Report of the Hoosac Tunnel and Troy and Greenfield Railroad Part 10

AN ACT authorizing a Loan of the State Credit to enable the Troy and Greenfield Railroad Company to construct the Hoosac Tunnel.

_Be it enacted, &c._

SECT. 1. The treasurer of the Commonwealth is hereby authorized and instructed to issue scrip, or certificates of debt, in the name and in behalf of the Commonwealth, and under his signature and the seal of the Commonwealth, for the sum of two millions of dollars, which may be expressed in the currency of Great Britain, and may be payable to the bearer thereof in London, and bearing an interest of five per cent. per annum, payable semi-annually in London, on the first days of April and October; or the said scrip may be issued in federal currency, payable in Boston, as the directors of the Troy and Greenfield Railroad Company shall elect when they apply for each and every issue of said scrip, with warrants for the interest attached thereto, signed by the treasurer; which scrip or certificates, in the currency of Great Britain, shall be redeemable in London, and those in the federal currency, at Boston, at the end of thirty years from the date thereof, and the same shall bear date on the first day of April or October which shall precede the issue of each portion of said scrip; and all such scrip shall be countersigned by the governor of the Commonwealth, and be deemed a pledge of the faith and credit of the Commonwealth, for the redemption thereof; and the treasurer of the Commonwealth, under the conditions hereinafter provided, shall deliver the same to the treasurer of the Troy and Greenfield Railroad Company for the purpose of enabling the said company to construct a tunnel and railroad under and through the Hoosac Mountain, in some place between the "Great Bend" in Deerfield River, in the town of Florida, at the base of Hoosac Mountain on the east, and the base of the western side of the mountain, near the east end of the village of North Adams, on the west.

SECT. 2. Whenever it shall be made to appear to the satisfaction of the governor and council, that the Troy and Greenfield Railroad Company shall have obtained subscriptions to their corporate stock, in the sum of six hundred thousand dollars, and twenty per cent. on each and every share of said six hundred thousand dollars shall have been actually paid in, and shall have completed seven miles of their said railroad, in one or two sections, and one thousand lineal feet of their said tunnel under the Hoosac, in one or more sections, of size sufficient for one or more railroad tracks, a portion of said scrip, to the amount of one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed, in one or two sections, ten miles of their said railroad, and two thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, to the amount of one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed fifteen miles of their said railroad, in one or two sections, and three thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed twenty miles of their said railroad, in one or two sections, and four thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed twenty-five miles of their said railroad, in one or two sections, and five thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed thirty miles of their said railroad, in one or two sections, and six thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have completed thirty-two miles of their said railroad, in one or two sections, including all their line to be constructed east of the town of Florida, and seven thousand lineal feet of their said tunnel, in one or more sections, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; and for each additional portion or portions of said tunnel, of fifteen hundred lineal feet, in one or more directions, completed by said company, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered to the treasurer of said company; subject, however, to this proviso, that the last two hundred thousand dollars of said scrip shall be reserved until said company, their successors or their representatives, have opened said railroad for use through the Hoosac, and laid a continuous railroad from Greenfield to the line of the state in Williamstown, when the same shall be delivered: provided, that prior to the second delivery of scrip to the treasurer of the Troy and Greenfield Railroad corporation, according to the provisions of this section, evidence shall be furnished, satisfactory to the governor and council, that a sum, equal to thirty per cent. of the amount of the scrip then applied for, shall have been actually paid to the treasurer of said corporation; in cash, by the stockholders thereof, in addition to the hundred and twenty thousand dollars to be paid prior to the delivery of any scrip. And that on each application for scrip, in pursuance of the provisions of this section, and prior to the delivery thereof, satisfactory evidence shall be furnished to the governor and council, that a sum, equal to thirty per cent. of the amount of scrip then applied for, has been actually paid to the treasurer of said corporation, until six hundred thousand dollars subscribed for have been paid by the stockholders. And no scrip shall be delivered till satisfactory evidence of such payment is, from time to time, furnished to the governor and council.

