation found no favor even in hard times ; the steadily increasing wealth and productiveness of that commu¬ nity seem to remove the temptation to deny any existing obli¬ gation ; and the new constitution of the state, which has been adopted by a large majority of the convention, and which will probably be accepted by the vote of the citizens in June, will completely suppress all future debts, for improvements, by state, counties, or municipal corporations. Apart from these con¬ siderations, the law which permits the issue of these bonds, pro¬ vides for their payment by taxation ; and if property liable to taxation can be found by the tax collector, it can be sold with¬ out appraisal or delay. The only question, therefore, to be made is, whether the town and cities have sufficient taxable property to secure them. OHIO CITY BONDS. In June 1850, the city of Cleveland had a population exceed¬ ing 17,000. It lies at the confluence of the Cuyahoga river with Lake Erie. It is situated on a plain, elevated about 130 feet above the waters of the river and lake, which nearly surround it; and in beauty of situation and style of improvement is un¬ surpassed by any western town. The high hill approaches closely to the river on the west, and terminates in a bluff bank on its lake front, except where graded to the water. On the south, beneath the hill, the Ohio canal enters the river. The Cleveland and Columbus railroad crosses the river at the south¬ west angle of the town, and extends under the hill by the lake. The lake front is occupied by the lines of the Lake Shore rail¬ road and the Pittsburgh railroad, which are built in the water upon piles, for want of level ground beneath the bank. The narrow space beneath the hill is too small for the present busi¬ ness of the town ; and it admits of no enlargement, except by constructing wharves on the lake, or by crossing the river. The Cuyahoga, at its mouth, is about 200 feet wide. On the west side of the river lies Ohio City, connected with Cleveland by bridges, and identical with it in all its business interests. 7 The hill, which in Cleveland approaches the lake so closely, here recedes, and leaves a wide flat, nearly on the level with the water, and well adapted to business purposes On this flat the heavy business of the port must be transacted. Already, upon it are the ship and lumber yards, all the grain warehouses, a large proportion of the general warehouses, some of the large manufactories, and much of the mechanical labor. The population of Ohio City exceeds 6,000. The railroads just opened have given a great stimulus to the business of this port; and no where in the West is found higher prosperity than in these two cities. Until this stimulus was felt, the Ohio City property had not recovered its value from the speculations of 1836 ; but the next assessment for taxes, which will be made next spring, is estimated by no one to fall below ten, and per¬ haps may approach fourteen hundred thousand dollars. The city owes no debts except for gradiDg the streets, which is redu¬ ced below $9,000, and is in the course of speedy redemption. The bonds now offered are $1000 seven per cents., payable in 1865, at the Ohio Trust Company’s New York office, with inter¬ est warrants attached. The law requires the interest to be pay¬ able annually. The bonds contain a provision for holding the stock as a pledge for the bonds, and to permit the bondholder to commute. No vote of the citizens was required before sijbscrip- tion: the subscription, however, is understood to have been made with their full concurrence. The city of Cleveland has wisely incurred a debt of $400,- 000 for railroad improvements, by which it has increased its bu¬ siness, its credit and its wealth. Ohio City, with one-third its population, has contracted this debt of one-fourth the same amount for the same objects, hoping to secure corresponding benefits. By a law of last winter, both cities will probably soon be united, but the debts of each will remain distinct. THE TOWNSHIP OF PORTLAND, OR SANDUSKY CITY BONDS. These bonds are issued by the township, because there is sub¬ jected to taxation, for their redemption, not only the property of Sandusky City, but of the suburbs, covering a territory of near¬ ly 5000 acres. In 1844, the inhabitants of the township did not exceed 1700. By the census of June, 1850, taken while the population was diminished by apprehensions of the return of the pestilence, the number exceeded 5000 ; and it now contains more than 6000. This rapid growth has arisen from its being the terminating point of two railroads, viz : the Mad River and Lake Erie, which is open to Cincinnati, 218 miles, and the 8 # Sandusky and Newark railroad, 115 miles. More wheat is shipped from Sandusky than from any other port of Lake Erie. The custom house value of imports for 1850 was $8,740,000 ; inhabitants was never greater than during this year. There the value of exports for the same year, $4,758,000. The asses¬ sed value of property for taxation is between thirteen and fourteen hundred thousand dollars; and the increase of buildings and are two debts now outstanding against this town—a subscription of $15,000 for plank roads, and an expenditure of nearly $20,000 for dredging the harbor. The first is redeeming itself, by the dividends of the plank roads, and is not regarded as a burden; the last, if it should not be assumed by the General Government, is considered to have been already repaid, since by this has been secured a safe approach to a good harbor. The charter of the Junction Railroad Company, and its amendments, and the special laws authorizing the issue of the bonds, are subjoined; and the directors of the Junction Rail¬ road Company believe they justify their fullest recommenda¬ tions of the road to the attention of capitalists. The