NP, MT 8/1/1862

From the Macon (Ga.) Telegraph
 
August 1, 1862
 
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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