SECT. 3. Whenever the treasurer of said company shall receive any of said scrip, he shall, within three months from the receipt of the same, pay to the commissioners of the sinking fund, by this act hereafter established, ten per cent. on the amount of scrip so taken, as a sinking fund; after the whole of said road is open for us, twenty-five thousand dollars annually, shall be set apart from the income of said road and paid to said commissioners, and the whole thereof shall be added to said sinking fund, and shall be managed, invested and appropriated, as is, or shall be provided by law, in relation thereto.

SECT. 4. The treasurer of the Commonwealth, the auditor of accounts of the Commonwealth, and the treasurer of the Troy and Greenfield Railroad Company for the time being, shall be the commissioners of the sinking fund of the Troy and Greenfield Railroad Company. The said commissioners shall have the care and management of all the moneys, funds and securities at any time belonging to said sinking fund, and shall invest the same; but the moneys not invested, and all the securities of said fund, shall be in the custody of the treasurer of said Commonwealth.

SECT. 5. This act shall not take effect until said company, at an annual meeting, or at a special meeting duly notified for that purpose, shall have a.s.sented to the provisions thereof, and shall have executed to the Commonwealth a bond, in such form as the attorney-general prescribed on the issuing of scrip to the Western Railroad Corporation, conditioned, that the Troy and Greenfield Railroad Company shall comply with the provisions of this act, and shall faithfully expend the proceeds of said scrip as herein provided, and shall indemnify and save harmless, the Commonwealth, from all loss or inconvenience on account of said scrip, and that said company shall well and truly pay the princ.i.p.al sum of said scrip, punctually when the same shall become due and payable, or such part thereof as the sinking fund aforesaid shall be insufficient to pay, and the interest thereon semi-annually, as the same shall fall due, and shall also a.s.sign to the Commonwealth, by suitable instrument or instruments, of the same form with that or those prepared by the attorney-general on the issuing of scrip to the Western Railroad Corporation, the entire railroad, with its income, and all the franchise and property to them belonging, the whole thereof to be held by the Commonwealth as a pledge or mortgage to secure the performance of all the conditions of said bond: _provided_, _however_, that the Commonwealth shall not take possession of said pledged or mortgaged property, or any part thereof, under or by virtue of said mortgage, unless for some substantial breach of some condition of said bond.

SECT. 6. In addition to the security provided in the preceding section, the said company shall a.s.sign all the interest they now have, or may hereafter obtained, in the Southern Vermont Railroad Company.

SECT. 7. The Troy and Greenfield Railroad Company are authorized, and at any time prior to the execution of said mortgage, and within one year from the pa.s.sage of this act, to alter the present location of their road: provided, that the tunnel shall be located and constructed within the limits prescribed by the first section of this act.

SECT. 8. The time for completing the Troy and Greenfield Railroad is hereby extended, for the additional term of six years.

SECT. 9. When the Commonwealth shall have advanced to said company, said bond or scrip to the amount of five hundred thousand dollars, the legislature may elect two directors of said company, who shall hold office for the same time, be elected in the same manner, and receive compensation to the same amount as the state directors of the Western Railroad Corporation, but neither of them, while holding such office, shall serve as a director of any other railroad company. [_Approved by the Governor, April 5, 1854._

[1855.--Chapter 394.]

AN ACT to authorize certain towns in the Counties of Franklin and Berks.h.i.+re to subscribe to the Capital Stock of the Troy and Greenfield Railroad Company.

_Be it enacted, &c._

SECT. 1. That each of the several towns of Ashfield, Buckland, Conway, Coleraine, Charlemont, Deerfield, Greenfield, Hawley, Heath, Monroe, Rowe, and Shelburne, in the county of Franklin, and each of the several towns of Adams, Florida and Williamstown, in the county of Berks.h.i.+re, be, and hereby is, authorized to subscribe for and hold shares in the capital stock of the Troy and Greenfield Railroad Company, to any amount of money not exceeding three per centum on the amount of its last valuation: provided, the inhabitants of such town or towns, at a legal town meeting duly called for that purpose, shall vote by a two-thirds vote to subscribe for such shares in accordance with the terms of this act, to pay for the same out of the town treasury, and to hold the same as town property, subject to the disposition of the town, for public purposes, in like manner as any other property which it may possess.