accompanying maps sufficiently show the connections of the road, and that it is an indispensible link in a line scarcely second in importance to any in the United States. E. LANE, President . Sandusky, April 10, 1851. AN ACT TO INCORPORATE THE JUNCTION RAILROAD COM¬ PANY. Sec. 1. Be it enacted by the General Assembly of the State of Ohio , That Heman Ely, Artemas Beebe, Eber W. Hubbard, Seymour W. Baldwin, Albert A. Bliss, Horace A. Kendall, of the county of Lorain; Benjamin Benson, George G. Baker, Platt Benedict, and Frederick S. Chapman, of the county of Huron*; John Fuller, George W. Choate, D. Hamilton, Foster M. Follett, and Burr Higgins of the county of Erie ; R. P. Buckland, Jesse S. Olmstead, of the county of Sandusky, and those who may hereafter become stockholders, in the manner hereinafter prescribed, their successors and assigns, be, and they -are hereby created a body corporate by the name and style of the Junction Railroad Company, with perpetual succession, and by that name and style shall be, and hereby are made capable, in law, to have, purchase, receive, possess, sell, convey and enjoy real and personal estate, and retain to them, their successors and assigns, all such lands, tenements and hereditaments as shall be requisite and actually necessary, for their accommodation and convenience in the transaction of their business ; to sue and be sued ; implead and be impleaded, answer and be answered unto, defend and be defended, in courts of record and elsewhere ; and, also, to have and use a common seal, and the same to alter, break, renew or change at pleasure. Sec. 2. The said corporotion are hereby vested with the right and authority to construct a railroad, commencing at such point on the Cleveland, Columbus and Cincinnati railroad as the directors may select, either in the county of Cuyahoga or Lo¬ rain, and within 30 miles from Cleveland ; thence to Elyria in Lorain County, unless the junction with the Cleveland and Col¬ umbus road should be made at Elyria; and from thence, on the most feasible route to intersect the Mad River and Lake Erie 10 railroad at Bellevue, or at such other point as the directors shall choose, and thence to Lower Sandusky, in Sandusky county; and the said corporation shall have power to construct the said railroad, or a branch of the same, from Elyria to Sandusky City, in Erie county, and from thence to Lower Sandusky; and,also, if the directors of said company, and the directors of the Cleve¬ land, Columbus and Cincinnati railroad company, cannot agree upon the term3 of junction with said Cleveland, Columbus, and Cincinnati railroad company, then, in that case, the railroad shall commence at the city of Cleveland, Cuyahoga county ; or the directors of the respective companies may agree that the terms of a junction between the two companies may be decided by the supreme court. Sec. 3 That the capital stock of said company shall be one million of dollars, and shall be divided into shares of fifty dol¬ lars each. Sec. 4. That the above named persons, or any ten of them, are authorized to open books for receiving subscriptions to the capital stock of said corporation, to be opened at such time or times, and at such place or places, as they may deem expedient, under the direction of not less than three of the persons named as aforesaid, having given not less than ten days’ previous notice in a newspaper published in the count} 7 where books of sub¬ scription are to be opened, of the time and place of opening said books ; and as soon as twenty thousand dollars of said stock shall be subscribed, they may give a like notice for the meeting of stockholders to meet at such time and place as they may designate, to choose directors, to continue in office for the term of one year, and until others are duly appointed in their stead. At the time and place appointed, thirteen directors shall be chosen, by ballot, by such of the stockholders as shall attend for that purpose, either in person or lawful proxies ; each share of the capital stock shall entitle the owner to one vote ; the per¬ sons named in the first section of this act, or such of them as may be present, shall be inspectors of such election, and shall certify, under their hands, what persons are elected directors, and appoint the time and place for holding the first meeting of directors; seven directors shall form a board, and be compe¬ tent to transact all business of the corporation; a new election of directors shall be made annually, at such time and place as the stockholders, at their first meeting, shall appoint, or as the laws of the corporation may require ; and the directors chosen at any election shall, as soon thereafter as may be convenient, choose out of their number one person to be president, and one to be treasurer of the corporation. II Sec. 5 . That upon every subscription there shall be paid, at the time of subscribing, to the person authorized to open said books, the sum of five dollars upon every share subscribed, or the same may be secured to be paid when called for by the di¬ rectors, at the option of the person receiving such subscriptions, and the residue thereof shall be paid in such installments, and at such times as may be required by the president and directors of said company, to the treasurer thereof; and the said compa¬ ny are authorized to take and receive from such persons as shall purchase such stock, such bonds or notes for the residue of the purchase money of said stock as they may think expedient. Sec. 6. That if the said railroad company shall not be or* ganized within five years from the date of the passage of this law, and not less than twenty miles of the road be completed within ten years from the commencement of the work, then this act shall be null and void. Sec. 7. That the directors shall have