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 examine the specified section; and shall be furnished with an affidavit of the President of the Company, and a resolution of a majority of its Board of Directors for the time being, pledging that the bonds issued to it shall not be used for any other purpose than that of procuring the iron rails, chairs, spikes, and equipments, and for putting down the iron rails on the specified section for which they are issued; and that the President shall deposit in the office of the Secretary of State a full and accurate list of all the stockholders, with the sum subscribed by each and every stockholder."

Under the provisions of this act, there had been issued, prior to the war, bonds amounting to $14,841,000. In the main, the conditions enumerated in the act, were fairly complied with, and the State protected from all loss.

The close of the war left the railroads, like every other industrial interest in the State, in a thoroughly demoralized condition. Upon the first arrival of the Federal troops, they had been seized by the Government and used for military purposes. A great part of the rolling stock had been destroyed, and many of the bridges and buildings burnt.

As soon as the restored government was in working order, the railroad interests turned to the State treasury for relief. This was obtained through the passage of a number of bills, which professed to be based upon the Act of 1852. They were known as Omnibus bills, and under their provisions bonds to the amount of $14,393,000 were issued.

The means resorted to to secure the passage of the Omnibus bills furnished the greatest scandals of the restoration period. They are vividly set forth in the following extract from the Report of the Committee of Investigation appointed by the Legislature of 1879:

"Many corporate presidents, agents, and representatives came to Nashville to attend the sittings of the Legislature. All known influences were used upon the supposed repre