SECT. 2. Said towns are hereby authorized to raise, by loans or taxes, any sums of money which shall be required to pay the instalments on their respective subscription to said stock and interest thereon.

SECT. 3. This act shall take effect from and after its pa.s.sage.

[_Approved by the Governor, May 18, 1855._

[1859.--Chapter 117.]

An Act in addition to, an Act authorizing a loan of the State Credit, to enable the Troy and Greenfield Railroad Company to construct the Hoosac Tunnel.

_Be it enacted, &c., as follows:_

SECT 1. The terms of the act authorizing a loan of the state credit to enable the Troy and Greenfield Railroad Company to construct the Hoosac Tunnel, are hereby modified as follows, viz.:

Whenever it shall be made to appear to the satisfaction of the governor and council, that the Troy and Greenfield Railroad Company shall have actually obtained unconditional subscriptions to their corporate stock in the sum of six hundred thousand dollars, and twenty per cent. on each and every share of said six hundred thousand dollars shall have been actually paid in, and shall have completed seven miles of their road, in one or two sections, and one thousand lineal feet of their said tunnel under the Hoosac Mountain, in one or more sections, of size sufficient for one or more railroad tracks, a portion of said scrip, to the amount of one hundred thousand dollars, shall be delivered to the treasurer of said company; and whenever said company shall have, excavated, in addition to the amount of tunnel above provided for, one thousand lineal feet, in one or more sections, of heading or gallery of fourteen feet width at the bottom, and six feet in height in the middle, and of suitable proportion and form, or (if excavated by machinery) circular, and with a diameter of not less than eight feet, another portion of said scrip, amounting to fifty thousand dollars, shall be delivered to the treasurer of said company; and when said company shall have excavated two thousand feet of their said tunnel, of the size above specified, another portion of said scrip, amounting to thirty thousand dollars, shall be delivered as aforesaid; and whenever said company in addition to said two thousand feet, shall have excavated one thousand lineal feet of heading, in one or more sections, and of the size above specified, and shall have graded three miles of road, commencing on the bank of Green River, at the present location of the crossing of said stream, or north thereof, and extending towards Shelburne Falls, on the same side of Green River and Deerfield River as the present location, said three miles being all situated within four miles of the point of commencement, another portion of said scrip, amounting to eighty thousand dollars, shall be delivered as aforesaid; and whenever in addition to the grading of said three miles as above, said company shall have excavated three thousand lineal feet of tunnel as above specified, another portion of said scrip, to the amount of twenty thousand dollars, shall be delivered as aforesaid; and whenever said company, in addition to the three thousand feet above specified, shall have excavated, in one or more sections, one thousand lineal feet of heading, as above specified, and shall have graded six miles of road in location and otherwise as aforesaid, said six miles of road being all situate within seven miles of the point of commencement at Green River, another portion of said scrip, amounting to eighty thousand dollars, shall be delivered as aforesaid; and when said company, in addition to the grading of six miles of road above specified, shall have excavated four thousand feet of tunnel as above, another portion of said scrip, amounting to twenty thousand dollars, shall be delivered as aforesaid; and whenever said company, in addition to the above, shall have excavated, in one or more sections, one thousand lineal feet of heading as aforesaid, and shall have graded nine miles of road, in location and otherwise as aforesaid, between Greenfield and Shelburne Falls, another portion of said scrip, to the amount of eighty thousand dollars, shall be delivered as aforesaid; and whenever said company, in addition to the above nine miles of graded road, shall have excavated five thousand feet of tunnel as aforesaid, another portion of said scrip, amounting to twenty thousand dollars, shall be delivered as aforesaid; and whenever said company shall have excavated, in one or more sections, one thousand lineal feet of heading as aforesaid, in addition to the five thousand feet of tunnel above specified, and shall have graded the road between Greenfield and Shelburne Falls, crossing the Green River upon the present location, or at a point north thereof, another portion of said scrip, amounting to eighty thousand dollars, shall be delivered as aforesaid; and whenever said company, in addition to the grading of the road between Greenfield and Shelburne Falls as aforesaid, shall have excavated six thousand feet of tunnel as aforesaid, another portion of said scrip, amounting to twenty thousand dollars, shall be delivered as