Author: Ohio. General Assembly. House of Representatives. Standing Committee on Railroads

Publisher:

Published: 1842

Total Pages: 0

ISBN-13:

"Should any of the companies fail to pay the interest annually, or the principle when due, the payment of the same must devolve upon the State, and her only remedy would be to take the roads out of the hands of the companies, and place them under charge of the Board of Public Works, to be managed as the authorities of the State may direct. The petitioners pray that the law be unconditionally repealed; and the Commissioners of the Canal Fund, in their annual report of the 2lst January last, recommend the immediate suspension or repeal of said law. Your committee are of opinion, that a suspension of the law for the present, until an examination into the management and securities of the several railroad companies to which the State has advanced its stocks, would be best at the present time; and that an agent be appointed for the special purpose of examining into the affairs of the same at as early a day as practicable, and report to the legislature at its next meeting. This course of action would relieve the Canal Fund Commissioners from any future embarrassment growing out of the law before referred to, loaning the credit of the State to said companies."--Page 2.