power to determine the number and kind of tracts, turnouts, branches, carriages, conveyances, storehouses, depots, and other fixtures and ma¬ chinery : prescribe the mode of transportation, and have power to construct a single or double track railroad. Sec. 8. That said company shall have a right to enter upon any land to survey and lay down said road, and to take any ma¬ terials, except timber, upon the condition hereafter specified, necessary for the construction and repair of said work; and whenever any lands or materials shall be taken for the construo* tion of said work, and the same shall not be given or granted to said company, and the owners thereof do not agree with said company as to the compensation to be paid therefor, or in case the owner or owners are under any disability to contract or are absent from the state, application may be made by the said com¬ pany to any judge of the court of common pleas of the county in which such lands or materials may be, and thereupon it shall be the duty of said judge to issue his warrant to the sheriff of said county, commanding him to summon three disinterested freeholders to arbitrate upon the compensation to bo awarded to such person or persons, who shall be sworn and paid as in other cases ; and they, or a majority of them, shall award as arbitrators between the two parties, and render copies of their award to each of the parties, in writing, from which award either party may appeal to the court of common pleas for the county in which such land or materials may have been situated; and in all cases where compensation shall in any manner be claimed, it shall be the duty of the arbitrators and the court to estimate and set off any advantage which the location and construction of said read may be to the claimant; and said company shall have the right to retain, own, hold and possess said materials, upon first paying or tendering to the owner or owners thereof a reasonable compensation in money, for the same, and to the use and occupation of said lands, as fully and absolutely as if the same had been granted and conveyed to said company by deed : Provided, that before the said company shall enter upon any land for the purpose of constructing the said road, they shall pay or secure to the owner of such land, payment for the same, as may be awarded by the provisions of this section* Sec. 9. That if it shall be necessary, in the selection of the route or construction of the road, to connect the same with, or to use any road, street or bridge made or erected by any compa¬ ny or persons incorporated or authorized by any law of this state, it shall be lawful for the said company, and it is hereby authorized to contract and agree with any such other corpora¬ tion or person for the right to use such road, street or bridge, or for the transfer of any of the corporate or other rights and privileges of such corporation or persons, to the said president and directors of this corporation ; and all such other corpora¬ tions or persons incorporated by, or acting under the laws of this state, are hereby authorized to make such an agreement, contract or transfer by and through the agency of their corpo¬ rate officers, or by such persons as, by any law of this state, are intrusted with the direction and management of such road, street or bridge; and every contract to transfer, made in pursuance of the authority hereby granted, when executed by the several parties, under their respective corporate seals, or otherwise le¬ gally authenticated, shall vest in this corporation all the rights and privileges vested in said corporation or persons, as shall be specified in the contract and agreement above referred to Sec. 10. Whenever it shall be necessary, for the construc¬ tion of the railroad, to intersect or cross any stream of water or watercourse, or any railroad or highway, lying in or across the route of said road, it shall be lawful for the corporation to con¬ struct the said railway across or upon the same; but the corpo¬ ration shall restore the stream or watercourse, road or highway, thus intersected, to its former state, or place it in such condi¬ tion as not to impair its former usefulness ; and if said corpora¬ tion, after having selected a route for said railway, find any ob¬ stacle in continuing said location, either by the difficulty of con¬ struction or procuring the right of way at a reasonable cost, or whenever a better and cheaper route can be had, it shall have authority to vary the route and change the location. Sec, 11. That said corporation may demand and receive u from all persons travelling upon said road, or for the transpor¬ tation of property, such rates of toll as the corporation may think reasonable, which rates they shall have posted up in some public place at each of the depots. Sec. 12. That, at the regular annual meeting of the stock¬ holders of said company, it shall be the duty of the president and directors, in office for the previous year, to exhibit a clear and distinct statement of the affairs of the company; and the president and directors shall, annually or semi-annually, declare and make a true dividend of the nett profits arising from the revenues of the company, deducting the necessary current and probable contingent expenses, and that they shall divide the same among the stockholders of said company, in proportion to their respective shares. Sec. 13. That every president, director, treasurer and sec¬ retary of said company, before he acts as such, shall swear or affirm, as the case may be, that he will well and truly discharge the duties of his said office, to the best of his skill and judg¬ ment ; and the arbitrators, authorized by the eighth section of this act, before they proceed to estimate damages, shall, sever¬ ally, take an oath or affirmation faithfully, impartially, and