aforesaid; and whenever in addition to the grading and tunnel above specified, the said company shall have excavated as aforesaid, one thousand lineal feet of heading, another portion of said scrip, to the amount of thirty thousand dollars, shall be delivered as aforesaid; and whenever in addition to the grading above specified, the said company shall have excavated seven thousand feet of tunnel as aforesaid, another portion of said scrip, to the amount of twenty thousand dollars, shall be delivered as aforesaid; and for each additional thousand feet of heading that shall be excavated of dimensions as aforesaid, another portion of said scrip, amounting to thirty thousand dollars, shall be delivered as aforesaid; and for each additional one thousand feet of tunnel that shall be excavated of dimensions as aforesaid, another portion of said scrip, amounting to twenty thousand dollars, shall be delivered as aforesaid; and whenever said company shall have completed the graduation and superstructure of the road between Greenfield and Shelburne Falls, on the route herein before specified, and shall have put the same in running order, another portion of said scrip, to the amount of forty thousand dollars, shall be delivered as aforesaid; and whenever said company, in addition to the road between Greenfield and Shelburne Falls above specified, shall have completed the graduation and superstructure of two continuous miles of road, commencing at the western termination of the above road, another portion of said scrip, amounting to eighty thousand dollars, shall be delivered as aforesaid; and for the graduation and superstructure of each additional mile of road, graded and laid continuously through either of the towns of Buckland, Charlemont, Rowe or Florida, another portion of said scrip, amounting to twenty thousand dollars, shall be delivered as aforesaid: _provided_, that when the rails shall have been laid and the road put in running order, between Greenfield and the east end of the Hoosac Tunnel, excepting that portion of the road which is to be made from the material to be furnished by the tunnel itself, another portion of said scrip, amounting to one hundred thousand dollars, shall be delivered as aforesaid: and _provided_, _also_, that whenever the aggregate amount of scrip that shall have been delivered to the treasurer of said company shall have reached the sum of one million seven hundred thousand dollars, no further delivery of scrip shall be made until the whole of the tunnel through the Hoosac Mountain shall have been completed, of size not less than fourteen feet in width and eighteen feet in height from the bottom to the top of the excavation, and until the facades of the said tunnel and such portions as may require arching shall be finished with good substantial stone or brick masonry, and until the rails shall have been laid over the whole length of the road, including the tunnel, and the same constructed in such manner, and the necessary connections with other roads 80 finished, as will permit the convenient use of the same in the transportation of pa.s.sengers and freight between the cities of Boston and Troy; but when such connections shall have been made, the tunnel fully completed and the road constructed as herein before provided, the balance of said scrip, amounting to three hundred thousand dollars, shall be delivered as aforesaid: and _provided_, _also_, that until the rails shall have been laid and the road put in running order between Greenfield and Shelburne Falls, the aggregate payments under this act shall not exceed one million of dollars: and _provided_, _also_, that prior to the second delivery of scrip to the treasurer of the Troy and Greenfield Railroad Corporation, according to the provisions of this section, evidence shall be furnished, satisfactory to the governor and council, that a sum equal to thirty per cent. of the amount of the scrip then applied for, shall have been actually paid to the treasurer of said corporation, (in cash,) by the stockholders thereof, in addition to the one hundred and twenty thousand dollars to be paid prior to the delivery of any scrip, and that on each application for scrip, in pursuance of the provisions of this section, and prior to the delivery thereof, satisfactory evidence shall be furnished to the governor and council that a sum equal to thirty per cent. of the amount of scrip then' applied for, has been actually paid to the treasurer of said corporation, until the six hundred thousand dollars subscribed for shall have been paid by the stockholders; and no scrip shall be delivered until satisfactory evidence of such payment is, from time to time, furnished to the governor and council; and provided, also, no scrip shall be delivered to the treasurer of said corporation until satisfactory evidence shall be furnished to the governor and council, that said corporation have expended in a reasonable manner, in excavating and completing said tunnel, and in grading, constructing and completing the line of road, a sum at least equal to the amount of all the preceding issues of scrip.

SECT. 2. The preceding section of this act shall not be so constructed as necessarily to delay the opening of the road between Greenfield and Shelburne Falls, until after the completion of six thousand feet of tunnel; but whenever any portion of not less than three miles of said road shall have been graded between Greenfield and Shelburne Falls, as herein before provided, a portion of scrip, amounting to fifty thousand dollars, shall be delivered to the treasurer of the said company; and in case such payments shall have been previously made upon the road, the payments upon the completion of the third, fourth, fifth and sixth thousand feet of tunnel shall be reduced to thirty thousand dollars for each thousand feet of heading, and twenty thousand dollars for each thousand feet of tunnel of the required dimensions; but no portion of said scrip shall be delivered for any portion of said heading or tunnel, until the corresponding portion of the road shall have been graded as is herein before provided.

SECT. 3. Whenever the treasurer of said company shall receive any of said scrip, he shall offer the scrip, 80 received, to the treasurer of the Commonwealth for sale; and if the treasurer of the Commonwealth shall so require, being thereunto authorized by law, the treasurer of said company shall sell and dispose of the same to the treasurer of the Commonwealth, at the fair market value thereof, to be determined by the governor and council. If the treasurer of the Commonwealth shall decide to buy as aforesaid, then the treasurer of the company shall forthwith pay, to the commissioners of the sinking fund, ten per cent. on the amount of the scrip so taken, as a sinking fund. If the treasurer of the Commonwealth shall decide not to buy, as aforesaid, then the treasurer of the company, within three months after the receipt of any of said scrip, shall pay to the commissioners of the sinking fund, ten per cent.

on the amount of the scrip so received, as a sinking fund. After the whole of said road is open for use, twenty-five thousand dollars annually, shall be set apart from the income of said road, and paid to said commissioners; and the whole thereof shall be added to said sinking fund, and shall be managed; invested and appropriated, as is or shall be provided by law in relation thereto.

SECT. 4. The preceding sections shall be in lieu of and be subst.i.tuted for sections two and three of chapter two hundred and twenty-six of the acts of the year one thousand eight hundred and fifty-four, and the second section of said act is hereby repealed.

SECT. 5. The time for completing the Troy and Greenfield Railroad and Hoosac Tunnel, is hereby extended until December thirty-first, in the year one thousand eight hundred and sixty-five.

SECT. 6. Subscriptions, the instalments upon which are payable in cash, or in the scrip of the towns authorized to subscribe to the stock of the Troy and Greenfield Railroad Company, under the provisions of chapter three hundred and ninety-four of the acts of the year one thousand eight hundred and fifty-five, shall be considered as unconditional subscriptions, in compliance with the requirements of this act; and payment in the bonds of said towns shall be considered as cash.

SECT. 7. This act shall take effect, whenever said company shall file, in the office of the secretary of state, a certified copy of any vote or votes accepting the same, which may be pa.s.sed at any regular meeting of the stockholders of said company, or at any meeting specially called for that purpose.

_Approved March 26, 1859._

[1860.--Chapter 202.]

AN ACT in addition to an Act authorizing a loan of the State Credit to enable the Troy and Greenfield Railroad Company to construct the Hoosac Tunnel.

_Be it enacted, &c., as follows:_

SECT. 1. The Troy and Greenfield Railroad Company shall forthwith make and file in the proper offices a location of their entire road and tunnel, which location shall be made on that side or sides of the Deerfield River which will afford the most direct and eligible route between the village of Shelburne Falls and a suitable terminus in the town of Deerfield or Greenfield, to be determined by the state engineer appointed as hereinafter provided.