hon¬ estly to discharge their duty ; and the said appraisers shall, severally, receive for their services one dollar per day for every day they may necessarily be employed, which shall be paid by said corporation Sec. 14. The said President and directors, or a majority of them, may appoint all such officers, engineers, agents, or ser¬ vants, whatsoever, as they may deem necessary for the transac¬ tion of the business of the company, and may remove any of them at their pleasure; that they, or a majority of them, shall have the power to determine, by contract, the compensation of the engineers, officers, agents, or servants, in the employ of said company, and to determine, by their by-laws, the manner of ad¬ justing and settling all accounts against the said company, and also the manner and evidence of transfers of stock in said com¬ pany ; and they, or a majority of them, shall have power to pass by-laws which they may deem necessary or proper, for exercis¬ ing all the powers vested in the company hereby incorporated, and for carrying the objects of this act into effect: Provided, only, that such by laws shall not be contrary to the laws of this state or of the United States. Sec. 15. That if any person shall, wilfully, by any means whatsoever, injure, impair, or destroy any part of said railroad constructed by said company under this act, or any of tho ne¬ cessary works, buildings, cars or machinery of the said cempa- 14 ny, such person or persons, so offending, shall, each of them, for every such offence, forfeit and pay to the said company, by an action of debt, with costs of suit, in any court having cognizance thereof, and shall also be subject to an indictment in the court of common pleas of the county where such offence may be com¬ mitted, and, upon conviction of such offence, shall be punished by fine, not exceeding five hundred dollars, and imprisonment in the jail of said county not exceeding ten days. Sec. 16. That said corporation shall have power to locate and construct branched roads from the main route, to other towns or places in the several counties through which said road may pass. Sec. 17. That this company may, and they are hereby au¬ thorized to commence, complete, and put in operation, any part of said road, or any branch thereof, aforesaid, at any point on the route of said railroad, which the interests of the company may require to be first commenced and completed ; and that the said company may command and receive the same rate of toll and transportation, and all the benefits that would accrue to each division so commenced and completed, as fully as if the entire work were commenced, completed, and put in operation, as aforesaid. Sec 18. If the installments remain unpaid for sixty days after the time of payment has elapsed, the directors, in the name of the company, may collect the same by suit, or may sell the stock at public auction for the installments then due, giving twenty days’ notice of the time and place of sale, by advertise¬ ment in some newspaper of general circulation in the county where such sale is to be made, and the residue of the money arising from such sale, after paying such installments and costs, shall be paid over to the former owner. Sec. 19. That it shall be the duty of the directors to keep open books of subscription at the office of the company, until the number of shares authorized by this act shall be subscribed. Sec. 20. That said company shall not contract debts or lia¬ bilities to a greater amount than the stock subscribed and held by responsible stockholders, remaining unexpended, together with the means on hand, and that which may be reasonably ex¬ pected to accrue within three years from the time of making such contract, unless, at the time of making such contract, the party contracting with said company be informed of such want of means on the part of such company, and, by agreement in writing, specify the time and manner in which such debt shall be paid. Sec. 21. The governor shall have the power to prescribe 15 what price may be charged by said company for the transporta¬ tion of the public mails of the United States, and of the troops and munitions of war belonging to this state and to the United States, should the board of public works, at any time, entertain the opinion that the prices charged therefor by such company are unreasonably high; but such power shall not extend so far as to control the time or times of the arrival and departure of the cars on said road, or in any other manner interfere with the regulations of such company. Sec. 22. After the lapse of ten years from the completion of said road, the state shall have the power to reduce the tolls upon said road, should they be unreasonably high, and exereise the same power at intervals of every ten years thereafter. Sec. 23. At any time after ten years from the completion of said railroad, the said company shall be liable to pay to the state, upon such property transported on said road through the line, during the season of canal navigation in this state, as the board of public works, by whatever designation it may be known, shall be of the opinion would have been transported on the Ohio Canal but for the existence of said road, such tolls as shall be equal to one-half the tolls charged by the state, at the time, on like property transported on the Ohio Canal. Sec. 23. If the company shall be dissatisfied with the opin¬ ion of the board of public works, as to the amount of property which, but for the said road, would have been transported on the Ohio Canal, they may review the same by instituting proceed¬ ings in the supreme coourt of Franklin cunty, as in chancery, making the state and the board of public works parties thereto; and the said court may make such orders and decrees therein as they shall deem proper to accomplish the objects of the sec¬ tion next above. ELIAS F. DRAKE, Speaker of the House of Representatives. SEABURY FORD, Speaker of the Senate. March 2, 1846. AN ACT TO AMEND THE ACT TO INCORPORATE THE JUNC¬ TION RAILROAD COMPANY, PASSED MARCH 2nd, 1846. Sec. 1. Be it enacted by the General Assembly of the State of Ohio , That the Junction Railroad Company is hereby au¬ thorized to extend its line of railroad to some point on the Maumee river, with the privilege of transporting goods and passengers transported on the road of said companies, across said river, by a ferry, or otherwise, as the directors thereof shall elect, to the city of Toledo : Provided, that said company shall, in no wise obstruct or hinder the navigation of said river. And the capital stock of said company is increased to three millions of dollars. Sec. 2. That the counties, townships, cities and incorporated towns through which said railroad may be located, are hereby authorized to subscribe to the stock of said railroad, in the manner and on the conditions hereinafter prescribed : Provi¬ ded, the amount subscribed by each of said counties shall not exceed the sum of one hundred thousand dollars ; Provided, nevertheless, that nothing in this act shall be so construed as to include the county of Lorain, or any township or incorporated city or town in said county: and the amount subscribed by each township shall not exceed five per cent, of the value of the tax¬ able property of such township, on the tax duplicate of the year 1850. Sec. 3. No subscription shall be made by any such county, until a vote shall have been had in favor of such subscription, in the manner pointed out in the act regulating the mode of proceeding where county commissioners are authorized by law to subscribe to the capital stock of railroads, turnpike roads and other incorporated companies in this state, passed Februa¬ ry twenty-eight, A. D. one thousand eight hundred and forty- six. But the vote in that behalf may be taken either at any annual election or at any special election holden for that pur¬ pose, at the call of the commissioners of the proper county, upon twenty days notice. Sec. 4. Before the subscription of any township, city or in¬ corporated town shall be made, th^ expediency thereof shall be submitted to a vote of the electors of such township, city or incorporated town, where a vote may be taken, either at any annual election or at a special election to be held for that pur¬ pose. In either case, the trustees or proper municipal authori¬ ties shall give notice at least ten days previous to such election, by posting in five of the most public places in such township, town or city : and the qualified voters voting at such election shall vote by ballot, “ For subscription,” or “ Against subscrip¬ tion and the result shall be certified by the judges of election to the county auditor, and filed by him. In case a majority of the votes given shall be favorable to subscription, the trustees of the proper township, or the presiding officer of the proper municipal authority, shall subscribe the amount voted for. Sec. 5. For the payment of such subscription, the proper commissioners, and trustees, and municipal authorities are au¬ thorized to borrow any sum of money, at a rate of interest not exceeding seven per cent., payable semi-annually, in advance, either in the city of New York or elsewhere ; and may make negotiable bonds, or such other evidences of debt, as are neces¬ sary and proper to secure the payment of the same, and shall annually levy and collect by tax such money as, together with dividend and property said stock, will pay the said debt and in¬ terest, as the same shall become due, and all incidental charges. Sec. 5. All taxes which shall be levied under the foregoing section, shall be certified by the respective commissioners, and trustees, and municipal authorities, to the county auditor of the proper county, and by him shall be placed on the county dupli¬ cate, and assessed and collected like state and county and town¬ ship taxes, upon the property liable to pay the same; and when collected, shall be paid over by the county treasurer, on the or¬ der of the proper authorities, to the persons entitled to the same. Sec. 7. Whenever any bonds, orders, or any other eviden¬ ces of indebtedness, or the interest thereon, shall remain un¬ paid after they become due, it shall be lawful for the creditor holding such bond or other evidence of indebtedness, to apply to the auditor of the proper county, and on filing sucih obliga- 18 tion with him, he shall assess against the property liable to pay such arrear a tax to the amount necessary to pay the arrear and costs, and shall enter the same upon the county duplicate, to be collected in the manner of state and county taxes. Sec. 8. The provisions of the act passed January 31, 1850 respecting the sale of the bonds of the Columbus and Lake Erie Railroad Company, and of the Central Railroad Company, shall apply to the said Junction Railroad Company, and to such bonds as shall be issued by virtue of this act; and the issuing of said “ Railroad Company’s” bonds, and of said other bonds, shall be taken as evidence in all courts of law and equity, that all pre¬ liminary conditions have been complied with. JOHN F. MORSE, Speaker of the House of Representatives. CHARLES C. CONYERS, Speaker of the Senate , January 22, 1851. AN ACT RESPECTING THE SALE OF BONDS OF THE CO¬ LUMBUS AND LAKE ERIE RAILROAD COMPA¬ NY, &c., PASSED MARCH 31, 1850, REFERRED TO IN THE 8th SECTION ABOVE. § 1. Beit enacted by the General Assembly of the State of Ohio , That the directors of the Columbus and Lake Erie Railroad Company are hereby authorized to sell or negotiate the notes or bonds issued by said company, at such places, ei¬ ther within or without the state, and at such rates, as in their opinion will best advance the interests of said company; and if such bonds or notes are thus sold at a discount, that such sale shall be as valid, in every respect, as if sold at their par value. 19 A COPY OF THE BOND OF THE CITY OF OHIO. $ 1000 , CITY OF OHIO. The City of Ohio doth hereby acknowledge itself indebted unto the junction Railroad Company, in the sum of one thou¬ sand dollars, which sum the said City of Ohio doth hereby promise to pay to the said Junction Railroad Company, or bearer, on the 1st day of April, 1865, at the office of the Ohio Life Insurance and Trust Company in the city of New York, with interest at the rate of seven per cent, per annum, payable at the same office, on delivery of the respective interest warrants hereunto attached. ^ This bond is No. of a series of one hundred bonds of like • tenor and date, issued by said city in payment of the subscrip¬ tion of said city to the stock of the Junction Railroad Compa¬ ny, under the provisions of the act of the legislature of Ohio, authorizing Ohio City to subscribe to the capital stock of the Ohio Railroad Company and for other purposes, passed Febru¬ ary 14, 1851. And the said City of Ohio doth hereby covenant with the holder of this bond, that the said stock by them sub¬ scribed shall be held as a pledge and security for the redemption of this series of bonds; and that the holder of this bond may at any time surrender the same and receive an equal amount of stock at its par value, unless such stock shall have been previ¬ ously appropriated to such redemption. And the said City of Ohio doth hereby further covenant with the holder of this bond, that the commissioners appointed by said act, and their successors, shall severally execute the sev¬ eral duties to them therein prescribed, and that they shall do all lawful acts necessary to insure the punctual payment of all the monies in this bond. In witness whereof, the said City of Ohio hath caused the seal of the city to be affixed hereunto, and the same to [L. S.] be signed by the commissioners aforesaid, this 81st day of March, 1851. (Signed) II. S. Whitmore,') [L. S.] D. Sanford, T. Burnham, C. L. Russel, Commissioners , fyc. R. B. Dennis R. B. Dennis, J Secretary . 20 FORM OF INTEREST WARRANT. Interest Warrant No. - . $70. On the 1st day of April, 185—, at the office of the Ohio Life Insurance and Trust Company, in the city of New York, the City of Ohio will pay the bearer seventy dollars, interest on its bond No. -. R. B. Dennis, Secretary. PART OF AN ACT TO AUTHORIZE OHIO CITY TO SUB- SCRIBE TO THE CAPITAL STOCK OF THE OHIO RAIL¬ ROAD COMPANY, AND FOR OTHER PURPORES. Sec. 1 . Be it enacted by the General Assembly of the State of Ohio , That Ohio City is hereby authorized to subscribe to the capital stock of the Ohio Railroad Company, or to the stock of any other Railroad Company authorized to construct a rail¬ road from Cleveland to Sandusky CLty ) at the discretion of the commissioners hereafter named, a sum not exceeding in the whole one hundred thousand dollars. And the commissioners hereafter named, or a majority of them, are hereby empowered to make subscriptions, in the name of Ohio City, in such number of shares, from time to time, and under such restrictions and conditions, as to them may seem expedient; and, for the pur¬ pose of paying the installments thereon, may issue bonds, scrip or other contracts, in proper form, in the name of, and binding said city—-bearing interest payable annually, either at the city of Ohio, aforesaid, or in the city of New York, of Boston, or of Philadelphia, as said companies may stipulate ;—the principal thereof to be payable at such time or times, not less than ten years after the date of said subscription, as may be thought most for the advantage of the city. And the shares of stock so subscribed, and the avails arising from the sales thereof, shall be held for the purpose of paying the principal of such bonds, scrip, or other contracts; and shall be subject to no other liability of the city whatever, so long as such •bonds, scrip, or other con¬ tracts shall remain unpaid. Sec. 3. The said commissioners shall keep an accurate re¬ gister of all bonds, scrip, or other evidence of indebtedness issued by them, showing the debts, numbers and amounts there¬ of, the names of the persons to whom, and the times at which, 21 ttie same shall be made payable; a copy of which shall be de¬ posited with the city council, within six months after the same shall have been issued ; and all alterations thereof shall be noti¬ fied to said city council, within six months after such alteration shall have been made. They shall, also, on or before the first Monday of June of each year, make out a statement in writing to the auditor of Cuyahoga county, showing the amount of prin¬ cipal and interest, which shall be due and payable on such evi¬ dence of indebtedness, within one year thereafter, and any deficiency which may already exist—the amount expected to be received from dividends on said shares of stock, or from the sale of any portion thereof, and the amount of tax which they may deem necessary or expedient to be levied to pay such interest and such principal falling due. And it shall be the duty of said auditor, on receiving such statement, to assess upon the property of said city, and on any territory which may hereafter be added to said city, subject to taxation for state or county purposes, such per centage of tax as may be sufficient to raise the amount thus stated to him, and the costs of collection thereof, and to en¬ ter the same in the proper sums, chargeable on the separate parcels of property subject to such tax, on the duplicate list of said county, in a separate column,—to be collected by the treas¬ urer of said county, as other taxes assessed on the property of said city, subject to taxation for general purposes, are by law to be collected. And the taxes so assessed shall be a lien on the property chargeable therewith, as taxes for state and county purposes are or may be, by law, liens thereon. Sec. 4. That Henry L. Whitmore, Daniel Sanford, Thomas Burnham, R. B. Dennis and C. L. Russel and their successors are hereby constituted commissioners under this act: and in case of vacancy, either by reason of death, resignation, removal from Cuyahoga county, or any other cause, (except removal from office, by the Supreme Court, as herein provided,) the remaining commissioners, or a majority of them, shall appoint a suitable person to fill such vacancy; and shall give to him or them a certificate in writing of such appointment. And he or they shall thereupon be entrusted with the same powers, and be sub¬ ject to the same duties, and shall give the same bonds as herein provided, as if originally appointed by this act. The other sections of this act relate to the duties of the com¬ missioners 22 A COPY OF PORTLAND TOWNSHIP BOND* $ 1000 . PORTLAND TOWJSS.I1P BOND. Whereas the trustees of the township of Portland, within which township is situated the city of Sandushy, by the act of the legislature of Ohio, passed January 21, 1851, are authoriz¬ ed to borrow any sum of money not exceeding one hundred thousand dollars, bearing interest at the rate of seven per cent¬ um per annum, payable semi-annually, at the city of New York, and to impose an annual tax on the real estate of said township, to pay the interests of said bonds, as the same should become due, after first applying the dividends of the stock thus sub¬ scribed And whereas the Junction Railroad Company, by several acts of the legislature of Ohio, is authorized to construct a rail¬ road from said Sandusky City to some point on the Maumee river, and to receive subscriptions to its stock, as well from the counties, townships, towns and cities through which it may be located, as from individuals;—* And whereas the trustees of said Portland township, under the authority of the act aforesaid first above mentioned, have subscribed to the said Junction Railroad Company two thou¬ sand shares of stock, amounting each to the sum of fifty dol¬ lars :— Know all men, by these presents, that the trustees of Port¬ land township, in the county of Erie and state of Ohio, on be¬ half of said township, hereby acknowledge to owe unto the Junc¬ tion Railroad Company, or bearer, the sum of one thousand dollars, for the payment of which, on the first day of July, 1865, at the office of the Ohio Life Insurance and Trust Company, in the city of New York, with interest at the rate of seven per centum annum, payable at the same place, semi-annually, on the successive first days of January and July of each year, upon surrender of the respective interest warrants hereunto annexed, the said trustees, on behalf of said township, bind themselves and their successors firmly by these presents, signed with their hands, and sealed with the seal of said township, on this first day of July, A. D. 1851. And further know ye, that the said trustees, for themselves and their successors in office, on behalf of said township, hereby furthe ragree with the holders of this bond, that they will at all times execute the duties, prescribed in said act, in assessing said tax, and that they will do any other lawful act to perform and enforce this obligation, according to its true intent and mean- 23 ing. And especially said trustees, for themselves and succe3* sors,do further covenant to hold the stock of said Railroad Com¬ pany, which they have received on their said subscription, as a security and pledge for the punctual payment of this series of one hundred obligations of like tenor or date, numbered from one to one hundred, of which this bond is No.-; and they will dispose of said stock for no other purpose, except to pay the same, and that they will at all times exchange an equal amount of said stock, at its par value, for said bonds, or any of them, unless the same shall have been applied in payment of said bonds. In witness whereof, the trustees and clerk of said township have hereunto set their names and the seal of said township. (Signed) R. Hatheway, . S.] W. H. Clark, Geo. W. Smith John B* Norris, Clerk. ( Trustees of ( Portland Township. Interest Warrant No. -, for $35. On the first day of January, 185-, the trustees of Portland township will pay the bearer, at the office of the Ohio Life In¬ surance and Trust Company, in New York, thirty-five dollars, for interest on their bond No.-. April 1, 1851. J. B. Norris, Clerk. PART OF AN ACT AUTHORIZING THE TRUSTEES OF PORT¬ LAND TOWNSHIP, ERIE COUNTY, TO SUBSCRIBE STOCK TO A RAILROAD COMPANY, PASSED JANUARY 21, 1851. Sec. 1. Be it enacted by the General Assembly of the State of Ohio , That the trustees of Portland township be, and they are hereby authorized to borrow any sum of money, not exceeding one hundred thousand dollars, to be by them subscribed as stock to any company that may be now, or at any time hereafter, au¬ thorized to construct a railroad from Sandusky City to some point on the Maumee river, in continuation of the Junction Rail¬ road, which may be determined upon by any company construct¬ ing said road. Sec. 2. That said trustees be, and are hereby authorized to 24 issue bonds of said township for the sum of one hundred thou¬ sand dollars, bearing seven per centum per annum interest, to be paid semi-annually, in the city of New York or elsewhere. And the said trustees are hereby authorized and empowered to impose an annual tax on all real estate in said township, to pay the interest on said bonds, and so much of the principal as may become due: provided, that all dividends arising from the sums so subscribed as stock, as in the first section of this act is men¬ tioned, shall be first applied to such purposes. Sec. 3. That said trustees shall, in assessing such tax, be governed by the valuation of the real estate in said township, which, at the time of such assessment, forms the basis of taxa¬ tion for state and county purposes ; which tax, when so assessed by said trustees, shall be by them given to the auditor of said county of Erie, who shall cause the same to be entered upon the tax duplicate, as in other cases; and the same shall be col¬ lected by the treasurer of said county, in the same manner that all other taxes on real estate are collected in said county, and held by him, subject to the order of the trustees of said town¬ ship, for the purposes aforesaid. And if, at any time, the inter¬ est or principal to become due, or any of the said bonds hereby authorized to be issued, shall remain unpaid, after the same shall become due, according to the tenor and effect thereof, the right is hereby given to any holder of said bond or bonds, to apply to any court of competent jurisdiction, for a mandamus, to enforce the levy of tfie taxes authorized and provided by this act, sufficient for the payment of the amount in arrear, or due to such bond-holder, according to the rules and usages of the common law against corporate bodies. Sec. 5. That the bonds herein provided to be issued may be sold and negotiated by such trustees, at such time, and at such places, either within or without the state, and at such rate or price, as may be deemed for the interest of said township. And if such bonds shall be sold at a discount, such sale shall be as valid, in every respect, as if they were sold at their par value. Sec. 6 . The issuing of the said bonds shall be held by all courts of law and equity as evidence that the provisions of this act have been in all respects complied with. The other sections relate to the duties of the trustees. 25 MAUMEE CITY BONDS. Maumee City is situated nine miles above Toledo at the lower Rapids, and head of Navigation of the Maumee River, and at the first connection of the Miami Extension and Wabash and Erie Canals, with navigable water. The town was laid out nearly twenty years ago, and extends nearly three miles along the River. In the decline of business which followed that era of wild speculation, it shared the for¬ tunes of other similar towns. But its large Water-power, rem dered more valuable by the rarity of Mill Seats in that part of the country, soon began to be improved, and it has steadily increased in population and business, for the last eight years. It now contains 2,000 inhabitants, and is the seat of justice of the County. The assessed value of real estate in the City, for tax purposes is $230,040, and the value of personalty is $74,- 276. The mill power is created by water from the*Canal. Eighteen miles above the town, at the head of the' Rapids, the State has constructed a Dam across the River, by which the whole water can be commanded for Canal purposes. The Canal, from the Dam downwards to Manhattan, (30 miles,) is one hundred feet wide and six feet deep, and was intended to be used not only for navigation, but for a Reservoir, sufficient for a large waiter pow r er, in Mills beyond the reach of flood, and similar casualties. The first and highest dicharge of surplus water is.at Maumee, which is the head of Lake navigation.— Not more than one third of the w r ater-power at Maumee is in use; yet, there is already constructed five large Merchant Mills, which annually grind 75,000 barrels of flour; three Saw-mills which annually cut 1,500,000 feet of lumber; two Carding Machines, one Woolen Factory, an Oil Mill and a Stave Fac¬ tory. Other manufacturing establishments in town, are two Founderies, two large Chair Manufactories, two Pump and Bed¬ stead Manufactories, and two Tanneries. Shipbuilding has been prosecuted to considerable extent, and will be resumed as soon as a demand for new vessels shall arise on the Lake. The possession of this water-power, and the disposition of the in¬ habitants to use it, has encouraged the expectation that a manu¬ facturing towm of considerable size will grow up, with little to fear from competition by any other neighboring point. The City has no debt. The township within which the City 26 is situated, and which comprises a much larger territory, has invested $10,000 in Plank Roads, which are nearly finished, and are beginning to repay the investment with large interest, and which, therefore are regarded no burden. The township has likewise contributed something less than five per cent, of its tax¬ able property to the Junction Railroad. The inducements for the subscription to the Junction Rail- Road, by this Municipality were, that it furnished not only a communication with Sandusky, Cleveland and the Eastern Ci¬ ties, but South-westward likewise, to the Valley of the Wabash and to Cincinnati. On the Cincinnati line, a Railway is al¬ ready opened to Dayton, and is in progress nearly fifty miles beyond, towards Toledo and Detroit. The other line from St. Louis, and Quincy, by Alton, Springfield, Covington, Lafay¬ ette and Logansport, to Fort Wayne, j passes a region more fertile, more productive and destined to be more populous than any other rural district of equal extent in the United States, and many miles are in construction at its West end. Both these lines must descend the Maumee River,and the developement of pop¬ ulation and business will enforce the completion of both at no distant day. The Directors of the Juntion Railroad regard it not premature to anticipate the result and to meet this coming work at the West line of Ohio. The Maumee City Bonds are issued in sums of $1,000 with interest at 7 per cent., payable at the office of the Ohio Trust Company in New York.