The grades of any part of the road hereafter to be constructed shall not exceed forty feet to the mile ascending eastward, and fifty feet to the mile ascending westward; and the limits of grade and curvature of said road, included within said location; and not graded, shall be such that the maximum resistance to the pa.s.sage of trains, in either direction, shall not exceed the maximum resistance in the same direction on the Fitchburg and Vermont and Ma.s.sachusetts Railroads; and before any location made by the chief engineer of the Troy and Greenfield Railroad Company shall be filed, a copy of the alignment and a table of grades, verified by the oath of said engineer, shall be submitted to a state engineer appointed as hereinafter provided, who shall certify that the limits of grade and curvature herein before prescribed have not been exceeded, and the said table of grades so certified shall be filed with the location.

SECT. 2. No further deliveries of scrip shall be made to said company upon the conditions authorized in former acts, but the undelivered portions of the loan of two millions of dollars authorized by chapter two hundred and twenty-six of the acts of eighteen hundred and fifty-four, amounting to one million seven hundred and seventy thousand dollars, shall be divided and apportioned between the railroad and tunnel, and for the construction of each, respectively; six hundred and fifty thousand dollars for the completion of the unfinished portion of railroad extending from the eastern terminus of said road near Greenfield to within half a mile of the eastern-end of Hoosac Tunnel, and one million one hundred and twenty thousand dollars for the completion of the tunnel, which shall be delivered upon the conditions and in the manner hereinafter declared, subject however to the provisions of the third section of chapter one hundred and seventeen of the acts of eighteen hundred and fifty-nine.

No delivery of any portion of said scrip shall be made until said company shall, at a special meeting duly authorized for the purpose, have a.s.sented to the provisions of this act, nor until said company shall have duly made and located their line of road as aforesaid, and shall have executed to the Commonwealth such further bond and mortgage, or other a.s.surances of t.i.tle on their franchise, railroad, or other property, as the attorney-general shall prescribe, for the further security of the Commonwealth; and said bond and mortgage, and other a.s.surances, and all bonds, mortgages, or other a.s.surances heretofore made to the Commonwealth by said company, shall have priority to and be preferred before any and all attachments or levies on execution heretofore or hereafter made.

SECT. 3. The governor and council shall annually appoint a state engineer for the purpose of examining and determining monthly the amount and value of the work done, and materials delivered on the railroad and tunnel of the Troy and Greenfield Railroad Company, who shall receive an annual salary of one thousand dollars, payable quarterly. The state engineer shall forthwith fix permanent marks in each end of the Hoosac Tunnel, marking the progress of the work up to February twenty-fourth, eighteen hundred and sixty, from which to determine the progress subsequently made. He shall also determine by suitable notes, marks, or observations, the amount and value of all grading, bridging, masonry, or other work done, or iron, or other materials delivered on the road east of the Hoosac Tunnel prior to December twenty-second, eighteen hundred and fifty-nine, and fix data from which to determine the value of any work, or materials delivered subsequent to the date last named. He shall monthly, immediately after the first day of each month, estimate the proportion which the work done upon the road, since the preceding estimate, bears to the whole of the work required to be done in the graduation, masonry, bridging, and superstructure of said railroad east of the Hoosac Tunnel, and also the work done in the excavation of said tunnel, which he shall certify separately to the governor, together with the amount of state scrip to which the company is ent.i.tled under the provisions of this act. Such monthly estimates shall be based upon a width of road-bed at grade of fifteen feet, on embankments, seventeen and a half feet in side-cuts, and twenty feet in thorough-cuts; in the heading of the tunnel, upon dimensions fourteen feet wide and six feet high in the middle, and in the finished excavation of the tunnel of fourteen feet wide and eighteen feet high in the middle.

The deliveries of scrip shall be at the rate of fifty dollars for each lineal foot of tunnel, divided between heading and full sized tunnel, in the proportion' of thirty dollars for each lineal foot of heading and twenty dollars per lineal foot for the remaining excavation; and of six hundred and fifty thousand dollars for the whole of the graduation, masonry, bridging and superstructure of the unfinished portion of the road east of the tunnel.

The scrip shall be delivered on the road in the proportion which the value of the work done and the materials delivered each month bears to the estimated cost of the whole work and materials required on the portion of road aforesaid.

No expenditures shall be required merely for the purposes of ornament, but the work shall be substantially performed, and the rails shall weigh not less than fifty-six pounds to the lineal yard; for any defective materials or work, a proportionate amount of scrip shall be withheld.

The governor and council shall have a general supervision of the work, and for that purpose shall visit and inspect the same at least once in each year, and as much oftener as they may deem expedient; and they shall have power to correct abuses, remedy defects, and enforce requirements, by withholding scrip or imposing new requirements in such manner as the interest of the Commonwealth shall in their judgment require.

If the governor, upon the receipt of the monthly estimates and certificates of the state engineer, shall approve thereof, he shall transmit the same and his approval thereon to the state treasurer, and the state treasurer shall thereupon deliver the amount of scrip so certified for, to the treasurer of the Troy and Greenfield Railroad Company, or to his order, subject to the provisions hereafter mentioned.

If he shall not approve thereof he shall submit the same to the council, and their approval transmitted to the state treasurer as aforesaid shall authorize such delivery.

SECT. 4. The company shall at least thirty days before any interest on any state scrip delivered to said company becomes payable, transmit the amount thereof, with costs of exchange, to the treasurer of the state, and he shall in all cases and at the charge of said company, pay at maturity all interest and costs of exchange which become payable on said scrip where the same is payable; and if said interest and exchange and all interest and costs thereon, or any payments required to be made into the sinking fund, or interest thereon, or any part thereof, remain unpaid when said company becomes ent.i.tled to the next delivery of state scrip, then the state treasurer shall deduct the amount so remaining unpaid, with all costs and interest thereon, from the amount of scrip then deliverable.

SECT. 5. The Troy and Greenfield Railroad Company may construct their railroad across the public highways at grade, in cases where the county commissioners of the county do not determine such manner of crossing to be detrimental to the public safety and convenience; but whenever they do so determine, said company shall construct the same in such manner as the county commissioners direct.

SECT. 6. The legislature shall immediately after the pa.s.sage of this act, elect two directors of the Troy and Greenfield Railroad Company, to hold their office for one year, or until others are elected by the legislature; and any city, town or corporation that may subscribe not less than one hundred thousand dollars, shall have the right to elect annually one director; and any city that may subscribe not less than five hundred thousand dollars, shall have the right to elect annually by their council two directors in said company, which election may be held at any time after such subscription is made.

SECT. 7. The capital stock of the Troy and Greenfield Railroad Company shall consist of twenty-five thousand shares of the par value of one hundred dollars each, in which shall be included all shares heretofore issued or subscribed for, conditionally or unconditionally, or payable in work, an accurate account of which shall be made by the company, and recorded in the records of the directors. And the residue of said shares, and all shares which may revert to said company, shall be hereafter issued only at par value, and for cash, or town or city scrip, or for the bonds of the company.

SECT. 8. The Troy and Greenfield Railroad Company is hereby authorized and required to purchase the entire road, franchise, stock, bonds, and other property of the Southern Vermont Railroad Company, together with the income, benefits and reversion of its lease to the Troy and Boston Railroad Company, and subject to its provisions, for the sum of two hundred thousand dollars; and for the purpose of enabling them to make such purchase, and transfer the same to the Commonwealth as additional security to the Commonwealth for its whole loan, a further issue and loan of state Scrip in federal currency; of the description specified in chapter two hundred and twenty-six, of the acts of the year eighteen hundred and fifty-four, is hereby authorized to be made, to the amount of two hundred thousand dollars, deliverable as follows, namely: